MMA's Municipal Credit & Strategy Masterclass Certificate
Everything you need to know about municipal credit and strategy (CPE ELIGIBLE)
About the Course:
MMA's municipal credit and strategy masterclass guides you through MMA's deep and holistic approach to managing municipal credit risk. The program focuses on examining the fundamentals of municipal strategy and credit analysis as performed by the MMA team. It is designed to enhance the ability of municipal professionals, beginner or veteran, from any field within the municipal industry. You will learn about the fundamentals of municipal bonds, municipal credit and sector-based analysis, disclosure, analyst red flags, taxable securities, governmental accounting, pensions & OPEB, defaults & impairments, bond insurance, bankruptcy, portfolio surveillance techniques, municipal ESG, pricing, liquidity, historical adversity, price volatility and much more. Whether a new or seasoned participant, this course offers a great depth and variety of lectures across key areas of the industry, ensuring learning outcomes across experience levels and perspectives.
The program is 100% online and self-paced, providing a library of recorded lectures.
12+ lecture hours!
Eligible for 20 CPE Credits
Who Should Enroll:
- Accounting, legal financial, governmental and other professionals looking for CPE credit.
- Municipal professionals who want to acquire new skills in the area of municipal credit and strategy analysis.
- Public finance members, including federal, state and local government finance officials involved in planning, financing and operations looking for an deeper understanding of the municipal bond market.
- New municipal analysts looking to gain a quick and self-paced understanding of how to operate professionally as a credit analyst.
- Seasoned municipal analysts responsible for research teams looking to build MMA's data and approach into current work flows.
- New foreign or domestic entrants to the municipal market.
- Bond traders, sales professionals, underwriters, portfolio managers, municipal advisors, bankers and issuers looking for a deeper understanding of the municipal industry and municipal credit.
Testimonials
“Every analyst who is starting out in the municipal market should take this class”.
--Baird
“MMA’s Masterclass has helped shape and inform my understanding of the most critical aspects of evaluating the municipal market and offers insight into the perspective of both credit analyst and issuer. The use of specific case studies provides an additional layer of comprehension that connects the course material to interesting situations you may come across in the municipal market.”
--King County
“MMA Research has been a great resource to our team for many years now. We have found MMA’s educational services to be very valuable in keeping our investment team up to date on market movements and training/educating our younger associates. We always look forward to reading the next MMA piece!
--Asset Preservation Advisors
“The Muni Credit Masterclass is an excellent learning tool that has helped in my understanding of municipal credit analysis.”
--Roosevelt & Cross
“Mr. Fabian was engaging and occasionally included some humor to keep the information from becoming too dry. I found the information in the master class to be very well presented, and appreciated the additional resources to review. I am a self-taught analyst and enjoy learning new tool/tips to present my analysis better.”
--American Business Bank
“MMA’s Masterclass is a comprehensive examination of the municipal finance industry topics that are critical to understand as a market participant, delivered in a fully online format that can be completed at your own pace. We’ve made it a core part of BAM’s analyst training program to give holistic context to credit analysis and the municipal bond asset class."
--Build America Mutual
Our clients include nearly every leading investment firm, bank, security dealer, and financial advisor. In addition, the industry’s major issuers and key regulators of the financial industry are the firm’s core research clients.
On completion of this program, you will:
- Identify regulatory registration requirements for municipal bonds
- Define why municipal bonds are an appealing asset class.
- Identify the cost deduction of bank municipal bonds.
- Identify the approximate number of municipal bond issuers.
- Define the taxability of BABs and the subsidy mechanism involving a tax refund from the IRS to the issuer.
- Identify the way issuance skews toward states.
- Compare the fundamentals of issuers and obligors.
- Define the structures of a municipal bond.
- Identify proper use of proceeds by municipal debt issuers.
- Define the two types of refundings: current and advanced.
- Identify the mechanics of different types of refinancing issuances.
- Define the security provisions of a GO bond.
- Find the amount of outstanding bonds in the municipal market.
- Review factors that affect municipal bond price changes.
- Define reinvestment risks for investors in municipal bonds.
- Determine how governments can evade what discipline exists.
- Review the mechanics of price movements for municipal bonds.
- Identify the different investors in municipal bonds.
- Click HERE for a complete list of Learning Objectives
Your Instructor
Mr. Fabian is a Partner at Municipal Market Analytics (MMA) where he leads market and credit research. Mr. Fabian is the lead contributor MMA’s weekly Municipal Outlook and biweekly Municipal Default Trends. His expansive knowledge of the idiosyncratic characteristics of the municipal market has made him one of the primary voices of the industry. Prior to MMA in 2015, Mr. Fabian served in a similar capacity at Municipal Market Advisors since 2006. Prior to his current position, Mr. Fabian was the lead municipal research analyst for UBS and UBS Wealth Management Research. Earlier in his career he was an underwriting analyst at FSA, and a municipal rating analyst with Moody’s Investors Service. Mr. Fabian has served as Chairman of the Municipal Analysts Group of New York (MAGNY) and was on the Board of Governors of the National Federation of Municipal Analysts (NFMA). He is routinely a featured speaker at numerous industry conferences on a wide range of topics, including investment strategy, demographic trends, bond insurance, tax reform, derivatives, defaults, state governments, and municipal credit. Mr. Fabian’s efforts in municipal default analysis led to the creation of MMA’s Credit Impairment Database, the most complete resource of troubled issuers in the industry. Mr. Fabian has an undergraduate degree from Penn State University, and Masters of Public Administration from the Maxwell School of Citizenship and Public Affairs at Syracuse University.
Additional Information:
- No prerequisite knowledge is required to be successful in this course.
- No advanced preparation is required.
- Program Level: Basic.
- Recommended CPE Credit: 20 (MMA is approved by NASBA as a registered sponsor on the National Registry of CPE Sponsors)
- Recommended Field of Study: Finance
- Delivery Method: Online, QAS Self Study
- For CPE credit, the course must be completed no more than 1 year from the date of purchase.
- To Register: Enroll below.
- Most recent revision date: 3/3/2024