How CEOs of Real Estate Companies Like to Learn

In the past ten years, many executive education programs have been developed at universities to assist leaders in learning new skills and proficiencies. However, there is little published literature that examines specifically how CEOs have learned needed new skills in the past or on the learning preferences of CEOs. This research examines how the CEOs of thirty-three real estate companies in the United States like to learn needed new skills and proficiencies and presents its findings as twelve CEO learning preference themes. It further compares these themes to the relevant literature distinguishing adult learning preferences (e.g., executives) from university undergraduate education, and reports on education techniques and methods favored by these CEOs compared to other adult learners. This paper is the winner of the best paper on Real Estate Education (sponsored by Dearborn Education and the Real Estate Education Association) award presented at the 2006 American Real Estate Society Annual Meeting in Key West, Florida. Today's business organizations face many new challenges (Drucker, 1999). These challenges, due partly to increased globalization and more rapid technological change, require business leaders to devise new strategies and constantly learn new competencies and skills to lead their organizations successfully (Bennis and Nanus, 1985; Kotter, 1988; Senge, 1990; Apgar, 1995; Work, 1996; Bell, 1997; Manning, Rodriguez, and Ghosh, 1999; Sherlock 2002; Callanan and McCarthy, 2003; Collins and Holton III, 2003; and Rothwell, Lindholm, and Wallick, 2003). Aware of the advantages to acquiring needed skills and competencies, aspiring business leaders are enrolling in leadership programs at universities, oftentimes an executive MBA program (Gair, 2001; and Lord, 2001). Many aspire to become Chief Executive Officers (CEOs) of firms someday whereas some already are CEOs leading their organizations. While the literature acknowledges that the CEO plays a key role in the success of all organizations (Bennis and Nanus, 1985; and Sherlock, 2002), the only prior research found to specifically study CEO learning experiences was Sherlock's study of twelve non-profit CEOs compared to Mezirow's theory of adult learning. There appears to be no prior research on how CEOs of ''for profit'' organizations of any size, or in any industry, learn needed new skills and competencies or on their learning preferences. ''This lack of understanding of how CEOs learn has negative workplace implications for both CEOs and the organizations they serve. It produces an information void for both the CEO seeking self-development, as well as executive