The University of Maryland College Park has approved the establishment of a Dual Degree Program for the Master of Real Estate Development and the Master of Business Administration. Proposed last fall by Dean David Cronrath and Alexander Triantis, Dean of the Robert H. Smith School of Business, the decision comes in response to increased requests from students seeking to tailor the existing masters programs or desiring a comprehensive alternative to separate master degrees. The new degree will take affect spring of 2016.
“We are very pleased to be able to add this new dual degree to UMD’s arsenal of forward-thinking, innovative programs,” said David Cronrath, Dean of the School of Architecture, Planning and Preservation. “It is directly in line with our strategic goal to become an international leader in addressing land use and built form issues critical to the solution of pressing economic, social and environmental problems.”
Currently, students interested in specializing in real estate development with the advantage of a Master of Business Degree were pigeonholed into completing separate master’s degrees in succession. The new curriculum will require students to complete a total of 74 credits—32 from the Real Estate program and 42 from the Business Management Program—significantly compressing the current path of two separate degrees. The model also gives students the flexibility to further diversify and interweave their courses, a benefit program administrators feel will result in a better understanding of principles and practical applications. The diverse foundation in business management supplied by the MBA program, coupled with the applied skills and unique experiences fostered by the MRED program, will develop a more marketable student – one prepared to lead, innovate and trail-blaze in the marketplace.
“This new degree will allow students to make connections between business management theory and the skills and knowledge needed, more particularly in the real estate sector, which will produce a superiorly qualified professional,” said Dr. Margaret McFarland, Director of the Real Estate Development Program and Colvin Institute of Real Estate Development.
The program complements MAPP’s strategic plan to enhance and integrate existing professional degree programs and the Smith School’s desire to offer more specialty masters offerings. In addition to fulfilling the university’s mission of continued educational development that fosters innovation and entrepreneurship, the new degree also addresses the university’s commitment to reducing student debt and offering more affordable degree options.
“While our goal is to provide an education that develops the business leaders of tomorrow, an equally important sign of a successful education is how unburdened our students are when they enter professional life,” says Cronrath. “Reducing the cost of education by merging these degrees is a meaningful step in that direction.”
Individuals interested in applying should contact Professor McFarland at mmcf@umd.edu for the particulars on how to proceed with an application.