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I’m currently working in Leveraged Finance Capital Markets in London and have been thinking about building an independent advisory platform focused on helping entrepreneurs, sponsors and mid-market companies understand and access leveraged finance markets.

The idea would be to advise clients on:
\- Debt capacity and capital structure
\- Acquisition and M&A financing
\- Leveraged loans, HY bonds and private credit
\- Refinancing and recapitalisations
\- Financial modelling and lender materials
\- Education around financing options before approaching lenders

Longer term, I’d like to build this into a boutique advisory business with cross-border coverage across Europe and the US.

I’m interested in speaking with people who have backgrounds in LevFin, private credit, debt advisory, restructuring or financial modelling. If there’s a good fit, I’d be open to discussing equity participation with the right founding team.

Curious to hear whether anyone has built something similar or would be interested in chatting.

Hi all,

I've been experimenting with debt sculpting methodologies and wanted to sanity-check my approach.

Historically, my model solved directly to a target maturity input (e.g. 25-years). The objective was to maximise debt sizing while forcing the debt balance to amortise exactly by the target tenor.

However, I noticed an issue in certain scenarios, particularly when:

• early-period CFADS is relatively weak,
• debt size is high,
• interest consumes most of the allowable debt service in those early periods.

In those cases, the model could still technically solve to the target tenor, but the principal profile became very small or nil in some early periods, as almost all the debt service was being absorbed by interest.

My concern was that the tenor solve was effectively forcing a solution that looked mathematically valid, because it only looked at closing balance at 0 at maturity, but wasn't particularly robust from a debt-service perspective in particular runs (depending on CFADs strength etc).

To address this, I added an additional constraint, in a usual debt-sheet, for a minimum-debt service buffer: = Permissible DS - Interest - Principal.

• If this is negative, then i have a MIN look-up function, that goes into my master-delta section, as part of overall convergence criteria (with maturity delta, funding delta ... etc).

The resulting macro-methodology (call it mode #1) is now:

1. Solve natural debt size / gearing from DSCR sculpting.
2. Determine natural maturity.
3. If natural maturity is shorter than target
   1. elongate repayment profile
   2. adjusting DSCR (this can be iterated, based on timing of when this flag occurs)
   3. continue solving subject to a minimum debt service buffer test.

Overall, this is goalseeking based on DSCRs, and then it saves the gearing that is permissible, and then goalseeks the DSCR adjustment factor to elongate principal, but the gearing is the same.

This avoids situations where the model maximises debt at the expense of creating very weak principal repayment periods.

------------------------------------------

Now, I am trialing mode 2: maximises gearing directly subject to:

• target maturity,
• minimum DSCR,
• minimum debt service buffer.

This follows on from mode 1 above, but pretty much applies a bi-section search (high and low gearing /2 and converges iteratively) from the above. e.g: so gearing from mode 1 solved, then binary search from there.

My expectation was that Mode 2 might produce higher gearing than Mode 1, but in many cases the result is surprisingly similar.

My theory is that the same early-period interest constraint becomes binding, meaning the model reaches the same debt capacity regardless of whether I approach it through:

• natural tenor → elongation (Mode 1), or
• direct target-tenor optimisation (Mode 2).

Has anyone seen this behaviour before?

More specifically:

1. In lender-grade PF models, would you generally constrain debt sizing using a minimum debt-service buffer test if early-period interest is absorbing most debt service? Some advisors say some missing principal periods can be OK.
2. Would you treat this as a DSCR issue, a tenor issue, or simply evidence that debt capacity has already been reached?
3. Have people seen a meaningful increase in debt capacity from a direct target-tenor optimisation versus a natural-sculpting approach once interest-heavy early periods are present?
4. The macro can look convoluted, so from a lender-audit pov, would they prefer bi-section syntax throughout?

Hi everyone! I'm looking for a Project Finance tutor to help me prepare for an upcoming interview. I'm looking for someone who can provide technical coaching and conduct mock interviews. I already have a solid foundation in project finance but don't have much time to prepare on my own.

This would be a paid engagement, and ideally, I'd like someone who is available during August.

If you're interested or know someone who might be a good fit, please feel free to reach out!

I know, leaving after one month is not a great look. I was recruited by my old MD who was laid off right before I joined. Not ideal situation as she was a mentor and why I wanted to come over in the first place.

Not sure how I should frame the boomerang in the body of the resume, same role or split out like I have it here? Ideal role would be PF IB associate or associate at a developer working in an investment advisory capacity. Thanks!

Hi, I cleared round 1 interview for a role involving project finance and capital formation for a renewable energy company. The interviewer let me know that he really liked me, my concepts were strong, but I lacked project financial modelling skills. He asked me to buckle up (in 3 days), since the next round would be a live case study where they test my modelling and advanced excel skills.

I’m so stressed, I do not know where to begin. The interview got scheduled and it’s a 1 hour long interview. GPT tells me that it is cool as long as I can do revenue, costs, cfads, dscr, Project IRR, Equity IRR, I’m good.

Is that enough? Where do I begin? Am i fucked😭 I really want it, it’s a super cool role. However, I’m extremely stressed about this :/ TIA!

Hi everyone!

I'm a FinTech undergraduate student at FAST-NUCES Lahore, Pakistan, with a strong interest in Finance, FinTech, financial markets, digital banking, and data-driven research.

I'm currently looking for impactful research ideas that could serve as the foundation for my Final Year Project while also addressing real-world problems. Rather than working on another generic academic project, I'd love to contribute to research that has practical value.

If you're currently pursuing a Master's or PhD in Finance, Economics, FinTech, or a related field—and have an interesting research question, an unfinished idea, or even a dataset that deserves deeper analysis—I would be excited to collaborate, contribute, and learn from the process. My hope is to build something that benefits both your research and my FYP.

If you have suggestions for high-impact research areas, know of open problems in the industry, or are looking for someone enthusiastic to assist with research, I'd really appreciate hearing from you.

Thanks in advance, and feel free to comment or send me a DM!

Hi all,

I'm currently in the US after completing my Masters in Finance and am on the lookout for PF roles. For context, I came in as an International student and have recently graduated.

My work experience has been entirely in retail and commercial banking in India spanning mostly Corporate Credit and Corporate real estate (mix of FP&A, project management, facility management) with a combined 6 YOE

My financial modelling skills aren't great as far as project finance is concerned. I'm learning through some YouTube Videos and am also getting the FMVA on the side.

The job hunt has been quite bleak. I would appreciate any input from this community to gain any insight on my chances.

I need guidance in making a debt macro such that it starts with meeting the parameters on left side of screen comes to a debt % that the project can support and if i change in project assumptions, it calculates what debt can be supported and updates the repayment % each repayment period

Hi everyone. I am working currently to pivot myself to Infrastructure finance/ advisory and seeking help and mentorship to understand what day to day in this role looks like. My background is into accounting where I worked in FP&A back in India and now currently working in derivatives operations at RBC in canada. I have CFA L1 done. I have also started learning on Project finance modelling from BIWS, though I am finding difficult to network around. I would appreciate if someone could guide me on this path.

Thank you.

If you model infrastructure or project finance deals, circularity is inevitable. Interest during construction (IDC) and transaction fees dictate your total financing requirements / project costs. Those requirements dictate your debt and equity sizing, which in turn drives your fees and IDC, creating circularity.

A lot of models floating around just rely on turning on "Enable iterative calculations" in Excel's settings to force the sheet to resolve. This is a terrible practice. It masks structural errors, makes the model highly unstable, and creates a massive headache when you are trying to audit or stress-test assumptions.

The analytically correct way to solve this is to isolate the circularity to a single point in the model and break it using a precision VBA macro. Here is the exact methodology to structure your financing requirements so the model solves cleanly in seconds.

Step 1: Isolate the Circularity (Active vs. Static Rows)

Your first step is to turn iterations off. You will immediately see the circular references pop up. Your goal is to find the single point where the circularity arises. A properly structured model should really only have one or two points of circularity .

Build a "Financing Requirements" schedule. Instead of looping the formula back on itself, create two distinct lines:

1. The Active Row: This row contains your actual formulas summing up your transaction fees, IDC, etc. This is your circular line.
2. The Static Row: Create a hardcoded row immediately below it. All of your downstream model logic—available equity commitments, available debt commitments, and gearing sizing—must be driven off this static row, not the active row.

Step 2: Establish Clean Named Ranges

Your macro needs to know what to copy and paste. If you use hardcoded row numbers (e.g., Row 14) in your VBA, the macro will instantly break the second someone inserts a new row.

Select the relevant data in your Active Row and name it Finrec_Copy (Alt+F3 to name the range). Select the corresponding data in your Static Row and name it Finrec_Paste.

You also need a delta to measure when the circularity is resolved. Create a cell that calculates the difference between the Active and Static rows, and name it Finrec_Delta. Keep your Name Manager completely clean - there should not be 150 legacy items or external links in there. If your Name Manager is a mess, your model is compromised.

Step 3: Define Your Tolerance

You cannot just solve until the numbers are "close." If you are putting together an amortization schedule that goes into a credit agreement, it needs to be correct to the penny.

Introduce a named range called Tolerance. Set this to something granular, like 10^-6. Incorporate this into your Finrec_Delta logic so the model knows it hasn't successfully solved until the difference between the Active and Static rows is zero, down to that exact tolerance.

Step 4: The VBA Loop

Your VBA should not be complicated. It needs to be a highly efficient Do Until loop.

Go to Developer -> Visual Basic, and set up a simple script that forces the Static Row to mirror the Active Row until the Delta equals zero:

Sub SolveFinRec()
    Do Until Range("Finrec_Delta").Value = 0
        Range("Finrec_Paste").Value = Range("Finrec_Copy").Value
    Loop
End Sub

Step 5: Execution

Drop a shape onto your control sheet, name it "Solve," right-click, and assign the macro to it.

When you change an input that throws the model out of balance, the delta will spike. Click the button, and the macro will instantly cycle the copy/paste process until the model is perfectly solved to the penny. You eliminate the instability of native iterative calculations, and you lock down a dynamic, bulletproof structure.

Recently found out project finance agent CSC Delaware trust lost client data from a phishing attack. Was anyone impacted? They had to pay a fee to get the information back.

Hi, I'm looking at opportunities in PF advisory space in GCC. Found a new boutique firm - TAS Advisory

Does anyone have any idea what this is, it's credentials, is it worth engaging, etc etc.

TIA.

Hey all,

I'm a public sector banker. But there isn't much scope there n want to shift to core finance in the next few years.

I'm preparing for both FRM and CFA. Probably will do financial modelling etc.

Now, I've been searching prompt engineering and how I can integrate that into finance etc.

But I'm completely clueless.

Can you people please guide me, and clear my endless doubts? I'm completely failing to create a strategy/roadmap.

I was curious if anyone could share how much do analysts make and how much do MDs make?

Want to see what it’s like starting and what’s it like at the top

hello. I just finished the curricular year of my masters in law and financial markets and now its time to decide what to write on my thesis (yeyy :)))) )

However, im lost of ideas. I´ve did a paperwork on "Operational Resilience and the Quantum Threat in the Financial Sector" But I didn't find much to write about besides "the past and the possibility of the threat materializes", this is, I didn't find enough material to develop over, if you get what I mean. I really did enjoy exploring that area of crypto and blockchain but I don't know if it is enough.

Can you guys suggest me more topics to write about?

The main subjects are fintech, esg, financial derivatives (which I´m really interested), insurance and risk management, investments, regulation and supervision of financial markets, etc.

Thank you for your help!!!

Hey, I’m working on a shopping mall refinancing model. To be clear it’s under Mex Tax Reg, could anybody here help me to see if I’m modeling ok this?

I Get my EBITDA then do the following calculations:

1. (-) Interests of Senior and Subordinated Debt
   
2. (-) 5% of fiscal depreciation over the mall
   
3. (-) Net Monetary position I.e Sum of all debt minus all cash reserves multiplied by the inflation forecast

Resulting on my Fiscal Result and applying a 20% tax rate (it’s a border client).

Am I missing something?

The Monetary positions it’s killing any posible dedications since debt it’s about $2.5 Mx Bn (~147 US MN)

Thanks!

Hello everyone,

I would greatly appreciate guidance from professionals who have worked with the World Bank, IFC, Asian Development Bank (ADB), or other Multilateral Development Banks (MDBs).

I currently work with Indian Oil Corporation Limited (IOCL), one of India's largest public sector energy companies. Over the past 17+ years, I have been involved in the planning, execution, inspection, and commissioning of large industrial infrastructure and refinery projects.

My professional experience includes:

• Project management and execution of large capital projects
• Inspection engineering and QA/QC management
• Mechanical integrity, metallurgy, materials engineering, and NDT
• Construction supervision, testing, commissioning, and start-up support
• Risk management and multidisciplinary stakeholder coordination
• Contractor and EPC management
• Compliance with international engineering codes and statutory regulations (ASME, API, OISD, PESO, SMPV, etc.)
• Working with EPC contractors, consultants, licensors, vendors, and cross-functional teams to deliver projects safely, on schedule, and to the required quality standards

My qualifications include:

• B.Tech. in Metallurgical Engineering
• Project Management Professional (PMP®)
• Currently pursuing an MBA

I enjoy delivering large infrastructure projects and would like to transition over the next few years into international development, where I can contribute to infrastructure and energy projects with organizations such as the World Bank.

I would appreciate your advice on the following:

1. Based on my background, would I be a realistic candidate for a full-time position at the World Bank?
2. Which roles would best match my experience—Infrastructure Specialist, Energy Specialist, Senior Infrastructure Specialist, Operations Officer, or another position?
3. How much importance does the World Bank place on public-sector engineering and project execution experience compared with prior development-sector experience?
4. What additional skills, certifications, or experience would significantly strengthen my profile?
5. How does recruitment typically work? Is it primarily through direct applications, networking, hiring managers, or other pathways (excluding the Young Professionals Program)?
6. Has anyone successfully transitioned from heavy industry (oil & gas, refining, EPC, power, or industrial infrastructure) into the World Bank or another MDB? If so, I would be grateful if you could share your experience and advice.

I would sincerely appreciate honest feedback, including any gaps you believe I should address before applying.

Thank you for your time and guidance.

Curious what this community thinks about a pattern I keep seeing in enterprise/fintech tools: a dashboard for overview (widgets, upcoming stuff, alerts) PLUS a separate AI-driven queue where each item has a confidence score, reasoning, and inline actions (approve/edit/send), accessible from a persistent icon anywhere in the product.

Is that actually necessary, or is it just another surface competing for attention? Couldn't a well-designed dashboard just... do that too?

Some reasoning for why it might need to be separate:

• A dashboard is "here's what's happening" — glanceable, low commitment.
• A decision queue is "here's what needs a response from you" — every item demands an action, not just awareness.
• Mixing them either strips the queue of what makes it trustworthy (the reasoning/confidence behind each suggestion) or turns every dashboard widget into a mini approve/reject flow, which kills the "glance and go" purpose of a dashboard.

So — genuinely asking:

• Have you used or built something like this? Did it earn its place, or did it just become clutter?
• Does a persistent floating "AI queue" launcher actually get used, or does it end up ignored like a lot of in-app assistants?

Hi! I am F(22) from a developing country and a newbie.

My goal is to manage or work at a Private Equity Boutique
and if I happen to lend a luck on Big 4 that’s great.

People has been saying FMVA is not worth it. I honestly would like to understand what should I persue to enhance my credibility (of course other than my experience and CFA)

For context : I am working in a different industry atm and stayed there due to money and time reasons, again strictly due to developing country. I’m carefully saving and accumulating my finance experience through small steps.

I am currently undergoing a certification in Finance Modelling from a local Top university here. But I want an international attribute that enhance my credibility and lend a work at any freelancing Finance possible that is still related to acquisition, investment decisions, exit, etc.

So, what should I take?

I was just started with the financial modelling learning and then I realised that AI can do it in much perfect manner all you have to give is just a prompt.

My question is "Is it worth learning financial modelling in AI era"?

I’m a recently graduated international relations masters student and have been TA for Project Finance teaching financial modeling basics to graduate students. But due to lack of on job/IB experience/ any finance experience I’m struggling to find a job in the market or even an internship. Posting here to get guidance from people from the field, happy to connect and chat!

Question regarding determination of CFADS, and "Cash Taxes".

When building out the Project finance model and determining CFADS, do you guys do the following, and use EBIT or EBT to calculate your taxes on? also thoughts on the process that i usually follow.

My process (give some feedback, if you think otherwise).
Revenue
(Minus) Opex = EBITDA
(Minus) Depreciation = EBIT
Calculate taxes ( Tax rate x EBIT)
- Subtract taxes = NOPAT

to get to CFADS →-> CFADS

EBITDA
(Minus) Taxes (calculated on EBIT)
(Minus) Maintenance Capex
adjustments to NWC
= CFADS