Carol Spain is a Managing Director and Head of SMA and Bond Fund Municipal Credit Research for Schwab Asset Management. Ms. Spain leads a team of municipal credit research analysts who support the municipal bond funds and separately managed accounts.

Prior to joining Schwab in 2020, Ms. Spain held several positions at S&P Global Ratings. Most recently, she was lead analyst for U.S. state ratings, where she developed ratings criteria, ensured quality of analysis and written communications, and published reports on a variety of topics. Previously, she served as a pensions team leader and held various municipal credit analysis roles.

Ms. Spain earned a Master of Public Policy from the University of Chicago and a Bachelor of Arts in political science from the University of Norte Dame. She currently serves as president of the Board of Directors of Chicago Municipal Analyst Society and is a member of the External Advisory Panel of the Government Finance Research Center.