MSc Real Estate Investment Finance: Michael Stephenson

The Real Estate Investment Finance (REIF) programme at Oxford Brookes has been designed for real estate professionals across all sectors, as well as fund managers and investment bankers who would like to gain a better understanding of real estate as a financial asset in an investment portfolio. The programme is delivered online and offers our students (many of whom are also working full-time) a flexible and innovative way to study. We have developed our use of digital media to bring together students from many different backgrounds and locations using our virtual learning platform as well as social media and webinars. The programme started in 2015 and now attracts students from across the world. This is great news for the REIF programme as students (and staff) from many different backgrounds and locations can come together online to share experiences and work practices.

I caught up with one of our alumni, Michael Stephenson who completed the MSc REIF in August 2021 to find out what he thought the REIF programme:

What is your background?

I am an investment surveyor working in the Central London Capital Markets team at Farebrother. I
have been working in the property industry for 3 years now, during which time I undertook the MSc
REIF at Oxford Brookes in a part time capacity, after which I undertook the APC and qualified as a
Chartered Surveyor, and a Registered Valuer in June 2022.

Why did you decide to do a course in Real Estate Investment Finance?
Prior to my property career, I had a brief career in finance following my undergraduate degree,
working for several brokerages and banks. When I decided to pursue a career change into property
investment, I decided to undertake further academia to build a foundation of knowledge to kickstart
my new career. The course gave me an excellent understanding of real estate, specifically with a
focus on investment and finance, but also of real estate as an asset class, which I did not previous
have from my career in finance.

Why did you choose the MSc REIF at Oxford Brookes?
Oxford Brookes has a fantastic reputation for real estate as a whole and following some research
into the REIF course and the specific modules I would be studying, I found that they fit with my
desired learning outcomes perfectly, as all of the key topics that I wanted to understand in order to
pursue a career in property investment were covered. The programme is also offered on a part time
basis, which suited my situation at the time of working full time whilst also studying for the MSc
remotely. This enabled me to start my new career straight away, instead of waiting to complete my
studies, which was hugely beneficial.

What did you gain from the course and how has it helped you in your career?
Undertaking MSc REIF gave me a fantastic foundation of knowledge, that has been indispensable to
my role as an investment surveyor. The content of my studies was at many times aligned with what
was required in my day-to-day role, and therefore proved a valuable resource, which has allowed
me to progress in my career faster than if I had not undertaken further academia. Specifically, the
modules covering valuation and the property investment market were incredibly valuable, as
someone with very limited knowledge and experience at the time. These modules gave me a
foundational understanding that later allowed me to become an RICS Registered Valuer, and also
provide sound advice on the central London investment market as an investment surveyor in my
current role.

As an RICS accredited course, the MSc has also been hugely beneficial in allowing me to undertake
the APC and qualify as a Chartered Surveyor. Although this MSc focuses on the investment and
finance elements of real estate, the course gave me an excellent understanding of real estate as an
asset class, which was integral to my subsequent studies to become a general practice Chartered
Surveyor, and some of the competencies that I pursued.

What did you choose for your dissertation topic and why?
My dissertation topic was ‘The Pursuit of Alpha: why have real estate funds underperformed?’. In
order to research this topic, I interviewed several UK based fund managers, to discuss why real
estate funds, according to the literature, have not delivered alpha (which is a performance metric
often used in traditional fund management) in recent years. I chose this topic as it appeared to
represent somewhat of a gap in the literature. Although the study of alpha in real estate funds was
present (albeit relatively limited), it has thus far been a mostly academic exercise, focused on
empirical mathematical data, and the various metrics and methods used in the calculations. I found
that there had been very little discussion, specifically with industry professionals, about why it might
be the case that real estate funds may not be able to deliver alpha, in other words out-perform.
It was a very rewarding dissertation that not only helped with my understanding of the real estate
fund management industry and some of the academic metrics used, but through my conversations
with industry professionals helped me develop an understanding of the practical implications and
challenges found in the real estate fund management industry, that may not always be accounted
for in academic research. I also feel that completing this project, as well as many other written
submissions undertaken during this course, have provided me with skills that are crucial to my
career as an investment surveyor, specifically when conducting research, meeting deadlines, and
writing well-reasoned and professional reports.

Thanks Michael. To find out more about the MSc/PGD REIF take a look at our webpage:

MSc/PGD REIF at Oxford Brookes