CVA/AVA Designation Application (PDF)

CVA & AVA Candidate Handbook (PDF)

CVA/AVA Training Center Locations, Dates and Curriculum

Business Valuation Training Center Pre-Reads

Recertification and Reporting Requirements

CVA/AVA Exam

CVA/AVA Exam and Process

The certification process consists of two parts testing knowledge and evaluating applied experience. Part One (knowledge) is the proctored portion, Part Two (applied experience) is a take-home/in-office case study. The five-hour proctored exam consists of multiple-choice questions. It tests applicants on NACVA’s Body of Knowledge. The exam is administered at the conclusion of a five-day training program NACVA sponsors throughout the country, or at one of thousands of locations NACVA has contracted nationwide for the applicants’ convenience. Part Two is a 40-60 hour sample Case Study that is provided by NACVA and requires performing a complete business valuation (See Experience Alternative for Case Study below). Applicants have 60 days to take the proctored exam and complete the Case Study upon submitting their application to take the exam and receiving notice of approval. Candidates are notified of proctor exam results within one to two weeks; and within two to four months for the Case Study. Either part of the certification process, if failed, may be retaken for a modest fee to cover postage, copying, graders fees, etc. Certain time restrictions apply. (Your NACVA Member Services Representative can provide more details on the proctoring process.)

CVA/AVA Recertification (PDF)

Transferring Designation

The CVA/AVA Training Center is a five-day training program consisting of five different seminars geared to prepare individuals to take the 40-60 hour take-home or in-office exam required by the Association for CVA/AVA certification.

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*Experience Alternative for Case Study

Experienced practitioners in business valuation and related disciplines can, in lieu of doing the Case Study, submit a sanitized Fair Market Value (FMV) (as defined by Revenue Ruling 59-60) business valuation report on an operating business, prepared in the last 12 months, representative of the practitioner’s work product, for review and grading by NACVA’s Valuation Credentialing Board or designated body. A fee must be submitted along with the application, and the applicant must be a current Practitioner (or Academic or Government) member of NACVA prior to consideration for waiver.

Denial of Qualifications

The qualifications to be met prior to obtaining NACVA’s credential and permission to take the exam are defined by the Valuation Credentialing Board (VCB), who has final authority in this area. An applicant who has been advised by NACVA staff they do not qualify to obtain the credential or sit for the exam may appeal to the VCB. This appeal should be in writing, along with the applicant’s reasoning as to why they do qualify, and any documentation to assist the VCB in making a determination. The data should be faxed or e-mailed to the current Chairperson of the VCB. The applicant will find this information on NACVA’s website or by calling NACVA’s Executive Director. The Chairperson will place the appeal on the agenda for its next meeting and consideration by the full board. There will be no follow-up by the VCB for additional information, as such the applicant should be sure to include any relevant information with the initial appeal. The Chairperson will advise the applicant and NACVA’s Director of Member Services on its decision.

Examination and Experience Threshold Determination Appeals

Members may appeal an unsatisfactory review of the Case Study as to meeting the Experience Threshold and/or a failed determination on their exam. The process of appeal follows three steps. (Modest administrative and grading fees may apply.)

First Step: The member’s first step is to contact NACVA’s Exam Facilitation Specialist. At the applicant’s request, multiple-choice exams may be hand-scored to ensure accurate grading. Many issues regarding the Case Study and/or valuation report can be resolved at this level as in most cases the Case/report will be reviewed for a second or third opinion (as the case may be).

Second Step: If the response from step one regarding the Case Study is not satisfactory, the member should call the Chair of the Exam and Grading Committee who will deliberate the matter with members of the Committee and render a decision accordingly. The Committee Chair changes periodically, so please call NACVA to obtain the correct contact information.

Third Step: If step one and step two resulted in what the member considers an unsatisfactory resolution—he/she should put the facts, as the member perceives them, in writing, and e-mail or fax them to the Chair of the Valuation Credentialing Board (VCB), requesting VCB review. The Chair will place the complaint on the agenda for full Board consideration, and assign a Board member to review the complaint and offer a solution to the Board as a whole. The assigned Board member may contact the member who filed the appeal for more information, if it is thought that the written document does not have enough detail to make a well-considered decision. The assigned Board member may contact the reviewer(s) involved for additional information. The assigned Board member will present the case to the full Board for resolution. The Chair will advise the member, by e-mail or by fax, as to the resolution and decision made by the Board. The VCB’s decision is final.