Certified Valuation Analyst (CVA) Training and Exam

• Target Group

  The CVA certification is intended for all professional groups involved in business valuations. This includes investment managers, controllers, corporate finance advisors, financial analysts, M&A advisors, accountants, lawyers, tax advisors, certified public accountants, auditors, etc.

• Training Content / CVA Training Modules

  I. BV Fundamentals, Techniques & Theory (2 days)

  • Introduction to Business Valuation – Value vs. Price – Actual vs. Hypothetical
  • Business Valuation Standards
    • Professional Standards 2023 (GACVA)
    • International Valuation Standards (IVS)
    • Standards Comparison & Country Specific Standards
  • Engagement Acceptance, Planning & Effective Report Writing
  • Qualitative Analysis
  • Quantitative Analysis
  • Benefit Streams
  • Cost of Capital and Other Pricing Models
  • Valuation Approaches/Models – Asset, Income, Market and Less Commonly Used Methods (incl. Excess Earnings)
  • Discounts, Premiums and Other Adjustments
  • Sanity Checks and Reconciliation
  • Special Purpose Valuations
  • Practice Case − Workshop

  II. The Market Approach Part I: Completed Transactions Method (½ day)

  • Overview & Understanding of Terms
    • Asset vs. Share Deals and Their Impact on Multiples
    • Market Value of Invested Capital vs. Enterprise Value
  • Completed Transaction Method
  • Some Basic Statistics for Business Valuation and the Market Approach
  • Data Sources
    • Free Industry Transaction Multiples for Europe
    • Small (Medium) Comps
    • Mid-Sized to Large Comps – European Focus
    • Mid-Sized to Large Comps – Global Focus
    • PE/VC Focused
  • Bridge to Guideline Public Company Method (Part II)

  III. The Market Approach Part II: Guideline Public Company Method (½ day)

  • Conception and Basic Assumptions
  • Sources and Aggregation of Peer Data
  • Adjustments Based on Regression Analysis
  • Reference Bases for Multiples
  • Concurring Adjustments of Multiples
  • Enterprise Value Multiples (Market Value of Invested Capital (MVIC) Multiples)
  • Equity Value Multiples
  • Excess Cash
  • Empirical Results

  IV. Applications of the Income Approaches: DCF in Depth (1.5 days) – DCF Case Study: Valuation & Reporting of a European Mid-Market Company

  • Business- and Peer-Group Analysis
  • Integrated Financial Planning as the Backbone of Each DCF Model (P&L, Balance Sheet, Cash Flow Statement, Tax Planning)
  • Scenario Analysis, Simulation
  • Terminal Value, Different Approaches and Assumptions, Competitive Advantage Period, Steady State, Convergence
  • Details on Cost of Capital:
    • CAPM: Beta in Depth for the Use in Practice
    • Debt-Beta
    • Unlevering and Relevering Formulas Depending on Different Assumptions Regarding Tax Shields and Debt-Beta
    • The Problem of Circularity and the Solutions in Practice
    • Modifications of CAPM: e.g. Size Premia in Europe
  • Details on DCF-Methods:
    • Entity Methods: WACC, APV, Total Cash Flow-WACC
    • Net-Debt
    • Equity Method: Flow to Equity
  • Special Valuation Issues:
    • Cash Flows in Different Currencies
    • Local CAPM vs. Global CAPM
    • Country Specific Risk

  V. Valuation of Intangible Assets (½ day)

  • Fundamentals of the Valuation of Intangible Assets
  • Identification of Intangible Assets
  • Valuation Approaches:
    • Overview
    • Valuation of Assembled Workforce
    • Valuation of Technology
    • Valuation of Trademarks and Other Marketing Related Assets
    • Valuation of Customer and Order Backlog
    • Tax Amortization Benefit
  • Asset Specific Cost of Capital
  • IFRS 3 and Fair Value Measurement Framework (IFRS 13)
  • Impairment Test (IAS 36)
  • Summary of Assumptions for Fair Value and Value in Use

  VI. Exam Preparation – CVA Proctored Exam and Business Valuation Report (Case Study)

• CVA Training Week

  The CVA course is a five-day training programme (Monday to Friday, providing 45 hours of continuing professional education credit). It delivers the most comprehensive and complete foundational training teaching to the body of knowledge on business valuation methodologies, approaches, data, financial modeling, case studies, professional standards and ethics, specialty areas of business and intangible assets. 

  By attending the CVA training week and passing the CVA exam, you will not only deepen your knowledge in the field of business valuation, but also document your professional expertise with an internationally recognised certificate. 

  You will also benefit from our international EACVA network, which provides you with an excellent global platform for exchanging with other valuation professionals.

  Our team of instructors are renowned experts in the field of company valuation. 

• CVA Exam

  The EACVA offers you the opportunity to obtain an internationally recognised qualification in the field of business valuation by taking the Certified Valuation Analyst® (CVA®) examination.

  The certification process consists of two parts:

  I. CVA Proctored Exam

  • The five-hour proctored exam consists of 400 multiple-choice questions designed to measure general competency across the domains defined in the Core Body of Knowledge for International Business Valuations (BOK).
  • The examination is delivered to candidates either via computer-based testing or live remote proctoring, or paper-and-pencil exam, depending on the test location and modality. Paper-and-pencil exams may be used following training courses.
  • Candidates must bring a basic calculator and have their ID (e.g. passport, driver’s license, or other state-issued ID) available and ready to show the proctor before starting the session.
  • Candidates taking the exam at a Kryterion test center or via live remote proctoring (LRP)* will receive an exam confirmation e-mail with a test authorization code. System requirements are detailed in the registration confirmation letter.
  • Exam pass/fail results are communicated to examinees approx. 14 days after the exam date.
  • The exam, if failed, may be retaken for a fee.

  II. Experience threshold (BV Report)

  a) Case Study

  • Completion of the case study demonstrates that the applicant has the ability to apply his/her valuation knowledge in a real life setting and prepare an acceptable valuation report.
  • Candidates perform a valuation and write a valuation report of a small/mid-sized (stock listed) company. It is required that the candidate applies valuation approaches or methods deemed in the candidate’s professional judgment to be appropriate under the circumstances and results in a Conclusion of Value. In most cases the companies are selected from the countries of origin of the individual attendees. For example: an attendee from Spain will obtain a case study on a Spanish company. If there is no usable small/mid-sized (stock listed) company available for an individual country, we will provide a Europe based company as the valuation object.
  • Processing time is 180 days.
  • Attendees have to submit the signed version of the valuation report as well as copies of all working papers in electronic format. EACVA’s Peer Review Team can verify whether or not the candidate can apply the book knowledge he or she has demonstrated.

  b) Alternatively to the case study, experienced candidates can submit an actual and signed (real life) valuation report in English language for peer review.

  • The valuation report must reflect a Conclusion of Value / Opinion of Value (not a Calculated Value), must be written thoroughly and must comply with the EACVA/NACVA Professional Standards. All important parts of a valuation report, as well as the application of (an) income, market approach(es), – only in exceptional cases – asset approach(es), must be included.
  • The Standard of Value should be similar to a (US) fair market value but must not be the same. For example, some attendees in Europe use the International Valuation Standards (IVS) „market value“ as Standard of Value. If there is a similar Standard of Value in your country applicable, this is fine as well.
  • The report must be signed by the attendee and prepared in the last 12 months. The report can be sanitized.
• Membership in EACVA e.V.

  Practitioner Membership (pursuing the CVA) with EACVA is one of prerequisites for taking the CVA examination. It begins with participation in the CVA examination. The annual membership fee for CVA candidates €120 (VAT may apply).

  Upon passing the CVA exam and fulfilling all requirements for holding the CVA title, you will automatically become a full practitioner member of EACVA. The annual practitioner membership fee is currently €300 (VAT may apply).

  As a member of EACVA you will be also a member of our global partner National Association of Certified Valuation Analysts (NACVA) and you can take advantage of numerous member benefits of both organizations: www.eacva.com/association/benefits / www.nacva.com/memberbenefits.

  The NACVA/EACVA will issue you with a membership certificate. After passing the CVA exam and meeting the requirements for holding the CVA title, you will receive the CVA certificate from the NACVA/EACVA.

• Services / Membership

  The CVA training fee covers:

  • 45 hours of continuing training credit (you will receive a certificate of attendance after the course)
  • Extensive course materials as well as Excel models and supporting resources 
  • For in-person course: Networking dinner/get together on Monday, welcome coffee, morning and afternoon coffee breaks with snacks, luncheons from Monday to Friday, Electric power and wireless internet access (WiFi).

  The examination fee covers:

  • Digital CVA Exam Q&A Study Guide
  • EACVA and/or NACVA administrator(s) will facilitate the multiple-choice exam CVA exam (either via computer-based testing in a testing center in your region or live remote proctoring)
  • Issuing and reviewing of the Case Study
  • Retaking the exam is possible for a fee
  • 90-Day Trial to KeyValueData’s Titanium Lite Subscription
  • 90-Day Trial Access to ValuSource Pro International and Business Valuation Report Writer Software.

  The membership fee covers:

  Practitioner membership with the European Association of Certified Valuators and Analysts (EACVA) includes a parallel membership with our global partner, the National Association of Certified Valuation Analysts (NACVA), allowing you to take advantage of the numerous benefits offered by both organisations: www.eacva.com/association/benefits / www.nacva.com/memberbenefits.

• Participation Fee
  • CVA training**:  3.300 €
  • CVA certification exam:  595 €
  • Practitioner Membership Pursuing the CVA: 60 € (first 6 months)
    Once you have passed the CVA exam and fulfilled all the requirements for holding the CVA title, your membership will be converted to Practitioner membership (for CVAs) with EACVA and NACVA. The annual membership fee for CVAs is 300 € (this fee is calculated on a pro rata basis/monthly from the month in which the CVA exam was passed).

  *Plus 17% VAT (for in-person courses in Luxembourg) / **CVA training can be purchased separately. 
  

  5% early registration discount off the CVA training fee until 13 March 2026.

• Terms and conditions

  Cancellations/Reschedule/Refund Policy for Training:

  • Cancellations must be sent in writing.
  • You may cancel your registration free of charge within 14 days of registration.
  • For cancellations received up to 30 days prior to the first day of training an administration fee of € 150 (19% VAT may apply) will be charged.
  • Cancellations received up to 15 days prior to the first day of training will incur a € 500 (19% VAT may apply) cancellation fee.
  • Cancellations made less than 14 days prior to the first day or the event and non-attendance or withdrawal on or after the program start date will incur the full participation fee.    
  • If aparticipant is unable to attend last minute due to extenuating circumstances and wish to avoid a cancellation charge, he/she can EACVA at info@eacva.de e.g. with a medical note.
  • EACVA offers the opportunity to send in a substitute participant at no extra charge or transfer to the next session if you are unable to attend the program, you may name a replacement candidate.
  • There is no charge to reschedule a CVA proctored exam. There are no exceptions to this policy.

  Instructor Changes

  EACVA reserves the right to change instructors at any time should circumstances dictate. Our policy is to screen potential instructors carefully, ensuring that each one chosen possesses substantial field experience as well as a teaching or presenting background. All instructors are evaluated by our attendees, and future teaching assignments are made based upon these evaluations. 

  Hotel Accommodations

  EACVA has negotiated and blocked accommodations at each training location (rooming blocks are limited). Hotel rooms are based on availability. Your registration confirmation will include details for lodging and other specifics, including event time schedule. If your registration falls close to the date of the scheduled event, call the EACVA for hotel information.

The number of participants is limited. Only one spot is left for this course!