| |
To qualify for the Accredited Valuation Analyst (AVA)
designation, the applicant must:
- Hold a business degree (i.e., management, economics,
finance, marketing, accounting, or other business field)
and/or an MBA (masters of business administration) or higher
business degree from an accredited college or university;
- Be able to demonstrate with business references or
attestations from current or previous employers and/or
partners “substantial experience” in business valuation. For
this purpose, substantial could mean:
a. Two years or more of full-time or equivalent experience in
business valuation and related disciplines (for an expanded
definition of what constitutes experience, see how it is
defined under our Recertification policy on pages 12–15 under
“Points for Experience”); or
b. Having performed ten or more business valuations where the
applicant’s role was significant enough to be referenced in
the valuation report or a signatory on the report; or
c. Being able to demonstrate substantial knowledge of business
valuation theory, methodologies, and practices.
For example, having a combination of published works on the
subject and completed either a Ph.D. in finance or economics
or D.B.A. from an accredited institution of higher education
and having some work experience. Or, having obtained an
accreditation from another recognized valuation-accrediting
organization.
- Be a Practitioner member in good standing with NACVA;
- Successfully demonstrate that applicant meets NACVA’s
“experience threshold” by completing a sample Case Study or
submitting an actual and sanitized Fair Market Value (FMV)
report (FMV as defined by Revenue Ruling 59–60) prepared in
the last 12 months for peer review*;
- Attend an optional five-day training program;
- Submit three personal and three business references; and
- Pass a comprehensive five-hour multiple-choice proctored
examination.
* See Experience Alternative for Case Study below
An application to take the examination must be submitted prior
to issuance of the exam. To hold an active AVA designation,
individuals must maintain current Practitioner, Academic, or
Government membership in NACVA. AVAs who allow their membership
to lapse will lose their certification and must reapply to
become certified if they later choose to reinstate their
membership.
Qualifications for Government Employed Valuators
NACVA offers the AVA certification to government employees under
a different set of criteria. To qualify the applicant must:
- Have a four-year college degree, i.e., a minimum of a BA,
BS, or similar degree;
- Have the combined equivalent of two years of full-time
experience in business valuation (BV). BV experience
requirements must be approved by the applicant’s immediate
supervisor or the BV Committee for the applicable
government-funded institution;
- Have a minimum GS-12 or comparable rating (exceptions will
be considered upon written request from a supervisor attesting
to the applicant’s qualifications and competency to pursue
certification);
- Be a Government employee member in good standing with
NACVA;
- Be currently employed by a federal or state government
agency;
- Successfully demonstrate that applicant meets NACVA’s
“experience threshold” by completing a sample Case Study or
submitting an actual and sanitized Fair Market Value (FMV)
report (FMV as defined by Revenue Ruling 59–60) prepared in
the last 12 months for peer review*;
- Attend an optional five-day training program;
- Submit three personal and three business references; and
- Pass a comprehensive five-hour, multiple-choice proctored
examination.
An application to take the examination must be submitted
prior to issuance of the exam. To hold an active AVA
designation, individuals must maintain current membership in
NACVA. AVAs who allow their membership to lapse will lose their
certification and must reapply to become certified if they later
choose to reinstate their membership.
* See Experience Alternative for Case Study below
CVA/AVA Designation Application (PDF)
CVA & AVA Candidate Handbook (PDF)
CVA/AVA Training Center Locations, Dates and Curriculum
Business Valuation Training Center Pre-Reads
CVA/AVA Recertification and Reporting Requirements
CVA/AVA Exam
Denial of Qualifications
An applicant who has been advised by NACVA staff that
they do not qualify to sit for the exam may appeal to the
VCB. Appeals, or exception requests, may also be made
under this policy by individuals whose Candidate status is
expiring and who feel significant extenuating
circumstances warrant an extension of the Candidate
period. 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. This contact information will be
posted on NACVA’s website or can be obtained by calling
NACVA’s Executive Director. The appeal will be reviewed by
the VCB, or its designated sub-committee, and a
recommendation will be placed on the agenda for the next
VCB 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 of the VCB’s decision.
CVA/AVA Exam and Applied Experience
The certification process consists of two parts: one,
a proctored exam testing knowledge and, two, a case study
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 two weeks; and within two to
four months for the Case Study. Either part of the exam or
the case, 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 process.)
Transferring Designation
NACVA allows CVA and AVA designated members to
transfer from one credential to another, i.e., CVA to AVA
or AVA to CVA. Applicants must meet all the prerequisites
and requirements.
CVA/AVA Training Center
The Business Valuation Training Center (BVTC)
is a five-day training program consisting of five
different seminars geared to prepare individuals to take
the five-hour proctored exam required by the Association
for CVA/AVA certification.
Click For More Information
Experience Alternative for Case Study
CVA/AVA applicants are required to demonstrate that
they meet NACVA’s “Experience Threshold” by completing a
sample Case Study, or by submitting an actual and
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. The Case Study
Experience Threshold requirement is reviewed using a
standardized grading key developed by a committee of NACVA
subject-matter experts and approved by the VCB. 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.
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 Facilitator. 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.
|