Qualifications for the AVA—
Accredited Valuation Analyst Designation

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.

A solid knowledge of accounting fundamentals is felt by the organization to be one of the skill sets foundational to performing business valuations. As such, for applicants without a background in accounting we recommend and offer a self-study course in accounting as part of your preparation to take our certification exam. Please call NACVA for more information.

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.

CVA/AVA Designation Application (PDF)

CVA & AVA Candidate Handbook (PDF)

Business Valuation and Certification Training Center

CVA/AVA Training Center Locations, Dates and Curriculum

Business Valuation Training Center Pre-Reads

Recertification and Reporting Requirements

CVA/AVA Exam

CVA/AVA Recertification (PDF)

Denial of Qualifications

The qualifications to be met prior to obtaining NACVA’s credential and permission to take the exam are defined by the Valuation Credentialing Board (VCB), who has final authority in this area. An applicant who has been advised by NACVA staff they do not qualify to obtain the credential or sit for the exam may appeal to the VCB. 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. The applicant will find this information on NACVA’s website or by calling NACVA’s Executive Director. The Chairperson will place the appeal on the agenda for its next 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 Department on its decision.

CVA/AVA Exam and Process

The certification process consists of two parts testing knowledge and 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 one to two weeks; and within two to four months for the Case Study. Either part of the certification process, 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 proctoring process.)

*Experience Alternative for Case Study

Experienced practitioners in business valuation and related disciplines can, in lieu of doing the Case Study, submit a 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, for review and grading by NACVA’s Valuation Credentialing Board or designated body. 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 Facilitation Specialist. 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.
 

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