MPS in Real Estate: An Industry-Focused Master’s Program

Transform your real estate career with this STEM-designated graduate program.

This two-year, residential graduate program combines real-world learning, international experiences, and a robust curriculum to prepare you for a rich future in real estate development and investment.

Why the Baker Program for Your Master’s in Real Estate?

Rooted in the rigor of Ivy League academics and strengthened by deep industry expertise, the Cornell Baker Program in Real Estate is the most comprehensive graduate degree of its kind.

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Largest Full-Time Faculty in Real Estate Education

Learn alongside leading experts in commercial real estate, urban planning, sustainable development, construction management, and related fields.

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Track Record of Career Growth and Success

Pursue a meaningful career with confidence: 100 percent of 2022 graduates received job offers within six months, reporting an average base salary of $114,500.

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Worldwide Alumni and Partnership Network

Experience the power of the Big Red Alumni Network. Cornellians in real estate are passionate about connecting with and mentoring our students.

Real Estate MPS vs. MBA: Benefits of an Industry-Focused Graduate Degree

No matter where you are in your career, advancing your education can boost your opportunities and earning potential. To help you determine which graduate program is right for you, compare the main difference between a master’s in real estate and an MBA.

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Master of Professional Studies (MPS)

A Master of Professional Studies in Real Estate (MPS-RE)is an industry-focused graduate degree that provides an in-depth business education in all aspects of commercial real estate and related fields. MPS-RE students have a variety of undergraduate degrees and professional experiences.

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Master of Business Administration (MBA)

A traditional MBA provides a broad understanding of business management functions; some programs may offer real estate electives. An MBA program typically requires an undergraduate business degree and professional experience.

What about an MS in real estate? A Master of Science (MS) degree is typically rooted in academic research and requires a thesis, whereas the MPS prepares you for the industry.

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The Baker Program: An Immersive, Innovative Real Estate Education

With the Baker Program, the first-rate Ivy League curriculum is taught by thought leaders, researchers, and experienced real estate practitioners. You’ll also gain practical experience, whether you’re in the classroom or a continent away. From day one, you’ll be connected to the global real estate community. Sometimes the experts will come to you, such as visiting campus for a guest lecture or recruiting. Other times, you’ll go to them, whether at a job site, on Wall Street, in a design studio, or on our domestic and international treks.

What Our Students Say

Headshot of Connor Kremmer

“During the program, students get hands-on experience and build a toolkit of skills that will set them up for a successful start in the industry. They dive into everything from Financial Modeling to Innovation & Strategy in Real Estate Development, covering all the bases. It’s not just about classes; students also get to connect with industry leaders worldwide. Students are ready to enter the industry by graduation and positively impact the built environment.” —Connor Kremmer MPS-RE ’25

Headshot of Alice Chi Hu

“I love the cross-pollination across faculties, bringing in urban planners, architects, and engineers offers different viewpoints and much more interesting class dialogue. The fact that Cornell is located in a small town was also particularly appealing to me. It brings the cohort and other Cornellians much closer together, beyond proximity.” —Alice Chi Hu MPS-RE ’24

Headshot of Jennifer Andrea

“As someone committed to pursuing a career in real estate, I recognized the need to temporarily step away from the workforce to further my education in this field. The program’s comprehensive curriculum, extensive alumni network, and the opportunity to partake in domestic and international real estate excursions beyond my familiar cityscapes captivated my attention. Additionally, Cornell’s reputable name and connectedness within the industry were major factors in my decision.” —Jennifer Andrea MPS-RE ’24

Headshot of Christian Leblanc.

“I was initially drawn to the Baker Program due to its unique offering at the intersection of Commercial Real Estate and Hospitality. This distinctive blend combines a competitive degree in real estate with access to the top-ranked hotel school, aligning perfectly with my career interests and allowing me to gain specialized knowledge in both sectors.” —Christian A. LeBlanc MPS-RE ’24

Stewart Rosenthal sitting for a professional portrait.

New Chair for Paul Rubacha Department of Real Estate

We are pleased to announce Professor Stuart S. Rosenthal as Chair of the multicollege Paul Rubacha Department of Real Estate. Rosenthal came to Cornell from Syracuse University, where he was the Maxwell Advisory Board Professor of Economics and a senior research associate in the university’s Center for Policy Research.

Paul Rubacha

$30 Million Gift Names Paul Rubacha Department of Real Estate

A gift from Paul Rubacha ’72, MBA ’73, co-founder of one of the largest privately held industrial real estate investment companies in the U.S., will establish the Paul Rubacha Department of Real Estate. The $30 million commitment includes $25 million to name the new department and a $5 million challenge fund to incentivize additional philanthropy.



Our STEM Designation: Benefits of a Tech-Focused Real Estate Degree

In decision-making, data plays a pivotal role. That’s why tech-savvy real estate professionals have an edge. The Master of Professional Studies (MPS) in Real Estate provides much more than other real estate programs, graduates have specialized knowledge in analytics, databases, and other technologically driven tools and practices, enhancing expertise in real estate.

The STEM designation also allows international students with an F-1 visa to become eligible for a two-year extension, allowing them to work in the US in an approved STEM field for up to 36 months.

Baker Program Overview: What to Expect

Here’s what to expect from our immersive, innovative graduate program in real estate:

Degree Awarded

Master of Professional Studies in Real Estate from Cornell University


Ithaca, NY

Program Format

Full-time residential and STEM-designated

Program Schedule

Fall start; four semesters with a summer internship

Developing His Infrastructure: Hear from Christopher

Caribbean native Christopher A. Browne MPS-RE ’23 found a safe space for him to learn how to do big things in real estate and for his two children to thrive. In this brief video, he shares what he loves about the industry, his hopes for the future, and how what he learned in the Baker Program is helping him get there.

Our Curriculum: Real Estate for the Real World

The Baker Program stands out from other real estate graduate programs in many ways, including a comprehensive curriculum that spans disciplines. Not only will you explore the fundamentals of real estate development and finance, but you also will hone leadership skills and take a deep dive into specialized sectors and topics. Your opportunities for academic exploration are expansive, as one would expect from Cornell, where our founding principle is “any person, any study.” You can take everything from a private equity real estate course to a sustainable development class.

Here’s an overview of what you’ll learn in the real estate curriculum:


Real Estate Core Requirements

Build a foundation in all aspects of real estate through classes such as:

  • Creating the Built Environment
  • Real Estate Finance & Investments
  • Urban Economics & Real Estate Markets
  • Construction Planning & Operations
  • Real Estate Financial Modeling
  • Residential & Commercial Development

Leadership & Management Coursework

Prepare for high-level leadership and management roles with courses in areas such as:

  • Communication
  • Negotiations
  • Conflict resolution
  • Decision-making
  • Project management
  • Cross-cultural leadership


Gain specialized skills and knowledge by choosing one of five concentrations—or creating your own.

  • Development & Sustainability
  • Real Estate Finance & Investments
  • Property, Asset, & Portfolio Management
  • Real Estate Consulting & Market Analysis
  • International Real Estate
  • Independent Concentrations

In addition to traditional classes, you’ll also complete a summer internship, embark on domestic and international real estate treks, work on case competitions, and network with industry leaders at the weekly Cornell Real Estate Distinguished Speaker Series.


Find Your Place: Real Estate Concentrations

The flexibility of the Baker Program means you can choose a concentration area that matches your professional aspirations. For instance, if you are looking for a master’s in real estate development (MSRED), you can choose electives focusing on property development and sustainability. Our concentrations include:

Development & Sustainability

Hone your entrepreneurial and planning skills as you immerse yourself in development.

Real Estate Finance & Investments

Develop the finance, investment, and underwriting skills to be a real estate equity and debt investor.

Property, Asset, & Portfolio Management

Learn how to maximize the value and performance of real estate assets.

Real Estate Consulting & Market Analysis

Gain the quantitative and analytical skills needed for advisory, consulting, and brokerage roles, among others.

International Real Estate

Take your career global with real estate fundamentals and a keen understanding of the international real estate market.

Independent Concentrations

Plot your own course, from affordable housing and infrastructure to property technology and hospitality.

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The Summer Internship: Gain Experience and an Edge

Summer internships are a distinguishing feature of the Baker Program. These hands-on learning experiences typically align with your chosen concentration area and enable you to test out a career path and return to campus for your second year to augment skills or change course. Our MPS-RE students intern with real estate investment managers, developers, lenders, real estate investment trusts, consulting and advisory firms, and construction companies.

Learn More About Internships
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Treks: Explore Established and Emerging Markets around the World

From Denver to Dubai and from Seattle to Seoul, treks take students out to explore the built environment; meet with developers, investors, designers, and policymakers; and network with alumni.

Discover Our Treks

Our Faculty: Unparalleled Real Estate Expertise

Architects. Investors. Developers. Policy makers. With scholars and practitioners hailing from at least four colleges at Cornell, the Baker Program boasts the largest full-time real estate faculty in the nation. Their collective knowledge and industry experience enrich the curriculum and create excellent opportunities for students, including unique electives and custom concentrations.


Headshot of Professor Cody Burke.

Hear from Our Faculty

Our faculty of scholars and practitioners is committed to providing students with a rigorous, comprehensive, and immersive educational experience encouraging students to push boundaries, experiment, and grow as professionals.

“There is no doubt in my mind that Cornell provides the most comprehensive graduate real estate education available. Students come here to fundamentally change the trajectory of their careers, and the Baker Program makes that possible in a way that no other program can.” —Cody A. Danks Burke, visiting professor of practice and acting director of the Baker Program in Real Estate

Room to Grow: Professional Development Opportunities Abound

Beyond coursework, treks, and internships, you’ll hone your skills and grow your network through a wide variety of opportunities.

Case Competitions

Collaborate with your peers and show off your skills as you vie for the top spot in real estate investment and development case competitions.

More About Case Competitions

Cornell Real Estate Review

For more than 20 years, this student-led journal has been a leading voice in the industry. With an eye toward the interdisciplinary nature of real estate, each issue features both academic research and practical articles.

Browse CRER Issues

Student Groups

Get involved and make connections with career-focused organizations like the Baker Program Student Association, Associate Real Estate Council, Association of Cornell Women in Real Estate, and Philip Payton Society.

Explore Groups

These opportunities help students create deep and lasting relationships with their peers, the faculty, and the staff of the Baker Program.

Real Estate Career Outcomes: Success after Cornell

After earning the Master of Professional Studies in Real Estate (MPS-RE), students take on roles in a variety of industry sectors and organizations. A graduate degree also boosts your earning potential.

  • 100% Received job offers
  • 100% Accepted job offers
  • $101,875 Average base salary
    US-based jobs
  • 71% Employed in the real estate industry

Class of 2023 data within six months of graduation


News & Highlights

A graphic design treatment of STEM: Science Technology Engineering Mathematics
February 13, 2024

Baker Program in Real Estate Announces STEM Designation and +1 Option for Undergrads

The Baker Program announces two developments that enhance the value of its MPS-RE degree and open it up to students from a wide range of backgrounds.

head and shoulders portrait of Stuart Rosenthal.
September 18, 2023

Equity and Prosperity: 5 Questions with Real Estate Chair Stuart S. Rosenthal

Paul Rubacha Department of Real Estate chair Stuart Rosenthal outlines links between economics, real estate markets, and the health of communities.

A photo showing the view of St. George's City from Fort Frederick, Grenada.
July 13, 2023

Recent Grad Sets His Sights on Real Estate Opportunities in the Caribbean

Browne graduated from the Cornell SC Johnson College of Business. Now he aims to bring his expertise back to a region close to his heart.

Baker Program in Real Estate sign on Statler Hall.

Visit the Baker Program

Will you feel at home at the Baker Program? Learn more about the Baker Program in Real Estate, meet with admissions, or connect with current students by visiting in person or exploring videos to better acquaint yourself with the program.

Plan Your Visit

Next Steps: Apply to the Real Estate MPS Program

If you’ve researched and compared real estate master’s programs and feel the Baker Program might be right for you, we encourage you to start the application process.

To begin, register or log in to the Cornell Graduate Admissions website.