Doctoral Program in Real Estate

The program of graduate study leading to the PhD degree in Business with a concentration in real estate is administered by the Department of Real Estate and Urban Land Economics in the School of Business. The program of study draws upon the University's strong research tradition and specializes in the theory and empirics of real estate.

The objective of the program is to train candidates for successful employment at the highest quality research-oriented institutions. The PhD degree is the highest degree conferred by the University. It is a research degree and is never conferred solely as a result of any prescribed period of study no matter how faithfully pursued. The degree is only granted on evidence of general proficiency, distinctive attainment in a special field, and particularly on ability for independent investigation. A combination of classroom instruction, seminars, independent studies and individual work with faculty prepares the student for continued research in the field of real estate.

Please follow the links below for information on the Doctoral Program in Real Estate

 

Related Research/Teaching Center

Wisconsin Center for Real Estate

Apply online

 

Admission Procedures

To receive full consideration for fellowship and assistantship awards, applications must be received by January 2. In support of their applications, students must submit or arrange to have submitted (a) GMAT test scores; (b) official transcripts of all college course work; (c) three letters of recommendation; and (d) a completed application form.

Each student's application is reviewed by the School of Business as well as by University Graduate School admissions examiners. When admitted, the student receives a letter of admission which states any special conditions placed by the Graduate School on the student's admission.

Regular admission is considered for applicants who exceed the following minimum requirements:

1.  A bachelor's degree from an approved institution.
2.  A grade point average of at least 2.75 or higher (4.0 basis) on all undergraduate work.
3.  Satisfactory test scores from the GMAT.

It should be noted that these are minimum admission criteria and satisfying of these standards does not necessarily imply admission.

 

Admission of International Students

Every international applicant whose native tongue is not English is required to take the Test of English as a Foreign Language (TOEFL).
 

Admission Deadlines

http://www.bus.wisc.edu/mba/checklist/deadlines.asp

 

Financial Assistance

All-University fellowships are awarded to highly qualified graduate students. These fellowships include a substantial stipend and are available to both new and continuing graduate students. Special fellowships also are available to traditionally underrepresented minorities through the School of Business.

Students may be considered for positions as teaching and research assistants. Most research assistantships are arranged individually with faculty members.

Teaching and research assistantship duties are an integral part of the PhD program and are treated as such. When the assistantship involves research work, the student uses this opportunity to develop and hone research skills. These skills are critical to a successful academic career. When the assistantship involves teaching, the student uses this opportunity to develop classroom skills and to enhance his/her understanding of real estate.

Because of the importance placed on the skills learned through assistantships, it is rare for a student to be admitted into the program without either a fellowship or an assistantship. The expectation is that students will be supported for four years, subject to satisfactory performance.

 

Financial Assistance Application Deadline

Financial Assistance: January 2

 

Responsibilities of Graduate Assistants

Half-time assistantships are considered twenty (20) hours per week assignments. Graduate assistants with teaching duties usually teach two discussion sections of one undergraduate course. Graduate assistants with research duties are assigned by the department chairman to assist one or two faculty. All PhD students are required to teach at least one semester during their program of study.

 

Annual Reviews

At the end of each academic year faculty in the department shall conduct a review of the performance of each doctoral student. The review shall consist of an evaluation of the student's classroom and assistantship performance. Any student who is not performing satisfactorily may be terminated from the PhD program. The annual review shall be in writing and shall become part of the student's records.

 

Phases of the PhD Program

The PhD program has three distinct phases: (1) coursework, (2) prelim exams, and (3) the writing of a dissertation and passing its oral defense.

 

Program of Study

At the beginning of the program the student completes a program of study. This official document outlines the intended coursework. Its purpose is to inform the student of exactly what courses will be required and how long the entire program will take to complete.

Establishing a Program of Study

The program of study is initiated in the student's first semester. The program of study is determined by the Department's doctoral committee and the student. Although many programs of study appear similar because of Department and School-wide requirements, each program of study is tailored to the student's needs and capabilities.

Minor Field

All Ph.D. students are required to declare and complete a minor in one or more departments outside the School of Business. Both the departmental minor (one department) and diversified minor (more than one department) require a minimum of 10 credits. Students who elect a diversified minor must complete a minimum of 10 credits in two or more departments outside the Graduate School of Business or a combination of courses from outside the School of Business with some in Business but outside the student’s major area. The selection of curriculum in the minor is undertaken with the cooperation and approval of the Department Doctoral Committee and a representative of the minor department.

Making Changes in the Program of Study

Frequently, changes in a program of study become necessary for a variety of reasons: scheduling conflicts, program changes, course numbering changes, etc. When such a change becomes necessary, the student must get the permission from the Department's Doctoral Committee.

 

Coursework

Several groups of courses or their equivalents are required by the real estate faculty to insure sound preparation in and understanding of research methods, quantitative analysis, economic and financial theory, and real estate as a discipline. These include:

Research Methods and Quantitative Analysis

Required:

  • Econ 611 - Economic Statistics and Econometrics I
  • Econ 612 - Economic Statistics and Econometrics II
  • Elective:
  • Econ 715 Econometric Methods I
  • Econ 716 Econometric Methods II
  • Econ 717 Applied Econometrics I
  • Econ 718 Applied Econometrics II
  • OIM 710 Operations Research I
  • OIM 711 Operations Research II
  • OIM 775 Introduction to Bayesian Decision and Control I
  • OIM 776 Introduction to Bayesian Decision and Control II
  • OIM 701 Advanced Statistical Methods I
  • OIM 801 Advanced Statistical Methods I

 

Economic and Financial Theory

Required:

  • Econ 711 Microeconomic Theory I
  • Econ 713 Microeconomic Theory II
  • Finance 720 Investment Theory and Practice
  • Finance 725 Corporation Finance Theory and Practice
  • Elective:
  • Econ 712 Macroeconomic Theory I
  • Finance 635 Security Analysis
  • Finance 630 Options and Financial Futures
  • Finance 740 Investment Management for Financial Institutions
  • Finance 920 Theory of Finance

 

Real Estate as a Discipline

Required:

  • Real Est 710 Real Estate Finance (considered part of Real Estate Foundation)
  • Real Est 715 Techniques of Real Estate Valuation (considered part of Real Estate Foundation)
  • Real Est 720 Urban Economics (considered part of Real Estate Foundation)
  • Real Est 740 Real Estate Investment (considered part of Real Estate Foundation)
  • Real Est 870 Advanced Real Estate Finance Theory
  • Real Est 745 Land Use Controls (considered part of Real Estate Foundation)
  • Real Est 755 Advanced Appraisal Theory (considered part of Real Estate Foundation)
  • Real Est 875 Advanced Urban Land Economics
  • Real Est 977/978 Seminar-Urban Land Economics (at least four semesters)
  • In addition to the required courses, the student must select at least four of the listed elective courses in any of the three areas.
  • All students are required to have a B or better grade in Econometrics (Econ 709 and 710) and Microeconomics Theory (Econ 711 and 713).

 

Preliminary Examination

The second major phase of the PhD program is the prelim examination. A request for the general examination must be submitted to the Graduate School at least 4-6 weeks prior to the proposed examination date.

 

When Shall the Prelim Exam be Taken?

Students who have completed all minor and major program courses and requirements are eligible to take the exam. Students must also satisfy the 96 weeks of residency credit before taking the prelim examination. A student earns 16 weeks of residence credits for every academic year semester in which he/she takes at least 18 credits. The Graduate School will consider a petition for up to, but no more than, 32 weeks of residence credit for a Masters degree from another university. The exam may not be taken if an "Incomplete" grade is outstanding.

The Department requires a student to take the exam at the first opportunity of eligibility. Students desiring to defer the exam must petition in writing the Department's Doctoral Committee for permission.

When are the Prelim Exams Given?

The prelim exams are customarily given in January and August. Under special circumstances, the exam may be offered at other times.

Application Process

Applications for the prelim examination warrants are made through the Graduate Programs office in the School of Business. These applications are forwarded to the Graduate School for review and, after successful completion of the exam, must be signed by the department chair and the Associate Dean and returned to the Graduate School. Upon receipt of the signed warrant, the Graduate School will change the designation of the student to that of a dissertator.

Dissertator Fees and Registration

The process described above must be completed before the first day of classes of the semester in which the student will register as a dissertator.

What the Prelim Exam Covers

The prelim exam covers the entire field of real estate and is not course specific. It is quite common for material not covered in the classroom to be included on the prelim exam. Students are expected to be familiar with the current literature.

Prelim Examination Procedures

The preliminary examination is a written rigorous test of the student's grasp of the field of real estate. The exact procedures for administering the exam may change from time to time. Specific instructions are handed out prior to each general examination.

Grading of the Prelim Exam

The prelim exam is graded by the Department's Doctoral Committee.

There are three possible outcomes of the prelim exam.

One, the student may be deemed by the department to have passed. For a student to pass the examination, there may not be more than one dissenting vote among the members of the doctoral committee.

Two, for students who pass marginally, or for those students who perform poorly only on a certain portion of the exam, the committee may impose additional requirements. In these cases, the additional requirements are to be considered an integral part of the prelim exam and the student is not considered to have passed or failed until the additional requirements have been met.

Three, the student may fail the prelim exam.

Consequences of Failing the Examination

Students who fail the prelim examination are not permitted to take it again until the next scheduled offering. No one is permitted to take the prelim examination more than two times.

 

Dissertation

The third and final requirement of the PhD degree is writing a dissertation and the passage of the final, oral examination. The dissertation must be a contribution to the literature in a particular area and must demonstrate a mastery of research techniques, ability to do original and independent research, and skill in formulating conclusions that in some way enlarge upon or modify accepted ideas.

The Dissertation Advisory Committee

A dissertation advisory committee must be formed prior to the start of writing of the dissertation. This committee consists of a major professor/chairman who must be a professor in the Real Estate department, two dissertation readers, and two dissertation non-readers. The readers and non-readers must be UW professors, but do not need to be from the School of Business. A visiting professor may be on the committee, but the visiting professor must be at UW during the defense. One of the four non-chairman members must be from outside the School of Business, and may be a reader or non-reader.

The Dissertation Proposal

Before beginning the dissertation, the student must prepare and successfully defend a written proposal. This proposal will include a description of the intended research, its place in the literature, and, if empirical, sources of data, method of analysis and expected results. The formal defense is before the members of the Real Estate department. The purpose of the formal defense is to provide feedback and guidance to the student regarding the topic, methodology and quality of the proposed dissertation.

 

Final Examination

The final examination is the formal defense of the completed dissertation. Although this examination is normally conducted as an oral test primarily concerned with the dissertation and related problems, the examining committee determines the procedures to be followed. Content may extend into subject matter related to major and minor fields. For a student to pass the final exam, there shall not be more than one dissenting vote.

Time Limit

The dissertation must be completed within five years from the time the preliminary examination is passed. The five year time limit may not be exceeded except by special permission.