The Public Capital Markets Credential (PCMC) program is a two-week, full-time program tailored for university students, graduates, and early-career professionals interested in public finance and aspiring to work in public capital markets. In partnership with the Central University of Finance and Economics (CUFE) in China, and led by Professor Justin Marlowe, the program is designed to equip participants with practical knowledge and insights essential for success in the public capital markets sector.
Subjects
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Sub-national public capital market, municipal bond market |
Level
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Beginner, intermediate |
Duration
|
Two (2) weeks, approximately 20–25 hours per week |
Dates
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February 10–21, 2025 |
Cost
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$2,500 with various discount types |
Format
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One week virtual and one week in-person in Beijing, China |
Research Professor at the Harris School of Public Policy, Director at the UChicago Center for Municipal Finance
Public organizations borrow funds to finance capital investments and achieve long-term strategic goals, typically through financial instruments called “municipal bonds.” When accessing the municipal bond market (or similar sub-national capital markets), it is crucial to understand how and why these entities borrow, the challenges and opportunities they encounter, and what it means to borrow "effectively."
This course is centered around the borrower’s experience. We begin by exploring the fundamentals of how municipal bonds function, who invests in them, and their purpose. Next, we’ll delve into the conceptual frameworks and analytical tools that issuers use to evaluate and navigate the dynamics of sub-national capital markets. You'll also gain insight into the policy and regulatory factors that influence when and how issuers approach the market. Most importantly, you’ll apply the same analytical tools used by debt management specialists and key participants in sub-national capital markets.
By the end of the course, you’ll have developed a portfolio of applied work and gained broad exposure to the key institutions and major players in sub-national capital markets.
This lecture series covers the essential concepts of municipal bonds and sub-national capital markets, providing a solid foundation along with practical applications. The pre-recorded format allows you to learn at your own pace, offering the flexibility to fit the material into your schedules.
During virtual and in-person class meetings, you will engage with the professor in discussions of additional topics, cases, and examples, all designed to deepen your understanding of the material. The professor will also guide the application of relevant analytical tools in Excel or R.
Immerse yourself in thought-provoking dialogues with practitioners at the forefront of innovative research, shaping insights that drive impactful policymaking in public finance. Engage with leading researchers from distinguished institutions such as the UChicago Center for Municipal Finance, the Asian Development Bank (ADB), the United Nations Development Programme (UNDP), the Organization for Economic Cooperation and Development (OECD), the Municipal Securities Rulemaking Board, and the Centre for Land Governance.
In this module, participants will leverage the knowledge and skills gained in the first three modules to address real-world challenges. Guided by the professor and TA, participants will collaborate in groups on one of two Capstone Tracks: Bond Structuring or Credit Analysis.
Bond Structuring Track: Participants will step into the role of underwriters for an upcoming competitive general obligation bond sale. The group will develop pricing and yield strategies, submit bids, and then compare their outcomes to the actual auction results. This exercise provides a practical opportunity to apply concepts related to municipal market dynamics, bond pricing, and bond sizing.
Credit Analysis Track: Participants will assess the credit quality of a general-purpose local government, using rating agencies’ credit criteria, key financial performance benchmarks, and comparisons to similar credits. After their evaluation, the group will decide whether the government merits a credit rating upgrade or downgrade. This exercise allows participants to apply the tools of credit analysis in a real-world context.
Lynnette Kelly
Former CEO of the Municipal Securities Rulemaking Board
Matthew Glasser
Director for Municipal Law and Finance at the Centre for Urban Law and Finance in Africa (CULFA)
And other speakers from institutions like the Asian Development Bank (ADB), United Nations Development Program (UNDP), and Organization for Economic Cooperation and Development (OECD).
| Week 1 (Virtual) | Mon | Tue | Wed | Thu | Fri |
| 9–10 a.m. | Virtual Program Orientation | Module 2: Virtual In-class Discussions - Applied Case Studies and Analytical Tools | Module 2: Virtual In-class Discussions - Applied Case Studies and Analytical Tools | Module 2: Virtual In-class Discussions - Applied Case Studies and Analytical Tools | Module 2: Virtual In-class Discussions - Applied Case Studies and Analytical Tools |
| 10–11 a.m. | Module 3: Virtual Research Career Sharing Session | Module 3: Virtual Research Career Sharing Session | Module 3: Virtual Research Career Sharing Session | Module 3: Virtual Research Career Sharing Session | |
| 2–4 p.m. | Module 1: Pre-Recorded Lectures - Fundamentals of Public Capital Markets | Module 1: Pre-Recorded Lectures - Fundamentals of Public Capital Markets | Module 1: Pre-Recorded Lectures - Fundamentals of Public Capital Markets | Module 1: Pre-Recorded Lectures - Fundamentals of Public Capital Markets | Module 1: Pre-Recorded Lectures - Fundamentals of Public Capital Markets |
| Week 2 (In-person) |
Mon | Tue | Wed | Thu | Fri |
| 10 a.m.–noon |
Module 2: In-person In-class Discussions - Applied Case Studies and Analytical Tools
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Module 2: In-person In-class Discussions - Applied Case Studies and Analytical Tools
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Module 2: In-person In-class Discussions - Applied Case Studies and Analytical Tools
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Module 4: In-person Capstone Projects | Module 4: In-person Capstone Presentation |
| noon–2 p.m. | Lunch Break and Office Hour | Lunch Break and Office Hour | Lunch Break and Office Hour | Lunch Break and Office Hour | Lunch Break and Office Hour |
| 2–4 p.m. |
Module 2: In-person In-class Discussions - Applied Case Studies and Analytical Tools
|
Module 2: In-person In-class Discussions - Applied Case Studies and Analytical Tools
|
Module 4: In-person Capstone Projects | Module 4: In-person Capstone Projects | In-person Program Closing Ceremony |
Justin Marlowe, Ph.D.
Justin Marlowe is a Research Professor in the University of Chicago Harris School of Public Policy, where he also serves as Director of the Center for Municipal Finance. His research and teaching are focused on public finance, with emphasis on public capital markets, infrastructure finance, state and local budgeting, and financial disclosure. He also serves as Editor-in-Chief of the Municipal Finance Journal, and he co-hosts the Public Money Pod, a podcast produced by the Center for Municipal Finance.
February 10–21, 2025
20–25 hours per week
One week virtual (Feb. 10–14)
One week in-person (Feb. 17–21)
Location:
Beijing, China
Issued by the University of Chicago Harris School of Public Policy to showcase your academic rigor.
The program fee is $2,500. We offer partial discounts to early action applicants, CUFE and University of Chicago community members. In addition, we support applicants to explore funding sources from your academic institution, employer, or external scholarships.
|
Audience |
Program Fee |
|
General Applicant |
$2,500 |
|
Early Action Applicant |
$2,200 |
|
UChicago Network Affiliated |
$2,000 |
|
CUFE Network Affiliated |
Contact your university to learn more |
|
Organizational Sponsorship for 3+ Applicants |
Contact us at harriscredential@uchicago.edu to discuss group rates |
Once admitted, participants will secure their seat by submitting a $1,000 USD enrollment deposit, which is non-refundable and applies toward your total program fee. The remaining program fee balance will be paid before the program starts. Detailed payment instructions will be provided to admitted participants via email.
Starting in April 2025, the application for admission to the Public Capital Markets Credential will include a supplemental essay prompt for applicants who wish to be considered for the Community Impact Scholarship. Essays will be evaluated by the Harris Credential Programs admissions committee. Applicants who are admitted and demonstrate eligibility for the Community Impact Scholarship will receive the award, which will be granted at the time of admission.
To apply for the program, please complete the 2025 PCMC Registration Form.
Please see below for a detailed look at the application requirements.
|
|
Application Deadline |
Notification |
Reply Deadline |
|
Early Action |
November 12, 2024 |
Mid-November |
Late November |
|
Round 1 |
December 10, 2024 |
Mid-December |
Late December |
Admissions notifications are issued approximately one week after the deadline. Notifications are issued by email. Reply deadline is the date for admitted students to confirm their intent to enroll by submitting the Admission Reply Form and non-refundable Enrollment Deposit. Details are noted in the letter of admission.
We encourage you to apply early to take advantage of the early action discount. For participants who need to apply for a visa to go to China, please reserve enough time for visa application.
If the participant decides to cancel their Program enrollment, the participant must submit a request in writing at least 30 days prior to the program start date to harriscredential@uchicago.edu to receive the paid amount less the non-refundable enrollment deposit. Requests received 14 to 30 days before the Program start date are subject to a payment of 50% of the Program fee. Requests received within 14 days of the Program start date are subject to full payment of the Program fee. If the participant is unable to join the Program due to circumstances that the participant has no control or influence over, the refund amount will be considered on an individual case-by-case basis.
While the content is rigorous, there are no prerequisites for this program. We welcome learners from all backgrounds to apply.
Housing will not be provided during the in-person week, but we’ll share a list of nearby hotels for your convenience. Admitted students will receive more details via email.
There are no scholarship offerings for PCMC participants. Details about the possible discount types can be found in the “Program Fee and Payment” section.
For more financial tips, please read the blog "Financial Planning for Credential Programs".
The program is a non-credit program. You will receive a shareable certification issued by the University of Chicago Harris School of Public Policy to showcase your academic rigor.
Please confirm with your home school if this program is eligible for accreditation as a credit-bearing course.
Please feel free to reach out to us at harriscredential@uchicago.edu.
