Real Estate Investing & Analysis Certificate

About the Certificate

Build the skill set used at top real estate investment firms. This program blends Wharton's academic rigor with Wall Street Prep's hands-on financial modeling to help you analyze markets, underwrite deals, structure financing, and evaluate risk like an institutional investor — whether you're advancing in CRE, switching careers, or investing your own capital.

Learning Experience & Support

• Self-paced lectures paired with real-world case studies and modeling exercises.
• Weekly office hours with faculty and program staff for guidance and Q&A.
• Guest speakers from leading real estate firms share current market insights.
• Elective content lets you tailor the learning path to your goals.
• Certificate from Wharton Online upon successful completion (digital credential for LinkedIn & resume).

Who Should Enroll?

• Commercial Real Estate (CRE) professionals
• Investment banking analysts & associates
• Brokers and acquisitions/asset management roles
• Career switchers targeting real estate finance
• Consultants, accountants, and legal advisors
• Family offices & private investors
• Private lenders & credit professionals
• Students & recent grads pursuing CRE roles

Curriculum Overview (8 Weeks)

Module 1 — Introduction to the Real Estate Asset Class

• History & evolution of real estate as an asset class; property types & strategies
• Stakeholders and firm structures; creating value in real estate
• Real estate within private markets & alternatives

Module 2 — The Real Estate Investment Framework

• NOI, cap rates, valuation & return fundamentals
• Valuation methods: income cap, DCF, comps, replacement cost
• Understanding pro formas & measuring returns

Module 3 — Financing & Taxation of Real Estate

• Capital structures, leverage, tax benefits & depreciation
• JV structures, GP/LP roles & responsibilities
• Cash flow waterfalls & performance incentives

Module 4 — The Real Estate Deal Process

• Deal stages, workstreams, due diligence & third-party roles
• Docs: NDAs, teasers, OMs, LOIs, PSAs & loan documents
• Negotiation points & business plan execution

Module 5 — Investment Analysis & Financial Modeling I

• Property-level operating cash flows (multifamily, industrial, retail, office)
• CapEx & non-operating cash flows; defining & calculating NOI
• Acquisition & disposition values (direct cap method)

Module 6 — Investment Analysis & Financial Modeling II

• Debt structures & levered cash flows
• IRR, MOIC, cash-on-cash, yield-on-cost
• JV waterfalls & promotes; acquisition vs. development models
• Using models to inform investment decisions

Module 7 — Analyzing Market Risk Factors

• Supply/demand dynamics & economic data interpretation
• Market rents & growth forecasting; macro & micro market analysis

Module 8 — Analyzing Property-Level Risk Factors

• Identifying & mitigating property-level risks
• Using leases & mortgages to align risk/return with investor requirements

What You'll Walk Away With

• Institutional-grade underwriting, valuation, and modeling skills
• A rigorous framework for market & property-level risk analysis
• Hands-on experience modeling cash flows, financing, and waterfalls
• A Wharton Online digital certificate you can showcase on LinkedIn & your resume