My Experience in the Careers In Municipal Finance Course

Finnegan Keilty, MPP Class of 2027, writes about his experience in the Career Development Office’s “Careers In” courses, a series of noncredit courses that take place throughout a student’s first year and focus on a specific career path.

My choice of grad school was motivated by an interest in a career in public finance and economic development policy, so when the Career Development Office (CDO) sent an email announcing that the upcoming “Careers In” programming would focus on municipal finance this year, I was quick to apply.

The municipal finance sequence was led and supported by Krisinda Doherty and Sibyl Day (from CDO) and Professor Justin Marlowe (who also serves as director for the Center for Municipal Finance), and the programming is also sponsored by industry employer partners who meet with students every session.

Over the first two quarters, we developed a broad understanding of the public finance industry and municipal bond markets, learned about the role of private industry, and met with various issuers, agencies, and nonprofits in the Chicago area that interface with municipal bond markets.

In the third quarter—which has been the most exciting, in my opinion—we have been visiting employer partner offices around the city to explore the lifecycle of a bond issuance through a case study. We met with an issuer, municipal advisor, bond counsel, credit rating agency, underwriter, and investor. With each visit, we discuss tradeoffs and decisions related to the case study with the employer partners. Through this experience, we gained an understanding of the process by which public institutions raise capital for long-term projects and operating expenses to finance services at the city, county, and state levels.

I also appreciate that the conversations we had during our visits with employer partners have been reflected in course material from both the core and my electives. Political will, federal vs. state vs. local policy jurisdiction, tax and subsidy incidence, governmental grant programs, and the use of statistics in credit models are just a few examples of some of the academic topics that have been embellished through real-world interactions. I’ve been surprised by just how expansive and far-reaching public finance is, and the “Careers In” courses have provided me with opportunities to not only better understand the industry landscape but also approach networking conversations better informed.

However, the aspect of the “Careers in” courses that I think I most appreciate has been the career preparation. A master’s program is relatively short, and many students are seeking to further a career or make a pivot. The “Careers in” courses put students in front of industry employers from the very first week of their first quarter and ensure that we devote time each week to forming connections with practitioners and learn from them. Now, when it comes time to apply for full-time roles, I’ll have had a year of interactions and experiences to reflect on that will help guide my career search.