Academics

Undergraduate Minor in Real Estate

The Real Estate Minor is designed to prepare students for careers in the commercial real estate industry. Both the U.S. and international capital markets are undergoing fundamental changes, as is the nature of real estate ownership. This Minor field of study at Cornell specifically focuses on careers as a real estate investor, in real estate finance, in real estate consulting, in structured finance, and in real estate transaction support. Cornell University is at the forefront of knowledge in commercial real estate and will help prepare you for a rewarding career.

The Real Estate Minor consists of three components: coursework, connections, and careers.
They combine to help students obtain the necessary knowledge, skills, and contacts for careers as real estate investment professionals. Some examples of these positions include: asset management analyst with a REIT, acquisitions analyst in a real estate PE fund, financial analyst with a Wall Street firm or real estate broker, associate with a Real Estate Advisory/Consulting firm, loan origination and underwriting with commercial and investment banks, and acquisitions analysis with pension fund advisor. In addition, the minor provides a foundation for a career developing and owning real estate.

COURSEWORK, CONNECTIONS, & CAREERS

Eligibility

The minor is available to any undergraduate degree candidate at Cornell University.

Coursework

The requirements for the minor are:
• A minimum of six (6) courses and a minimum of eighteen (18) credit hours.
• Four (4) of the six (6) courses are specifically required (see below) and two (2) of the six (6) are elective (see below).
• All courses taken for the Real Estate Minor must be taken for a letter grade, unless the course is offered S/U ONLY.
• A minimum 3.0 cumulative average at Cornell University is required, both at application and upon completion of the Minor.
• A minimum 3.2 cumulative GPA within the Minor is required for the Minor to be awarded.
• Note that students in the School of Hotel Administration have different requirements from students in Cornell’s other colleges and schools.

The ideal sequence is as follows; see the following pages for specifics:
1. Foundations of Financial Management – Accounting and Finance
2. Foundations of Real Estate – Real Estate Principles and Real Estate Finance & Investments
3. Enrichment and Complementary Skills Electives

Required courses for students in the School of Hotel Administration: (Four courses)
Foundations of Financial Management – Accounting and Finance
1. HADM 1210 – Financial Accounting -3 Credit Hours- or equivalent course, as approved by the Minor coordinator
2. HADM 2220 – Finance -3 Credit Hours- or equivalent course, as approved by the Minor coordinator

Foundations of Real Estate – RE Principles and RE Finance and Investments
3. HADM 3210 – Principles of Hospitality Real Estate -3 Credit Hours)
4. HADM 4230 or H ADM 6210 – Hospitality Real Estate Finance and Investments -3 Credit Hours)- Does not count again as a Real Estate Enrichment course.

Note: HADM 4200 Principles of Real Estate does not count toward the Real Estate Minor for Hotel Students, nor does it count toward graduation requirements. In unusual circumstances, Hotel Students may substitute HADM 4200 for HADM 3210.

Required courses for students outside the School of Hotel Administration: (Four courses)
Foundations of Financial Management – Accounting and Finance

1. Any one of the following Accounting courses satisfies the Minor:
AEM 2210 – Financial Accounting -3 credits
or HADM 2230 – Financial Accounting Principles-3 credit
or OR&IE 3150 – Financial and Managerial Accounting -4Credit
or equivalent course, as approved by the Minor Coordinator
2. Any one of the following Finance courses satisfies the Minor:
AEM 2240/PAM5620- Finance – 4 Cr
Or AEM 3240 – Finance
or HADM 2250 – Finance – 3 CR
or ECON 3330/ILRLE 4480 – Financial Economics- 4 Cr
or ILRHR 4632 – Finance for Human Resources
or ORIE 4150 – Economic Analysis of Engineering Systems-4 Cr
or equivalent course, as approved by the Minor Coordinator.

Foundations of Real Estate – RE Principles and RE Finance and Investments
3. HADM 4200/6200 – Principles of Real Estate -3Cr
4. HADM 4280 – Real Estate Finance and Investments- Does not count again as Real Estate Enrichment course. 3 Cr

Elective courses for all students in the Real Estate Minor:

There are two sets of elective courses; Real Estate Enrichment courses and Real Estate Complementary Skills courses.
• Students must select at least one course from each set to complete the Minor.
• All courses taken for the Real Estate Minor must be taken for a letter grade, unless the course is offered S/U ONLY.
• All Real Estate Minor Elective courses must be 3000 level or higher (that is, Junior, Senior, or Graduate level), unless explicitly listed below.
• Courses with less than three credit hours need to be combined with another course or courses to meet the requirements for the Minor in Real Estate.
• Deviations from the electives must be approved by the Minor Coordinator.

Real Estate Enrichment: (Minimum of three (3) credit hours)
HADM 4230 or H ADM 6210 – Hospitality Real Estate Finance and Investments (3 Credit Hours)– (does NOT substitute for HADM 4280 as a Real Estate Foundations course for students outside the Hotel School)
HADM 4250/6250 – Securitization and Structured Financial Products 3 Cr
HADM 4255/6255- Real Estate Development 3 Cr
HADM 4280 – Real Estate Finance and Investments (does NOT substitute for HADM 4230 as a Real Estate Foundations course for Hotel School Students) 3 Cr
HADM 4510 – Restaurant Development 3 Cr
HADM 4570 – Hotel Development 3 Cr
HADM 6220 – Hotel Asset Management 2Cr online format
HADM 6271 – Investment in Real Estate Securities and Funds 3 Cr
or other courses, as approved by the Minor Coordinator; must be a course directly related to real estate development or real estate finance and investments.

Note: HADM 4200 Principles of Real Estate does not count toward the Real Estate Minor for Hotel Students, nor does it count toward graduation requirements. In unusual circumstances, Hotel Students may substitute HADM 4200 for HADM 3210.

Real Estate Complementary Skills: (Minimum of three (3) credit hours)
Any of the following Courses meets the Real Estate Complementary Skills requirement; courses in the School of Hotel Administration are listed first, followed by courses in other university departments:
HADM 3510 – Hospitality Facilities Design
HADM 4110 – Negotiations in the Hospitality Industry-3 Cr
HADM 4260 or 6260 – Advanced Corporate Finance -3 Cr
HADM 4270 – Fixed Income Analysis
HADM 4290 – Investment Analysis and Portfolio Management (Also HADM 6290) -3 Cr
HADM 4550 - Introduction to Sustainable Hospitality Principles 3 Cr
HADM 4760 – Visual Basic for Applications: End-user Programming
HADM 4770 – Advanced Business Modeling -2 Cr
HADM 4870 – Real Estate Law- 3 Cr
HADM 6110 – Negotiations in the Hospitality Industry- 3 Cr
HADM 6240 – Reporting and Analysis of Financial Statements
HADM 6500 – Sustainable Development
HADM 6770 – Advanced Business Modeling – 2 Cr
AEM 2190 – Introduction to Applied Portfolio Management
AEM 4110 – Introduction to Econometrics
AEM 4210 – Derivatives and Risk Management-3 Cr
AEM 4260 – Fixed-Income Securities
AEM 4280 – Valuation of Capital Investment
AEM 4500 – Environmental Economics (also ECON 4500)
CEE 5950 – Construction Planning and Operations
CRP 3270 – Regional Economical Impact Analysis (also CRP 6270)
CRP 3430 – Affordable Housing Policy and Programs (also CRP 6430
CRP 3502 – Suburbia (Also 6502) (
CRP 3840 – Green Cities (also CRP 5840, LA 4950) - 3 Cr
CRP 3850 – Special Topics in Planning (also CRP 5850) - 1 ½ Cr
CRP 4040 – Urban Economics (also CRP 5040)
CRP 4080 – Introduction to Geographic Information Systems (GIS) (also CRP 5080)
CRP 4510 – Environmental Law (also CRP 5510)-
CRP 4590 – Legal Aspects of Land Use Planning (also CRP 5590)-4 Cr
CRP 5040 – Urban Economics
CRP 5190 – Urban Theory and Spatial Development -3 Cr
CRP 5320 – Real Estate Development Process
CRP 5330 – Real Estate Marketing and Management
CRP 5520 – Land Use Planning
CRP 5530 – Land Use Regulations – 3 Cr-
CRP 5560 – Design in Real Estate Development
CRP 6070 – GIS Applications Workshop
CRP 6560 – Real Estate Transactions and Deal Structuring- 3 Cr
CRP 6590 – Urban Development Planning
CRP 6593 – Intro to Green Real Estate
CRP 6640 – Economics and Financing of Neighborhood Conservation and Preservation- 2 Cr
DEA 4530 – Planning and Managing the Workplace
DEA 4720 – Environments for Elders: Housing and Design for an Aging Population
ECON 3200 – Introduction to Econometrics
ECON 3125(was 3210) – Applied Econometrics 4 Cr
ECON 4240 – Financial Economics, Derivatives, and Risk Management 4 Cr
ILRLR 6011 – Negotiation: Theory and Practice
NBA 5060 – Financial Statements Analysis – 1.5 Cr
NBA 5061– Comprehensive Financial Statements Analysis
NBA 5110 – Financial Modeling – 1.5 Cr
NBA 5420 – Investment Portfolio Analysis – 3Cr
NBA 6660 – Negotiations -3 Cr
NBA 6730 – Derivative Securities Part 1
ORIE 4600 – Introduction to Financial Engineering
ORIE 5582 – Monte Carlo Methods in Financial Engineering -2 Cr
ORIE 5600 – Financial Engineering with Stochastic Calculus I
ORIE 5610 – Financial Engineering with Stochastic Calculus II – 4 Cr
ORIE 5630 – Computational Methods in Finance
or other courses, as approved by the Minor Coordinator; must be related to a career in real estate.

Note: HADM 4200 Principles of Real Estate does not count toward the Real Estate Minor for Hotel Students, nor does it count toward graduation requirements. In unusual circumstances, Hotel Students may substitute HADM 4200 for HADM 3210.

Connections

The Center for Real Estate and Finance, the Cornell Career Services office, the Real Estate faculty, and the Real Estate Club help students by providing industry networking, facilitating the search for summer internships, and for permanent jobs. The Minor will sponsor events on a regular basis to help expose students to various segments of the real estate industry. These events include ARGUS training twice per year and a Hotel Valuation Seminar once per year. Working with the undergraduate Club for Real Estate at Cornell, the minor will conduct at least afternoon real estate forums each term; forums will feature recent and seasoned alumni in an informal setting to discuss careers, real estate markets, and real estate deals. Students selecting the Real Estate Minor will have the opportunity to participate in annual Cornell sponsored real estate events.

Careers

All students will have the opportunity to participate in career-planning activities provided through Cornell’s career services offices. The Hotel School organizes a Real Estate Career Fair each spring that is open to all students in the Minor in Real Estate. All students are also included in a special group within CCNet (on-campus recruiting and job posting system), which allows student access to real estate jobs with School of Hotel Administration employers. Freshmen and sophomore students in the Minor are asked to use their “home” career office; juniors and seniors from all Cornell colleges have limited access to a real estate specialist in the Hotel School’s Career Management Office.

Questions?

For more information, please contact Mrs. Kathy Terry at kcr2@cornell.edu or 607-255-6025. The Minor in Real Estate Office is located in 389 Statler Hall, and is open Monday-Thursday 7:30a.m. and on Friday 7:30a.m.-3:00p.m.