When I made the decision to pursue a Masters degree, the real estate industry was my primary focus. While going through the process, my greatest trepidation stemmed from my lack of experience in the industry. However, I know now that pursuing the Baker Program fit my purpose the best. Not only have I become a part of an amazing group of people, sharing a passion for real estate, but it also provided an invaluable experience in my second year at Cornell as a Baker Student.
Ana Kalugina – Baker/MBA ’17
The experience has included ample interaction with industry professionals at various events sponsored by the Baker Program, ranging from the weekly Distinguished Speakers Series and the annual Real Estate Conference in New York City to visiting San Francisco to explore and learn about the booming real estate market in Silicon Valley. This was balanced through the Baker Program coursework, through which I have gained essential understanding from Crocker Liu’s Principles of Real Estate, Daniel Lebret’s Real Estate Financial Modeling, and Walter Boudry’s Real Estate Finance and Investments classes. In addition to utilizing this knowledge during summer internships, it contributed to our team successfully competing in the MIT Case Competition in February 2016.
One of the crucial factors in my decision process was the small class size, which allows all of us to generate genuine relationships with our classmates while building a strong support network. It was through that network that I heard about the summer research and internship opportunity with Hodes-Weill from a second-year Baker student. Through our conversations, I learned that the role would consist of being exposed to capital raising and its crucial role in driving real estate transactions. After researching the company, particularly the business and the people, I was certain that a summer internship with Hodes-Weill would be the perfect fit for me.
With my coursework consisting of both the real estate and the graduate business programs, it was interesting to observe how the real estate fundraising sector operates. The Baker and Johnson MBA coursework proved invaluable, allowing me to understand numerous fund models that consisted of multiple assets. This expanded my knowledge base beyond the single-asset financial modeling that had been introduced to me in classes. Of particular significance during the internship was participating in the company-wide offsite meeting. The objective of the meeting was to gain a mandate for raising capital, and this exposure provided a glimpse behind the business process.
Although my time as a summer intern in New York City is coming to an end, my work at Hodes-Weill will continue as I assist them with the completion of the 2016 Real Estate Allocations Monitor. This annual publication assesses trends in institutional capital flows to real estate, the role of real estate in investment portfolios, and the impact of institutional trends on the investment management industry.
The large Cornell Real Estate network in New York City allowed me to form new relationships with professionals in various sectors of real estate. These opportunities gave me perspective and ideas about where I might like to expand my career in the future. Through the Baker Program in Real Estate, my background has grown, affording me the necessary leverage to position myself as a good candidate for various opportunities and to succeed in this amazing world of real estate.
