Real Estate Investing
This program is suitable for professionals on the periphery of the real estate business or those who do not have a background in real estate but need to acquire or enhance their understanding of the sector. Familiarity with Microsoft Excel and basic financial concepts such as net present value, internal rate of return, or discounted cash flow is expected.
“Real estate accounts for one-third of the world’s capital assets. In this program, you'll gain critical knowledge and become conversant about the principles of real estate investing while taking a global perspective.”
Tomasz PiskorskiFaculty Co-Director
Hear from the program's four faculty directors as they introduce the program.
The Commercial Real Estate Asset Class, Iconic Assets, and the Investor Ecosystem
Part 1 discusses the importance of real estate as an asset class and its historical return performance. Real estate forms part of the alternative investment asset class and institutional investors target a substantial part of their alternatives portfolio in real estate.
This session also introduces participants to the various types of real estate assets by discussing an iconic asset in each sector. The discussion uncovers a diverse investor ecosystem.
“The program was tremendous. I finished it with a great understanding of the fundamentals of real estate and the various ways in which investors work in the asset class. Anyone who works in related fields will benefit and increase their knowledge of real estate investing. The professors are tremendous, and each of them brought their expertise and energy to make each session valuable. This was definitely an experience that I was glad to participate in virtually, as I would have had a hard time doing so in person given that I live in Los Angeles.”
“This program was incredibly valuable and I highly recommend it to anyone looking to enter the commercial real estate field or looking to broaden their understanding of valuation across multiple sectors. The professors were engaging and provided varied perspectives while analyzing trends and touching on real-time information, including the present-day impact of the global COVID-19 pandemic. I appreciated the virtual format of the course, which allowed me to fully participate while balancing my full-time workload.”
“For anyone interested in learning about the commercial real estate market, this program provided high-quality content and instructor experience. The program is extremely well done. The knowledge and experience of the professors are very impressive. It was a privilege to have the opportunity to take a course from Professor Mayer, who has the honor of being the Milstein Professor. That level of instruction is beyond expectations for an executive education program. Also, the deep experience of David Sherman in the real estate marketplace was extremely valuable in conveying the meaning of these analyses and considerations in real-world transactions. The instructors are adept at engaging the students and both courses I have taken included lively discussions in the classroom. I would be remiss if I didn't comment on how helpful and welcoming the administrative staff was — really a terrific job. I highly recommend this program!”
“As a Columbia Business School Executive Education participant, I was impressed with the choreography of the program structure and very pleased with all the presentations delivered by an incredibly knowledgeable and seasoned faculty of professionals.”
Years of Management Experience
Christopher J. Mayer
Paul Milstein Professor of Real Estate; Professor of Finance
Co-Director, Paul Milstein Center for Real Estate, Columbia Business School
Christopher Mayer’s research explores a variety of topics in real estate and financial markets, including housing cycles, mortgage markets, debt securitization, and commercial real estate valuation. Professor Mayer is also CEO of Longbridge Financial, an innovative reverse mortgage company focused on delivering responsible home equity products to older Americans to help finance retirement. Mayer serves as a research associate at the National Bureau of Economic Research, a director of the National Reverse Mortgage Lenders Association, and a member of the Academic Advisory Boards for Standard and Poor's and the Housing Policy Center at the Urban Institute.
Mayer is active in the media and advising policymakers, testifying six times before committees of the U.S. Senate and House of Representatives, writing a paper for the Financial Crisis Inquiry Commission, and authoring numerous op-ed articles in major publications. He previously served as senior vice dean at Columbia Business School and held positions at the Wharton School, the University of Michigan, Harvard Business School, and the Federal Reserve Bank of Boston. He earned a BS in Math and Economics from the University of Rochester with highest honors and a PhD in Economics from MIT.
Edward S. Gordon Professor of Real Estate, Columbia Business School
Tomasz Piskorski is also a research associate at the National Bureau of Economic Research and serves on the Academic Research Council of the Housing Finance Policy Center at the Urban Institute. Professor Piskorski’s research explores issues in real estate finance, securities and mortgage markets, financial intermediation and banking, market structure and regulation, and housing policy. His recent work centers on inefficiencies in credit markets, financial technology, shadow banking, financial regulation, mortgage market reform, and the impact of consumer credit markets on the broader economy.
His research and market views have been presented at an array of academic, governmental, and financial institutions, including the U.S. Congress, the U.S. Treasury, the U.S. Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the London Stock Exchange, the Federal Reserve Banks, the European Central Bank, the National Association of Home Builders, the Brookings Institution, the Cato Institute, and the Woodrow Wilson Center. He received the AQR Insight Distinguished Paper Award that recognizes research that provides the most significant, new practical insights for tax-exempt institutional or taxable investor portfolios.
David M. Sherman
Senior Advisor and Co-Founder, Metropolitan Real Estate
Co-Director, Paul Milstein Center for Real Estate, Columbia Business School
David Sherman is senior advisor and chairman of the Investment Committee at Metropolitan, a real estate investment management company that he co-founded in 2002. Sherman has more than 30 years of real estate investment, finance and analytical experience. In 2000, Sherman founded D. Sherman & Company, Inc., an advisory firm focused on strategic issues and transactions in the real estate securities industry.
Previously, Sherman was managing director of Salomon Smith Barney’s REIT research team, which covered more than 60 stocks and supported the firm’s $15 billion of REIT offering activity. At Smith Barney, Sherman created a new approach to evaluate global real estate securities and initiated global coverage of the sector. Sherman also held other positions in real estate finance, investment banking, and strategic planning at Smith Barney, The Harlan Company, First Boston, and Paine Webber, including acting as the Chief Financial Officer of Paine Webber Properties, a family of real estate funds with over $500 million in property investments.
For seven years, Sherman was an adjunct professor of Real Estate Finance at Columbia Business School. He is also the former chairman of the Pension Real Estate Association (PREA) Institute Committee. He received an AB in Mathematical Economics (magna cum laude) from Brown University and an MBA in Finance from Columbia Business School.
Stijn G. Van Nieuwerburgh
Earle W. Kazis and Benjamin Schore Professor of Real Estate and Professor of Finance
Professor Van Nieuwerburgh’s research lies in the intersection of housing, asset pricing, and macroeconomics. One strand of his work studies how financial market liberalization in the mortgage market relaxed households' down payment constraints, and how that affected the macro-economy, and the prices of stocks and bonds. In this area, he has also worked on regional housing prices, households’ mortgage choice, commercial real estate price formation, the impact of foreign buyers on the housing market, and mortgage market design.
Van Nieuwerburgh is editor at the Review of Financial Studies and a faculty research associate at the National Bureau of Economic Research and at the Center for European Policy Research. He has served as an advisor to the Norwegian Minister of Finance, and has been a visiting scholar at to the Central Bank of Belgium, the New York and Minneapolis Federal Reserve Banks, the Swedish House of Finance, the International Center for Housing Risk, and has contributed to the World Economic Forum project on real estate price dynamics.
Professor Van Nieuwerburgh was awarded the 15th Edition of the Bérnácer Prize for his research on the transmission of shocks in the housing market on the macro-economy and the prices of financial assets. The Bérnácer Prize is awarded annually to a European economist under the age of 40 who has made significant contributions in the fields of macroeconomics and finance.
I’m interested in the Certificate in Business Excellence (CIBE), how do I get started?
At Columbia Business School Executive Education, you’ll be able to customize a unique learning experience by selecting programs that best interest you and are most suited for your needs. Any completed program, regardless of format (live online, in-person, or online), will count towards the Certificate in Business Excellence.
Which programs qualify for the CIBE?
Any completed executive education program, regardless of format (live-online, in-person, or online), will count towards the Certificate in Business Excellence. Partner programs will also count towards the certificate.
What programs are considered partner programs?
Executive education programs developed and administered with our educational partners, bring the best of our combined knowledge, thought leadership, resources, and expertise. Kindly find a list of our partners here on our partnership page.
What are the costs of the certificate?
There’s no set cost associated with the certificate path since you’re able to customize your learning journey with in-person and online programs (price will vary depending on the program type and length).
Are there any tuition assistance or scholarships?
At Columbia Business School Executive Education, we offer non-degree and non-credit-based professional development programs to the global business community. As our programs are non-degree and non-credit, they do not qualify for financial aid.
How are CIBE credits determined?
Credits for a program are determined by the program duration and total learning hours.
Where do I find information on the credit value for a program?
You will find this information on each program page. Credits range from 0.5 credits – 26 credits per program.
How do I get enrolled in the CIBE?
Your certificate journey will start with your first program, and you have 4 years to complete your CIBE. You may register for any of our executive education programs on each program page. You may enroll using the “Enroll Now” button, and the application process should take 5-10 minutes.
How do I receive credits?
You are required to fully attend a program and complete all necessary coursework in order to receive CIBE credits. Credits are only awarded after you complete a program.
How do I check the status of my Certificate completion?
Kindly reach out to a Learning Solutions representative for any questions on the status of your CIBE credit count.
Do CIBE credits expire?
Credits are only valid for four years (Please note: While we are not able to offer in-person programming due to the COVID-19 pandemic, the duration to complete the programming has been extended to five years.). If you have not completed your CIBE within four years, we will only count non-expired credits towards your CIBE credit total.
Does the Certificate in Business Excellence expire?
Your Certificate in Business Excellence does not expire. Once you become a certificate recipient, you will join the greater alumni community at Columbia Business School.
I’ve reached 18 CIBE credits, what’s next?
Congratulations! You should receive a digital copy of your certificate at the end of your program. If you do not receive a copy from your program manager, kindly contact your Learning Solutions representative or your program manager for next steps.
Will I receive a physical certificate?
Yes, all certificate recipients will receive a physical plaque. If you completed your last CIBE credits through an online or live online program, you will receive a plaque in the mail. We will ask for you to provide us with your preferred mailing address and our vendor will ship the plaque directly to you. We kindly ask for your patience as the processing time takes a few weeks. Please contact your program manager for the status of your plaque. If you completed your last CIBE credits through an in-person program, you will receive a plaque at the end of the program.
How do I get access to my alumni benefits?
Once you complete your CIBE, we kindly ask for your patience as we process your alumni credentials. The processing time can take anywhere from 8 to 10 weeks long.
Can I refer colleagues to the Certificate in Business Excellence?
If you are a certificate holder, you may sponsor up to four colleagues each year for full-price in-person programs lasting up to seven days and all full-price online programs.
Can I add the Certificate in Business Excellence to LinkedIn?
Yes! We will provide you with instructions on how to add your certificate to your LinkedIn profile after you become a Certificate recipient.
Preferred Pricing and Tuition Benefits for Alumni
Are there preferred pricing options available for live online programs?
Yes, preferred pricing is available for groups of two or more. To inquire, email firstname.lastname@example.org.
As a Columbia Business School alumni am I eligible for tuition benefit?
Columbia Business School alumni and up to four of their colleagues are eligible for a 25 percent tuition benefit for this program. More on the Alumni Tuition Benefit.
Will there be any homework or assignments?
For select programs, there will be some assignments to complete after the end of select program sessions. Assignments will typically consist of readings, self-reflections, and brief assessments. This approach is designed to help you practice your learnings.
How long will assignments take?
We do not expect that homework assignments will take up a large amount of time to complete.
Will there be any examinations or grades?
There will be no examinations or grades for our live online programs.
When will I receive information on how to log in?
You will receive your login information immediately before the program start date. Kindly reach out to your Program Manager for further instructions on how to prepare and log in for the program.
What platform do you use to deliver live online programs?
We use the Zoom platform.
Will sessions be recorded?
Most live online sessions (depending on the faculty and program) will be recorded and will be available for you upon request. In-person programs are not recorded.
How long will they be available for?
Recordings will be available for the duration of the program. Depending on the program, some recordings may have additional availability post-program.
How do I gain access to the recordings?
Your Program Manager will provide you with further instructions on how to gain access to recorded sessions.
How do participants network during the live online programs? Will I participate in group work?
Our live online programs are fully virtual and highly interactive. Most programs also feature small group work for a high-touch learning experience. The virtual program experience allows participants to feel comfortable and productive learning at home while preserving the interconnectivity of an in-person program.
What are the networking opportunities during the live online sessions?
Yes. Examples of this may include: virtual lunches, virtual receptions, use of the chat function, and virtual office hours for you to connect with participants and faculty. Please refer to the agenda of the specific live online program you are interested in for details.
Live Online Format
What are live online programs?
Now, more than ever, executives need the knowledge and insights to help them adapt to change and solve complex problems. As the business world has evolved, we have applied new best practices to continuously improve your learning experience. With our live online programs, we are taking select in-person programs and are translating them to a fully live and virtual format, delivering the same interactive sessions with faculty and real-time application of the knowledge you would experience in person.
What is the difference between live online and online programs?
Compare our two formats for distance learning here.
What does “live online” mean?
Live online programs are fully virtual, highly interactive programs taking place in real-time, often featuring small group work for a high-touch learning experience. Our Columbia Business School faculty stream to you live and virtually, no matter where you are located.
Are all live online programs the same in terms of format and length?
No. Please refer to the agenda of the specific live online program you are interested in. For any questions, please reach out to the Contact person listed on the program's web page.
Do I have to attend all live sessions?
Participants are expected to attend all sessions. However, we understand that participants may have scheduling conflicts. Kindly let us know in advance whenever possible and your Program Manager would be happy to discuss how we can help you get up to speed. We will also record most faculty sessions, which you can review upon request.
Will I need to attend the live sessions even if I’m based in a different time zone?
You are required to attend all live sessions even if you are based in a different time zone. (Kindly reach out to the Learning Solutions team to learn more about our asynchronous program offerings, which consist predominantly of pre-recorded videos that you can watch on your own time).
Sign up for program updates and content relevant to today's business leaders from Columbia Business School Executive Education.