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Foley '17 honored with Municipal Analysts Scholarship

Michael Foley

By Lisa Jervey Lennox
Assistant Director for External Relations

In November, CIPA student Michael Foley '17 was announced as the 2016 winner of the National Federation of Municipal Analysts (NFMA) third annual Peter Fugiel Scholarship. The award included complementary registration and travel costs to attend NFMA's Introductory Course in Philadelphia, a two-day training designed to teach basic credit and analytical skills to municipal market participants.  Foley also received a one-year student NFMA membership.

Before coming to CIPA, Foley worked as an assistant policy analyst for the Port Authority of New York and New Jersey's aviation department.  This past summer, he served as an intern in the Global Project and Infrastructure Finance group at Moody's Investors Service.

"I was very humbled to have been selected for this scholarship, and the opportunity to represent CIPA," said Foley. "I had the pleasure of meeting municipal credit experts from across the country, and gained valuable knowledge regarding municipal bond credit analysis that spanned many sectors; from higher education, to my field of transportation. This experience served as a great supplement to my summer internship at Moody's, and to courses I've taken at CIPA such as Infrastructure Financing taught by John Foote. I believe this combination of academic rigor, and exposure to professional practice while at CIPA has best prepared me for my return to the aviation industry when I begin working as a consultant for Landrum & Brown following my graduation this May."

Two other individuals received honorable mentions for the award.  NFMA recognized Jessica Inacio, a student at the University of Connecticut, and Alex Sarabia, a student at the University of Chicago's Harris School.

NFMA created the Peter Fugiel Scholarship to honor Fugiel's work as a municipal credit analyst as well as a professor and educator. He was a past NFMA chair who developed the Introductory Course and died in 2014.

"The NFMA is honored to be able to award this scholarship annually to a student in recognition of Dr. Fugiel's work, both as a practitioner of municipal credit analysis and as a professor/educator," NFMA said in a release.

NFMA is an organization of nearly 1,400 members, primarily research analysts, who evaluate credit and other associated risks in the municipal market. The members represent mutual funds, insurance companies, dealers, bond insurers, rating agencies, and financial advisory firms.