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Tom Kozlik

Municipal Bond Strategist, PNC Capital Markets

Tom Kozlik is an instructor at the University of Pennsylvania’s Fels Institute of government and teaches a class about public finance in the new fiscal reality. Kozlik is also a Municipal Bond Strategist for PNC Capital Markets, the firm he joined in 2015 after spending 16 years in the municipal bond industry at UBS Investment Bank, Bear Stearns, and Janney Capital Markets.  In his role at PNC he advises clients about the strengths and weaknesses of municipal market credit profiles.  He also follows and comments on municipal market trends and credit events in regular published market commentary and on Twitter. His analysis is utilized by his clients and has been quoted in various periodicals such as the Wall Street Journal, Barron’s, Bloomberg and the Bond Buyer and has appeared as a guest municipal expert on CNBC and Fox Business News.  Mr. Kozlik has been voted to the Institutional Investor’s All-America Fixed-Income Research Team, to Smith’s Research and Gradings Municipal Research All-Star Team and has been named as one of the Most Helpful Analysts in Municipal Bonds in a poll. He also received an Industry Contribution Award from the National Federation of Municipal Analysts in 2016. Mr. Kozlik graduated from the Schreyer’s Honors College at the Pennsylvania State University with a degree in Political Science with Honors and earned a Masters of Governmental Administration from the Fels Institute of Government at the University of Pennsylvania. He is currently the President of the Philadelphia Area Municipal Analyst Society (PhAMAS pronounced “famous”).

Courses Taught

Instructor: Tom Kozlik
Course Section: 001
On-Campus Day(s): Tuesday
On-Campus Time: 6:00pm-9:00pm
Course Description:

Several issues including muted economic growth, demographics, technological change, ineffective monetary & fiscal policy, and political shenanigans are currently intersecting upon U.S. local governments. Due to these issues, many local governments are struggling to structurally balance their budgets several years into one of the longest post-WWII economic recoveries in U.S. history. Increased expenditure demand from pensions and OPEB benefits, paired with slow revenue growth, are redefining the term municipal distress. Further, the options local governments have to respond to distress may be changing. To avoid a drop in services from their current standard, it might be necessary for local governments to move away from typical solutions like distressed municipality programs and other state level aid. This class will 1) define the New Fiscal Reality; 2) review essential public finance concepts and relationships; 3) study past and recent examples of financial distress and prescribed solutions; 4) survey the current local government financial landscape; and 5) identify solutions public finance leaders can institute for the future. Several local government finance, political and policy experts will speak during the semester. A heavy amount of student engagement is expected to be completed in the form of research, group work, writing, and the critiquing of other students’ work.

Instructor: Tom Kozlik
Course Section: 001
Day(s): Tuesday
Time: 6:00pm-9:00pm
Course Location: On-Campus

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Contact Information

Fels Institute of Government
University of Pennsylvania
3814 Walnut Street
Philadelphia, PA 19104

Phone: (215) 898-2600
Fax: (215) 746-2829

felsinstitute@sas.upenn.edu