Applying for the Wisconsin MBA in Real Estate: Tips from the Associate Director of Recruiting

The application season for Fall 2012 admission to the Wisconsin MBA is now underway. The first round deadline is November 4, 2011. We sat down with Sharon McCabe, Associate Director of Recruiting and Career Services for the Graaskamp Center, to talk about the admissions process and her suggestions for candidates for an MBA in Real Estate.

Is a business background required and how much work experience should a candidate have?

In general, our MBA students in real estate have 4-5 years of professional work experience; the Wisconsin MBA requires a minimum of two years. Some students come from real estate or finance related functions. But just as real estate is a multi-faceted industry, our students come from many backgrounds including economics, engineering and law, even politics.

What I think is more important than a specific type of past training, is life experience. We believe that the real-life experience that every student brings into the classroom is very important. Our students come to Wisconsin with strengths along different dimensions, and through our program round out their skill set in real estate.

What GMAT or GRE score is needed?

A Graduate Management Admissions Test (GMAT) score taken within the past five years is required. The GRE may be accepted, on a case by case basis, in lieu of the GMAT. The real estate program is very competitive with average GMAT scores in the upper 600s, but the range for individual students is broad. We look beyond test scores to a candidate's whole application when making our admissions decisions. However, we do give particular attention to the quantitative dimension of the score. Familiarity with quantitative concepts-business ratios and balance sheet basics-is a good foundation to have. While real estate may be a relationship driven business, it's a practical, numbers driven business too.

What else do you look for in a candidate?

I think, most of all, the thread that connects the most successful practitioners in real estate is passion for the craft. That passion can manifest itself in different ways. For some, it starts as an interest in construction, how things get built. For others, it's a consciousness of the built environment or an appreciation of how development can affect a neighborhood or community. For still others, it is the realization that real estate investment can be both tangible and profitable. I think it's important for MBA candidates to be aware of their own journey to this point and to be able to articulate their unique passion for real estate.

What career options are available for graduates with an MBA in real estate?

The Wisconsin MBA in Real Estate is designed to challenge our students to reach their potential as talented, passionate and socially responsible leaders in real estate. Through the exceptional breadth and depth of our curriculum, access to world-class faculty and practitioners, and our global alumni and industry connections, our students are uniquely prepared for their careers and to make their mark on the urban landscape. Graduates commonly follow five basic career paths: development, lending and financing, asset and portfolio management, advisory services, and economic development and public policy. They also have access to a wide variety of resources to support them during the job placement process.

I have seen an increasing number of opportunities available to our students, even as the challenges to the economy continue. Real estate is a fundamental part of the economy; everybody needs it. Trends in population growth indicate an expanding need for both residential and commercial space. Even if population growth stopped, buildings age and need replacing, technology changes and facilities need upgrading. Real estate as an industry is remarkably resilient.

What's the best way to find out more about the Wisconsin MBA in Real Estate?

Come to campus! We're available Tuesdays and Thursdays during the fall semester to host prospective students. Sign up online for a day on our campus in Madison which includes a visit to a class, lunch with a current MBA student, and interviews with me and with the admissions office for the Wisconsin MBA. I think it's a fantastic opportunity to see our beautiful campus in person and to help us get to know our candidates better. But if coming to Madison isn't possible, I am happy to talk with prospective students over the phone or I can connect candidates with one of our real estate alumni in their area. We have some of the most active and engaged alumni in the industry who are amazing ambassadors for our program.

When should candidates apply?

We are taking applications now for the Fall 2012 intake. Wisconsin offers four application rounds; the first round deadline is November 4th. Candidates can visit the Wisconsin MBA Admission web page for dates and more information on the application process. While we look for the best candidates throughout the process, I would encourage candidates in real estate to apply in the first two rounds.


The decision to pursue an advanced degree in real estate is a personal one, and the reasons vary widely. What the Wisconsin MBA in Real Estate offers is this: the foundation in business of an MBA and the specialized focus of a master's degree in real estate. The innovative and top-ranked program at Wisconsin is an in-depth real estate graduate education experience you won't get anywhere else.


Contact us today:

Sharon McCabe
Associate Director of Recruiting and Career Services.
Phone: 608/890-2493
Email: smccabe@bus.wisc.edu


Sharon L. McCabe is an associate director within the Graaskamp Center for Real Estate and a faculty associate in the Real Estate and Urban Land Economics Department, both in the University of Wisconsin-Madison School of Business. Over the last ten years, Sharon has taught several different classes at both the graduate and undergraduate level. Sharon also is actively involved in the recruitment, retention and placement of the real estate MBAs in the program.

Sharon has spent over 20 years in the real estate industry as a market analyst, appraiser, assessor and instructor. She has experience valuing all types of commercial properties including shopping centers, hotels, office buildings and both market-rate and subsidized apartment buildings. As a commercial assessor for the city of Madison, she was responsible for valuing over 1,000 properties worth over $1 Billion dollars for ad valorem taxation purposes.

Sharon has a Bachelor’s of Science degree in Urban Land Economics and a Master’s of Science degree in Real Estate Appraisal and Investment Analysis, both from the University of Wisconsin- Madison. She is a real estate broker, certified general appraiser and a licensed real property assessor.

ICSC survey shows salaries and hiring rates on the rise

An article in this month's issue of Shopping Centers Today (subs required) had good news from the retail real estate sector.

"Nearly 70 percent of the companies that participated in ICSC's most recent survey of North American retail real estate compensation said they were expecting to raise base salaries, and just over a quarter of participants considered boosting staff levels last year."

ICSC's chief economist and director of research said the results "were encouraging and reassuring for 2011 as well, with expectations of continued wage gains across a broader range of the industry."

A full report on the salary survey is available for purchase for ICSC members.

And check out our ad on Page 201!


The International Council of Shopping Centers (ICSC) RECon 2011 convention is taking place this week in Las Vegas. The Wisconsin Real Estate Program is participating.

Stop by our table in university row in the Grand Lobby between the North and Central Halls of the Las Vegas Convention Center.

And join Wisconsin real estate faculty, students, alumni and friends at a networking reception tonight starting at 5:30 in the Bistro Lounge at the Las Vegas Hilton Hotel. For details, visit our Facebook page.

Some Thoughts on Internship Seeking

Some of our first-year real estate MBA students share their impressions and experiences in our blog series Meet Our Current Students:

The spring semester has passed the halfway mark, and we are now busy seeking an internship besides continuing to work hard for our classes. Here I want to share some thoughts on getting prepared for an internship and summarize the resources we have as MBA students in Graaskamp Center.

Get polished. A polished resume is an essential first step. Graaskamp Center Assistant Director Sharon McCabe is a good resource that we can use. She went through my resume, helped me reorganize it and stimulated me in bringing out the shining points of my work experience. My mentor (an alum of the real estate program) was also very helpful to give me some good suggestions from the perspective of practical world. What’s more, I also talked with my communication coach from the School of Business about how to write a good cover letter. All together students are well prepared for the document work.

Start early. From the first day I joined the school, we were taught networking skills, and I believe that we should practice those skills and keep them in mind to find a good internship. The MBA eRecruiting Center, an online job placement tool, often has internship opportunities, even as early as the first semester. We can also broaden our search to the websites of companies we are interested in. Some large financial institutions start recruiting summer intern early in fall, and their deadlines are often end of November or December. So I think it’s a good idea to keep tracking the targeting company’s website and find out any updates on internship opportunities.

Reach out. The Graaskamp Center has all kinds of events that offer good chances to get connections and to find an internship opportunity. Last year I got to know an alumni whose company is enlarging its business in China. The alumni forwarded my resume to the company, and the company showed strong interest. Although it turned out they hired someone full-time instead, my resume was kept for future consideration. It never hurts to reach out and ask whether there is any opportunity.

It’s not easy to find a good internship, especially for an international student like me. But I will keep trying. I’ve learned a lot and will be learning so many more things talking with different professionals in the industry. I wish everybody good luck in seeking an internship.

Julia Xia is a first-year MBA student in the James A. Graaskamp Center for Real Estate. Formerly a real estate consultant and asset manager in Beijing, Julia graduated from Peking University with a bachelor's degree in finance and banking.

Student employment outlook improves thanks to real estate career fair

Andrew Brainard, a second-year real estate MBA, reports on the success of last week's real estate career fair. Andrew also served as the career fair coordinator for the UW Real Estate Club.

This year’s Wisconsin Real Estate Club Career Fair, held in Grainger Hall's Plenary Room at the Wisconsin School of Business, was a tremendous success. The fair showed a marked improvement in the employment outlook since the economic collapse of 2007-2008 and a 50% increase in participating employers over the 2010 career fair.

This success is due to largely to the collaborative efforts of the Real Estate Club and the Graaskamp Center for Real Estate to bolster employer attendance and place students in exceptional full-time and internship positions. I had the honor to organize this year’s career fair, with significant support from the 2012 co-career fair coordinators Ben Schmidt (first-year real estate MBA) and Max Sternberg (real estate undergraduate) and the tireless efforts of Center staff members Sharon McCabe, Kris Hammargren, Lee Gottschalk, and Alison Zuba.

Planning began with last year’s coordinator, Dan Lessor (MBA '10), bringing me up to speed on prior attendees and procedures. During the fall semester’s International Real Estate class, undergraduate and MBA students contributed to the planning process by researching and recommending numerous firms that they were personally interested in and believed would be strong additions to the career fair.

After numerous emails and phone calls over the following three months, 22 firms registered for the career fair. These firms included Ridge Property Trust, Equity Office, Ernst & Young, Federal Deposit Insurance Corporation, L.A. Duesterbeck & Associates, Fiduciary Real Estate Development, Heitman, Green Courte Partners, Waterton Associates, T. Wall Properties, Ventas, Dominium, Duff & Phelps, Gorman & Co., Associated Bank, State of Wisconsin Investment Board, NAI MLG Commercial, Kohl's Department Stores, Inland Companies, JPMorgan Chase, Realogic, and Mortenson Development.

The day’s activities began with our inaugural Real Estate Career Fair Open House in the Graaskamp Center, where employers were able to get refreshments and to network with Real Estate Club officers, Graaskamp Center staff, and real estate faculty. The fair began at 6pm with Real Estate Club members rushing the registration tables, eager to meet with employers and talk about the industry and available jobs. Employers were just as eager to meet with students and find potential candidates for their firms.

Feedback from both employers and students was overwhelmingly positive as there were plenty of candidates to match with a plethora of opportunities. The evening was capped off with a networking reception in the Grainger Hall East Atrium where employers, MBAs and undergrads met to reminisce about their Badger experience, discuss the evening’s event, and of course, talk real estate.

Given this year’s success, the Real Estate Club looks forward to building next year’s event to be on par with pre-recession levels. Please feel free to contact the Center at any time to reserve your space for 2012! I want to thank all who attended, and give a special thanks to all those who assisted me in organizing this wonderful event.

Andrew Brainard is in his second year of the Wisconsin Real Estate MBA program. Most recently, Andrew spent his summer interning in Chicago for RE|SOLUTIONS, a receivership, management and disposition firm, working on asset management and valuations for distressed properties in workout or REO with special servicers and banks. Upon graduation, he plans to focus on commercial real estate investment, primarily in asset management and acquisitions.

Check out our Facebook page for more photos from the fair!

Be prepared--for the Wisconsin Real Estate Career Fair tonight

The Wisconsin Real Estate Club hosts its career fair tonight in Grainger Hall, and we're expecting a great turnout of employers and students.

Wednesday, February 9th
6-8 pm Expo, Grainger Hall Plenary Room
8-9 pm Reception, Grainger Hall East Atrium

We talked to Sharon McCabe, Graaskamp Center director of MBA recruiting and career services, on what advice she gives to students preparing for the event. Here are her top 10 tips:

1. Attire: Dress professionally. (That includes clean fingernails and fresh breath!).
2. Have many copies of your resume, bring a portfolio to hold them. Having your own business card will make you stand out.
3. Collect business cards from company representatives. Remember to send a thank you e-mail (or hand-written note).
4. When you get to the fair, start with a walk around the room to get your bearings, see where everyone is located.
5. Have a story to tell. Practice (out loud) your 30-second elevator speech. Show your passion for real estate. Be confident and friendly. Have a friend ask you questions. Practice! Remember that you want to try to impress every employer, even a company in which you may be less interested.
6. Listen to what your fellow students are saying. You can learn from them, too.
7. Research all the companies coming to the fair. Know the basics of what they do. Be prepared to say why you would be an asset to their company.
8. Check some of the on-line resources for current news about the company: GlobeSt.com, CoStar.com, Real Estate Investment SmartBrief, etc.
9. If there is a job description available from the company (company website, BuckyNet, eRecruiting, WREAA website), read it and be prepared to say why you are a good candidate for the position.
10. Remember that you are selling both your personality and your skills. Some employers care more about your personality (hard-working, passionate, team-player, self-motivated, quick-study, etc) than about your specific skills. If your experience is limited, stress what you have learned in your classes and on Real Estate Club field trips. If you have leadership experience, make sure you mention that.

With these tips and your resume (and business card) in hand, you'll be ready to make the most of the fair. Here are some of the companies registered to attend:

Dominium
Duff & Phelps
Ernst & Young
Fiduciary Real Estate Development
Gorman & Company
Green Courte Partners
Heitman
Inland Companies
JP Morgan Chase
Kohl's Department Stores
NAI MLG Commercial
Realogic Analytics
Ridge Property Trust
State of Wisconsin Investment Board
T Wall Properties
Ventas
Waterton Associates

Where can you find the best in up and coming real estate professionals?

...at the Wisconsin Real Estate Club's 2011 Career Fair, of course!

February 9th
6:00-9:00 pm
Grainger Hall on the UW-Madison campus

The 11th annual event brings together nearly 200 undergraduate and MBA students and employers in a range of real estate sectors for a concentrated evening of networking. This year's event kicks off with an open house in the offices of the James A. Graaskamp Center for Real Estate, followed by the evening expo in the Plenary Room of Grainger Hall, and concluding with a reception in the East Atrium.

Whether your company is looking to hire now or in the future, this is the place to meet and network with top students in all areas of real estate.

Who Should Attend

• Appraisal companies
• Asset and property managers
• Institutional investors
• Insurance companies
• Investment banks
• Mortgage lenders
• Pension funds
• Private equity firms
• Real estate consulting firms
• Real estate developers
• Real estate investment trusts
• Real estate operating companies
• Residential or commercial brokerage firms

A few spaces are still available to exhibit your company. Click here to visit the career fair page and to register.

Career outlook and on-campus recruiting

According to an article in this week's Wisconsin School of Business Gazette,

On-campus recruiting statistics appear promising after the recruiting slump of the 2009-2010 academic year.

The MBA Career Management Center reports growth in the number of organizations coming to campus to interview MBA students. There was a 30% increase over last year in on-campus recruiting, including the additions of highly regarded companies such as 3M, Colgate-Palmolive, Simon Property Group, Tishman Speyer, and Rexnord Industries.

2011 is frequently mentioned as a transitional year for real estate as sectors begin to show signs of movement and improvement. Companies are now looking to fill vacancies that had been left open during the worst of the crisis. Many firms believe they will be net hirers in 2011.

The Wisconsin Real Estate Club is actively reaching out to companies to participate in its 2011 career fair to be held on February 9th in Madison. The 11th annual event brings together nearly 200 undergraduate and MBA students and employers in a range of real estate sectors for a concentrated evening of networking.

This year's event kicks off with an open house in the offices of the James A. Graaskamp Center for Real Estate, followed by the evening expo in the Plenary Room of Grainger Hall, and concluding with a reception in the East Atrium.

Wisconsin's best and brightest real estate students are available for internships and full-time employment. Companies are encouraged to sign up now for best placement for the expo and to make the most of time on campus by announcing internship or job openings ahead of time through the online recruiting system. Employers can start collecting student resumes right away and even schedule interviews in advance.

Past participants in the career fair have included T. Wall Properties, NAI MLG Commercial, Heitman, Dominium, Transwestern, Harrison Street Capital, Northwestern Mutual, Ernst & Young, U.S. Bank, Ridge Property Trust, Waterton Residential, Grubb & Ellis, Apex, Realogic, and others.

Every February, the Real Estate Club hosts a career fair featuring representatives from regional and national companies looking to connect with Wisconsin’s talented pool of real estate students. The Club, one of the largest and most active student-run organizations on campus, is open to graduate and undergraduate students.

To find out more about the career fair and to register, visit the career fair website.

Real Estate Club and employment outlook

Meet Our Current Students:

On of the strongest aspects of the Wisconsin Real Estate program is the Real Estate Club (REC), a student-run organization open to both MBA and undergraduate students. The Club allows students to connect directly with industry leaders through guest lecturers covering a wide range of topics including the capital markets, development, green building, and institutional trends.

Last week was a busy time for the Club. We listened to David Shulman discuss his long experience working with REITs. His background ranges from a dissertation in the mid-1970s, to his experience as a managing director at Lehman Brothers, to his perspective on present trends in the REIT markets.

The previous week, our guest was David Bossy, chairman of Mid-America Development Partners in Oak Brook, IL. David used his 25 year experience in retail brokerage to found the successful development company. The firm meets the challenges of building shopping centers, new urbanist stores, and urban big-box retail.

The most anticipated Club event occurred between those meetings, the REC Career Fair. Almost 20 companies, both regional and national, sent representatives to Grainger Hall looking for the next crop of real estate leaders. Club members were able to talk with a range of firms, determining what type of opportunities they are interested in pursuing and where those opportunities exist. Bank of America is flying two first-year MBA's to Charlotte, NC for final interviews this week. Overall the event was a success, with hiring prospects greatly improving over last year.

Travis Campbell is a first year MBA student in the James A. Graaskamp Center for Real Estate at the Wisconsin School of Business. He summer schedule is still open, if any employers are looking for a high-quality intern.

Employers: It's easy to recruit Wisconsin Real Estate students for internships and permanent positions, both at the undergraduate and graduate level. Visit our website for more information and to request a resume book today.

Looking for top talent in real estate finance?

In both good times and tough times, smart companies invest in human capital. They know smart people make smart decisions and create competitive advantage, absolutely critical in a down-market.

Wisconsin Real Estate is a top ranked education program, producing some of the best and brightest young real estate professionals, ready and eager to make significant contributions to the leading companies of the world. It's easy to recruit smart candidates for internships and permanent positions.

The UW Real Estate Club offers a unique recruitment event in Madison in February 2010. The career fair is an opportunity to generate interest in your company and meet a wide range of candidates in a short, cost-effective visit. The club is accepting applications now for exhibitors at this career event. Contact Sharon McCabe, Associate Director of Recruiting/Career Services in the Graaskamp Center at smccabe@bus.wisc.edu.