Overview

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.

Features

  • Hybrid, rigorous academic training led by University of Chicago faculty.
  • Engage in dynamic learning through a variety of formats including lectures, in-depth discussions, research presentations, capstone projects, and optional field visits.
  • Top-performing participants (top 5-10%) will have the exclusive opportunity to participate in the University of Chicago Center for Municipal Finance research projects after the PCMC program.
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Subjects

Sub-national public capital market, municipal bond market
Level

Beginner, intermediate
Duration

Two (2) weeks, approximately 20–25 hours per week
Dates

February 10–21, 2025
Cost

$2,500 with various discount types
Format

One week virtual and one week in-person in Beijing, China
Headshot_Justin Marlowe
Justin Marlowe

Research Professor at the Harris School of Public Policy, Director at the UChicago Center for Municipal Finance

Read Justin's full bio

Course Objectives

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.

Learning Outcomes

By the end of this course, participants will be able to:
  • Apply key concepts of fixed income mathematics, including yield-to-maturity, price, duration, and convexity.
  • Identify the factors that drive investor demand for municipal bonds, including technical, macroeconomic, and idiosyncratic elements.
  • Use traditional term structure and bond pricing models for municipal bonds, and understand the public policy and regulatory institutions, especially tax exemptions, shaping the market.
  • Analyze credit quality drivers for various municipal bonds using empirical models and understand the municipal bond issuance process, including sizing and structuring prospective issues.
  • Describe recent innovations in the municipal bond market, including derivatives, financial technology, investor relations, and financial disclosure practices.

Prerequisites

  • No prerequisites needed. PCMC is open to all academic backgrounds. 

Curriculum

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.

Speakers for the Research Career Sharing Session

Matt Glasser

Matthew Glasser

Director for Municipal Law and Finance at the Centre for Urban Law and Finance in Africa (CULFA)

Read Matthew Glasser’s Profile

And other speakers from institutions like the Asian Development Bank (ADB), United Nations Development Program (UNDP), and Organization for Economic Cooperation and Development (OECD).

 

Sample Schedule

All time slots are listed in China Standard Time (Beijing Time).
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
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 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

Faculty Profiles

Headshot_Justin Marlowe

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.

Read Justin Marlowe’s full profile

Participant Experience

 

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Program Dates & Time Commitment

February 10–21, 2025

20–25 hours per week

 

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Format

One week virtual (Feb. 10–14)

One week in-person (Feb. 17–21)

Location:

Beijing, China 

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Certification of Credential Completion

Issued by the University of Chicago Harris School of Public Policy to showcase your academic rigor.

Program Fee & Payment

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.

Admissions

We welcome participants across all walks of life including undergraduates, graduates, and early-career professionals worldwide to join our program. The online application is free and convenient to complete. 

  • Minimum age of 18. 
  • At least one-quarter/semester, full-time undergraduate study completed before the start of the program. 
  • No prerequisites are needed. PCMC is open to all academic backgrounds. 
  • Attendance in Beijing is required for the second week of the program, from February 17 to February 21.

To apply for the program, please complete the 2025 PCMC Registration Form.

Please see below for a detailed look at the application requirements.

  • Motivation statement (300-word limit) describing why you want to join the program and how it will benefit your future development  
  • Resume 
  • Unofficial Academic Transcripts 
    • Must include your full name, school name, course names, dates (term and year), and grades
    • Unofficial transcripts are accepted. Please upload a PDF copy
    • English translation must be submitted for all foreign language transcripts

Application Deadline

 

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. 

Refund and Cancellation Policy

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. 

Frequently Asked Questions

Explore the PCMC FAQ section for quick answers to common program inquiries. Find valuable information about admissions, program fees, and more, ensuring a smooth and informed PCMC experience.  

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.