The International Association of Consultants, Valuers and Analysts (IACVA) trains and certifies Certified Valuation Analysts (CVA) to perform business valuations as a service to both the consulting community and the users of their services. Through training and rigorous testing, CVAs demonstrate they are qualified to provide capable and professionally executed valuation services.
CVA QUALIFICATIONS
To qualify for the Certified Value Advisor (CVA) designation, the applicant must:
Have a college degree and hold an unrevoked and valid license issued by the legally constituted state or country authority to practice public accounting. The Certified Public Accountant (CPA), Chartered Accountant (CA), and Chartered Public Accountant (CPA) designations are currently recognized by IACVA and known throughout the international community. There may be other qualified country-specific accounting designations, and we ask that applicants submit to us background information on such designations along with their Application for Certification (which is separate from the Membership Application). Those who do not meet the above prerequisite requirement can qualify if they: hold a business degree (i.e., management, economics, finance, marketing, accounting, or other business field), MBA (Masters in Business Administration), CFA, CIIA, CEFA designation (be a current charterholder) or higher business degree from an accredited university, and can demonstrate with business references or attestations from previous employers and/or partners substantial experience in business valuation. For this purpose, "substantial" means:
Two years or more full-time or equivalent experience in business valuation and related disciplines (such as merger and acquisition work, securities analyst for a major brokerage concern, economic loss analysis, etc.); or
Having performed ten or more business valuations in which the applicant's role was significant enough to be referenced in the valuation report or a signatory on the report; or
Being able to demonstrate substantial knowledge of business valuation concepts, having published works on the subject, completed graduate work in the field, or obtained accreditation from another recognized business valuation accrediting organization.
Be a member in good standing with IACVA;
Complete a four-day training program and course of study as prescribed by the Association.
Submit three personal and three business references;
Pass a comprehensive two-part examination. Part I is a five-hour proctored exam that consists of multiple choice and essay questions designed to test participants on concepts taught during the four-day program and in the recommended reading materials. It is taken in your community, using an independent exam proctor located near you. It must be taken within 180 days after completing the training. If the proctored portion of the exam is not completed within the 180-day time period, late fees will apply. Part II is a take-home/in-office exam using a standardized case study (provided by IACVA) that requires performing a complete business valuation. Part II of the exam takes 30–50 hours to complete. If the case study is not completed within the 180-day time period, late fees will apply.
To hold an active CVA designation, individuals must maintain current membership with IACVA. CVAs who allow their membership to lapse will lose their certification and must reapply to become certified if they later choose to reinstate their membership.
TRAINING REQUIRMENTS
Business Valuations: Universal & Fundamental Applications ( UFA ) is the cornerstone of IACVA's training and certification program. This two-day curriculum has been the foundation for valuation professionals worldwide (over 7000 to date) for ten years and provides the framework upon which future professional development can be built. UFA offers insight into every facet of valuation theory, taking you from the fundamentals of the valuation process through the advanced techniques in current use. Many participants say it is a stand-alone course, and surpasses all their previous business valuation training combined.
Some topics covered include constructing and analyzing economic/normalized financial statements, performing a comparative analysis, comparing IAS and U.S. GAAP standards, selecting proper income, estimating future earnings, distinguishing and converting pre-tax and after-tax rates (because taxes apply in many nations), allocating components of value, selecting and applying the proper valuation method, how and when to select the proper valuation method, how and when to select marketability and minority discounts, and preparing a business valuation. An important component of the UFA course is coverage of one of the more challenging aspects of the valuation process—the development of capitalization and discount rates in a global environment. This part of the course will show you how to avoid common pitfalls in determining these rates. Though many consider capitalization/discount rates an art, you will learn it is rapidly evolving into a science.
In addition, candidates are required to take a one-day course, a case study in which they apply concepts covered in UFA , and a one-day course that covers valuation of intangible assets.
Excellent training for valuators of all levels of experience, UFA is a one-of-a-kind presentation that will show you the range of options when approaching the valuation process, including how and when the various methodologies should be applied. In this course you will comprehend the complexities surrounding the process, understand the issues related to empirical evidence, or the lack thereof, and the strengths and weaknesses of the various approaches.
FEES
Annual Membership Fees* (If purchased separately and not as part of a package)
Professional Membership (required if you are pursuing the CVA designation) — US $360
Associate Membership (cannot pursue the CVA designation) — US $220
Organizational Membership Price varies — call for details
(Organizations can join IACVA allowing all their members to obtain Professional or Associate membership for a significantly reduced fee. Organizational dues vary based on the organization's size. For an additional fee, organizations can become Charter Members and receive acknowledgement in most IACVA publications gaining prestige and free publicity for their added support to the Association.)
* Annual dues are subject to change by a vote of the Board of Directors
Certification Fee CVA Exam — both parts (includes grading fee) — US $450
