Certified Project Finance Analyst (CPFA)

Accelerate your Project Finance career with the CPFA certification.

Gain years of Project Finance experience in just 9 intensive weeks.

Understand the legal, financial, and technical aspects of Project Finance as you work in team to submit a project bid. Hone your negotiation, analysis and presentation skills as you prepare your submission. Expand your knowledge of different sectors and projects as you work on individual assignments alongside the main project.

The CPFA is demanding, but incredibly rewarding - there is no other course like it.

WHAT IS THE CPFA PROGRAMME?

The Certified Project Finance Analyst programme is a
hands-on, intensive workshop, delivered part-time, remotely,
over a 9-week period.

Gain your Project Finance accreditation and fast-track your Project Finance career.

Where our Alumni work:

LEARN MORE

Find out how the Certified Project Finance Analyst programme can deliver unparalleled Project Finance career growth by booking a discovery call below.

CERTIFIED PROJECT FINANCE ANALYST PROGRAMME

Next cohort: April 2026

Pre-course starts: 23 March 2026

Project simulation starts: 20 April 2026

Project simulation ends: 21 June 2026

Time commitment: 9 weeks (plus 4-week pre-course*)

Location: online (live and self-paced)

Cost: $5,900

*Please note: once accepted, you can start the self-paced pre-course work at any time. Successful CPFA candidates receive lifetime access to our learning platform.

CERTIFIED PROJECT FINANCE ANALYST PROGRAMME

Advice for Applications

Apply for April or future CPFA programmes by filling out our short application form. We only run 3 cohorts each year in January, April and September, so apply early!

Remember: if you have already completed the Certificate in Project Finance Modelling you will have a strong advantage. If the next cohort is a little while away, why not sign up for the CPFM now? We will deduct the fee from your CPFA invoice.

THE SKILLS YOU WILL GAIN

As you work as part of a team in a competitive bid simulation, you will be:

> Using your model to support live negotiations with lenders and suppliers.

> Structuring your project and presenting to an Investment Committee.

> Optimising and submitting your bid.

All the while you’ll be developing world-class financial modelling and project structuring skills.

In addition, before the 9-week project simulation begins, you will undertake a period of pre-course self-paced tuition in core legal, financial and technical concepts.

  • Legal Foundations
    - Overview of PF contracts
    - Government support
    - Case Study: Rwanda Peat Project
    - Which risks remain with the project company?
    - Introduction to PPAs
    - Introduction to finance docs
    - Factors that influence the debt package
    - When it all goes wrong…

    Key Legal Concepts

    -Non-recourse finance

    -Subordination

    -Conditions precedent

    -Reps and warranties

    -Amendments and waivers

    -Direct agreements

    -Covenants

    -Force Majeure

    -Events of default

    -Cross default

    -Compensation on termination

  • Wind Power
    - Origins of a probability-based approach in renewables
    - Introduction to wind
    - Resource assessment
    - How to measure and predict wind speed
    - Turning wind into energy
    - The importance of uncertainty

    Capital Risks & Their Mitigations

    - Contracts overview

    - Interface risk

    - Design risk

    - Performance LDs

    Wrap Up

    - What happens when it all goes wrong

    - The future of wind energy

  • Pools of Capital

    - Equity

    - Debt

    - Export credit agencies

    - Multi-lateral development banks

    - Development finance institutions

    - Institutional investors

    - Project bonds

    - Private equity & infrastructure funds

    - Government

    Debt Structuring

    - Mini-perm debt and cash sweeps

    - Balloons

    - Refinancing

    - Hedging policy

    - What really happens when projects underperform

    Construction Arrangements

    - Introduction

    - Construction period risks

    - EPC commercial considerations & contingency

    - What’s included in project costs?

    - EPC security package

    - Bid bonds

    Revenue Structures

    - Introduction to volume and price risk

    - Renewable energy revenue structures

    - Termination scenarios

    - Impact of revenue structures on debt sizing

  • Part 1

    - Stages of a Project Finance deal

    - Model set-up & timelines

    - Sources and Uses of cash

    - Construction costs

    - Construction financing

    - Financial statements update

    - Debt sculpting & sizing revisited

    - Equity returns revisited

    - Pre-funding working capital

    - Model optimisation

    - Assignment: Impact of development fee on tariff

    - Assignment: Analysis

    - Shareholder loans

    - Debt service reserve account

    Part 2

    - Part 1 solutions

    - How to use Excel’s probability distribution functions to obtain P-values

    - DSCR - base case, distribution lock-up & default

    - Average DSCR

    - Loan Life Cover Ratio (LLCR)

    - Project Life Cover Ratio (PLCR)

    - Average cost of debt

    - Weighted Average Loan Life

    - Debt capacity revisited

    -Equity bridge loan

    - Modelling multiple tranches of debt

    - Solving P50 vs P90

    - Mini-perm debt modelling

    - Swap pricing

    - Advanced accounting and tax modelling

The first accreditation you will earn as part of the full programme' is the designation of the "Certificate in Project Finance Modelling" (CPFM).
 
On successful completion of the programme, you will be awarded the "Certified Project Finance Analyst" (CPFA) certification.

CPFA IS THE DUAL AWARD PROJECT FINANCE PROGRAMME

The Project Finance Institute is a highly competitive institution.

What People Are Saying

CERTIFIED PROJECT FINANCE ANALYST PROGRAMME FAQS

  • CPFA programme fee: USD 5,900

    • Pay in up to three installments if you are self-funding.

    • The CPFA fee includes the Certificate in Project Finance Modelling programme, exclusive CPFA tutorials on the legal, technical and financing aspects of projects, plus lifetime access to our learning platform.

    • You will be able to take the CPFM course, then later enroll onto the CPFA programme to allow you to study flexibly. In fact, we recommend that you take your time to work through the CPFM in advance! The CPFM is a prerequisite to joining the CPFA project simulation stage.

    • Complete the CPFM to set yourself up for CPFA or take it as a standalone course.

    • As the CPFA is a dual certification fee and includes the CPFM, whatever you have paid towards PFI membership or CPFM premium access (up to a limit of USD 1,099) will be deducted from your CPFA fee.

  • Yes we do! For teams of 2 or more people, we offer the following group booking discounts:

    2-4 = 10% off

    5+ = 20% off

  • Download our CPFA Investment Proposal document if your employer needs to find out more about the Certified Project Finance Analyst programme and its benefits to your career development.

  • PFI training is delivered by internationally recognised industry experts at the top of their game who are active in Project Finance deals globally. We have a diverse faculty boasting a wealth of knowledge from across the PF world. Classes may be taught by individual members of faculty, such as lecturers, financial modellers, tax & accounting advisors, infrastructure consultants, and professors. We also employ guest teachers and visiting members of staff. You can find out more about our faculty in our course brochure.

  • You will usually spend between 8 - 12 hours per week working on the CPFA programme. This time will be split between live expert instruction, self directed study, live Q&A with industry heavyweights, team assignments, and indvidual assignments.

  • There are many opportunities to extend your relationship with the Project Finance Institute outside of the CPFA programme. The PFI Careers Hub is our centre for academic, personal, and professional development. Some of the services on offer include careers guidance, regular job updates from across the PF world, and live events which cover effective reading, academic writing and critical thinking, workshops related to how to adapt to new or difficult situations, including the development of skills for leadership, advice & practice on working in study groups & on cross-cultural communication and teamwork. We invite CPFA graduates to dedictated alumni groups both within the PFI platform and a private LinkedIn group.

  • The Project Finance Institute is a highly competitive institution. The high level of competition means that achieving or being predicted to achieve our usual standard offer experience does not guarantee that an offer of admission will be made.

    Each application we receive is carefully considered on an individual basis, taking into account the information submitted with your application.

    One of the most important aspects is the willingness to put in the hours and teamwork necessary to support your fellow bid team members and get maximum benefit from the programme. We consider a broad mix of traditional academic subjects and employment history - we will ask for your LinkedIn profile when you apply so we can consider your background. You will also need to state both what you expect to get from the programme, and what you will contribute to it.

    Previous study of Project Finance, at GCSE, A-level, or equivalent, is not required and is neither advantageous nor disadvantageous.

    We look favourably on applicants who have taken the Certificate in Project Finance Modelling course. If you do not already have a financial or modelling background, we strongly recommend you take time to work through the Certificate in Project Finance Modelling before considering the CPFA.

    The programme has a significant quantitative component and applications are encouraged from students with strong financial modelling backgrounds.

    We express our standard offers and where applicable programme requirements, but we consider applications from students with a range of qualifications including BTECs, Foundation Courses, Access to HE Diplomas as well as a wide range of international qualifications.

  • You will have an academic mentor who will be on hand to answer your CPFA programme questions. Their role is to follow your progress and deal with any concerns you might have.

Still have questions? Take a look at the FAQ or reach out anytime. If you’re feeling ready, go ahead and apply.

Get in Touch

Contact us using the form below. We are always here to discuss your Project Finance ambitions, and we'll respond as soon as we can.