Carol Spain is a Managing Director and Head of Credit Research for Schwab Asset Management. Ms. Spain leads a team of credit research analysts who support Schwab’s fixed income products, including money market funds, mutual funds, separately managed accounts, and ETFs.   

Ms. Spain was previously responsible for leading a municipal research team supporting the bond funds and separately managed accounts for Schwab Asset Management. Before 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 is an active member of the National Federation of Municipal Analysts, previously serving 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.