Qualifications for the AVA—
 Accredited Valuation Analyst Designation

Effective April 1, 2013, the Accredited Valuation Analyst™ (AVA®) credential will be merged into the Certified Valuation Analyst®(CVA®).

To qualify for the Accredited Valuation Analyst (AVA) designation, the applicant must:

1. 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;
    
2. 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.
    
3. Be a Practitioner member in good standing with NACVA;
    
4. 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*;
    
5. Attend an optional five-day training program;
    
6. Submit three personal and three business references; and
    
7. 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:

1. Have a four-year college degree, i.e., a minimum of a BA, BS, or similar degree;
    
2. 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;
    
3. 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);
    
4. Be a Government employee member in good standing with NACVA;
    
5. Be currently employed by a federal or state government agency;
    
6. 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*;
    
7. Attend an optional five-day training program;
    
8. Submit three personal and three business references; and
    
9. 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.

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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.