The NAIOP Certificate of Advanced Study in Real Estate Finance is awarded upon the completion of courses related to finance, including Basic Real Estate Finance, Advanced Real Estate Finance, Financial Analysis of Development Projects, and Real Estate Investment and Capital Markets. Courses must be completed within a two-year timeframe.

NAIOP courses are based upon core competencies, which are specialized categories of applied skills and established industry practices, organized into the body of knowledge, that are essential to delivering financially successful projects.

Application/Fees

Any person wanting to become a candidate for the Certificate of Advanced Study in Real Estate Finance must submit the following:

• Completed certificate application
• Current resume
• One-time application fee

The program is open to NAIOP member and nonmember applicants.

What are the certificate program fees?

• Application fee: $75 member/$150 nonmember
• Extension fee*: $50 member/$100 nonmember

*This fee is for candidates who do not complete all courses with the initial 2-year timeframe.

Complete the certificate program application.

Total Costs to Complete a Certificate

Prices subject to change. Prices listed here in USD. Please see each course tuition page for prices in CAD.

Please note that Basic Real Estate Finance has been rereleased in an updated, interactive format and has a higher price than the other courses.

Members

• Three required courses at the $345 member tuition = $1,035
• One required course (Basic Real Estate Finance) at the $389 member tuition
• Certificate application fee of $75 (Current holders of a NAIOP certificate: $50)
• Grand Total: $1,499

Developing Leader Members

• Three required courses at the $240 DL member tuition = $720
• One required course (Basic Real Estate Finance) at the $280 DL member tuition
• Certificate application fee of $75 (Current holders of a NAIOP Certificate: $50)
• Grand Total: $1,075

Student Members

• Three required courses at the $95 student member tuition = $285
• One required course (Basic Real Estate Finance) at the $149 student member tuition
• Certificate application fee of $75 (Current holders of a NAIOP Certificate: $50)
• Grand Total: $509

Nonmembers

• Three required courses at the $555 nonmember tuition = $1,665
• One required course (Basic Real Estate Finance) at the $599 nonmember tuition
• Certificate application fee of $150 (Current holders of a NAIOP certificate: $100)
• Grand Total: $2,414

Student Nonmembers

(must be currently enrolled at an accredited school)

• Three required courses at the $145 student nonmember tuition = $435
• One required course (Basic Real Estate Finance) at the $199 student nonmember tuition
• Certificate application fee of $150 (Current holders of a NAIOP Certificate: $100)
• Grand Total: $784

Course Offerings

What courses are available and how many are required to earn a certificate?

A total of four courses are required to complete a certificate for a total of fifty-six (56) hours:

• Basic Real Estate Finance 8 hours
• Advanced Real Estate Finance 16 hours
• Financial Analysis of Development Projects 16 hours
• Real Estate Investment and Capital Markets 16 hours

Total hours required: 56 hours

Please note that the new interactive version of Basic Real Estate Finance is an eight-hour course.

NAIOP Course Selections

Required Courses for the Finance Certificate
Required Courses	Introductory Level	Intermediate Level	Advanced Level	Contact Hours
Basic Real Estate Finance	✕			8
Advanced Real Estate Finance			✕	16
Financial Analysis of Development Projects		✕	✕	16
Real Estate Investment and Capital Markets		✕	✕	16

Certificate candidates may submit a written request to waive and test out of the Basic Real Estate Finance course if they pass the exam in one attempt. Candidates who successfully score an 80% or better on the exam must replace the course with any elective from the NAIOP elective courses below to complete the required number of courses.

Elective Courses for the Finance Certificate (only applicable for those who test out of Basic Real Estate Finance)
Elective Courses	Introductory Level	Intermediate Level	Advanced Level	Contact Hours
Essentials of the Development Process	✕			8
Advanced Development Practices		✕	✕	16
Site Feasibility for Owners & Developers	✕	✕		16
Leasing, Marketing & Negotiation	✕	✕		16
Construction Management for Developers & Owners	✕			16
Real Estate Law and Land Use Policy	✕	✕		16

NAIOP chapters may offer NAIOP approved education* onsite from a list of both equivalent and elective courses that are required to earn the NAIOP finance certificate. The list of these approved chapter-based courses is illustrated in the charts below. Certificate candidates may substitute two (2) of these approved chapter-based courses, in place of one (1) NAIOP finance certificate course.

In order to substitute one required finance certificate course for two approved chapter-based courses, a candidate must first submit a written request to The Center for Education no less than forty-five (45) days in advance of the chapter's scheduled courses. The required equivalent chapter course selected cannot duplicate a finance certificate course already taken. Once a request is approved, the candidate must attend one (1) of the chapter's required equivalent courses, plus one (1) of their elective courses.

*These approved courses are available only through chapters who participate in NAIOP's Continuing Education Programs.

Approved NAIOP Chapter Courses*
REQUIRED COURSE EQUIVALENTS
Approved Equivalent Courses	Adapted From	Introductory Level	Intermediate Level	Advanced Level	Contact Hours
Real Estate Investment Analysis	Basic Real Estate Finance	✕			8
Advanced Finance	Advanced Real Estate Finance			✕	8
Development Finance Fundamentals	Financial Analysis of Development Projects		✕	✕	8
Real Estate Capital Markets	Real Estate Investment and Capital Markets		✕	✕	8
COURSE ELECTIVES
Legal Analysis of CRE Transactions	Real Estate Law and Land Use Policy	✕	✕		8
Site Analysis	Site Feasibility and Market Analysis	✕	✕		8
Commercial Leasing	Leasing, Marketing and Negotiation	✕	✕		8
Construction Management	Construction Management for Developers and Owners	✕			8

*These approved courses are available only through chapters who participate in NAIOP's Continuing Education Programs.

Education Credits

The Center assigns an educational credit value for all of its offerings.

• Credit value is based on the number of elapsed hours for each offering. Values are measured in the form of both Professional Development Hours (PDH) and Continuing Education Units (CEU).
• NAIOP is a registered provider of Learning Units (LU) through the American Institute of Architects' Continuing Education Service, which regulates the LU.
• Earned educational credit is based on confirmed completion of an offering, which is recorded in a transcript by The Center for each registered student.
• Transcripts are available to each student upon request as official documentation of their work when applying to licensing and accreditation authorities for approved educational credit.