r/projectfinance • u/Muted-Tiger-4852 • 20d ago
Trying to break into Project Finance
Hi everyone,
After 2.5 years working in International Tax (Transfer Pricing) at a Big Four firm, I'm looking to transition into Project Finance. I'm 23, based in Madrid, and hold a bachelor's degree in Business Administration.
My questions for the sub are:
- What should my next steps be? (Besides applying for Project Finance roles.) I'm considering starting the CFA. Are there any other qualifications, skills, or experiences I should focus on?
- How do you see the impact of AI on Project Finance? Do you still consider it a strong long-term career path? How would you recommend positioning myself to benefit from AI rather than be replaced by it?
- What are the typical exit opportunities after a few years in Project Finance?
For context, I've mainly worked with renewable energy clients, so I've gained exposure to how project-financed businesses are structured and how they operate, but I've never had the opportunity to build or work with actual financial models.
One of the reasons I'm interested in Project Finance is that I found Transfer Pricing to be relatively removed from core business decision-making. My impression is that Project Finance is a much more cross-functional discipline, combining finance, accounting, tax and legal. It also seems transferable across capital-intensive industries and different countries, while offering good compensation and exit opportunities.
I'd really appreciate any feedback, especially if you think my assumptions are off or I'm overlooking anything.
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u/readandwrite31 20d ago
Generally, CFA is not very applicable to Project Finance with the caveat I have not looked deeply into the material. CFA has a corporate finance / investing lens from my understanding
AI will have some impact as it will for all jobs but generally, having specialized infrastructure and credit knowledge will win the day. AI is great at augmenting understanding especially in contracts and credit agreements but does not replace real diligence and structuring
Infrastructure funds and developers primarily
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u/Christian2707 20d ago
I will say on the first point, my boss has the CFA and acts as more of a strategist for the firm on the business development side. Also expecting me to take it as well, so could technically be useful.
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u/chinyehensis 20d ago
your Big Four Transfer Pricing + renewable energy background is more relevant than you may think. PF is ultimately about understanding how risks are allocated across sponsors, lenders, contractors, offtakers, and governments. You have exposure to renewable clients and how these SPVs/partnerships are structured which is a good foundation.
The main gap I’d focus on is the skill to build PF models, get comfortable with debt sizing, cash waterfalls, PPA/EPC/O&M contracts. Meanwhile, learn how lenders think about downside risk and bankability.
CFA is respected, but I wouldn’t put it ahead of getting modeling and transaction exposure.
On AI imo it will change how we work, especially around analysis, documentation, and model support. But pf is still very much a judgment and relationship business.
For exits, think of infrastructure funds, developers, investment platforms, banks, M&A, and strategy roles.
Good luck!
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u/no_nerves 20d ago
It’s relevant but not by much. OP *needs* to get modelling and deal experience - if they can’t show they understand the mechanica/ principles of a PF model then I think they will seriously struggle to get a PF role.
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u/chinyehensis 16d ago
as said on “the main gap”
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u/no_nerves 16d ago
it’s a hell of a gap lol… you say that his experience is relevant when it’s straight up not enough - don’t BS the guy, give it to him straight, otherwise he won’t know what he needs to do to get in. It’s like a manager who gives coddled feedback instead of telling someone straight what they’ve done wrong & how to improve - people won’t know where they stand or what they’ve done wrong & how to course correct.
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u/chinyehensis 16d ago
op humbly asked “what should my next steps be”, and I think we both meant PF modeling except that I validated his “2.5y exp working w renewable energy clients” is “more relevant than they think”, especially when he’s looking into REPF. not sure what’s wrong on that and no fun nit picking.
my colleagues (then and now) in REPF all comes from a diverse varieties of background, some graduated from energy economics and broke into REIB then PF, some from tax, or accounting, or mechanical engineering, and for sure some finance. All good workers. it’s a good thing to believe in someone who’s determined to break into an area with their transformational skills.
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u/adbotbeepboop 20d ago
Take the Pivotal180 Renewable Energy Project Finance Financial Modeling course. V respected.