Specializations Data Analytics Specialization Education Policy Specialization Energy & Environmental Policy Specialization Finance & Policy Specialization Gender and Policy Specialization Global Conflict Studies Specialization Health Policy Specialization International Policy & Development Specialization Markets & Regulation Specialization Municipal Finance Specialization Social and Economic Inequality Specialization Survey Research Specialization Certificates Outside Harris The Specialization in Municipal Finance prepares students for careers with local and state governments as well as private-sector financial and consulting firms. Students will gain in-depth expertise in the process, politics, and economics of public revenue and expenditure decisions and learn the practices and techniques of modern financial administration and the operation of the municipal securities market. Such policy expertise is essential for raising, spending, and borrowing money to provide basic local government services, as well as for tackling many pressing municipal problems that are dependent on resources provided by the budget, such as funding public pensions and health care.Students who complete this specialization will be able to:Understand how U.S. states and local governments raise revenue and make expenditure decisionsAnalyze the economic impacts of fiscal choices made by states and localitiesDevelop a working knowledge of the process and roles of market participants in issuing municipal bondsAnalyze creditworthiness of municipal borrowersThe specialization's menu of electives is designed to allow students to explore related issues in budgeting, finance, and fiscal policy. In addition, we encourage students pursuing this specialization to participate in events sponsored by the Center on Municipal Finance which bring a mix of private, public, and nonprofit sector stakeholders to campus. These events may include short courses, seminars, and workshops in budgeting, accounting, finance, and fiscal policy; the annual Municipal CFO Forum; alumni networking events; and other programs.Harris specializations function as areas of specialization within the degree. Specializations assume knowledge of the 6-course Harris Core and build upon that foundation with coursework in specific policy areas or technical skills.Application ProcessThe specialization is open to Harris Public Policy graduate students only. Please indicate your intent to pursue this specialization using the Harris Specialization Application Form.For specialization registration questions, please reach out to firstname.lastname@example.org.Planning for the SpecializationFor information on which quarter(s) each course will be offered see the Harris Courses page and filter by specialization. For courses offered by other divisions the typical quarter(s) offered has been indicated.Specialization RequirementsThe specialization requires completion of two required courses, along with one additional elective course. Students must achieve at least a B- grade in each course. No specialization course may be taken on a pass/fail grading basis. Students should complete the formal signup process to indicate their intention to pursue the specialization.Required coursesStudents must complete the following course:PPHA 32530 Fundamentals of Municipal BondsElective coursesStudents must complete two of the following courses to fulfill the requirement:PPHA 32250 Public Budgeting and Financial ManagementPPHA 35565 Infrastructure and DevelopmentPPHA 36101 Financial Investments for Public PolicyPPHA 42510 Applied Financial ManagementPPHA 42535 Banking Regulation and ManagementPPHA 60000 Policy Lab (with permission of the Specialization Director)BUSN 35000 InvestmentsSSAD 49600 Financial Management for Nonprofit Organizations (Autumn)LAWS 53110 Project and Infrastructure Development and FinanceNot offered in 2023-2024 PPHA 32100 State and Local Public FinanceStudents may propose additional elective courses with substantial municipal finance contents. Proposals will be considered on a case-by-case basis.Specialization ContactJustin Marlowe, Specialization DirectorJustin MarloweEmail email@example.comResearch ProfessorJustin MarloweJustin 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.