The Truth About Project Finance for Modelers to Avoid Complexity & Build Impact with Patrick Daguet

Jul 29, 2025

In this discussion, Patrick Daguet, a seasoned finance professional and president of Sharklets, shares his deep insights into the realm of financial modeling. He emphasizes treating models as decision-making tools and discusses the unique complexities of project finance versus corporate finance. Listeners will enjoy his personal anecdotes, including the joy of working on major infrastructure projects like the Stade de France. Patrick also highlights the importance of continuous learning and curiosity in the field, alongside practical tips for enhancing modeling skills.

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ANECDOTE

Horrendous Corporate Finance Model

Patrick experienced a complex corporate finance model with 35 confusing worksheets from a state-owned company.
The model integrated project finance models from several companies, resulting in very complex, lengthy formulas.

INSIGHT

Financial Models as Decision Tools

A financial model is primarily a decision tool designed to help form judgment and make decisions.
It should incorporate all necessary information to guide choices, not just present calculations.

ADVICE

Curiosity Fuels Lifelong Learning

Embrace lifelong learning as finance professionals must constantly update their skills to stay relevant.
Curiosity drives continuous improvement in financial modeling and professional expertise.

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In this episode of Financial Modeler's Corner, host Paul Barnhurst sits down with Patrick Daguet, a seasoned finance professional, educator, and structured finance expert for a thoughtful and inspiring conversation about the real-world side of financial modeling. With over four decades in the industry, Patrick shares what he's learned from years of building models, working on massive infrastructure deals, and teaching the next generation of finance professionals. From navigating the challenges of project finance to celebrating those satisfying “balance sheet balances” moments in the classroom, Patrick offers a grounded, practical perspective on how modeling works beyond the spreadsheet.

Patrick is the President of Sharklets, a training company specializing in CFA, FRM, and CAIA prep, and a Senior Professor at IÉSEG School of Management. With a background in structured finance, infrastructure projects, and model design, he bridges academic rigor with practical experience. He has helped train thousands of finance professionals across the globe and continues to lead CFM study groups. Patrick’s love for teaching is matched by his real-world expertise, having worked on major infrastructure deals, including France’s national stadium.

Expect to Learn

Why financial models should be treated as decision-making tools, not just math.
What makes project finance models more complex than corporate ones.
The real-world impact of financial models, from runways to stadiums.
How teaching has shaped Patrick’s understanding of modeling.
Why lifelong curiosity is the key to staying relevant in finance.

Here are a few quotes from the episode:

“A financial model is a decision tool that incorporates all the information necessary to form your own judgment." - Patrick Daguet
"I fell into teaching when people told me I had a talent for explaining the complex clearly." - Patrick Daguet
"You are sentenced to lifelong learning when you choose a career in finance." - Patrick Daguet

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