Masters in Real Estate

This RICS accredited Masters course is industry-facing, preparing you for a wide range of careers in the global real estate sector.

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Study Real Estate and Planning at Henley Business School and become a professional with impact. Professor Eammon Darcy, Postgraduate Programme Area Director, explains the importance of real estate on society as a whole and how Henley’s students make a positive difference in the field and beyond.

At a glance

Understand the workings of real estate markets and appropriate techniques 
Experience practical learning via ‘real-world’ case studies, field trips and an industry challenge
Fully accredited by the Royal Institution of Chartered Surveyors (RICS) 
Pair up with an  industry mentor through the mentoring scheme of the Reading Real Estate Foundation (RREF) 
Join a school which is the largest in the UK for teaching and research in real estate
Our masters graduates secure positions at prestigious employers worldwide, earning competitive salaries. Explore our graduate outcomes.

Locations: Henley Whiteknights

Subject area(s): Real Estate & Planning

Start Date: September 2025

Duration: 12 months

Attendance: Full-time

Programme Director: Eamonn D'Arcy

Overview

94.9% of students would recommend their programme

Henley Masters Careers Survey 2023

94.9% employed post graduation

Henley Masters Careers Survey 2023

The MSc Real Estate programme will enable you to understand the workings of real estate markets and appropriate techniques applied in them. You will gain the key skills necessary to embark on a wide range of careers in the global real estate industry.

Core areas covered include investment appraisal, economics, real estate finance, valuation, international real estate, strategic rural land management, development, fund management, law, and sustainability. By choosing appropriate modules you might specialise in Fund management, Development or Valuation and asset management.

This Masters programme is especially suitable if you have a non-property-related degree and wish to develop skills and knowledge in the real estate sector. These skills will open up employment opportunities across the sector.

The programme is designed to ensure that you are equipped to deal with the full spectrum of real estate activities from the direct to the indirect, the national to the international. Global relevance is a key driving principle of curriculum design. Our programmes have a clear focus on employability at their core.

Real Estate & Planning

Our School is the largest in the UK for teaching and research in real estate and planning. Established in 1968 at the University of Reading, we are the only major UK real estate and planning centre to be located within a business school. Being part of the Henley Business School reflects our close and longstanding collaborative relationship with industry.

We enjoy a worldwide reputation for excellence in both teaching and research and we are consistently highly ranked in all major league tables. We undertake internationally recognised, leading edge research into real estate, planning and land. We offer a comprehensive range of courses, all of which are accredited by the  Royal Institution of Chartered Surveyors (RICS).

Our programmes are held in high regard by leading employers. Many of whom come to us each year to recruit our graduates. We are proud of our outstanding employment record. More than 95% of our students enter graduate-level jobs within 6-months of leaving us. We produce graduates who will ultimately form the thought leaders and practice innovators of the future.

The Henley pre-study course suite

Exclusively available to Henley Business School offer holders, the Pre-study course suite comprises of innovative short courses designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.

Study skills for success (-)

This course will provide building blocks of knowledge to help you prepare for your learning journey in the area of your choice as well as equip you with key employability and study skills for successfully navigating your studies and professional career.

This pre-study interactive course is designed by Henley Business School faculty, the University of Reading Study Advice Team and the International Study and Language Institute. The course aims to prepare you for your learning journey at Henley and focuses on helping you build important study skills to succeed in your Masters and beyond. Skills such as curiosity and independent thinking, effective communication and collaboration, digital capabilities, storytelling, empathy and professional integrity are not only important in your course itself but are also sought after by employers in all areas of business. Therefore, they are instrumental in succeeding in your professional career. The learning journey of our Masters programmes is designed in a way that allows you to build such skills and this course intends to demonstrate exactly how, and therefore help you to make the most of your Masters.

More information

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Semester 1

The focus of the first semester of the programme (80 credits) is on core knowledge and skills in the areas of Economics, Finance and Investment Appraisal. The Real Estate Business and Professional Practice Module has a strong emphasis on personal and professional development with a twin focus on business and professional values and contemporary real estate business and practice.

Compulsory modules	Credits
Real Estate Investment Appraisal (REMF60) This module enables students to develop understanding of the financial, technical and market context of the appraisal of investments in general and the appraisal of real estate in particular. Read more Students will understand the different concepts of value and how they relate to decision-making in the property investment market. They will be able to apply cash flow models to the pricing of individual property investments, mainly in the context of the commercial real estate investment markets. Academic authors Ren Ren More information	20 [10 ECTS credits]
Introduction to Real Estate Finance (REMF61) The aim of this module is to introduce students to basic concepts of finance to be used within the context of investment appraisal of assets and real estate in particular. Students will be able to extract information from company accounts and to understand how the investment and financing decisions can be separated. They will be able to apply and critically evaluate different techniques for the pricing of investments. The module will enable students to understand the decision to invest in any real estate project using a rigorous and consistent framework. Academic authors Jiarong Li More information	20 [10 ECTS credits]
Real Estate Business and Professional Practice (REMF62) The aim of this module is to develop the students’ understanding of the real estate business and professional practice. It places a significant emphasis on developing the students commercial awareness of the sector, its key players and the wider environment within which it operates. The module has two principal areas of focus: (i) understanding the relevance of contemporary business and professional values to professional practice in the real estate sector and (ii) developing commercial awareness through classroom based lectures- seminars and through engagement with a variety of curricular and extra-curricular activities including field work, visiting speaker seminars and workshops on professional development. Academic authors Eamonn D'Arcy More information	20 [10 ECTS credits]
Real Estate Economics (REMFRE) This module covers the economic principles underlying urban and rural economics, planning, and real estate commercial and residential markets. Read more The module aims to build a solid foundation in the economics of property markets to provide an insight into the application of economic principles and models to land use, city growth, urban and rural development , planning policy and the property market. Academic authors Dr Yi Wu More information	20 [10 ECTS credits]

Semester 2

The initial focus of the second semester is on specialised knowledge with students choosing three 20 credit electives from three baskets of options. The compulsory Real Estate Opportunities Module is a capstone module focused on the integration and application of core and specialised skills towards the end of the semester.

Students must choose either REMF67 Independent Study (20 credits) or REMDISS Real Estate and Planning Dissertation (40 credits) as their project module.

Students taking the Independent Study must pick 60 credits of modules, one module from each basket; students taking the dissertation must pick 40 credits of modules, one module from 2 baskets.

Compulsory modules	Credits
Real Estate Opportunities (REMF56) The aim of this ‘capstone’ module is to integrate and apply both core and specialised knowledge obtained in the MSc Real Estate or MSc Real Estate Finance Programmes and to demonstrate originality in the understanding and systematic application of this knowledge. Students work as part of team to complete three group assignments related to an International Field Trip, an Industry Challenge and a Real Estate Strategy Game. The module has a strong emphasis on ‘experiential’ learning. Academic authors Eamonn D'Arcy More information	20 [10 ECTS credits]
Independent Study in Real Estate (REMF67) The aim of this module is to integrate and apply both core and specialised knowledge obtained in the MSc Real Estate Programme and to demonstrate originality in the understanding and systematic application of this knowledge. Academic authors Dr Yi Wu More information	20 [10 ECTS credits]
Real Estate and Planning Dissertation (REMDISS) The Real Estate and Planning Dissertation module provides a vehicle for an in-depth understanding of a chosen area of real estate economics, real estate finance and investment practice. Depending on the student's interest, this independent study requires students to select a relevant topic or issue in their programme area for further research and analysis. They will also be specifically required to display academic rigour in carrying out an agreed research programme, in presenting findings, and in producing a high quality, fully referenced dissertation that is supported by appropriate quantitative, qualitative and/or illustrative data. Academic authors Yuan Zhao More information	40 [20 ECTS credits]

Basket A

Optional modules	Credits
Real Estate Valuation (REMF63) This module builds on the REMF60 Real Estate Investment Appraisal module and studies the market valuation process; as distinct from the wider appraisal process. It examines both the valuation process and valuation methods, as well as preparing students for the workplace, it critically examines property valuation practice at both a theoretical and applied level. Read more The aim of this module is to enable students to develop an understanding of the role of property valuation in both investment and occupier markets. Students will understand the different approaches to valuation and be able to match the methods adapted to the role of the valuation. The module will build on the appraisal issues developed in REMF60 Real Estate Investment and Appraisal core module and students will be able to distinguish between different concepts of value and the formal definitions of the bases that follow the concept. Students will be able to apply and critically evaluate different techniques and understand their limitations. Students will understand how statutory and quasi-statutory regulations influence and impact upon the valuation process. Students will understand the importance of the valuation process and the internal and external influences affecting this process and its outcomes. Academic authors Peter Wyatt More information	20 [10 ECTS credits]
Real Estate Development (REMF64) The module aims to provide students with an understanding of: the nature of the real estate development process including the activities, agencies, events, relationships, skills and tasks involved; the factors which influence the process and its outcomes; and the types, characteristics, utility and quality of buildings and schemes. The module also explores the methodologies involved in the appraisal and financing of development projects. Academic authors Ziyou Wang More information	20 [10 ECTS credits]
Real Estate Securities (REMFRES) This module aims to provide students with knowledge of market structures and the pricing of financial products available for indirect investments in real estate, in order to develop a critical understanding of the different features of real estate securities. It challenges the implications that specific characteristics of private real estate assets have on the pricing of such securities. Read more This module introduces students to primary securitised real estate markets. Equity vehicles examined will include listed companies, with a focus on Real Estate Investment Trusts. The module will also examine debt and debt-related products (e.g. residential mortgages and mortgage-backed securities) and other real estate derivative products and investment vehicles. The module will present how the different vehicles are structured and what their applications are in an investment context. Academic authors Claire Xiaoying Deng More information	20 [10 ECTS credits]
Investment in Rural Assets (REMIRAS) Investment in rural land and property has been a significant element of the UK countryside for generations but the sector is seeing substantial change, with traditional family and institutional owners being joined by new investors, whether for individual or corporate investment. Rural property has been seen as a conservative but safe asset, often demonstrating contra-cyclical performance, and thus attracting investors seeking to balance more speculative asset classes in their portfolios. Traditionally agriculture has been the focus of this investment, but emerging markets are gaining ground in the rural sector, particularly in terms of natural capital and ecosystem services. Those operating in this sphere need to demonstrate technical knowledge in various areas, from an understanding of the core influences on rural land as an asset class to the ability to analyse and project long-term financial performance. The purpose of the module is intended to introduce students, including those who wish to make a career in the rural sector, to the range of financial, economic and asset management skills required to offer strategic advice in this area. Read more Academic authors Angela Cropley Nicholas Millard More information	20 [10 ECTS credits]

Basket B

Optional modules	Credits
Heritage and Development (REMF59) Historic buildings and sites are a major part of the built environment. Many will be hundreds of years old, but there are also more modern buildings considered as heritage. The construction industry’s work is evenly split between new-build and work to existing buildings, some of which will have some statutory protection, such as being listed. Read more This module introduces students to concepts and practices in conservation of the historic environment, both in the UK and internationally, and explains the roles of the actors involved. The underlying philosophies of conservation, their history and how heritage is managed through legal frameworks and policy forms an important component. The module also considers matters relating to real estate processes and the shaping of both urban and rural environments. In so doing it covers aspects of architectural and landscape history, and practical building conservation. Examples and case studies are used throughout. Academic authors Henry Russell More information	20 [10 ECTS credits]
International Real Estate (REMF65) The module is about understanding how commercial real estate markets work in an international context. It covers three distinct, but interrelated areas - topics in international market analysis - analysis of European real estate markets - introduction to global market analysis. The module aims to provide the student with a comprehensive understanding of the key issues in and approaches to the analysis of commercial real estate markets in an international context. It critically evaluates the functioning and principal characteristics of commercial real estate markets, key global players and the real estate sectors in both established and emerging markets. Academic authors Eamonn D'Arcy More information	20 [10 ECTS credits]
Real Estate Law (REMF66) This module is designed to help students develop a conceptual and practical understanding of the legal environment in which real estate operates in England and Wales. Read more Students will gain a systematic appreciation of the legal framework governing the rights and obligations which attach to owners and occupiers of real property. Students will explore the key issues of ownership, transfer, use and enjoyment of freehold and leasehold land relevant to a real estate professional, in their practical and commercial contexts. Academic authors Pin-Te Lin More information	20 [10 ECTS credits]
Environmental Planning and Policy (REMP59) There is an ongoing and critical role for planning to help address environmental and climate change-related issues globally and locally. Environmental planning has developed as an important policy field in its own right, it is closely intertwined with spatial planning more generally and features its own rationalities, types of knowledge and skills. Spatial planning policy and practice can facilitate efficient land use, prescribe environmentally friendly types of construction and sustainable mobility, and, crucially, make places more adaptable and resilient to impacts from climate change. The module provides students with an understanding of the range of issues and tools deployed to address environmental planning challenges using a blend of theory and practice-based examples. Academic authors Gavin Parker Christopher Maidment More information	20 [10 ECTS credits]
Rural Property Law and Valuation (REMRPLV) An understanding of rural property law and valuation is key for property consultants working in the rural sector. This module is designed to help prepare students for providing advice on rural landlord and tenant law and valuation issues in professional practice. It is largely based on the law as applied to property in England and Wales, although content on the differing statutory codes in Scotland and Northern Ireland is included, where relevant. Read more The module aims to provide students with an opportunity to explore the legal relationships between rural landlords and their tenants, and the financial, technical, and market context of the appraisal of rural property value. It aims to develop an understanding of the legal codes that apply to different rural property types (agricultural; residential; commercial), and investigates the agricultural land market, the factors that influence it, and the methods of valuation that apply to rural property. Academic authors Angela Cropley Nicholas Millard More information	20 [10 ECTS credits]

Basket C

Optional modules	Credits
Real Estate Asset Management (REMF44) The Real Estate Asset Management – REMF44 module explores the real estate management process; it is evaluated from the perspective of both investors and public/corporate occupiers. The students will be able to apply qualitative and quantitative techniques to analyse the real estate management process and thus make a better judgment on investment and tenure opportunities. Underpinning the module is the application of practical tools and conceptual understanding of the real estate management business. Read more The module aims to provide students with an understanding of the role, responsibilities and skills required of the real estate manager. The management settings include both an investment and a corporate real estate portfolio. Students will therefore learn different qualitative and quantitative techniques to analyse investment but also tenure or occupancy opportunities. Furthermore, they will collate the techniques into various aspects of the real estate management process, critically evaluate them and understand their limitations. Students will also be able to distinguish between different concepts and underlying management processes in real estate and evaluate how the real estate trends in different parts of the world might impact future practices. Academic authors Brano Glumac More information	20 [10 ECTS credits]
Real Estate Portfolio Management (REMF52) This module aims to enable students to develop and deepen their understanding of the concepts of investment strategy, portfolio selection and performance measurement and their application to property markets. It also aims to further develop students' analytic capacity. Upon completion of the module, students should have an understanding of key theoretical concepts in investment strategy, be able to appraise critically published work in the field and apply this knowledge to the analysis of practical real estate problems. Academic authors Pin-Te Lin More information	20 [10 ECTS credits]
Housing Markets and Policy (REMF53) This module will provide students with an awareness of the economic principles that underpin residential property markets and relevant government policies. Housing has always been a fundamental basis for human life. Recently though, it has also grown to become the world’s largest asset class, powered by three decades of rapid global house price inflation. What happens in housing markets therefore affects almost everything; from financial market stability, to wealth inequalities; from national productivity, to rates of child birth. Read more This module aims to provide students with an understanding of why global, national and local housing markets operate as they do, and the implications this has for economies and societies more generally. It also aims to provide students with an understanding of how different types of policy – town planning, fiscal, monetary, etc. – can shape housing markets. The module explores what has happened to global housing markets over the last century, examining the key supply and demand-side determinants of house prices, rents and affordability. It explores the role of mortgage finance, the relationship between housing markets and the macro-economy, and the recent growth of institutional investment in housing as an asset class. It highlights the distinct features of housing and land markets which make them susceptible to market failure, and discusses the various ways in which the state can intervene to potentially address these market failures. Academic authors Eamonn D'Arcy More information	20 [10 ECTS credits]
Sustainability and Real Estate (REMF55) This module focuses on developing a conceptual understanding of sustainable development principles and their applications in real estate markets. The focus is on the adoption of sustainability and ESG in the UK property industry throughout real estate life cycles, including how this is relevant to and manifests itself at various life cycle stages, i.e. development, design, construction, operation, refurbishment, retrofitting and regeneration. The module also focuses on drivers and barriers for the adoption of sustainable development principles for a range of stakeholders in the property industry, including the business case for sustainability and building resilience. Read more Specifically, students will develop a systematic understanding and critical awareness of sustainable development concepts, policy actions, building energy, environmental and social assessment methods, building construction methods and key property sustainability debates and their relevance to a range of stakeholders in the built environment. Academic authors Jorn van de Wetering More information	20 [10 ECTS credits]
Urban Regeneration (REMP34) This module is designed to provide a theoretical and practical understanding of urban regeneration. It will focus on the relationship between the economic, social, environmental and political forces shaping approaches to urban regeneration, offering an overview of the evolution of urban regeneration policy and practice, with a focus on the UK context. Academic authors Emma Street More information	20 [10 ECTS credits]

Modules or course content marked as optional are indicative and may be subject to change. Please note, constraints in timetable scheduling may mean you are unable to take some optional modules at the same time as others.

Our Real Estate & Planning postgraduate programmes are designed and delivered by internationally-renowned experts, with a wealth of academic and professional experience. All of our programmes are regularly updated to maintain their relevance in a rapidly changing industry.

Our programmes adhere to the highest academic and professional standards, with lectures given by academic members of staff and visiting speakers from senior positions in relevant professions. They are well supported by leading industry organisations who provide our students with valuable professional insight and feedback.

All our Masters programmes feature a mix of core and optional modules, allowing you to tailor your degree towards your individual interests and career ambitions. Teaching methods will vary depending on your chosen programme; they include lectures, workshops, tutorials, individual and group assignments, case studies and site visits. All our full-time postgraduate programmes include a residential study tour.

Our research is internationally renowned as academically rigorous and policy relevant. It has a major influence on our programmes and is fully integrated into our teaching. As a postgraduate student you will have access to this cutting-edge research, a vital resource that will keep you at the forefront of the latest thinking.

We aim to create a stimulating academic environment; you will be encouraged to develop individual interests and general skills as a basis for a career in the property industry, a related field or for further study.

UK/Home

Year of Entry	Cost
2025	£20,700

International (incl. EU)

Year of Entry	Cost
2025	£28,500

Scholarships

Scholarships are now available for 2025 entry Masters programmes. Henley is proud to have supported over 170 postgraduate students with scholarships for 2024 entry. For more information on our 2025 Scholarships programme visit our scholarships webpage.

Entry requirement	Criteria
Undergraduate degree	Minimum 2:1 or the equivalent from an Internationally recognised university
Degree discipline	Any discipline

The academic requirement for mature students may be relaxed in light of relevant professional experience.

See country and region-specific information and entry requirements for International applicants or please contact us with any questions.

English Language Requirements

Studying in a second language can be challenging. If your English language ability is below the minimum requirement, we may ask for evidence of proficiency. Alternatively, we may ask you to attend an English language course before you begin your studies with us.

Requirement	Criteria
IELTS	6.5 with no component below 5.5

Pre-sessional English Programme

The Pre-sessional English Programme is for international students who need to meet their degree programme English language requirements. Our courses equip you with the skills and language needed for academic success, including critical thinking, self-reflection, learner autonomy, research skills and integrating sources. The Pre-sessional English Programme is accredited by the global association of Lecturers in English for Academic Purposes, which guarantees you will receive a high-quality student experience.

Find out about our comprehensive range of Pre-Sessional English courses

Acceptance of LanguageCert Online and DuoLingo English qualifications

We accept the non-SELT version of LanguageCert (which includes the online version) and DuoLingo as suitable English language qualifications. These can be accepted for direct entry onto Undergraduate (except Speech and Language Therapy), Postgraduate Taught (except Speech and Language Therapy) and Postgraduate Research programmes.

For information on individual programme requirements and other English language qualifications, please visit our English requirement equivalent page.

If you require specific advice on your qualification please contact admissions directly by email  or telephone on +44 118-378-5289.

UK visa requirements

You may need to obtain a UK visa. This visa will allow to live and study in the UK. See the  UK Border Agency website.

Graduate Route

The UK's Graduate Route post-study work visa allows you to apply to stay in the UK for up to two years after you graduate, with the opportunity to undertake skilled work. Visit the University website for the latest information.

How can Henley Careers work with you?

We have an award-winning careers team that will support you through your postgraduate studies and four years after graduation.

Here is how Henley Careers can help you:

Careers Consultant appointments: Our Careers Consultants are here to help and support you with any careers related concern that you might have. Whether it’s CV advice, practicing for an interview, providing feedback if applications aren't successful or support planning your career goals. We are here to help empower you to progress in your career.
Events: Henley Careers organise numerous events aimed to help you build your confidence, develop the skills employers are looking for. Additionally, network with employers and expand your industry knowledge.
Alumni support: You can continue to book one-to-one appointments with your Careers Consultant and use our online resources. For up to four years after graduating we’re here to help and support in your career.

Career Smart: Get a head start in securing a graduate job by taking part in our online course, Career Smart. You can expect to learn about the graduate recruitment cycle in the UK. As well as where to look and how to start applying to jobs, and the different roles available to you.

For more information  please see our Careers page.

Continuing your career

This programme has enjoyed an employment record of close to 100% since its inception. Extensive bespoke careers support is provided, including an industry-led mock assessment day. Graduates from the programme have been regularly employed by the largest and most prestigious global real estate service firms. Additionally graduates find employment within the wider real estate sector.

To support their career development and interpersonal skills, you will be assigned an industry mentor through the mentoring scheme of our alumni association – the Reading Real Estate Foundation (RREF).

The School of Real Estate & Planning has a worldwide reputation and a long history of providing postgraduate education in real estate. All our postgraduate programmes open up many options for employment in the real estate industry around the world.

Our alumni association, The Reading Real Estate Foundation (RREF), organise career development and recruitment events for real estate students throughout the year. These include an evening lectures series with key industry speakers and an annual Careers Fair. To support your career development and interpersonal skills, you will also be assigned an industry mentor through the RREF mentoring scheme.

We have a professional Careers Development Advisor, Jane Batchelor, who helps our students with every aspect of the career development process, including identifying work placement, internships and permanent career opportunities.

On graduation our students are employed by the largest and most prestigious firms including:

Real Estate Service Firms:

CBRE, Cluttons, Cushman & Wakefield, Drivers Jonas Deloitte, DTZ, Jones Lang LaSalle, KingSturge, Knight Frank and Savills

Investment Banks:

Barclays Capital, BNP Paribas, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch and Morgan Stanley

Institutional Investors and Investment Funds:

Aviva, Invesco, Legal & General

Consultancy Firms:

Accenture, Ernst & Young, PriceWaterhouseCoopers and Property Portfolio Research

Investment and Development Companies:

British Land, Grosvenor, Hines, Land Securities and SEGRO

Royal Institution of Chartered Surveyors (RICS)

RICS-accreditation demonstrates a globally-recognised standard of surveying education.

This programme is fully accredited within the University of Reading - Royal Institution of Chartered Surveyors (RICS) partnership arrangement.

Apply for 2023 entry now

Apply online  now through the University of Reading’s online application service.

The online application service allows you to complete your application information, attach electronic copies of your academic transcripts, certificates and other supporting information. It also provides a facility for an email request to be sent to your referees. This enables the referees to send your supporting references directly to us.

When to apply

We operate a rolling admissions system and it is recommended that you apply early to secure your place. There is no specific deadline and applications will be considered until the programme is full. However, to allow us time to process your application we recommend that you apply by the following dates:

UK/Home applicants	International applicants
1 August	1 July

After you apply

You will receive a confirmation email when we receive your application form. Your application is then reviewed by a member of staff. If successful, you will receive a formal offer letter outlining any necessary entry criteria you will need to meet. You'll then be asked to confirm your acceptance of this offer.

If you require a Certificate of Acceptance for Studies (CAS) for your visa, details will be sent by email once all conditions of the offer have been met.

Throughout the admissions process we will keep you updated with key information via email. We also provide opportunities to interact with faculty and staff online.

Find us on Facebook  and keep up-to-date with news and events at Henley or ask us a question. In addition, you can speak to a current student, our students are always happy to share their Henley experience.

Our students and alumni are always keen to share their Henley experience. Whether you are a prospective applicant or already applied to a Masters programme at Henley Business School. You can ask questions to a current student by clicking the “Chat to our students” button below.

When contacting one of our students, please introduce yourself and the Masters programme you have applied for.