Program accreditation
Association to Advance Collegiate Schools of Business

Program goal

  1. To prepare students for successful careers in real estate and lifelong learning by providing education that is firmly grounded in technology, interdisciplinary teamwork and a global perspective
  2. To ensure that students understand and can apply appropriate analytical methodologies and technology to the discipline of real estate
  3. To prepare students for professional licensing, certification and/or professional designations

Student learning outcomes

  1. Graduates will demonstrate the ability to communicate the qualitative and quantitative dimensions of real estate in a clear and well-organized manner.
  2. Graduates will be able to select, conceptualize and apply the appropriate quantitative measurement and analysis to correctly value real estate. Such methods might include an economic and financial analysis of commercial real estate investments, alternative financing structures and/or surveys of recent trends in the securitization of commercial real estate debt and equity markets.
  3. Graduates will be able to analyze a real estate problem in terms of:
    1. Development of a precise statement of the problem and how it relates to the goals of the firm and/or client
    2. A consideration of the ethical, policy and/or practical limitations on any proposed solution strategy
    3. Statement and consideration of proposed solutions strategies and their implementation
    4. Formulation of a plan for implementation and monitoring of the proposed solution
  4. Graduates will be able to analyze the ethical dimensions of a real estate situation and relate those dimensions to professional ethical standards.

VCU Graduate Bulletin, VCU Graduate School and general academic policies and regulations for all graduate students in all graduate programs

The VCU Graduate Bulletin website documents the official admission and academic rules and regulations that govern graduate education for all graduate programs at the university. These policies are established by the graduate faculty of the university through their elected representatives to the University Graduate Council.

It is the responsibility of all graduate students, both on- and off-campus, to be familiar with the VCU Graduate Bulletin as well as the Graduate School website and academic regulations in individual school and department publications and on program websites. However, in all cases, the official policies and procedures of the University Graduate Council, as published on the VCU Graduate Bulletin and Graduate School websites, take precedence over individual program policies and guidelines.

Visit the academic regulations section for additional information on academic regulations for graduate students.

Degree candidacy requirements

A graduate student admitted to a program or concentration requiring a final research project, work of art, thesis or dissertation, must qualify for continuing master’s or doctoral status according to the degree candidacy requirements of the student’s graduate program. Admission to degree candidacy, if applicable, is a formal statement by the graduate student’s faculty regarding the student’s academic achievements and the student’s readiness to proceed to the final research phase of the degree program.

Graduate students and program directors should refer to the following degree candidacy policy as published in the VCU Graduate Bulletin for complete information and instructions.

Visit the academic regulations section for additional information on degree candidacy requirements.

Graduation requirements

As graduate students approach the end of their academic programs and the final semester of matriculation, they must make formal application to graduate. No degrees will be conferred until the application to graduate has been finalized.

Graduate students and program directors should refer to the following graduation requirements as published in the Graduate Bulletin for a complete list of instructions and a graduation checklist.

Visit the academic regulations section for additional information on graduation requirements.

Other information

School of Business policies and procedures for graduate master’s degree students are available on the school’s website at

Apply online at

Admission requirements

Degree: Semester(s) of entry: Deadline dates: Test requirements:
M.S. Fall Jul 1 GMAT or GRE*
Spring Nov 1
Summer Mar 1

In addition to the general admission requirements of the VCU Graduate School, applicants must submit an up-to-date resume.

*Test requirements may be waived for candidates with an undergraduate or graduate degree from an accredited U.S. institution with a minimum GPA of 3.25. Waiver request information can be found on the Graduate Studies in Business webpage.

Degree requirements

The real estate concentration satisfies the rigorous educational requirements of the Appraisal Institute’s MAI designation. Students can satisfy most of the Appraisal Institute’s education requirements by completing the concentration. This concentration provides comprehensive education in related disciplines so that graduates’ analytical skills and abilities to communicate with other professionals are greatly enhanced.

In addition to the VCU Graduate School graduation requirements, students must complete the following undergraduate prerequisite courses:

Curriculum requirements

Prerequisite undergraduate courses

Course Title Hours
Calculus (or demonstrated quantitative ability)3
FIRE 305Principles of Real Estate3
FIRE 425Real Estate Appraisal3
or FIRE 435 Real Estate Finance and Capital Markets

Students must also complete up to four classes (zero to 12 credit hours) of foundation course work. At the time of application, all undergraduate and graduate transcripts will be reviewed to determine if the following courses may be waived. Waiver of a foundation course may be awarded when a student demonstrates equivalent knowledge, such as completing the required undergraduate equivalent course with a minimum grade of C.

Curriculum requirements

Course Title Hours
Foundation courses
0-12 credits; courses may be waived for demonstrated equivalence.
Fundamentals of Accounting
Concepts in Economics
Financial Concepts of Management
Statistical Fundamentals for Business Management
Required core courses
FIRE 627Real Estate Development3
FIRE 629Real Estate Investment Analysis3
FIRE 638Real Property Investment Law3
FIRE 658Real Estate Finance and Investments3
General finance requirement
Select at least three credit hours from the following:3
Financial Markets
Cases in Financial Management
Financial Management
Approved electives
Select 12 credit hours from the following and not used toward general finance requirement above:12
Guided Study in Finance, Insurance and Real Estate
Marketing Research
Topics in Marketing (marketing analytics)
Statistical Analysis and Modeling
Applied Multivariate Methods
Developing and Implementing Forecasting Methods for Business
Introduction to Geographic Information Systems
Free elective
Choose three credits approved by faculty adviser.3
Total Hours30

Total graduate credit hours required (minimum) 42 (30 if all foundation courses are waived)

Graduate program director
Austen Gouldman
Director, graduate programs
Phone: (804) 828-4622

Additional contact
Graduate Studies in Business
Phone: (804) 828-4622

Program website: