Project Finance Associate Jobs
Project Finance Associate jobs are open across infrastructure, energy, real estate, and investment banking at every level from analyst to senior associate, with specializations in debt structuring, financial modeling, and deal execution. See the openings below and apply to the ones that match your experience.
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Showing 5 of 174+ Project Finance Associate jobs
The Role:
Morningstar DBRS is seeking an experienced credit professional to join its Project Finance & Infrastructure team at the Assistant Vice President or Vice President level in New York. This role offers an opportunity to lead and support rating assignments across a diversified portfolio of North American infrastructure assets, including conventional power and renewable energy, digital infrastructure, transportation, public-private partnerships (PPPs), and other project finance & infrastructure sectors.
Reporting to the Managing Director, Energy & Natural Resources and US - Asset Finance you will analyze and monitor a portfolio of project finance and infrastructure ratings.. You will evaluate transaction structures, financial performance, contractual arrangements, and credit risks while developing well-supported recommendations for rating committees.
Working closely with colleagues across North America and globally, you will work in an environment that values rigorous analytical thinking, open dialogue and professional growth, while gaining significant exposure to issuers, sponsors, investors, and advisors and other stakeholders across the North American infrastructure landscape.
We are considering candidates at both the Assistant Vice President and Vice President levels, with final leveling determined by experience, credit expertise, and demonstrated ability to independently lead rating assignments and manage complex transactions.
What you'll be doing:
- Analyze and monitor a diversified portfolio of project finance and infrastructure ratings, including new transactions and ongoing surveillance.
- Serve as a lead or supporting rating analyst across conventional power and renewable energy, digital infrastructure, transportation, PPPs, and other infrastructure sectors.
- Review and interpret transaction documentation, including power purchase agreements, concession agreements, financing agreements, legal opinions, and other contractual arrangements, to assess credit implications.
- Perform comprehensive financial statement analysis and evaluate project finance models, including cash flow forecasts, sensitivity analyses, and downside scenarios.
- Prepare high-quality credit rating reports, press releases, research notes, and analytical commentary that clearly communicate key credit drivers and risks.
- Develop rating committee materials, formulate credit recommendations, and present analytical findings and recommendations to rating committees.
- Engage with issuers, sponsors, investors, and advisors to discuss credit performance, rating rationales, and analytical methodologies.
- Manage ongoing portfolio surveillance, monitoring financial performance, industry developments, and emerging credit risks.
- Contribute to the development, refinement, and application of project finance rating methodologies and sector-specific analytical approaches.
- Support analytical discussions with fixed-income investors and provide analytical support for business development initiatives.
- Work collaboratively with colleagues across Europe and North America across the broader Fundamental Ratings team, in particular the Diversified Industries and Energy & Natural Resources groups.
- Collaborate with colleagues across the global Project Finance & Infrastructure team and contribute to knowledge-sharing and the development of junior analysts.
What we're looking for:
- Bachelor's degree in finance, business, economics, engineering, or a related discipline.
- At least five years of relevant financial or credit analysis experience, including a minimum of two years of experience in project finance, infrastructure finance, or corporate credit analysis.
- Strong understanding of credit risk assessment, financial markets, and project finance or corporate financing structures.
- Relevant credit experience gained at a credit rating agency, bank, infrastructure advisory or consulting firm, or investment management firm. Prior rating agency experience while not required, is an asset
- Experience across one or more infrastructure sectors, including conventional power and renewable energy, digital infrastructure, transportation, or PPPs, is preferred.
- Strong financial modeling and financial statement analysis skills, including the ability to evaluate cash flow projections, debt structures, and sensitivity scenarios.
- Experience reviewing financing agreements, legal contracts, and other transaction documentation from a credit perspective.
- Strong research, analytical, and problem-solving capabilities with exceptional attention to detail.
- Excellent written and verbal communication skills, including the ability to present complex credit analysis and recommendations to senior stakeholders.
- Strong analytical judgment and the ability to develop, articulate, and defend well-supported credit recommendations.
- Ability to work independently and collaboratively in a fast-paced, team-oriented environment.
- Familiarity with North American infrastructure financing markets is an asset.
- Completion of, or progress toward, the CFA designation or an MBA is an asset.
- Willingness to travel as required.
Compensation:
The base salary range for this position in New York is:
- Assistant Vice President: $97,000 – $145,000
- Vice President: $113,000 - $195,000
Final title and compensation will be determined based on the successful candidate's qualifications, relevant experience, technical expertise and overall alignment with the responsibilities of the role. This position is also eligible for an annual performance-based bonus
For consideration at the Vice President level, candidates should have 7+ years of relevant experience in project finance and infrastructure finance credit analysis, demonstrate strong analytical judgment and the ability to independently lead complex credit assessments, manage rating assignments, and present credit recommendations to rating committees. Experience providing analytical guidance to junior team members is also preferred.
The Group:
Our Project Finance & Infrastructure team provides independent credit ratings and research across a broad range of infrastructure assets throughout North America. The team's coverage includes conventional power and renewable energy projects, digital infrastructure such as data centers, telecommunications towers and fiber networks, transportation assets including airports, toll roads and ports, and public-private partnerships.
Through fundamental credit analysis, financial modeling, transaction structuring expertise, and ongoing surveillance, the team evaluates the creditworthiness of infrastructure projects and provides independent credit opinions that support informed decisions by issuers, investors, lenders, and other market participants.
About Us
Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, it is one of the top four credit rating agencies in the world.
Morningstar DBRS empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Our approach and size allow us to be nimble enough to respond to customers' needs in their local markets, but large enough to provide the necessary expertise and resources they require. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service.
Morningstar DBRS is the next generation of credit ratings.
Compensation and Benefits
At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:
Financial Health
100% 401k match up to 6% of salary
Stock Ownership Potential
Company provided life insurance - 1x salary + commission
Physical Health
Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
Additional medical Wellness Incentives - up to $300-$600 annual
Company-provided long- and short-term disability insurance
Emotional Health
Trust-Based Time Off
6-week Paid Sabbatical Program
6-Week Paid Family Caregiving Leave
Competitive 8-24 Week Paid Parental Leave
Adoption Assistance
Leadership Coaching & Formal Mentorship Opportunities
Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
Tuition Reimbursement
Social Health
Charitable Matching Gifts program
Dollars for Doers volunteer program
Paid volunteering days
15+ Employee Resource & Affinity Groups
Base Salary Compensation Range
$113,308.00-$178,794.66Incentive Target Percentage
30% AnnualIf you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.
Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.
R06_DBRSInc DBRS, Inc. - US Legal EntityThe Role:
Morningstar DBRS is seeking an experienced credit professional to join its Project Finance & Infrastructure team at the Assistant Vice President or Vice President level in New York. This role offers an opportunity to lead and support rating assignments across a diversified portfolio of North American infrastructure assets, including conventional power and renewable energy, digital infrastructure, transportation, public-private partnerships (PPPs), and other project finance & infrastructure sectors.
Reporting to the Managing Director, Energy & Natural Resources and US - Asset Finance you will analyze and monitor a portfolio of project finance and infrastructure ratings.. You will evaluate transaction structures, financial performance, contractual arrangements, and credit risks while developing well-supported recommendations for rating committees.
Working closely with colleagues across North America and globally, you will work in an environment that values rigorous analytical thinking, open dialogue and professional growth, while gaining significant exposure to issuers, sponsors, investors, and advisors and other stakeholders across the North American infrastructure landscape.
We are considering candidates at both the Assistant Vice President and Vice President levels, with final leveling determined by experience, credit expertise, and demonstrated ability to independently lead rating assignments and manage complex transactions.
What you'll be doing:
- Analyze and monitor a diversified portfolio of project finance and infrastructure ratings, including new transactions and ongoing surveillance.
- Serve as a lead or supporting rating analyst across conventional power and renewable energy, digital infrastructure, transportation, PPPs, and other infrastructure sectors.
- Review and interpret transaction documentation, including power purchase agreements, concession agreements, financing agreements, legal opinions, and other contractual arrangements, to assess credit implications.
- Perform comprehensive financial statement analysis and evaluate project finance models, including cash flow forecasts, sensitivity analyses, and downside scenarios.
- Prepare high-quality credit rating reports, press releases, research notes, and analytical commentary that clearly communicate key credit drivers and risks.
- Develop rating committee materials, formulate credit recommendations, and present analytical findings and recommendations to rating committees.
- Engage with issuers, sponsors, investors, and advisors to discuss credit performance, rating rationales, and analytical methodologies.
- Manage ongoing portfolio surveillance, monitoring financial performance, industry developments, and emerging credit risks.
- Contribute to the development, refinement, and application of project finance rating methodologies and sector-specific analytical approaches.
- Support analytical discussions with fixed-income investors and provide analytical support for business development initiatives.
- Work collaboratively with colleagues across Europe and North America across the broader Fundamental Ratings team, in particular the Diversified Industries and Energy & Natural Resources groups.
- Collaborate with colleagues across the global Project Finance & Infrastructure team and contribute to knowledge-sharing and the development of junior analysts.
What we're looking for:
- Bachelor's degree in finance, business, economics, engineering, or a related discipline.
- At least five years of relevant financial or credit analysis experience, including a minimum of two years of experience in project finance, infrastructure finance, or corporate credit analysis.
- Strong understanding of credit risk assessment, financial markets, and project finance or corporate financing structures.
- Relevant credit experience gained at a credit rating agency, bank, infrastructure advisory or consulting firm, or investment management firm. Prior rating agency experience while not required, is an asset
- Experience across one or more infrastructure sectors, including conventional power and renewable energy, digital infrastructure, transportation, or PPPs, is preferred.
- Strong financial modeling and financial statement analysis skills, including the ability to evaluate cash flow projections, debt structures, and sensitivity scenarios.
- Experience reviewing financing agreements, legal contracts, and other transaction documentation from a credit perspective.
- Strong research, analytical, and problem-solving capabilities with exceptional attention to detail.
- Excellent written and verbal communication skills, including the ability to present complex credit analysis and recommendations to senior stakeholders.
- Strong analytical judgment and the ability to develop, articulate, and defend well-supported credit recommendations.
- Ability to work independently and collaboratively in a fast-paced, team-oriented environment.
- Familiarity with North American infrastructure financing markets is an asset.
- Completion of, or progress toward, the CFA designation or an MBA is an asset.
- Willingness to travel as required.
Compensation:
The base salary range for this position in New York is:
- Assistant Vice President: $97,000 – $145,000
- Vice President: $113,000 - $195,000
Final title and compensation will be determined based on the successful candidate's qualifications, relevant experience, technical expertise and overall alignment with the responsibilities of the role. This position is also eligible for an annual performance-based bonus
For consideration at the Vice President level, candidates should have 7+ years of relevant experience in project finance and infrastructure finance credit analysis, demonstrate strong analytical judgment and the ability to independently lead complex credit assessments, manage rating assignments, and present credit recommendations to rating committees. Experience providing analytical guidance to junior team members is also preferred.
The Group:
Our Project Finance & Infrastructure team provides independent credit ratings and research across a broad range of infrastructure assets throughout North America. The team's coverage includes conventional power and renewable energy projects, digital infrastructure such as data centers, telecommunications towers and fiber networks, transportation assets including airports, toll roads and ports, and public-private partnerships.
Through fundamental credit analysis, financial modeling, transaction structuring expertise, and ongoing surveillance, the team evaluates the creditworthiness of infrastructure projects and provides independent credit opinions that support informed decisions by issuers, investors, lenders, and other market participants.
About Us
Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, it is one of the top four credit rating agencies in the world.
Morningstar DBRS empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Our approach and size allow us to be nimble enough to respond to customers' needs in their local markets, but large enough to provide the necessary expertise and resources they require. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service.
Morningstar DBRS is the next generation of credit ratings.
Compensation and Benefits
At Morningstar we believe people are at their best when they are at their healthiest. That’s why we champion your wellness through a wide range of programs that support all stages of your personal and professional life. Here are some examples of the offerings we provide:
Financial Health
100% 401k match up to 6% of salary
Stock Ownership Potential
Company provided life insurance - 1x salary + commission
Physical Health
Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
Additional medical Wellness Incentives - up to $300-$600 annual
Company-provided long- and short-term disability insurance
Emotional Health
Trust-Based Time Off
6-week Paid Sabbatical Program
6-Week Paid Family Caregiving Leave
Competitive 8-24 Week Paid Parental Leave
Adoption Assistance
Leadership Coaching & Formal Mentorship Opportunities
Annual Flex Stipend - $1000 annually to cover personal education & well-being expenses
Tuition Reimbursement
Social Health
Charitable Matching Gifts program
Dollars for Doers volunteer program
Paid volunteering days
15+ Employee Resource & Affinity Groups
Base Salary Compensation Range
$113,308.00-$178,794.66Incentive Target Percentage
30% AnnualIf you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.
Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.
R06_DBRSInc DBRS, Inc. - US Legal EntityProject Finance Associate Jobs by Experience Level
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Find JobsProject Finance Associate Job Market
Who's Hiring
- AECOM11
- HNTB Corporation8
- MUFG5
- Morningstar5
- EY4
Top Industries Hiring
- Banking & Financial Services
- Energy
- Sports & Recreation
- Consulting & Professional Services
- Food & Beverage
What Employers Look For
The qualifications that appear most often in project finance associate jobs.
- Bachelor's degree in finance, economics, accounting, or a related quantitative field
- Proficiency in building project-level financial models in Excel including debt structuring and returns analysis
- One to three years of experience in project finance, infrastructure, energy, or investment banking
- Familiarity with financing structures such as non-recourse debt, tax equity, and construction lending
- Strong understanding of credit analysis, cash flow waterfall mechanics, and debt service coverage ratios
- CFA candidacy or completion preferred for roles at banks, funds, and institutional lenders
Tips for Your Project Finance Associate Job Search
Tailor your model samples for each deal type
Employers in infrastructure and energy look for different modeling conventions than real estate or leveraged finance shops. Pull relevant deal comps from your experience and annotate your samples to show assumptions, sources, and sensitivity toggles specific to that asset class.
Lead your resume with deal tombstones
Project finance hiring managers scan for transaction size, structure, and your role in closing. List your most relevant deals near the top of your experience section with the asset class, your specific contribution, and the financing structure, not just job duties.
Apply early to roles that fit
Migrate Mate lists project finance associate openings from across the United States in one place, so you can find roles that match and apply directly to each listing.
Target postings by financing structure not just industry
A role at a renewable energy developer may require project-level non-recourse debt experience that a corporate finance background won't satisfy. Search for terms like SPV, limited recourse, debt service coverage, or tax equity to surface postings that match your actual deal exposure.
Prepare a case-style model for final rounds
Many project finance associate interviews end with a timed modeling exercise covering a greenfield asset or acquisition. Practice building a sources-and-uses, debt waterfall, and returns summary from a one-page memo under a two-hour constraint before you get to that stage.
Negotiate start date around financial close cycles
If you're leaving a role mid-transaction, be upfront with the offer team about your timeline. Project finance groups often have more flexibility on start dates than other finance teams, and framing your request around deal obligations reads as professional, not hesitant.
Project Finance Associate Jobs: Frequently Asked Questions
Which companies are hiring the most project finance associates?
The companies hiring the most project finance associates right now include AECOM, HNTB Corporation, and MUFG, with the largest share of openings in New York, California, and Texas, based on current listings on Migrate Mate as of November 2026. Activity tends to cluster around infrastructure developers, energy companies, and large commercial banks with dedicated project finance groups.
How many project finance associate jobs are remote?
About 86% of project finance associate openings are fully remote or hybrid as of November 2026, with the highest share in roles focused on financial modeling, credit analysis, and portfolio monitoring rather than origination or client-facing deal work, which typically requires in-person presence at a bank or developer office.
How do you become a project finance associate?
Most project finance associates start with a finance, economics, or accounting degree and move into the role after one to three years in investment banking, corporate finance, or a related analytical position. Building fluency in project-level financial modeling, learning non-recourse debt structures, and gaining exposure to energy, infrastructure, or real estate deals through internships or early-career roles puts you in a competitive position for associate openings.
Can you get a project finance associate job with little experience?
Entry points exist for candidates with limited direct experience if you can demonstrate strong financial modeling skills and familiarity with debt structures. Building a sample project model, completing a CFA level or a structured finance course, and targeting smaller developers or regional banks rather than bulge-bracket institutions improves your odds early in your career.
What does the project finance associate interview process look like?
Most processes run three to four rounds and include a resume screen, a phone interview covering deal experience and technical concepts, one or two in-person or video rounds with associate and VP-level interviewers, and a timed modeling exercise. The technical portion typically tests debt structuring, cash flow waterfall logic, and your ability to explain assumptions, so practicing live model builds under time pressure is essential preparation.
Where can I find and apply to project finance associate jobs?
You can find and apply to project finance associate jobs on Migrate Mate, which lists current openings from across the United States. Search for roles that fit your deal background and experience level, then apply directly to each listing that matches what you're looking for.
See All 174+ Project Finance Associate Jobs
Find roles that match your experience and apply in just a few clicks.
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