An infrastructure project is generally a long-term infrastructure, industrial or public services scheme, development or undertaking having:
- Large size
- Intensive capital
- Finite and long life
- Few diversification opportunities i.e. assets specific
- Stand-alone entity
- High operating margins
- Significant free cash flows
Types of infrastructure projects include expressways, dams, mass rapid transit network and service – both passenger and cargo, other mass transit systems, power plants and other charged utilities, port, airports and terminals, large residential and commercial buildings.
Infrastructure & Project Finance is defined as the financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure where project debt and equity used to finance the project are paid back from the cash flows generated by the project.
Asia is developing rapidly. Demand for urban infrastructure and services is expected to grow strongly, with infrastructure investments in developing Asia projected to be US$20 trillion (S$28.5 trillion) from 2016 to 2030¹. Singapore is strategically positioned at the heart of the region, and has a strong ecosystem of infrastructure development companies, financing and risk management institutions, consultancies and law firms (among others). In 2018, the Singapore Government set up a new office, Infrastructure Asia, to support the development of the region by bringing together local and international partners across the infrastructure value chain.
To keep pace with the growing industry, there is a continuing requirement for infrastructure and project finance professionals. One of the key strategies highlighted in “The Committee on the Future Economy” report is for professionals to collaborate and leverage their core competencies. One path for developing these resources is to build the capabilities of accounting professionals who already have a good grounding in many of the issues involved, including risk management, financial modelling and forecasts, and credit analysis.
¹“The Committee on the Future Economy” report, 2017
Employers within the infrastructure industry are involved along the project value chain, from project initiation to capital recycling. These include advisory firms, banks, private equity firms, engineering and construction companies, and the public sector.
Examples of job roles within the infrastructure value chain include:
- Fund managers & investment analysts
- Infrastructure financial advisors
- Infrastructure technical advisors
- Legal professionals
- Master planners
- Project finance bankers & credit analysts
- Tax & accounting professionals
- Treasury professionals
How is the ISCA Infrastructure & Project Finance Qualification different from other courses / qualifications offered in the market?
The ISCA Infrastructure & Project Finance Qualification is currently the only qualification in Asia that leads to the conferment of a credential by a professional body, which accepts entry level professionals who wish to specialise in Infrastructure and Project Finance, thus reducing the barrier to entry for those who wish to enter the industry through structured workshops, supplementing on-the-job training. In comparison to other existing courses, the contents coverage of the Qualification is comprehensive and covers key topics tailored to the industry’s needs, with a strong focus on ASEAN needs and case studies.
The ISCA IPFQ is a part-time programme comprising 3 modules, with 6 days practical workshops delivered by EY Singapore. Please see the qualification structure below:
ISCA Infrastructure & Project Finance Qualification
Project Risks and Financing
Contracts and Modelling
Risks Analysis and Mitigation
Project Value and Modelling
Candidates are expected to understand the factors that are required to be considered as part of project development as well as understand the different stages involved in procurement processes.
Candidates are expected to understand risk analysis and its application as part of project development and implementation, as well as understand the nature and characteristics of project finance, the various sources and key financing terms.
Candidates are expected to present the basic structure of a PPP contract and the key commercial principles involved in designing PPP contracts. They will also be introduced to the basic concept of Value for Money (VfM) and provided with hands on-experience of the financial modelling of PPP projects.
Entry requirements: Recognised Bachelor’s degree or equivalent, and at least 2 years of professional work experience.
Candidates can reasonably complete the qualification in 12 months.
I only wish to take certain modules within the ISCA IPFQ, would that be possible and how will I be recognised for completing each module?
You can choose to take selected modules in the qualification depending on your needs. Upon completion of each module, you will receive an official endorsement to indicate that you have completed the module.
Yes, you can include the time spent on taking the ISCA IPFQ as part of your CPE hours. The duration spent in workshops and examinations for all modules can be considered as verifiable hours. Please click here for more information on verifiable and non-verifiable CPE hours.
For FCA (Singapore) or CA (Singapore) who is a public accountant, please note that the category of the CPE hours clocked under the qualification modules will be classified under “Others”.
ISCA IPFQ is supported by Infrastructure Asia. Upon the completion of all modules and accumulating at least three (3) years of recent and relevant work experience, ISCA IPFQ graduates can be conferred the ISCA Infrastructure & Project Finance Professional (ISCA IPFP) credential, subject to meeting the prevailing membership admission requirements.
Infrastructure Asia¹ is an office set up by Enterprise Singapore (ESG) and the Monetary Authority of Singapore (MAS) and was officially launched by Finance Minister Heng Swee Keat in 2018. Infrastructure Asia is a one-stop platform to connect infrastructure demand and supply, link up infrastructure stakeholders, improve project visibility, facilitate infrastructure financing, harness Singapore and international expertise to prepare, develop and implement infrastructure projects, exchange information and share best practices, and building capability.
What are the recognised qualifications prior to applying for the ISCA Infrastructure & Project Finance Qualification (ISCA IPFQ)?
During applications review, the recognised qualifications will be assessed using internationally recognised reference sources, to determine whether they are comparable to a three-year undergraduate degree.
There are no exemptions for the ISCA IPFQ. If you wish to attain the credential, ISCA Infrastructure & Project Finance Professional (ISCA IPFP), you will need to complete all three modules within 3 years and meet the qualification’s prevailing entry requirements and ISCA membership admission requirements.
Would you be able to advise if my prior course of study is recognised before I send in my application?
We will only accept applications submitted with the academic and other required documents in order to perform a detailed assessment based on the prevailing entry requirements. Hence, we are unable to assess and provide advice on the recognition of prior course of study over e-mail or tele-conversations.
I do not have a degree, but I have worked in an accountancy / finance role for a number of years. Would I be eligible for ISCA IPFQ?
Upon completion of all modules, ISCA IPFQ graduates can be conferred the ISCA IPFP credential, subject to meeting the prevailing membership admission and experience requirements.
Applicants are expected to have a fundamental level of understanding that could be achieved via education or work experience in order to comprehend the curriculum during the course of study and have a reasonable chance of successfully completing the qualification.
Individuals who do not meet the entry requirements may still submit their applications for a formal assessment on a case-by-case basis and may be offered to study the qualification on a modular basis as independent candidates for professional development but will not be eligible for application and conferment of the credential upon completion of the qualification.
Please note that the application fee is non-refundable and non-transferable:
a) regardless of the application outcome; or
b) should the application to be withdrawn as requested by the applicants after submission; or
c) if you do not accept the offer to take the qualification on a modular basis as an independent candidate.
I did not meet the entry requirements when I applied for the ISCA IPFQ but managed to pass all three modules. Should I manage to find employment and acquire three years of working experience in infrastructure and project finance, would you still consider my application to be an ISCA Infrastructure & Project Finance Professional (ISCA IPFP)?
The ISCA IPFP credential is conferred to individuals who are equipped with the required professional competencies achieved via the completion of ISCA IPFQ and have at least three years of recent and relevant work experience prior to the application for the credential.
Both pre-qualification and post-qualification work experience that is relevant to infrastructure and project finance will be considered during the review of credential applications.
The entry requirements set ensure that individuals who embark on the ISCA IPFQ have a reasonable chance of successfully completing the qualification and are able to fulfil the role of an ISCA IPFP which require them to perform their work competently.
Practical workshops of 6 days will be delivered by EY Singapore. Guest speakers such as representatives from banks, sponsors will also be invited to share their experience during the workshops.
The workshops will be held between March to April and September to October yearly, with the examinations in May and November respectively. Each module will consist of 2 weekday workshops.
For the most up-to-date workshop and examination schedules, please visit our website. You may access the workshop and examination schedule here, under 'Important Dates'.
Upon launch in July 2019, only Module 1 workshop and examination is offered in 2H2019. The workshops and examinations for Modules 2 and 3 will be offered in Year 2020. For the most up-to-date workshop and examination schedules, please visit our website.
I would like to enrol for the upcoming workshop and examination. May I know the registration period and timeline?
As the processing and approval of applications takes approximately 21 working days, applicants are encouraged to submit their applications as early as possible to be in time to enrol for the upcoming Module 1 workshop in October and examination in November. Please see the timeline in table below:
Application submission deadline
Workshop enrolment / exam registration period
30 August 2019
17 July 2019 to 8 September 2019
In the event that I am unable to take the original scheduled workshop and/or examination due to work/personal commitments, am I allowed to defer my workshop and/or examination to the next available date?
We strongly encourage individuals to select the workshop and examination session that best suits their personal and work commitments. As such, deferment of workshop and/or examination is not allowed.
Yes, candidates who have registered for the examination session(s) must attend the compulsory workshops which will be held at least one (1) month prior to the examination date. Attendance will be taken at the beginning of each morning and afternoon (after lunch) sessions of the workshops.
I am keen to enrol for the back-to-back ISCA IPFQ Module 1 workshops and Infrastructure Asia’s Asia Infrastructure Forum. May I know more about the schedule and discounts available?
ISCA is a proud Supporting Partner of the Asia Infrastructure Forum (AIF). The inaugural module workshop sessions of the Qualification will be conducted in conjunction with the AIF, in the first week of October 2019.
Register now to tap onto discounts available for ISCA Infrastructure & Project Finance Qualification course participants and credential holders!
FEES (incl. GST)
1 Oct & 4 Oct
ISCA Infrastructure & Project Finance Qualification
(Module 1: Project Lifecycle)
2 Oct & 3 Oct
Asia Infrastructure Forum
Early Bird: $199
Usual Price: $350
ISCA Infrastructure & Project Finance Qualification (Optional: Examination)
$2,354 (incl. workshops fees)
*Limited seating available, on a first come first served basis.
The estimated fees for completion of the qualification are as follows:
Incl. GST (S$)
1. One-off Application Fee
2. Annual Candidate Fee
(payable from second year onwards after admission – i.e. 1 January of the calendar year)
3. Module Fee
2,354 per module
Total Qualification Fees
All fees paid are non-refundable and non-transferable. ISCA reserves the right to change the pricing without prior notice. Please visit our website for the updated fees.
Individuals are only required to pay for the modules they have registered for the examination session. They will receive an email notification on the commencement of examination registration for the upcoming examination session.
Candidates are to register via an online examination registration form and pay an examination registration fee via credit card within the stipulated window period. Upon successful receipt of examination registration fee, candidates will receive an invoice/receipt via email.
We are currently working with various sources to obtain funding and will announce the types of funding at a later date when they are available.
You may wish to apply for the SkillsFuture Study Award during your course of study but before the completion of the ISCA IPFQ. Please visit the SkillsFuture Study Awards for Accountancy Sector website for more details.