Opportunities for Real Estate Studies: U.S. Economics Departments Don Haurin Professor of Economics, Emeritus Ohio State University

The U.S. Programs Real Estate is taught and learned in 3 departments in the U.S. Economics, Finance, Real Estate (and affiliated units) They are housed in Colleges of Business, Arts and Sciences, or “other”. As professors, we find colleagues in many departments and we cross boundaries However, there are preferences for publication outlets based on the home department’s location.

Ph.D. Student’s Programs Student’s in Economics and Finance tend to determine their program in real estate. Economics departments will require a full first year core set of courses in micro and macro economics and econometrics. Finance usually follows the same path. They diverge in the second year. Economics students likely specialize in some areas of applied micro and often econometrics. Some take more theory In finance follow their discipline’s specialties. Result: finance students tend to specialize in commercial real estate and economics students in residential real estate. Those from real estate programs are more balanced, but may lack depth in economics and finance theory.

Placements of Econ Ph.D. Students Students with an Economics Ph.D. writing a dissertation on real estate issues could be placed in academic jobs in: Economics departments (most likely in an applied micro position—the market is now worldwide) Real estate programs/departments Possibly in a public policy program in the U.S. (if a topical need) Somewhat less likely: in finance (need training in core finance theory) or a business school Less likely: city and regional planning & agricultural/applied economics Criterion at top 50 departments in the U.S. used in selecting job candidates: potential to publish in academic journals in the discipline (based on dissertation and other papers completed while a graduate student)

Placement of U.S. Ph.D. Econ Students Outside of academia, U.S. placements are in: Fannie Mae, Freddie Mac, Department of Housing and Urban Development, Federal Reserve (Board of Governors or regional Fec bank), other government agencies Criteria: 65% proven skills in applied work, 35% knowledge of real estate issues (i.e. dissertation topic) Less likely: international agencies Criteria: 75% proven skills in applied micro work, 25% knowledge of real estate issues Major consulting firms Criteria: perhaps 90% proven skills in applied work, 10% knowledge of real estate

Suggested Keys to a Successful Career Get significant experience in conducting research beyond the dissertation while getting your Ph.D., often jointly with a professor. Learn how to polish a paper and make it worthy of submission to a good journal (important!!) Learn how to write a proposal for funding your research Learn how to communicate clearly (important!) In presentations at conferences and seminars As a discussant at conferences In informal situations (cocktail parties/dinners) Don’t be shy about “self-promoting” your research accomplishments