NACVA CVA : Certified Valuation Analyst (CVA)

Exam Code: CVA

Exam Name: Certified Valuation Analyst (CVA)

Updated: Jul 21, 2026

Q & A: 251 Questions and Answers

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About NACVA CVA Exam

CVA Certification Path

  • Take a full five-hour multiple-choice exam.
  • Have the combined equivalent of two years of full-time business valuation (BV) experience. The BV experience requirements must be approved by the applicant's immediate supervisor or the government-funded BV committee
  • Currently engaged by a national or state government agency
  • Victoriously express that the applicant satisfies the NACVA experience threshold by completing a unit case study or presenting a real and disinfected fair market value (FMV) assessment address (as defined by decision) 59-60) prepared in the last 12 months for peer review (see alternative experience)
  • Have a four-year university degree, that is, at least a bachelor's degree, a bachelor's degree or a similar diploma
  • Have a minimum of comparable GS-12 score (exceptions will be considered at the written request of a supervisor certifying the qualifications and skills of the candidate to achieve certification)
  • Participate in a five-day “optional” training program;
  • Send three personal and three commercial references

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Reference: http://www.nacva.com/content.asp?contentid=145

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NACVA CVA Exam Syllabus Topics:

SectionWeightObjectives
Professional Standards, Ethics, and Reporting7%- Valuation report requirements and compliance
- NACVA Code of Ethics and professional standards
Income Approach to Valuation30%- Cash flow estimation and risk assessment
- Terminal value and growth assumptions
- Capitalization and discounting methods
Foundations of Business Valuation15%- Economic and industry analysis
- Financial statement analysis and normalization
- Valuation standards, definitions, and premises of value
Market Approach to Valuation25%- Valuation multiples and comparability adjustments
- Guideline public company method
- Merger and acquisition transaction method
Adjustments, Discounts, and Premiums8%- Control premiums and minority interest discounts
- Marketability and liquidity discounts
Asset-Based / Cost Approach15%- Excess earnings method
- Tangible and intangible asset valuation
- Net asset value calculation

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