Why Study with PlanetCert?
The Latest Questions
Practice questions and exam topics aligned with the current exam objectives.
Detailed Explanations
Go beyond the answer. Master the material with comprehensive learning and professional explanations for every concept.
AI-Powered Insights
Personalized preparation guidance that adapts to your performance and identifies weak spots automatically.
Exam Information
Official specifications published by NACVA
Exam Format
300 min
400
Cut score determined by psychometric analysis
Professional
Registration
$625 USD
Live Classroom Locations, Kryterion Testing Centers, Remote Proctored, or online proctoring
Validity
Ongoing with annual recertification
36 hours of continuing professional education (CPE) every three years; Annual membership dues payment; Adherence to NACVA Professional Standards and Code of Ethics
CVA Exam Topics and Domains
CVA is organized into 9 weighted domains. Expect to work with Asset valuation, Balance sheet analysis, Comparative analysis, Control premium analysis, and more.
1
Fundamental Analysis and Financial Statement Adjustments
12%
Financial Statement Analysis
Normalization AdjustmentsCommon-Size Financial Statements
- Apply appropriate normalization adjustments to financial statements
- Prepare and interpret common-size financial statements
- Identify and quantify non-recurring items
2
Income Approach
14%
Capitalization Methods
Capitalization of Single-Period Earnings
- Calculate normalized benefit streams
- Develop appropriate capitalization rates
- Apply single-period capitalization methods
Discounted Cash Flow Analysis
Multi-Period DCF Method
- Project future cash flows
- Calculate weighted average cost of capital
- Determine terminal values using appropriate methods
3
Market Approach
12%
Guideline Public Company Method
Selection of Guideline Companies
- Select appropriate guideline public companies
- Apply market multiples appropriately
- Adjust for size and other differences
Guideline Transaction Method
Merger and Acquisition Analysis
- Research and analyze M&A transactions
- Apply guideline transaction multiples
- Adjust for transaction-specific factors
4
Asset Approach
10%
Asset-Based Methods
Adjusted Net Asset Method
- Apply adjusted net asset method
- Value tangible and intangible assets
- Make appropriate balance sheet adjustments
5
Cost of Capital Concepts
12%
Discount and Capitalization Rates
Capital Asset Pricing Model (CAPM)Build-up MethodWeighted Average Cost of Capital
- Calculate cost of equity using multiple methods
- Develop weighted average cost of capital
- Support risk premium selections
6
Discounts and Premiums
11%
Control Adjustments
Control Premiums
- Apply control premiums appropriately
- Calculate minority interest discounts
- Navigate between levels of value
Marketability Adjustments
Discount for Lack of Marketability
- Calculate discounts for lack of marketability
- Apply appropriate empirical studies
- Support discount selections
7
Professional Standards
10%
NACVA Professional Standards
Code of Ethics
- Understand NACVA professional standards
- Apply ethical guidelines
- Maintain professional objectivity
USPAP and AICPA Standards
Uniform Standards of Professional Appraisal Practice
- Apply USPAP standards
- Understand AICPA valuation standards
- Ensure standards compliance
8
Special Purpose Valuations
10%
Fair Value for Financial Reporting
ASC 820 Fair Value
- Apply fair value concepts
- Understand ASC 820 requirements
- Determine appropriate fair value
Divorce and Litigation
Marital Dissolution Valuations
- Perform divorce-related valuations
- Distinguish personal from enterprise goodwill
- Understand jurisdictional differences
Employee Stock Ownership Plans
ESOP Valuations
- Understand ESOP valuation requirements
- Apply DOL guidelines
- Calculate repurchase obligations
9
Reconciliation and Report Writing
9%
Value Reconciliation
Reconciling Value Indications
- Reconcile multiple value indications
- Support methodology weighting
- Develop final value conclusion
Report Writing
Valuation Report ComponentsReport Types
- Write comprehensive valuation reports
- Connect narrative to quantitative analysis
- Communicate value conclusions effectively
How do I earn this certification?
Passing CVA earns the Certified Valuation Analyst (CVA) certification. It sits in the Business Valuation track.
Next Level Options
- MAFF - Master Analyst in Financial Forensics Advanced forensic accounting specialization
- CMEA - Certified Merger & Acquisition Advisor Transaction advisory specialization
Alternative Paths
- CFE - Certified Fraud ExaminerLitigation support and fraud investigation skills
- CEIV - Certified in Entity and Intangible Valuations Financial reporting valuation specialization
- CBA - Certified Business Appraiser Alternative business valuation credential
Practice with Precision
The PlanetCert Simulator mirrors the real exam environment with authentic questions and timed pressure.
How to study for this exam?
The most effective way to prepare for CVA is by using the PlanetCert Simulator to practice questions and review detailed explanations.
What's changed on this exam?
Current Status
- ACTIVE
- Last content update: 2016
Updates
- Valuation Data Platforms Various Increased emphasis on data analytics and database usage • Release date: 2024
- Excel Valuation Models Microsoft 365 Advanced Excel skills expected for financial modeling • Release date: Ongoing
Who should take this exam?
For CPAs: Active, valid, and unrevoked CPA license
For Non-CPAs: Business degree (BA/BS) in management, economics, finance, marketing, accounting, or other business field OR MBA or higher business degree from accredited college/university
- Two years or more of full-time experience in business valuation and related disciplines
- OR performed 10 or more business valuations with significant role
- Attendance at BVTC five-day training program (optional but recommended)