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 the top-ranked Carlos 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.
Register for an Information Session
Join an upcoming information session to learn more about the Real Estate Finance and Development master’s at the Carlos Alvarez College of Business. Review admission requirements, explore the application process and ask questions directly to program representatives. Attendees will also receive a one-time application fee waiver.
Admission & Application Requirements
Applications are submitted through the UT San Antonio Graduate Application. Please upload all required documents (listed below) on your UT San Antonio 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 UT San Antonio by the appropriate application deadline.
| Real Estate Finance and Development (MS) | ||
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| 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 [email protected]. | |
| Coursework | Completed adequate credit hours or foreign institution equivalent coursework as preparation for the program. | |
| 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 FCSA or any NACES-approved credential evaluation agency. | |
| English Language Proficiency | 79 TOEFL iBT / 6.5 IELTS / Duolingo 100 For exams taken on or after January 21, 2026: We require a minimum TOEFL iBT score of 4.0. |
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| 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 UT San Antonio. 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 UT San Antonio? Explain how a degree from the institution will help you achieve your career goals and objectives. • Address Past Experiences: Share any experiences relevant to your application. |
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| 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). Letter(s) should be written by external sources familiar with your academic or professional accomplishments. 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. | ||
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) | |||
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| 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 |
| Spring 2026 | November 1 | December 12 | |
| Summer 2026 | Not Available | Not Available | |
| Fall 2026 | June 1 | August 1 | |
| Spring 2027 | November 1 | December 1 | |
| Summer 2027 | Not Available | Not Available | |
Funding Opportunities
Graduate Student Opportunities and Scholarships
Graduate Teaching Assistantships (GTAs), Graduate Research Assistantships (GRAs), Graduate Administrative Assistantships (GAAs) and student grading positions are available to master’s students on a competitive basis.
$1,000 Graduate Competitive Scholarship for Non-Resident Students
Non-resident graduate students who have been admitted or are continuing their studies may apply for a competitive scholarship worth $1,000. If awarded, this scholarship allows students to pay in-state (resident) tuition rates.
Career Options
UT San Antonio prepares you for future careers that are in demand. The possible careers below are based on 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.
- 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
Frequently Asked Questions
The Real Estate Finance and Development concentration is offered as part of the Master of Science in Finance degree. It blends advanced finance with the planning, financing and development side of real estate so graduates can lead in a fast-growing industry.
Students develop strengths in real estate principles, real estate finance and investment, construction and development, investment theory, financial decision modeling and derivatives and entrepreneurial finance. Classwork is offered in the evenings to accommodate working professionals. You’ll also have access to advising and career resources that help connect your coursework to internships, professional development and post-graduation opportunities.
This program is a good fit if you want to build a career in real estate finance, development, investment or related financial roles. You should consider this program if you are interested in how projects are planned, financed, built and managed, and you want graduate-level training that combines real estate and finance. You can apply if you have a bachelor’s degree and meet graduate admission requirements. This program reviews your full application, including your academic background, purpose statement, resume and recommendation letter. Applicants with a GPA below 3.0 may still be considered if the rest of the application is strong, so all qualified candidates are encouraged to apply.
In this program, you’ll study both finance and real estate development topics. Required coursework includes Financial Management, Real Estate Principles, Real Estate Finance and Investment, Real Estate Construction, Real Estate Development, Investment Theory and Problems and Modeling of Financial Decision Making. These courses help you build a strong foundation in valuation, investment analysis, development processes and financial modeling.
You’ll also complete elective coursework, which may include options such as Financial Data Analytics and FinTech Lab, Finance Internship, Independent Study or approved real estate-related graduate courses in other disciplines. This gives you flexibility to align the program with your career goals.
This UT San Antonio program requires 33 credit hours and a comprehensive examination. Your completion timeline will depend on your course load and schedule, but the program structure gives you a clear framework for planning your path through the degree. If you want to map out a full-time or part-time timeline, you can work with graduate advisors to build a plan that fits your goals and availability.
Yes. There is a relationship between the Real Estate Finance and Development Graduate Certificate and this MS Finance concentration in Real Estate Finance and Development. Students already enrolled in the MS Finance who complete the required real estate coursework may satisfy certificate requirements, and certificate courses may count toward the concentration. Work with your Graduate Advisor of Record to confirm the most current credit-sharing options based on your enrollment status and goals.
With this degree, you can prepare for careers in real estate finance, real estate development, real estate investment, banking and market analysis. Employers that recruit graduates in this area include Embrey, Reata Real Estate Services, Security Service Federal Credit Union, The Bank of San Antonio and USAA Real Estate Company. The curriculum also supports career preparation through applied coursework and elective options like internships.
