Do you need an MBA or MRED to be a real estate developer?
If you want to get a job in real estate development, an MBA or MRED can help you get a foot in the door. It demonstrates that you have received sufficient education and are familiar with industry terms, and it can set you apart from other candidates.
A top-notch undergraduate degree is probably just as effective as an MBA in getting your foot in the door. Degrees are helpful if you plan to become a developer by starting as an employee (not a bad plan if you're young); in that case, obtaining a degree can be very beneficial.
If, however, you want to BE a developer and school is not your 'thing,' then the best course of action, in my opinion, is to start developing and building a portfolio of successful projects. Start small and gradually take on larger projects.
This hands-on experience can be more valuable than an MBA and will demonstrate your skills and abilities as a developer. I believe that one of the most effective ways to become a developer or investor is through real estate sales, not regular sales, but investment sales.
Get skilled at finding and sourcing deals directly from sellers that can generate profits for other investors/developers first. That's how you start without ever working for a developer (though technically, you are working for developers as a type of outsourced acq. associate)
I'm not recommending becoming a realtor and assisting individuals in finding a home to live in, but rather, helping investors and developers locate projects that they can improve and make a profit from, commercial or residential.
To achieve this, you will be required to learn how to appraise/value real estate, find actual deals, calculate both pre- and post-improvement values, and develop the ability to persuade others to do business with you.
If you become even AVERAGE at identifying/sourcing investment opportunities (a few deals per year), you can eventually accumulate substantial wealth, bypassing the need for an MBA or MRED, or even an undergraduate college degree.
If I were giving advice to my 18-year-old self, I would suggest skipping my undergraduate finance degree and my master's degree and start hitting the phones/knocking on doors at 18 as a real estate agent.
[I would give completely different advice for a 30+ year old with a family and a job, that post is coming soon]
I'd obtain a real estate license at 18 & strive to become exceptional at sales (top 5%), master direct response/internet marketing, and develop expertise at sourcing opportunities for 'value-add' real estate investors/developers.
Find deals for others, and then do your own ASAP. Set big goals for yourself, but start small, build a track record, and gradually work your way up to bigger and more ambitious projects. Experience will accumulate, confidence will grow, and then go as big as you want.