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real estate finance and development students in classroom

Why Pursue a Master's Degree in Real Estate Finance

Become a real estate finance leader by earning an MS in Finance with a concentration in Real Estate Finance and Development from UTSA’s top-ranked Alvarez College of Business. The real estate development, home building, and construction industry employs more than 131,000 individuals in San Antonio and over 784,000 individuals statewide. This industry has an economic impact of $19.4 billion each year, second only to the health care industry as an economic generator.

Students Attending an Info Session

Register for an Information Session

Interested in learning more about UTSA’s Carlos Alvarez College of Business Real Estate Finance and Development master’s program? Register to attend an upcoming Information Session where you’ll have the opportunity to review application procedures, learn admissions requirements and ask questions.

Admission & Application Requirements

Applications are submitted through the UTSA Graduate Application. Please upload all required documents (listed below) on your UTSA Graduate Application. It is the applicant’s responsibility to ensure completion and submission of the application, a nonrefundable application fee, and all required supporting documents are on file with UTSA by the appropriate application deadline.

Real Estate Finance and Development (MS)
  Required Degree Bachelor's Degree from an accredited college or university in the United States or have proof of equivalent training at a foreign institution.
  Minimum GPA 3.0 (on a 4.0 scale) Departments may consider GPA of last 60 semester credit hours. Otherwise qualified individuals with a GPA below 3.0 may still be eligible for admission consideration. For further information, please contact
  Coursework 18 credit hours in an area related to this graduate degree and at least 12 hours must be at the upper-division level.
  Transcripts* Required from all institutions attended; international transcripts must be recorded/translated to English
  Credential Evaluation Required if you have earned university-level credit from foreign institutions. Submit an evaluation of your transcripts from Educational Credential Evaluators (ECE) directly from the graduate admission application platform
  English Language Proficiency 550 TOEFL Paper / 79 TOEFL Internet / 6.5 IELTS / Duolingo 100
  Purpose Statement Required Use your purpose statement to explain your academic and professional goals, why you want to pursue the real estate finance and development concentration and why you chose to pursue this degree at UTSA. Follow the guidelines below to create a clear and compelling statement. Limit your statement to two single-spaced pages.
Describe Your Goals: Outline your academic and professional goals and explain why you want to pursue this concentration.
Explain Your Motivation: Describe why you want this degree and how your academic, professional, and life experiences led you to this decision.
Why UTSA? Explain how a degree from UTSA will help you achieve your career goals and objectives.
Address Past Experiences: Share any experiences relevant to your application.
  Resume Required You are encouraged to provide a history of your work experience, functions, titles, developed skills and accomplishments. Your resume should provide details on names and locations of prior employment, as well as any external or community-related activities of involvement.
  Letters of Recommendation 1 academic or professional reference(s) demonstrating your attributes for successful completion of this program (you will request these through the Graduate Admissions Application; let your recommenders know of your deadline to ensure submissions are on time)(optional 3 letters of recommendation can be submitted). Your letters should be written by external sources familiar with your academic or professional accomplishments. Your recommender should include how they know you and in what capacity.
*Unofficial transcripts will be taken into consideration for admissions; however, if admitted into the program, you must submit official transcripts to the University.
Apply 2024-25 Application

Application Deadlines

Applicants are encouraged to have their admission file completed as early as possible. All applications, required documents and letters of recommendation, if applicable, must be submitted by 5:00 PM U.S. Central Time on the day of the deadline. Deadlines are subject to change.

Real Estate Finance and Development (MS)
Timing on Admission Decision: Completed applications will be reviewed for admission on a rolling basis. Decisions generally will be made and sent to applicants within 4 to 6 weeks of receiving the application.
Application Deadlines for: Priority International Domestic
Fall 2024 June 1 August 1
Spring 2025 November 1 December 1
Summer 2025 Not Available Not Available

Funding Opportunities

Resources Assistantships

Career Options

UTSA prepares you for future careers that are in demand. The possible careers below is data pulled by a third-party tool called Emsi, which pulls information from sources like the U.S. Bureau of Labor Statistics, U.S. Census Bureau, online job postings, other government databases and more to give you regional and national career outlook related to this academic program.

The tuition cost and related fees indicated below will vary by semester, number of courses taken, residency status and enrollment level (full-time or part-time). The table below is based on the 2023-2024 graduate student fee schedule. For the current fee schedule, reference:

Fall 2023, Spring 2024, Summer 2024 Tuition and Fees (subject to change)

 Resident  University Tuition and Fees1, 2, 3 Business Differential Tuition ($129/credit hour) Semester Fee for Master’s Students Total
3 hours $1,772.07 $407.10 $150.00 $2,329.17
6 hours $3,101.67 $814.20 $150.00 $4,065.87
9 hours $4,473.27 $1,221.30 $150.00 $5,844.57
12 hours $5,844.87 $1,628.40 $150.00 $7,623.27
15 hours $6,977.07 $2,035.50 $150 $9,162.57

1Note: additional $75 fee for each online/hybrid course

2Additional $10 in first semester

3Does not include parking or health insurance


Fall 2023, Spring 2024, Summer 2024 Tuition and Fees (subject to change)

 Non-Resident  University Tuition and Fees1, 2, 3, 4 Business Differential Tuition ($129/credit hour) Semester Fee for Master’s Students Total
3 hours $4,863.63 $407.10 >$150.00 $5,420.73
6 hours $9,284.79 $814.20 $150.00 $10,248.99
9 hours $13,747.95 $1,221.30 $150.00 $15,119.25
12 hours $18,211.11 $1,628.40 $150.00 $19,989.51
15 hours $22,434.87 $2,035.50 $150 $24,620.37

 1Note: additional $75 fee for each online/hybrid course

2Additional $10 in first semester

3Does not include parking or health insurance

4International students are assessed an additional $125 per semester

  • Embrey
  • Reata Real Estate Services
  • Security Service Federal Credit Union
  • The Bank of San Antonio
  • USAA Real Estate Company
  • Real Estate Principles
  • Real Estate Finance and Investment
  • Real Estate Construction
  • Real Estate Development
  • Investment Theory and Problems
  • Modeling of Financial Decision Making
  • Entrepreneurial Financial Management
  • Derivatives Markets and Instruments
Leslie Brilliant, UTSA Senior Program Manager, Carlos Alvarez College of Business

Senior Program Manager

Leslie Brilliant