new program proposal college of charleston stages of … · 2017-04-07 · caal 4/11/17 agenda item...

CAAL 4/11/17 Agenda Item 1.a.1

College of Charleston, B.S., A.B., Commercial Real Estate Finance, Program Proposal, CAAL, 4/11/2017 –

New Program Proposal Bachelor of Science and Artium Baccalaureatus in Commercial Real Estate Finance

College of Charleston Summary The College of Charleston requests approval to offer a program leading to the Bachelor of Science and Artium Baccalaureatus (A.B.) in Commercial Real Estate Finance to be implemented in the Fall of 2017. The following chart outlines the stages of approval. The Advisory Committee on Academic Programs (ACAP) voted to recommend approval of the proposal. The Committee on Academic Affairs and Licensing set aside the proposal for reconsideration. The revised program proposal and support documents are attached.

Stages of Consideration

Date Comments

Program Proposals Received

11/1/16 11/30/16

Not Applicable

Program Proposals Withdrawn

11/21/16 12/2/16

College of Charleston withdrew the proposals upon discussion with Academic Affairs staff about program content.

Program Proposal Received

12/16/16 Not Applicable

ACAP Consideration 1/26/17 The College of Charleston’s representative introduced the proposal, explained that this is an applied finance major, that it is considered a finance degree, and noted the proposed program, if approved, is designed to work collaboratively with the Carter Center for Real Estate.

ACAP members requested the following: (a) that the proposal focus more on the potential employment available in South Carolina; (b) that the name of the degree be used consistently throughout the proposal; and (c) that the institution consider whether or not two additional courses provided enough information for the applied finance aspect of the degree.

The representative expressed that the existing finance curriculum provides students with sufficient exposure to the applied finance aspect of the degree.

After remaining discussion, ACAP voted to approve the program proposal. Staff transmitted remaining comments and questions for additional clarity.

Comments and suggestions from CHE staff sent to the institution

2/1/17 Staff made the following remarks regarding the program proposal: • The background information should include an explanation of

the A.B. degree option; • Limit employment data to include only jobs that do not require

students to acquire additional education;




Date Comments

• The Carter Real Estate Center partnership should be further explored in terms of reallocated funds; and

• The budget justification should explain that the faculty identified can manage the expected growth of the program.

Staff asked the following questions: • Will the proposed degree program increase graduates’

employment opportunities moreso than modifying the current concentration?

• Can the addition of two commercial real estate finance courses sufficiently address the applied finance aspect of the commercial real estate finance degree?

• Given the budget justification section, can the institution provide a rationale for estimated low implementation costs?

Revised Program Proposal Received

2/10/17 The revised proposal satisfactorily addressed the requested revisions.

CAAL Consideration 3/9/17 Institutional representatives introduced the proposal with an explanation of the growing interest in Real Estate at the College of Charleston via robust enrollment in the concentration, an active Real Estate club at the university, and a growing interest from local businesses. The institutional representative further explained that this is an applied finance degree that would help employers by meeting the workforce needs.

Committee consideration focused on the following: • The number of finance courses within the proposed program; • Current course offerings in real estate and the need for the new

program; • Similar degrees nationally; • The return on investment (ROI) for program cost to students

and the program name; • The program comparison to realty licensure requirements; • State licensure processes; and • Marketability and potential career pathways of students who

graduate with the proposed major.

After deliberation, the committee set aside proposal consideration to formulate remaining questions and to allow the institution to collect and transmit more support documentation from the School of Business Board of Governors, industry professionals, and university faculty and administration.

Specifically, the Committee asked to learn more about real estate courses the institution currently offers; related course descriptions




Date Comments

and syllabi; existing program capacity, enrollment, and state licensure processes and employment rates.

Comments and suggestions from CHE staff sent to the institution

3/15/17 Staff relayed remaining requests for the proposal to be revised to: • Identify similar programs in other states; • State which employers and types of employers were surveyed

in order to gauge industry interest; • Detail the academic advisement process for students in the

anticipated major; • Review the curriculum and justify the apparent shortage of

finance courses, and identify the finance related material that will be provided in the Real Estate courses;

• Discuss the possibility for renaming the program to emphasize ‘Finance’ and exclude ‘Real Estate;’ and

• Explain the difference between the proposed Commercial Real Estate Finance program and the existing Real Estate concentration.

Revised Program Proposal Received

3/29/17 The revised proposal and support documentation satisfactorily addressed the requested revisions.

Recommendation The staff recommends the Committee on Academic Affairs and Licensing approve the program leading to the Bachelor of Science and Artium Baccalaureatus in Commercial Real Estate Finance to be implemented in Fall 2017.



Name of Institution

College of Charleston

Name of Program (include concentrations, options, and tracks)

Commercial Real Estate Finance

Program Designation Associate’s Degree Master’s Degree

Bachelor’s Degree: 4 Year Specialist

Bachelor’s Degree: 5 Year Doctoral Degree: Research/Scholarship (e.g., Ph.D. and DMA)

Doctoral Degree: Professional Practice (e.g., Ed.D., D.N.P., J.D., Pharm.D., and M.D.)

Does the program qualify for supplemental Palmetto Fellows and LIFE Scholarship awards? Yes No

Proposed Date of Implementation CIP Code

Fall 2017 52.1501 Real Estate

Delivery Site(s)

College of Charleston Campus

Delivery Mode Traditional/face-to-face* Distance Education

*select if less than 50% online 100% online

Blended (more than 50% online)

Other distance education Program Contact Information (name, title, telephone number, and email address)

Elaine Worzala, Professor and Director of the Carter Real Estate Center, School of Business 66 George Street, Charleston, SC 29424, 843-953-8121, [email protected]

Institutional Approvals and Dates of Approval

Department Approval: Dr. Weishen Wang (February 5, 2016) School of Business Approval: Dr. Alan Shao (February 25, 2016) Faculty Curriculum Committee Approval: Dr. H Gibbs Knotts (Mar 24, 2016) Faculty Senate Approval: April 12, 2016 Board of Trustee Approval: April 22, 2016

mailto:[email protected]



Background Information

State the nature and purpose of the proposed program, including target audience and centrality to institutional mission. (1500 characters)

The College of Charleston’s mission statement emphasizes that we provide high quality business education within a liberal arts framework. Two central objectives are 1) to meet the growing educational demands in the Lowcountry, and 2) to provide extensive credit education programs for residents. Commercial real estate is a competitive and distinctly unique subsector of finance that represents over 30% of the U.S. macro economy. A Commercial Real Estate Finance major will provide students with the core theoretical knowledge in the areas of finance and data analysis, risk assessment, asset management, market analysis, finance securitization, law, historic preservation, community planning and development. The Lowcountry focus invites the inclusion of distinctly non-business, liberal arts electives as an important part of the curriculum. This differentiates the program from those offered by other schools and provides our graduates with a level of preparedness that is typically found only among seasoned commercial real estate professionals. This level of preparedness is not available for the current 100 real estate minors and concentration students. The proposed majors, a Bachelor of Science (B.S.) and an Artium Baccalaureatus (A.B.) are designed for students who know that they want to pursue commercial real estate as a career or continue on in a graduate school program that is related to real estate (MBA, law, or architecture, for example). The A.B. degree is a distinctive feature of the College and can be attached to any BA or BS major at the College with the exception of Classics as long as students complete the required courses in the major, achieve advanced proficiency in Latin or Ancient Greek and complete two courses in classical civilization from the list of approved courses. List the program objectives. (2000 characters) • Provide students with a comprehensive commercial real estate program with a liberal arts

foundation. In 2008, the real estate industry received much of the blame for the Great Recession. What became apparent was that many of the newer real estate professionals had no formal education and were unaware of the risks inherent in commercial mortgage lending, real estate investing, negotiating lease contracts, and understanding the dynamic nature of a real estate market that is necessary to complete valuation/strategic analysis of an investment. In Charleston, many of our graduates have informed us that having a business administration, economics, finance, or marketing degree did not sufficiently prepare them for employment in commercial real estate. They shared with us that the real estate minor/concentration did not provide sufficient knowledge to succeed in the Lowcounty market place.

• Provide students with a professional degree that leads to employment directly after

graduation. The program provides students with skills and knowledge necessary to prepare them for a diversity of career paths in commercial real estate (e.g., entry-level positions in mortgage banking, institutional lending, asset management, real estate brokerage/leasing, acquisitions/dispositions, appraisal and development). The addition of this new major coincides with continued growth in commercial real estate jobs and compensation (https://www.selectleaders.com/resources/job-barometer-q3-2016). With the proposed port expansion, the Lowcounty is experiencing a high growth in demand for industrial and distribution facilities. In addition, the world ranking by Condé Nast has resulted in an increased demand for hotel projects as well as office developments. All of this attention on Charleston equates to a need for graduates that have a set of analytical skills necessary to analyze real estate investments and new developments.

• Grow the educational and career opportunities for students attending the College of

Charleston. Enhanced preparation for specialized employment and graduate education will result from completion of this major. Together, these knowledge bases and skill sets will result in capable, ready-to-work graduates for the commercial real estate professional community.

https://www.selectleaders.com/resources/job-barometer-q3-2016



Assessment of Need Provide an assessment of the need for the program for the institution, the state, the region, and beyond, if applicable. (1500 characters) Industry partners in Charleston state that a Commercial Real Estate Finance major is needed. We surveyed executives from local, regional and national firms with offices in Charleston (i.e. Greystar, CBRE, MG Valuation, MPV Properties, The Beach Company, and Colliers International, WestRock, Landmark Enterprises, NAI Avant, Wells Fargo) and found 97% of the respondents would prefer to hire a Commercial Real Estate Finance major over students with a real estate minor/concentration. To gauge student interest, 371 surveys were distributed to business school students and 61% indicated an interest in a Commercial Real Estate Finance major. The commercial real estate sector is an important part of the Lowcountry economy as evidenced by the recent high growth in jobs and population. Currently, 47 people per day are moving into the region requiring increased real estate development or redevelopment and an increased need for entry level employees with an understanding of real estate. A Commercial Real Estate Finance major would allow students to demonstrate substantial knowledge of historic preservation, supply chain management or hotel real estate, important subsectors of our economy, while also mastering the importance of the financial aspects related to commercial real estate investment. The new proposed commercial real estate finance major will have significantly more real estate courses and the real estate courses are sequenced so that we can teach more complicated material in the upper level courses as the prerequisites have changed. For instance, students must have principles before they can take market analysis and valuation and they must have all these courses before they can take their capstone course, real estate feasibility. The real estate major is different from the finance major as it sets the students up to work in the many different sectors of real estate not just in the finance side of the industry.

Employment Opportunities

Is specific employment/workforce data available to support the proposed program?

Yes No

Employment Opportunities

Occupation Expected Number of Jobs

Annual Employment

Growth Projection (2014-2024)

Data Source

Securities, Commodities, and Financial Services Sales Agents

341,500 10% www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm

Financial Analysts 277,600 12% www.bls.gov/ooh/business-and-financial/financial-analysts.htm

Construction Managers 373,200 5% www.bls.gov/ooh/management/construction-managers.htm

http://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm

http://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm

http://www.bls.gov/ooh/business-and-financial/financial-analysts.htm

http://www.bls.gov/ooh/management/construction-managers.htm



Real Estate Brokers and Sales Agents (Note, the available employment data does not allow disaggregation of commercial and non-commercial career paths)

421,300 3% www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm#tab-1

Property, Real Estate, and Community Association Managers (Note, the available employment data does not allow disaggregation of commercial and non-commercial career paths)

313,800 8% www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm

Loan Officers 303,200 8% www.bls.gov/ooh/business-and-financial/loan-officers.htm

Appraisers and Assessors of Real Estate 85,800 8%

www.bls.gov/ooh/business-and-financial/appraisers-and-assessors-of-real-estate.htm

Provide additional information regarding anticipated employment opportunities for graduates. (1000 characters) We do not include real estate related professions that involve graduate education (architecture, accounting and law). These professions are expecting 6-7% growth. Data presented at the 2015 Charleston Commercial Forecast (www.charlestonrealtors.com/commercial-division/commercial-market-forecast/) indicates real estate employment (real wage) growth from 2005-2014 was 17.4% (6%) in the Charleston MSA compared to 4.0% (4.5%) for the nation. in a recent national survey by SelectLeaders, 67% of employers predicted the current economy will continue to create new real estate jobs in 2016 and beyond.

University of South Carolina economist Dr. Douglas Woodward found Charleston is the “state’s bright spot” citing the highly educated workforce, location of Boeing, port expansion and global tourism (https://drewsineath.com/news/2011/12/09/charleston-rules-states-economy-s-c-near-top-in-nation-gradual-recovery-forecast/). Tuillia reports Charleston is the second “hottest” real estate market in the country based on its solid job growth which was sixth in U.S. in 2015) (https://www.trulia.com/blog/10-hot-real-estate-markets-to-watch-in-2016/). Provide supporting evidence of anticipated employment opportunities for graduates, including a statement that clearly articulates what the program prepares graduates to do, any documented citations that suggests a correlation between this program and future employment, and other relevant information. Please cite specific resources, as appropriate. (3000 characters)

http://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm#tab-1

http://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm#tab-1

http://www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm

http://www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm

http://www.bls.gov/ooh/business-and-financial/loan-officers.htm

http://www.bls.gov/ooh/business-and-financial/appraisers-and-assessors-of-real-estate.htm

http://www.bls.gov/ooh/business-and-financial/appraisers-and-assessors-of-real-estate.htm

http://www.charlestonrealtors.com/commercial-division/commercial-market-forecast/

http://www.charlestonrealtors.com/commercial-division/commercial-market-forecast/

https://drewsineath.com/news/2011/12/09/charleston-rules-states-economy-s-c-near-top-in-nation-gradual-recovery-forecast/

https://drewsineath.com/news/2011/12/09/charleston-rules-states-economy-s-c-near-top-in-nation-gradual-recovery-forecast/

https://www.trulia.com/blog/10-hot-real-estate-markets-to-watch-in-2016/

https://www.trulia.com/blog/10-hot-real-estate-markets-to-watch-in-2016/



Note: Only complete this if the Employment Opportunities table and the section that follows the table on page 3 & 4 have not previously been completed.

Will the proposed program impact any existing degree programs and services at the institution (e.g., course offerings or enrollment)?

Yes

No If yes, explain. (500 characters)

The proposed program may affect existing Business Administration majors in the first year of its implementation. Based on past experience and surveys, we anticipate some of our projected 35 students will be from this group. In addition, some students that are in other majors and currently are in the real estate concentration or minor programs may also choose more in-depth study and declare the Commercial Real Estate Finance major. After the first year, the impact on the Business Administration major is expected to be minimal.



List of Similar Programs in South Carolina Program

Name Institution Similarities Differences

BSBA Major in Real Estate

University of South Carolina

Housed in a business school. Students are required to have a strong business curriculum as a foundation for the real estate major. The required course is Introduction to Real Estate and Urban Development (FINA 366) similar to our REAL 310.

USC has a major that requires 12-15 credit hours in real estate classes. Only one course is required- FINA 366 course. All other real estate courses are electives with 3 from one subgroup (Real Estate Market Analysis, Real Estate Investment Fundamental, Real Estate Finance, Real Estate Appraisal, Urban Economics, or Geographies of American Cities) and one from another subgroup (Corporate Financial Analysis, Investment Analysis and Portfolio Management, or Financial Statement Analysis). In total, students take 4 real estate courses compared to 7 courses at the College of Charleston. The Geographies of American Cities electives is taught outside the business school. http://moore.sc.edu/academicprograms/undergraduate/majorsoffered/realestate/realestatecurriculum.aspx

The Commercial Real Estate Finance major at the College of Charleston also provides a strong finance foundation while incorporating related liberal arts classes into the electives option. We have five required courses and two elective courses that will enable a student to have a strong real estate finance foundation and pursue a diversity of careers by taking business or non-business electives.

BS in Financial Management with a real estate emphasis

Clemson University

Housed in a business school. Some of the elective courses are similar to the required courses in the proposed major.

The undergraduate program is a B.S. in Finance with a Real Estate emphasis that teaches students to provide advice on the acquisition, sale, or management of both commercial and residential real estate. The elective courses include Real Estate Investment FIN 4150, Real Estate Valuation FIN 4160, and Real Estate Finance FIN 4170. http://www.clemson.edu/degrees/financial-management

Real Estate Finance and Real Estate Valuation are also required courses in the College of Charleston Commercial Real Estate Finance major (REAL 410 and REAL 390). Real Estate Investment Analysis (REAL 380) is an elective.

Two additional required courses, Real Estate Market Analysis (REAL 376) and Real Estate Feasibility Analysis (REAL 419), in the College program will prepare students to critically analyze a market to determine the need for a development or redevelopment project. These courses are not offered at Clemson. The electives including an Internship, Hotel Management and Supply Chain Management as well as a long list of Liberal Arts courses (Urban Economics, Environmental Economics, Urban Design Studio, Architectural Design Studio, Urbanization and Urban Geography, Urban Policy, Urban Planning, Town and Country Planning, Land Use Law, Water Use Law, Independent Study on Historic Preservation, and Sustainable Urbanism) enable the real estate students to study related business and/or non-business subjects to become more specialized and knowledgeable. These electives are particularly relevant to students in Charleston, with its thriving tourism, port and historic preservation industries.

Masters in Real Estate Development

Clemson University

Housed in the College of Architecture,

Clemson also has an excellent Master of Real Estate Development program that focuses on the development of sustainable communities and public-private partnerships. The 2016 graduates recently completed a technology-based project for the Upper Peninsula of Charleston. As detailed on their website, the program is designed for

http://moore.sc.edu/academicprograms/undergraduate/majorsoffered/realestate/realestatecurriculum.aspx

http://moore.sc.edu/academicprograms/undergraduate/majorsoffered/realestate/realestatecurriculum.aspx

http://www.clemson.edu/degrees/financial-management



Arts and Humanities

students to become professional leaders and innovators in the development of sustainable communities. Our undergraduate Commercial Real Estate Finance majors would excel if they wanted to work in the development side of the real estate profession in this program. http://aahsites.clemson.edu/drupal/?q=mred. In the future, the College of Charleston and Clemson University may want to discuss an articulation agreement with this program.

http://aahsites.clemson.edu/drupal/?q=mred



Description of the Program Projected Enrollment

Projected Enrollment

Year Fall Spring

Headcount Credit Hours Headcount Credit Hours 2017-18 35 525 35 525 2018-19 55 825 55 825 2019-20 75 1,125 75 1,125 2020-21 95 1,425 95 1,425 2021-22 120 1,800 120 1,800

Enrollment is initially expected to consist of 35 students with many of them switching from the B.S. in Business Administration with a concentration in Real Estate to the B.S. in Commercial Real Estate Finance. This anticipated number is reasonable based on the enrollment trends for Finance and Marketing majors in their first year of existence. The anticipated growth over the five years for Commercial Real Estate Finance is considered conservative. Two tables below explain the trends for existing School of Business majors, minors, and concentrations. Notice that the Finance and Marketing majors started in the Fall of 2013 and Supply Chain Management began in the Fall of 2015. The Finance major increased enrollment from 29 students in Fall 2013 to an astounding 226 students in Spring 2016 without a decline in minor/concentration students. Similarly, the Marketing major increased enrollment from 24 students in Fall 2013 to 260 students in Spring 2016. We anticipate that the Commercial Real Estate Finance major will have a similar demand and growth pattern. Notice that at the same time the Hospitality and Tourism Management major enrollment steadily increased, on average. The only existing majors that significantly declined in enrollment after implementation of the former new majors were Economics and Business Administration. BADM majors fell from 1,028 in Spring 2013 to 881 in Spring 2016. We anticipate that new major will only have a temporary impact on future enrollment for BADM. The Commercial Real Estate Finance major will attract students that have not already declared an area of expertise. The Economics enrollment decline is due to an increase in the mathematics prerequisites for this major.

Number of Declared Majors* in School of Business Undergraduate Programs

Semester/Year Spring 2013

Fall 2013

Spring 2014

Fall 2014

Spring 2015

Fall 2015

Spring 2016

ACCT 247 222 268 250 255 224 237 BADM 1,028 863 997 808 892 805 881 ECON 142 103 107 75 92 87 77

FINC** n/a 29 121 142 197 198 246

HTMT 284 233 302 256 300 288 319

INTB 235 212 262 228 257 214 228

MKTG** n/a 24 129 150 203 221 260

SCIM*** n/a n/a n/a n/a n/a 41 62

SB TOTAL 1,936 1,686 2,166 1,909 2,196 2,078 2,310



Recent Trends of the Total Minor/Concentration Students in The School of Business

Month/Year Aug-14 Sep-14 Jan-15 Feb-15 Mar-15 Oct-15 Jan-16 Feb-16 Apr-16 BADM 92 94 112 117 118 91 92 91 102 ECON 39 39 39 46 45 35 43 44 50 ENTR 77 84 93 94 93 100 101 103 94 FINC 50 52 67 75 68 79 69 69 65 GLAT 73 82 84 94 94 80 82 79 74 GLTR n/a n/a n/a n/a n/a 3 2 1 1 HTMT 80 82 96 104 98 81 83 84 95 LCSR 34 41 54 51 51 58 54 57 60 MKTG 98 105 101 100 99 103 106 107 126 REAL 67 70 93 92 91 93 89 87 96 SB TOTAL 610 649 739 773 757 723 721 722 763 Besides the general institutional admission requirements, are there any separate or additional admission requirements for the proposed program?

Yes

No If yes, explain. (1000 characters) Are there any special articulation agreements for the proposed program?

Yes

No If yes, identify. (1000 characters)



Curriculum

Course Name Credit Hours Course Name Credit

Hours Fall Spring

MATH 105 or MATH 120* Calculus 3 MATH 104 or MATH 250 3 F YE First Year Experience 3-4 HISTORY 3-4 ENGL 110 Introduction to Academic Writing

3-4 HUMANITIES 3-4

SCIENCE and LAB 3-4 SCIENCE and LAB 3-4 HUMANITIES 3-4 LANGUAGE 3-4

Total Semester Hours 15-19 Total Semester Hours 15-19 Fall Spring

ACCT 203 Financial Accounting 3 ACCT 204 Managerial Accounting 3 ECON 200 Principles of Microeconomics

3 ECON 201Principles of Macroeconomics

3

DSCI 232 Business Statistics 3 BLAW 205 Legal Environment of Business

3

LANGUAGE 3-4 DSCI 304 Production and Operations Management

3-4

HISTORY 3-4 LANGUAGE 3-4


MGMT 301 Management and Organizational Behavior

3 REAL Elective 3

MKTG 302 Marketing Concepts 3 REAL 376 Real Estate Market Analysis

3

FINC 303 Business Finance 3 DSCI 320 Management Information Systems

3

REAL 310 Principles of Real Estate 3-4 REAL 410 Real Estate Finance 3-4 LANGUAGE 3-4 HUMANITIES 3-4


REAL 390 Real Estate Valuation Analysis

3 General Elective 3

REAL Elective 3 REAL 419 Real Estate Feasibility Analysis

3

General Elective 3 General Elective 3-4 General Elective 3-4 General Elective 3-4 HUMANITIES 3-4

Total Semester Hours 12-13 Total Semester Hours 15-18

*MATH 101 is a prerequisite to these courses. The proposed program will provide students with a Commercial Real Estate Finance major critical path sheet explaining the prerequisites and co-requisites for each course. Some students will not need to take MATH 101 because of a passing score on the math placement test, a math AP score for this course of 3 or 4, or college credit associated with dual enrollment. For freshmen who need to take MATH 101, the program will advise them to take MATH 104 or MATH 250 either in the summer term or in the Spring semester of their freshmen year. A humanities course can be moved to their senior year.



Course Descriptions for New Courses

Course Name Description

REAL 390 Real Estate Valuation Analysis (3)

This course focuses on the theory and practice of property valuation. Students are introduced to the fundamental valuation concepts and will gain experience by completing a real estate valuation of an income-producing property. Students will employ various real estate software and databases to complete their valuation. (Prerequisite(s): Junior standing; ACCT 203, 204, ECON 200, 201, MATH 104 or 250; DSCI 320, FINC 303, and REAL 310, or permission of the instructor).

REAL 419 Real Estate Feasibility Analysis: (3)

This capstone course provides an opportunity for students to synthesize the knowledge gained in their previous core business (Accounting, Finance, Marketing, Human Resources, management and Operations Management) and real estate coursework to ascertain the feasibility of a potential real estate development or redevelopment project. (Prerequisite(s): DSCI 304, REAL 310, REAL 376, and REAL 390. One course, REAL 410, can be taken concurrently with REAL 419.

Given that real estate is a capital-intensive asset, finance is embedded in all of the required real estate courses for the Commercial Real Estate Finance major. In addition, FINC 303, an introductory course on finance is required. The Real Estate Principles (REAL 310) course takes the basic finance learned in FINC 303 and applies it to owning real estate. The Real Estate Markets Analysis (REAL 376) course expands the discussion and looks at the financial markets in more detail as the availability of capital certainly impacts the supply and demand for real estate. Real Estate Finance (REAL 410) course specifically examines the use of financing and students study the various sources of financing available from Wall Street to Main Street. To more clearly highlight the finance nature of this course, the Finance Department has approved a request to change the abbreviation of REAL 410 to FINC 410 if the major is approved. We will also change the abbreviation of REAL 380 Real Estate Investments to FINC 380 as that class is also almost exclusively finance. The proposed new courses apply what the students have learned in their other courses to real estate projects. In the Real Estate Valuation Analysis (REAL 390) course, the students will be studying a commercial investment property that is already fully leased up and occupied. The students will need to examine the availability of finance/capital for their assigned property type. And, finally, in the Real Estate Feasibility Analysis (REAL 419) course, students will be analyzing the finance/capital sources available for a new development or redevelopment. Often these types of projects involve different sources of financial capital. In addition, many of the electives available for the students to choose are finance courses if a student decides to pursue the career path of Wall Street or institutional investment.

Faculty

Faculty and Administrative Personnel

Rank Full- or Part-time

Courses Taught or To be Taught, Including Term, Course Number & Title, Credit Hours

Academic Degrees and Coursework Relevant to Courses Taught, Including Institution and Major

Other Qualifications and Comments (i.e., explain role and/or changes in assignment)



Professor and Director of the Program

Full-time

REAL 376: Real Estate Market Analysis, Fall and Spring, 3 REAL 419: Real Estate Feasibility, Fall and Spring, 3

PhD, Real Estate and Urban Land Economics, School of Business, University of Wisconsin-Madison

Designated as a Counselor of Real Estate Fellow of the Royal Institution of Chartered Surveyors Board member of numerous national and international commercial real estate professional associations

Assistant Professor

Full-time

REAL 310, Real Estate Principles, Fall and Spring, 6 REAL 410, Real Estate Finance, Spring and Fall, 3

PhD, Finance, University of Alabama MA, Finance, University of Alabama JD, University of Alabama School of Law, BS, Finance, University of Alabama

Designated as a Chartered Financial Analyst

Assistant Professor*

Full-time

REAL 390: Real Estate Valuation, Fall and Spring, 3 FINC 303, Fall and Spring, 3 Other Business Course, Fall, 3

PhD, Finance or Real Estate from an accredited university

Instructor Part-time

REAL 310, Real Estate Principles, Spring and Fall, 3

PhD, Planning, Design and the Built Environment, Clemson University MS, Environmental Policy and Management, American Public University BS, Real Estate Studies, Marylhurst University

Instructor Part-time

REAL 380, Real Estate Investments, Spring and Fall, 3

MBA, Harvard University BA, Government, Cornell University

Note: Individuals should be listed with program supervisor positions listed first. Identify any new faculty with an asterisk next to their rank. Total FTE needed to support the proposed program (i.e., the total FTE devoted just to the new program for all faculty, staff, and program administrators): Faculty Staff Administration

Faculty /Administrative Personnel Changes Provide a brief explanation of any additional institutional changes in faculty and/or administrative assignment that may result from implementing the proposed program. (1000 characters) By Fall 2017, the School of Business will have three full-time real estate faculty. The Director/Professor position and one Assistant Professor position are currently paid with recurring state funds. The other Assistant Professor position is a new position beginning in Fall 2017. Academic Affairs has given approval for this new position and funds will be added to the Department of Finance budget. Each of the faculty members will receive a course release for research productivity based on the AACSB Accreditation Standards. (Thus, each faculty member will teach three courses per semester.) In addition, the Director of the Carter Real Estate Center will receive another course release for being the lead faculty credentialed in real estate that provides guidance to the finance department chairperson about curriculum related issues for the real estate program. She is also the Director of the Carter Real Estate Center.

Library and Learning Resources

2.75 0 0.25



Identify current library/learning collections, resources, and services necessary to support the proposed program and any additional library resources needed. (1000 characters) Current Library collections utilized in support of Proposed major

The Library currently has 181 books already in the collection and 2,471 non-fiction book/journal titles categorized under the subject heading "real property," which are available to College of Charleston students through PASCAL. The core journals needed for the program are already available in the College of Charleston Libraries' eJoumal collection. In addition, current database resources are sufficient to support the proposed major

Core Journals Appraisal Journal Databases Journal of Corporate Real Estate Business Abstracts with Full Text Journal of Real Estate Finance and Economics Business Insights: Essentials Journal of Real Estate Literature Business Source Complete Journal of Real Estate Research IBISWorld- US Industry Reports National Real Estate Investor LexisNexis Academic Real Estate Economics Marketline Real Estate Finance & Investment SNL Database for Real Estate Real Estate Issues Wall Street Journal Emerald Full Text

Additional Library Support Needed for Proposed Major None

Student Support Services Identify academic support services needed for the proposed program and any additional estimated costs associated with these services. (500 characters)

The Commercial Real Estate Finance major requires knowledge of math, accounting, finance, and writing. The current student services for writing and tutors within the library are sufficient.

Physical Resources Identify any new instructional equipment needed for the proposed program. (500 characters)

No new instructional equipment is needed. The Carter Real Estate Center is fortunate to have been given a software gift by ARGUS Software. This gift-in-kind is valued at $1.4 million and makes available 50 ARGUS Enterprise and Developer licenses for students to use as well as licenses for our faculty. (http://www.argussoftware.com/) The software will be used in at least two of the required upper-level classes. In addition, The Costar Group also provides students in some of the real estate courses free access to their proprietary database for the term of the course. This access is valued at $900 per student per term.

Will any extraordinary physical facilities be needed to support the proposed program?

Yes

http://www.argussoftware.com/



No Identify the physical facilities needed to support the program and the institution’s plan for meeting the requirements, including new facilities or modifications to existing facilities. (1000 characters) The Commercial Real Estate Finance major will be housed within the School of Business existing facilities. No additional space is required at this time.



Financial Support

The Table above only has one new cost associated with the proposed major – an Assistant Professor line with a base salary of $130,000 and benefits estimated at 34.5% of the salary. We have not included in our analysis any raises nor inflation for the estimated tuition funding. The director’s salary and benefits as well as the other Assistant Professor are maintained at the existing levels and are currently paid for with state funds already allocated to our Finance Department budget. In addition, the current department and Carter Real Estate Center budgets have sufficient resources to support the program so no new additional costs are shown. With regard to sources of funding, the above chart projects tuition funding assuming that 35% of the estimated credit hours are from out-of-state students paying $1091 per credit hour. In-state students provide the remainder of the tuition and are assumed to pay $335 per credit hour. All students are assumed to be taking a 30-credit load (15 credit hours per term). This calculation recognizes that some students take 18 hours a term, others take 12 hours a term and some students take summer school. This forecast is conservative given that over 50% of the business students over the past five years were out of state residents and the number of majors over the past three years for finance and marketing has increased tenfold to over 250 students. The interest in the Commercial Real Estate Finance major exceeds that of finance and marketing at this stage based on early indicators from student surveys and expressed interest. Reallocated funds are from a private donor associated with the Carter Real Estate Center and the state operating accounts already in place. The Center is fully endowed and investment returns from the endowment will be used to help support the proposed major

Estimated New Costs by Year

Category 1st 2nd 3rd 4th 5th Total

Program Administration 0 0 0 0 0 0

Faculty & Staff Salaries 174,200 174,200 174,200 174,200 174,200 871,000

Graduate Assistants

Equipment

Facilities

Supplies and Materials 0 0 0 0 0 0

Library Resources

Other*

Total Uses of Funds 174,200 174,200 174,200 174,200 174,200 871,000

Sources of Financing

Category 1st 2nd 3rd 4th 5th Total Tuition Funding 629,580 989,340 1,349,100 1,708,860 2,158,560 6,835,440

Program-Specific Fees

State Funding (i.e., Special State Appropriation)*

0 0 0 0 0 0

Reallocation of Existing Funds* 398,200 398,200 398,200 398,200 398,200 1,991,000

Federal Funding*

Other Funding* 0 0 0 0 0 0 Total 1,027,780 1,387,540 1,747,300 2,107,060 2,556,760 8,826,440 Net Total (i.e., Sources of Financing Minus Estimated New Costs)

853,580 1,213,340 1,573,100 1,932,860 2,382,560 7,955,440



including the funding of an administrative assistant, faculty and student travel, conference and other meeting registrations and event programming for the students and the commercial real estate professional community. Note to CHE Staff: We made an error on the original budget for the “Other” costs. There should have been no number there.

Budget Justification

Provide a brief explanation for the other new costs and any special sources of financing (state funding, reallocation of existing funds, federal funding, or other funding) identified in the Financial Support table. (1000 characters) Note: Institutions need to complete this budget justification only if any other new costs, state funding, reallocation of existing funds, federal funding, or other funding are included in the Financial Support table. As shown in the prior section detailing the list of faculty and instructors, the proposed budget includes a new cost for the vacant Assistant Professor of Real Estate position for Fall 2017. In terms of being able to support the program in the future as it grows, we anticipate that additional adjunct faculty/instructors could be hired to teach some of the introductory course (Real Estate Principles) to free up permanent faculty to teach additional sections of required upper level classes to insure our students graduate on time.

Evaluation and Assessment

Programmatic Assessment: Provide an outline of how the proposed program will be evaluated, including any plans to track employment. Identify assessment tools or software used in the evaluation. Explain how assessment data will be used. (3000 characters) Provide students with a strong liberal arts foundation as part of a comprehensive commercial real estate finance program. The following table presents a detailed mapping of specific program-level learning goals, onto the proposed program’s curriculum.

Commercial Real Estate Finance Major

Core Courses Commercial Real Estate Finance Major Electives

REAL 310

REAL 376

REAL 389

REAL 410

REAL 418

REAL 360

REAL 380

REAL 420

REAL 444

REAL 499

Computational sophistication by completing valuation and financial feasibility experiential or case study assignments for real estate development projects

I R R R D R R -- R D

Ability to identify social, ethical and global issues I I I I D R R R R D

Effective oral and written communication skills as they explain how important real estate issues

R R -- -- D -- R -- D D



Effective application of theoretical knowledge within an experiential learning environment

R R R -- D R R R D --

Critical thinking when providing development/redevelopment solutions to complex real estate issues

I R R -- D D D D D --

Notes: I=Introduced; R=Reinforced; D=Demonstrated.

Grow the educational and career opportunities for students attending the College of Charleston.

Program-level student learning outcomes will be assessed in a manner that is consistent with standards set forth by the Southern Association of Colleges and Schools (SACSCOC) and Association to Advance Collegiate Schools of Business (AACSB) accreditation bodies. Currently, the School of Business has a well-established approach to program assessment that has been evaluated by SACSCOC and AACSB. This process will be extended to include the proposed major. The Department of Finance and the School of Business Assessment Committee will assess program-level student learning outcomes each year. Similar to every other undergraduate program in the School of Business, assessment methods will include both direct and indirect measures. Examples include in-class assessment instruments (e.g., rubrics on communication and presentation skills, projects, course-embedded assessment, etc.); graduating student surveys; and feedback from internship and/or permanent employers; and the ETS Major Field Test for national benchmarking. The evaluation and assessment accounts for diversity in individual student learning styles. Research shows that students believe their learning is improved when they have a chance to develop a skill outside of the traditional lecture setting (Lambert, Tant, and Watson, 2008). Lambert et al. (2008) found that students were willing to come to class more prepared for computer laboratory sessions because they valued the applied setting. A measure of program success is students’ ability to pass the popular ARGUS Certificate program prior to graduation.

Provide students with a professional degree that leads to full employment directly after graduation.

The proposed program plans to administer post-graduation surveys online to track graduates’ job placement periodically. Will the proposed program seek program-specific accreditation?

Yes

No If yes, provide the institution’s plans to seek accreditation, including the expected timeline for accreditation. (500 characters)

Will the proposed program lead to licensure or certification?

Yes

No If yes, explain how the program will prepare students for licensure or certification. (500 characters)



According to the State of SC Licensing commission, if a student has a four-year baccalaureate degree with a real estate major, the student does not have to take the pre-licensing course for any license type, or meet the experience requirements for broker qualifications. If a student chooses to go into this sector of the field, he/she can benefit significantly by not taking the pre-licensing courses. However, many of our students will likely not go in to commercial brokerage or sales but will be appraisers, lenders, developers, property managers, investment managers, investors and/or go on to graduate work to be either planners or lawyers.

Teacher or School Professional Preparation Programs Is the proposed program a teacher or school professional preparation program?

Yes

No If yes, complete the following components. Area of Certification Please attach a document addressing the South Carolina Department of Education Requirements and SPA or Other National Specialized and/or Professional Association Standards.

LYNN CHERRY | ASSOCIATE PROVOST

66 GEORGE ST. | CHARLESTON, SC 29424-0001 843.953.5527 | F: 843.953.5840

To: Dr. Kimberly Walker Academic Program Manager, SC CHE From: Dr. Lynn Cherry

Assoc. Provost for Curriculum and Institutional Resources Dr. Elaine Worzala Director, Carter Real Estate Center

Date: March 24, 2017 RE: Response to CHE on the Commercial Real Estate Finance Major Below are our responses to the concerns that have been raised by the CHE staff on behalf of the commissioners regarding the proposed B.S. in Commercial Real Estate Finance at the College of Charleston as well as a reference to the materials we are providing in support for the Commercial Real Estate Finance major:

• Identify institutions in other states that currently possess similar programs to the Commercial Real Estate Finance degree. Please see attached list of 49 programs at colleges and universities across the country.

• State which employers were surveyed in order to gauge employer interest in this degree for

students. Please see the attached list of the 29 employers that responded to our original survey to gauge interest in a Real Estate major over our current minor or concentration. We have included a copy of the e-questions that were asked as well as some additional responses that were provided by the respondents in their emails. All but one of the respondents were positive about the Real Estate major.

• Detail the advisement practices regarding students in the anticipated major. We currently

have a system in the School of Business where students with a declared major, minor or concentration in the School are assigned an advisor. When the proposed Commercial Real Estate Finance major is approved, all students who declare that major will be assigned one of the three full time Real Estate faculty members. Students are required to meet at least once with their faculty advisor but they are encouraged to meet more regularly with their advisor to make sure they are on track with their program requirements and to learn about various opportunities such as guest speakers, internships, upcoming events, etc. Faculty also help the student explore career options as well as graduate schools if that is what the student is considering. In addition, we have an active Real Estate club and older club members often provide informal advice to newer members. We plan to develop a more formal peer mentoring process in the future.

• Discuss the possibility for this program to be renamed to omit the reference to Real Estate.

Can this be a Finance degree with a Commercial Real Estate Finance emphasis? Please see our memo as well as the list of 49 schools where Real Estate is included in the name of the major. We have explored other names and also researched programs at other schools and feel that the

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term Real Estate must be in the title major and it makes sense to also include the terms Commercial and Finance. So, we do not feel that we can change the name of the degree, and respectively request that the major remain Commercial Real Estate Finance.

• Given the lack of finance courses, can the curriculum be revised to include more finance

courses? Please see the memo from Dr. Wang, Department Chair of Finance. The Department unanimously approved the name change of REAL 410: Real Estate Finance and REAL 380: Real Estate Investments to FINC 401: Real Estate Finance and FINC 380: Real Estate Investments. This name change more clearly identifies the courses as finance courses. In addition, please see the syllabi for all of the required and elective courses in the major. All but one of the courses, Real Estate Market Analysis, have some finance in them. In addition, 50% of the elective courses are or could be finance related if the student is more interested in the financial aspects of the real estate industry. Therefore, it is clear that there is a significant amount of finance already embedded in the curriculum and there is no room to add additional required courses in finance. If a student wants to concentrate on the real estate financial sector that student can take their electives in finance and they also have the option to complete a minor in finance or they could complete a dual major.

• How does this program differ from the Finance degree and Real Estate major that is currently

offered at the College of Charleston? We do not currently have a Real Estate major which is why we are proposing this program. Currently we have a Real Estate minor or concentration that students can choose in addition to their major. The new proposed Commercial Real Estate Finance major will have significantly more required Real Estate courses than the current minor/concentration. In addition, the Real Estate courses will be more sequenced in the proposed major so students will learn the foundational material in lower level courses which will prepare them for more complicated material in the upper level courses. The prerequisites for the upper level courses ensure the students will be able to master the skillsets that employers are demanding in today’s competitive environment. For instance, students must have Real Estate principles before they can take Real Estate Market Analysis and Real Estate Valuation and they must have all of these courses before they can take the capstone course, Real Estate Feasibility Analysis. The Real Estate major is different from the Finance major as it sets the students up to work in the many different sectors of Real Estate not just in the finance side of the industry. However, if a student is interested in working in the financial sector, that student can choose additional Finance courses for their electives in order to have the background to succeed in that part of the industry.

Additionally, please provide the information listed below:

• Letters of Support: We have 20 letters of support from industry professionals, in Charleston, Greenville, Charlotte, Atlanta and New York City. These professionals have unanimously supported the commercial real estate finance major and many of them have indicated that they would like to hire a student with the background proposed in this major. Please see attached document. We have also included 5 letters from recent College of Charleston alums who are now working in the Real Estate industry.

• Relevant Real Estate and Finance course syllabi: Please see attached documents. We have

highlighted in every syllabus that has finance content where that content is. All but one required real estate course (Real Estate Market Analysis) has finance in it and 50% of the electives in the proposed program can be based in finance if the student is interested in working in that part of the industry.

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• Relevant Real Estate and Finance course descriptions: They are all listed on each syllabus. • Board of Governor’s support letter and list of board of governors -For the Board of Governor’s

list please include the individuals name, company, industry, and sector: Attached as the first letter of support.

Additional Requests Enrollment, Capacity and Course Descriptions of Current Real Estate Courses: Please see attached

table

MEMORANDUM

Date: March 13, 2017

To: Provost Brian McGee

Dean Alan Shao

From: Dr. Elaine Worzala, Real Estate Program Director

Dr. Chris Cain, Finance Professor

RE: Change of Major Name

We have explored alternative names for the major and have put together the following list:

Real Estate

Commercial Real Estate

Commercial Real Estate Finance

Commercial Property Finance

Built Environment and Finance

Real Estate Finance and Valuation

Finance and the Built Environment

Commercial Real Estate and the Capital Markets

Commercial Real Estate Investment

Commercial Real Estate Valuation

Real Estate Appraisal and Feasibility Analysis

Property Analysis

Property Finance

Commercial Property Finance and Valuation

We conclude that the proposed name of the major, Commercial Real Estate Finance, is the most appropriate for the program that we have designed. We feel strongly that the major should not exclude the words “Real Estate” since that is the focus of the degree and it would be a disservice to the students and the real estate professional community to not include these two words. We have also included a list of close to 50 other undergraduate programs located US and Canada offer a real estate major and all of them include real estate in their degree name. Therefore, we would like to respectively request that the name, Commercial Real Estate Finance, be used for the proposed major.

TABLE OF UNIVERSITIES WITH UNDERGRADUATE REAL ESTATE MAJORS UNIVERSITY

DEGREE

BARUCH UNIVERSITY BBA in Real Estate

BAYLOR UNIVERSITY Real Estate

CALIFORNIA STATE UNIVERSITY – FULLERTON BBABS in Real Estate/Finance

CALIFORNIA STATE UNIVERSITY- NORTHRIDGE BABS in Real Estate

CALIFORNIA POLYTECHNIC - POMONA BS Finance, Real Estate and Law/Subplan Option

CENTRAL MICHIGAN BSBS in Real Estate Development and Finance

CLARION UNIVERSITY BSBA Real Estate

DEPAUL UNIVERSITY BBABS in Real Estate

FLORIDA ATLANTIC UNIVERSITY BBABS in Real Estate

FLORIDA INTERNATIONAL UNIVERSITY BBABS in Real Estate

FLORIDA STATE UNIVERSITY BS in Real Estate

GEORGIA STATE UNIVERSITY BBABS in Real Estate

INDIANA UNIVERSITY BBABS in Real Estate

MARQUETTE UNIVERSITY BBABS in Real Estate

MARYLHURST UNIVERSITY BS in Real Estate

MISSISSIPPI STATE UNIVERSITY BBA in Real Estate

NEW YORK UNIVERSITY BS in Real Estate

OHIO STATE UNIVERSITY BS in Real Estate and Urban Analysis

SAN DIEGO STATE UNIVERSITY BBA in Real Estate

SOUTHERN METHODIST UNIVERSITY BA in Real Estate Finance

ST. CLOUD STATE UNIVERSITY BS in Real Estate

SYRACUSE UNIVERSITY Real Estate

TEMPLE UNIVERSITY BBA in Real Estate

TEXAS CHRISTIAN UNIVERSITY Program of Study – Finance with Real Estate

UNIVERSITY OF BALTIMORE BS in Real Estate and Economic Development

UNIVERSITY OF BRITISH COLUMBIA BBA in Real Estate

UNIVERSITY OF CENTRAL FLORIDA BSBA in Real Estate

UNIVERSITY OF CINCINNATI BS in Real Estate

UNIVERSITY OF CONNECTICUT Real Estate and Urban Economic Studies

UNIVERSITY OF DENVER BBABS in Real Estate

UNIVERSITY OF GEORGIA BBABS in Real Estate

UNIVERSITY OF GUELPH Bachelor of Commerce

UNIVERSITY OF MIAMI BBABS in Real Estate

UNIVERSITY OF MISSISSIPPI BBA in Real Estate

UNIVERSITY OF MISSOURI—COLUMBIA BBABS in Real Estate

UNIVERSITY OF NEVADA, LAS VEGAS BS/BA in Real Estate

UNIVERSITY OF NORTHERN IOWA BBABS in Real Estate

UNIVERSITY OF SAN DIEGO BS in Real Estate

UNIVERSITY OF SOUTH CAROLINA BBABS in Real Estate

UNIVERSITY OF SOUTHERN CALIFORNIA BS in Real Estate Development

UNIVERSITY OF ST. THOMAS BBABS in Real Estate

UNIVERSITY OF TEXAS AT ARLINGTON BBA in Real Estate

UNIVERSITY OF TEXAS AT SAN ANTONIO BBA in Real Estate Finance and Development

UNIVERSITY OF WISCONSIN BBABS in Real Estate

UNIVERSITY OF WEST GEORGIA BBA in Real Estate

UNIVERSITY OF WEST VIRGINIA BBA in Real Estate

Sources:

http://www.naiop.org/en/Career-Center/Getting-into-Commercial-Real-Estate/Universities-with-Real-Estate-Programs.aspx

and Commercial Real Estate Career Education and Resource Guide: Second Edition 2009.

VIRGINIA COMMONWEALTH UNIVERSITY BS in Real Estate

VIRGINIA TECH BS in Real Estate

WICHITA STATE UNIVERSITY BBABS in Real Estate



Commercial Real Estate Professionals that Replied to the E-Survey Debbie Fisher Handsome Properties Alan Donald Keller Williams Realty Katie Varin Beazer Homes David Grubbs NAI Avant Alison Benson Stream Steven Wilk IKE Consulting Mike White Charleston Industrial LLC Will Sherrod Lee Associates Adam Lea GreyStar Claire Hayden Charleston Realtors Justin Ferira The Seine Group Richard Barkham CBRE Peter Pollak Ilk Alliance Robert Marlowe CofC Economic Development Bruce Kellogg MG Valuation LLC Nancy Wiggins Nancy Wiggins Commercial Real Estate Trey Sedalik Prospect Real Estate Partners Garland Hughes MPV Properties Katie Maus Carolina One David Bowen Coldwell Banker John Coppedge Cushman Wakefield Austin Moede Talent 2 Charlie Moore Carolina Commercial Hannah Yarborough CBRE

Claire Hart Charleston Trident Association of Realtors

Larry Wexler Wexler Marketing Group Robert Coldwell Caldwell Commercial Matthew Schreier CBRE, Inc. DJ Van Slambrook The Beach Company

Of the 29 respondents, only one person replied that a real estate major would not be preferred over a real estate minor or concentration. Additional comments that were made are included on the next page.

Questions from the E-Survey

1. Do you feel that a real estate major is better than a real estate minor or concentration for undergraduates that want to have a career in real estate. Real estate defined broadly and would include brokers, lenders, appraisers, managers, investors etc.… The difference between the two is the number of courses in real estate or real estate related area and that the courses are more sequenced.

2. If you had two applicants of similar quality…would you prefer the student with a real estate major over the one with a real estate minor/concentration?

Of the 29 professionals that responded to the survey only 1 answered no to these questions. Additional comments from the respondents are on the following page.

Comments from the Real Estate Professionals that Answered our Original Survey About offering a Real Estate Major

1. As a Real Estate major from The University of Georgia (2002) I know the value of the major and gladly answer yes to both questions!

2. Would highly recommend that more focus be put on commercial real estate versus residential.

3. The information covered and the specialization excellently positions the student above others who enter

the industry with just a general knowledge of business and a concentration/minor in Real Estate.

4. I would strongly prefer a real estate major with a minor in finance or accounting. Course work should also, include public speaking, critical writing and communications skills.

5. With similar candidates, it’s better to see someone with more Real Estate hours under their belt.

6. The main qualification I’d look for is knowing Real Estate Finance / Proformas / Cash Flows / (some Argus)

Most other details / skills are learnable on the job (grasping markets, managing people). The first question I would ask is “tell me about the RE finance classes you took and the returns/operating metrics you think make a good real estate deal?”

7. I strongly feel that a real estate major is the preferred way for an undergraduate to have a career in

real estate versus a minor or concentration. The required student's focus on many specific areas of concentration in a related area, will greatly benefit the student. They will be become familiar with a wide variety of the necessary components of the real estate industry.

8. Absolutely yes. It is business or history- that should be the minor these days since real estate professionals are expected to know so much more in so many categories- environmental, construction, income/investment.

9. Most importantly, the major must include the State-Required licensing courses, so that your graduates leave College of Charleston with a valid salesperson lines and can be employed immediately.

10. In the investment analysis field, we like to see students heavy in RE finance and RE investment analysis, along with a STRONG knowledge in excel.

11. #2 If it is a newby - just out of college I would rather have the RE major because they have the knowledge base to tap to do the job with less supervision and may offer some innovative cost saving approaches.

12. I think an English Major who is great at Excel/math can make a better case as a job candidate than a Real Estate major who learned all the aspects of real estate high level, but isn’t useful in valuations and analysis from day 1. So, I personally would say a RE Major is better than a Minor just b/c it is MORE classes, but the foundation being rooted in analysis is the most important thing I’d look for. So ideally the Major/Minor have finance requirements that solve this and add a well-rounded exposure to all other aspects of RE.

College of Charleston - School of Business and EconomicsBoard of Governors

3/24/2017 1

College of CharlestonSchool of Business Board of Governors

Renee D. Anderson, Ph.D. Consultant, Advancement and Institutional Development

Tommy B. Baker Owner and President Baker Motor CompanyNella G. Barkley President Crystal-Barkley CorporationSusi L. Beatty CEO/President Beatty Management Company, Inc.Andrew Mark Berlin Co-Founder BPG Spirits Investment GroupPaul G. Campbell, Jr. Senator, District 44 Retired Regional President for AlcoaLuther P. Cochrane Retired Chairman and CEO BE&K Building GroupGarth O. Cook, Ed. D. Education Relations Boeing South CarolinaEric Cox President Atlantic Coast Advisory GroupScott A. Cracraft Managing Director Raymond JamesDianne Culhane Retired VP, Consultant The Coca-Cola CompanyCharles A. Dana President/Owner Newport ShipyardCharles "Buddy" P. Darby, III CEO Christophe Harbour Development Co.Gary T. DiCamillo Managing Partner Eaglepoint AdvisorsGeorge W. Fennell President Fennell Holdings, Inc.William A. Finn Chairman AstenJohnson, Inc.Samuel Z. Ginsberg Lead Partner Harvey Ginsberg & Co.Robert "Bobby" Harrell Speaker of the House Owner, State Farm InsuranceThomas Holder Chairman and CEO Holder Construction CompanyHank Holliday Proprietor The Holliday CompaniesHarold & Deborah Imperatore Proprietor/Executive Vice President The Bernards Inn/The Hampshire CompaniesTapley O. Johnson, Jr. Retired - TAPCO Underwriters, Inc.J.W. Kaempfer Chairman McArthurGlen GroupSteve Kerrigan Retired Chairman and CEO Coinmatch Service Corp.Sharon Kingman ConsultantTom Livingston Professor Emeritus College of CharlestonPierre Manigault Chairman of the Board Evening Post Publishing CompanyJustin R. McLain Executive Chairman & Co-Founder / CEO &

Managing MemberEndeavor Telecom / Duart Mull Capital Partners

David "Buddy" L. Morgan President and CEO Litton Entertainment James I. Newsome, III President and CEO South Carolina State Ports AuthorityGregory D. Padgett Chief Financial Officer Fennell Holdings, Inc.Wayne Pearson President and CEO Southcoast Community BankStephen K. Pond Chairman and CEO The Education CenterChristopher L. Price President and Founding Principal Price Capital Holdings, LLCGene Reed President and Owner Gene Reed EnterprisesR. Keith Sauls, CFA Managing Partner AppleGold PartnersPeter Schottland President and CEO American Packaging CorporationKenneth T. Seeger President MWV-Community Development & Land Robert C. Siegel Retired Chairman and CEO Lacoste USAPaul W. Steadman President The Steadman AgencySteve D. Swanson Managing Partner Eladian Partners, LLCB. Perry Woodside, III, Ph.D. Director, Forensic, Litigation Support & Dixon Hughes Goodman PLLCAnita G. Zucker Chairperson and Chief Executive Officer The InterTech Group, Inc.Jonathan M. Zucker President The InterTech Group, Inc.

new program proposal college of charleston stages of … · 2017-04-07 · caal 4/11/17 agenda item...

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