Certified Valuation Analyst

Accredited Valuation Analyst

Qualifications for the CVA—Certified Valuation Analyst Designation

Qualifications for the AVA—Accredited Valuation Analyst Designation

Business Valuation and Certification Training Center Registration Form

NASBA Program Standards (PS) and CPE Fields of Study (FoS)

Business Valuation and Certification Training Center registration form

What You Will Learn
The CTI’s commitment is to offer you the best possible valuation training in the industry, training that will qualify you to pass NACVA’s and any other valuation organization’s credentialing exam*. Following is a course description of each day of the curriculum.

Days 1 & 2
Day 3
Day 4—Two Parts
Day 5—Two Parts
CVA/AVA Exam
CVA/AVA Exam—Part II Case Study
Dates and Locations
Business Valuation Training Center Live Presentation Pricing
Business Valuation Training Center Self-Study Pricing
NACVA Membership Certifications and Fees

Business Valuation and Certification Training Center registration form


Days 1 & 2
Business Valuations: Fundamentals, Techniques & Theory (FT&T)
(Available in both live presentation and self study.)
Live course fee: $950 (before member and early registration discounts)
(before member and early registration discounts)
(An additional four hours of pre-read, available online, are required prior to attendance.)
Group-Live CPE Hours Hours: 16: PS—LO: L, P: L, PL: L; FoS—AA: 3, M: 1, SK&A: 11, TX: 1

The cornerstone of NACVA’s training, FT&T is a rigorous two-day seminar on business valuation that provides the basis and framework for subsequent courses. Taken by over 15,000 valuators, FT&T offers insights into every facet of valuation theory, with hands-on training taking you from the fundamentals of the valuation process through the advanced techniques in current use. This course covers it all. Many participants say it is better—as a stand-alone course—than all their previous business valuation training combined. Here are some topics you’ll cover:

• Constructing and analyzing economic/normalized financial statements
• Performing a comparative analysis
• Selecting proper income
• Estimating future earnings
• Selecting and developing proper capitalization rates
• Distinguishing and converting pre-tax and after-tax rates
• Applicable revenue rulings
• Allocating components of value
• Selecting and applying the proper valuation method
• How and when to select marketability and minority discounts
• Preparing a business valuation
• Drafting a report

A key component of the FT&T course is its extensive coverage of one of the most difficult and challenging aspects of the valuation discipline—Capitalization and Discount Rates. Offered the morning of Day 2, this course will teach you how to jump the hurdles in Caps and Discounts that can often cause valuators to stumble.

This intensive part of the course is excellent training for valuators of all levels of experience. Though many consider capitalization/discount rates an art, it is rapidly evolving into a science. This one-of-a-kind presentation will show you the range of options when approaching capitalization/discount rates determination, including how and when each method should be applied.

You will gain a full comprehension of the complexities surrounding capitalization/discount rates, understand the issues related to empirical evidence (the existence of, or lack of, in determining the rate), and you will understand the strengths and weaknesses of the various approaches.

Day 3
BV: Applications and Calculations of the Income and Asset Approaches
Live course fee: $475
(before member and early registration discounts)
(Available in both live presentation and self study.)
Group-Live CPE Hours: 8: PS—LO: L, P: L, PL: L; FoS—AA: 2, CS: 1, M: 1, SK&A: 3, TX: 1

This fast-paced one-day seminar is the perfect follow-up to FT&T because it builds on the applications of the income and the asset approaches and provides you the opportunity to perform numerous calculations using various methodologies for the income and assets approaches. You will come away from this seminar with an understanding of how and when to apply the income and asset approaches and how to perform the various calculations. Effective training comes from real life experience, the exchange of ideas, applying processes, and learning where to go for answers. The more an educator can employ these applications and calculations, the greater the impact you’ll get from the training and the more you’ll retain. Applications and Calculations of the Income and Asset Approaches “hits the mark” by using group interaction and practical application to sharpen your skills, expand your field of knowledge and provide you with a substantial foundation in business valuation practice.

Day 4—Two Parts
Part I: BV: Case Analysis—The Market Approach
Live course fee: $475
(Available in both live presentation and self study.)
Group-Live CPE Hours Hours: 8: PS—LO: L, P: L, PL: M; FoS—SK&A:

To properly perform a business valuation you should consider the three approaches to determining value—the income, asset and market approach. If you don’t, you could fall short in your value determination and find yourself in violation of established industry standards. For this reason, NACVA considers this training imperative for a well-rounded education. In this seminar you will not only learn how to use market data to value your subject company, but you will also learn how to locate and identify the best market comparables, calculate the appropriate adjustments to assure the best market fit, and determine which indicators of value make the most sense. Utilizing all the known sources for market data, this thorough study of the market approach to valuing companies will give you a solid foundation in valuation/appraisal theory, and it provides the perfect complement to everything else you will learn during the week. Every valuator should have this training which will prepare you to take on any valuation challenge.

Part II: Corporate Valuation—Theory and Application
(Available in both live presentation and self study.)

This session will address advanced valuation theory, techniques and concepts utilized by businesses, their professional advisors and the capital markets in the context of various corporate transactions such as an acquisition, merger, corporate reorganization, financial restructuring, sale of the business or its assets, or a public or private financing. The material has been structured using a problem solving approach. First, the issue is defined. Next, the theory relating to the issue raised is presented. And, finally, the relevant theory is applied to the issue using “real world” examples and case studies. Session topics include the nuances of discounted cash flow analysis, analysis and adjustment of market-based valuation multiples, development of an appropriate discount rate for various situations, differences between fair market value and the investment value standard, methods for determining terminal value and the effect on the value conclusion, quantifying synergy in a corporate transaction, treatment of excess and deficient assets, the role of cash in business valuation analysis, and developing a fairness opinion.

Day 5—Two Parts
Live course fee: $475
(Available in both live presentation and self study.)
Group-Live CPE Hours Hours: 8: PS—LO: M, P: M, PL: M; FoS—SK&A: 8

Part I: BV: Case Analysis—Application of Discounts and Premiums
Discounts and Premiums are one of the valuator’s great challenges. That’s because discounts apply in virtually every valuation and range anywhere from zero percent to 100 percent, having a dramatic impact on the value calculated! This topic, like capitalization/discount rates, requires mastery. No longer can a valuator just pull a discount/premium out of the air. You need to build a case (a defense) for the rate used. To do this you need to understand the entire playing field: know where rates come from, what the judicial precedents are, and how to apply them when minority interest and marketability are both factors. This seminar presents the full picture and definitely helps you get a grip on a very critical and demanding aspect of the valuation process. The training materials, which document discounts and premiums thoroughly, will quickly become one of your most precious library references.

Part II: Case Study: Facts to Conclusion
(Available in both live presentation and self-study.)

This session will address advanced valuation theory, techniques and concepts utilized by businesses, their professional advisors and the capital markets in the context of various corporate transactions such as an acquisition, merger, corporate reorganization, financial restructuring, sale of the business or its assets, or a public or private financing. The material has been structured using a problem solving approach. First, the issue is defined. Next, the theory relating to the issue raised is presented. And, finally, the relevant theory is applied to the issue using “real world” examples and case studies. Session topics include the nuances of discounted cash flow analysis, analysis and adjustment of market-based valuation multiples, development of an appropriate discount rate for various situations, differences between fair market value and the investment value standard, methods for determining terminal value and the effect on the value conclusion, quantifying synergy in a corporate transaction, treatment of excess and deficient assets, the role of cash in business valuation analysis, and developing a fairness opinion.

Business Valuation Credentials
Through its Consultants’ Training Institute, NACVA offers two distinctive business valuation designations: Certified Valuation Analyst (CVA) and Accredited Valuation Analyst (AVA). Through training and rigorous testing, CVAs and AVAs demonstrate they are qualified to provide capable and professionally executed valuation services. NACVA requires training as a prerequisite to certification to assure that practitioners have the knowledge and understanding necessary to perform competent services, and to assure a level of consistency and continuity in their work product. Users of valuation services benefit by having greater confidence that the service they receive is professional in quality, adheres to industry standards of practice, and meets a level of expertise the Association deems credible and worthy of one of its certified members. A primary requirement for becoming a CVA is to hold a valid license as a Certified Public Accountant, while AVAs must hold a business degree from an accredited institution of higher education and demonstrate substantial business valuation experience, among other requirements.

CVA/AVA Exam
The certification exam consists of two parts to test both knowledge and applied experience. The proctored portion is Part One (knowledge); Part 2 (applied experience) is a take-home/in-office exam incorporating a standardized case study provided by NACVA that requires performing a complete business valuation. Part Two of the exam takes 40–60 hours to complete. The five-hour proctored exam consists of multiple choice and true/false questions. It tests applicants on concepts taught during NACVA’s five-day prerequisite training program (offered in multiple locations nationwide each year and through self-study), and recommended pre-read materials. After completing NACVA’s prerequisite training, applicants have 60 days to take the proctored exam and complete the case study. The proctored exam is taken at the conclusion of the five-day training program or at one of thousands of locations NACVA has contracted throughout the country for the applicant’s convenience. Either part of the certification exam, if failed, may be retaken for a modest fee to cover postage, copying, etc., and graders fees. Certain time restrictions apply. (Your NACVA Member Services Representative can provide more details on the proctoring process.)

CVA/AVA Exam—Part II Case Study
Part II is a take-home/in-office exam that incorporates a standardized case study (provided by NACVA) that requires performing a complete business valuation. Given to attendees at the end of the TC week, this part of the exam will take about 40-plus hours, and you will have 60 days to complete it. If the case study is not completed within the 60-day time period, late fees will apply.

• Accredited Valuation Analyst Exam / Case Study
  The certification exam for the AVA designation comes in two parts. Part I is the five-hour proctored exam that consists of multiple choice, and true/false. Part II of the exam is the standardized case study that requires performing a complete business valuation.
  
  
• Certified Valuation Analyst Exam / Case Study
  The certification exam for the CVA designation comes in two parts. Part I is the five-hour proctored exam that consists of multiple choice, and true/false. Part II of the exam is the standardized case study that requires performing a complete business valuation.

To purchase exam and case study please call NACVA Member Services at 1-800 677-2009

Experience Waiver from Case Study Requirement (Part 2) Portion of the Credentialing Exam (PDF)

Business Valuation Training Center Faculty
The Business Valuation Training Center faculty consists of 18 experienced practitioners. Noted for its diversity of backgrounds—yet grounded in the practice of business valuations—the practitioner/instructor team brings hundreds of years of practical experience to the development and refinement of this seminal business valuation training program. Each year the program is evaluated and refined to incorporate the latest developments in business valuation theory and application to maintain its position at the forefront of this dynamic discipline.

Who Should Attend
Tax, audit, and accounting services practitioners who wish to specialize in a lucrative, non-seasonal consulting niche; merger and acquisition consultants, investment and financial analysts, investment bankers, financial officers, business advisors, accounting and finance professors; in short, anyone who deals with business value in the course of his or her work.

NACVA accepts all properly completed applications from qualified applicants regardless of the applicant's age, sex, race, religion, marital status, disability or national origin.

NACVA's CTI 2008 REMAINING BUSINESS VALUATION
AND CERTIFICATION TRAINING CENTER SCHEDULE

Dates and locations are subject to change.
Note: The CVA/AVA proctored exam is given at all locations on the Saturday morning following the weeklong training unless prior alternative arrangements have been made by a participant. If you cannot take the proctored exam on the Saturday following training, you may take the proctored exam online at a testing facility in your area. The testing facilities have varying testing dates and times. You can coordinate scheduling the exam, including testing center locations, dates, and times availability directly with the NACVA Exam Facilitation Specialist (call 801-486-0600). You should schedule your examination as soon as possible after training. There is an additional fee for taking the exam at a later date.


2008 Package Pricing
(before member and early registration discounts)

BVTC Self-Study:

BVTC Self-Study Package Price for All Five Courses: