Certified Valuation Analyst Practice Test

NACVA is the premier resource for business valuation professionals. It offers professional members advanced training, best practices, and networking opportunities. It also provides a code of ethics to promote trust and reliability among its members.

The CVA credential demonstrates that an individual has met the Association’s rigorous standards for professionalism, expertise, and objectivity in business valuation and financial forensics. CVA professionals must comply with recertification policies every three years.

If you are expanding your professional credentials beyond valuation work, preparing for technical certifications can strengthen your analytical skill set — start with our 310t practice test to assess your readiness for engineering-related examinations.

Professionals pursuing the CVA designation often benefit from cross-training in other testing formats, and our AACC practice test offers a structured way to practice for credentialing exams in a clinical chemistry context.

Certified Valuation Analyst Exam at a Glance

What changed for Certified Valuation Analyst in 2026

• Oct 25, 2026: Eligibility changed to Active CPA license, or a business degree plus substantial valuation experience (previously Active CPA license, or a business degree/MBA plus substantial valuation experience).^[2]
• Dec 31, 2025: NACVA sunset the Bonus Point Program and Recommended Courses under its prior recertification policies on December 31, 2025.^[6]

According to National Association of Certified Valuators and Analysts, “The five-hour proctored exam consists of 400 multiple-choice questions designed to measure general competency across the domains defined in each Body of Knowledge”^[1]

Certified Valuation Analyst content outline and where to practise each area

The content areas below are copied from the official Certified Valuation Analyst content outline published by National Association of Certified Valuators and Analysts, with the share of the exam each area carries. The right-hand column shows which of our practice sets covers it.

Worked examples: how to reason through Certified Valuation Analyst questions

These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.

Example 1

Question: Why are normalizing adjustments made to a company's financial statements in valuation?

1. To present the company's economic earning capacity by removing non-recurring, non-operating, and owner-specific items
2. To make the financial statements look more favorable
3. To comply with GAAP requirements
4. To reduce the company's tax liability

Answer: A. To present the company's economic earning capacity by removing non-recurring, non-operating, and owner-specific items

Explanation:

The correct answer is that normalizing adjustments show the company's economic earning capacity by removing non-recurring, non-operating and owner-specific items. A buyer values what the business will keep earning, so a one-time legal settlement or an owner paid far above market has to be adjusted out.

Making the statements look more favorable is wrong, because adjustments can lower earnings as easily as raise them. Complying with GAAP is wrong because normalizing is an analytical step, and statements can be fully GAAP and still need it. Reducing tax liability is wrong because this is a valuation exercise, not tax planning.

Rule to remember: normalize to reflect ongoing, arm's-length operations, not to flatter or to comply.

Example 2

Question: In the build-up method for estimating cost of equity, which component is added to the risk-free rate to account for the size of the subject company?

1. Small company risk premium
2. Equity risk premium
3. Industry risk premium
4. Company-specific risk premium

Answer: A. Small company risk premium

Explanation:

The small company risk premium, also called the size premium, is the build-up component that reflects the extra risk of investing in smaller companies compared with large ones. It is added to the risk-free rate along with the other premiums.

The equity risk premium is wrong because it covers the general market return over the risk-free rate, not size. The industry risk premium is wrong because it addresses risk tied to the sector. The company-specific risk premium is wrong because it captures factors unique to the subject company, such as customer concentration or management depth, and not size alone.

Rule to remember: each build-up layer answers a different risk question, so match the premium to the risk named in the question.

Example 3

Question: A key limitation of the income approach is that it:

1. Relies heavily on the reliability of future projections
2. Cannot be used for profitable companies
3. Ignores the time value of money
4. Requires identical guideline public companies

Answer: A. Relies heavily on the reliability of future projections

Explanation:

The key limitation of the income approach is that it depends heavily on how reliable the future projections are. Value is built from forecast cash flows and a discount rate, so weak assumptions flow straight into the conclusion.

Saying it cannot be used for profitable companies is wrong, since profitable companies are a normal subject. Saying it ignores the time value of money is wrong, because discounting is the heart of the method. Saying it requires identical guideline public companies is wrong, because that describes a limitation of the market approach, not the income approach.

Rule to remember: the income approach is limited by its inputs, while the market approach is limited by the quality of comparables.

How to use these practice tests

Start with the NACVA Candidate Handbook and the exam outline so you know which areas the exam covers and how they are weighted. Then take a short practice set in each area, untimed, to find where you are weakest.

• Spend most of your time on the heavier areas, especially cost of capital and quantitative analysis, but do not skip the smaller ones, which still produce questions.
• After each set, read every explanation, including those for questions you got right. Write down the rule behind each miss in a single line.
• Redo missed questions a few days later without looking at your notes.
• Alternate approach sets so you can compare income, market and asset-based methods and recall the limits of each.

Closer to test day, work through mixed sets in a single sitting to build stamina, because the real exam is long and you need to pace yourself. Treat our questions as practice written by us, not as real exam items, and check any rule you are unsure of against the official material.

Key Takeaways

Free CVA Practice Test Online

• The CVA is a prestigious certification offered by the NACVA for professionals specializing in business valuation.

• Eligibility requires a combination of education, experience, and in most cases, an active CPA license.

• Candidates must pass a rigorous 5-hour proctored exam and submit a case study or sample valuation report.

• CVAs are in high demand across accounting firms, consulting agencies, and legal practices.

• Maintaining the credential involves ongoing continuing professional education (CPE) and adherence to NACVA's standards.

Conclusion

Certified Valuation Analyst Training

The global business ecosystem is experiencing a seismic shift, challenging Certified Valuation Analysts (CVA) to adapt to new and evolving trends. From an increased focus on intangible assets and the integration of ESG factors to the rise of remote work and heightened emphasis on cybersecurity, CVAs are constantly evolving their skills and navigating emerging industry trends to serve their clients’ unique needs.

The National Association of Certified Valuators and Analysts (NACVA) is the world’s leading professional membership organization dedicated to advancing the valuation profession through education, research and standards that promote professionalism and excellence. Having a designation or certification from NACVA provides credibility, opportunities for career advancement, and access to industry-leading resources and educational programs.

To earn the CVA credential, individuals must have a minimum of 40 hours of qualifying education in business valuation and financial analysis, meet experience requirements, submit references, pay an application fee and pass a five-hour exam, administered by NACVA. Once certified, professionals can use the CVA credential to demonstrate their credentials and expertise to potential clients.

Candidates must also complete a case study where they apply the valuation approaches and methods that are deemed in their professional judgment to be appropriate under the circumstances, and then prepare an acceptable report of their conclusions of value for a small/mid-sized (stock listed) company. The companies used for the case studies are selected based on the country of residence of the candidates. Once completed, the case study must be submitted to NACVA for review and approval.

Becoming a Certified Valuation Analyst is an investment in your professional future. The CVA credential not only enhances your credibility but also opens doors to new career opportunities in high-demand financial sectors. With the right mix of education, experience, and dedication, earning your CVA can set you apart as a trusted valuation expert. Whether you're aiming to grow your consulting practice, provide litigation support, or specialize in mergers and acquisitions, the CVA designation can improve your professional standing and increase your earning potential.

CVA Questions and Answers

Sources & last verified

1. National Association of Certified Valuators and Analysts — number of questions, retake fee, retake policy, delivery (official source). “The five-hour proctored exam consists of 400 multiple-choice questions designed to measure general competency across the domains defined in each Body of Knowledge” Verified Oct 25, 2026 · source checked Oct 25, 2026.
2. National Association of Certified Valuators and Analysts — time limit, eligibility (official source). “The five-hour proctored exam consists of multiple-choice questions” Verified Oct 25, 2026 · source checked Oct 25, 2026.
3. National Association of Certified Valuators and Analysts — exam fee (official source). “Exam Fee: $625 each, for either the Certified Valuation Analyst® (CVA®) or” Verified Oct 25, 2026 · source checked Oct 25, 2026.
4. National Association of Certified Valuators and Analysts — passing score (official source). “The passing score is placed within three standard error of measurement (SEM) of the mean.” Verified Oct 25, 2026 · source checked Oct 25, 2026.
5. National Association of Certified Valuators and Analysts — validity (official source). “Individuals may maintain Candidate status for up to three years.” Verified Oct 25, 2026 · source checked Oct 25, 2026.
6. National Association of Certified Valuators and Analysts — other (official source). “The Bonus Point Program and Recommended Courses under prior recertification policies were sunset on December 31, 2025.” Verified Oct 25, 2026 · source checked Oct 25, 2026.
7. National Association of Certified Valuators and Analysts — other (official source). “cost of capital concepts and methodology and other pricing models 17.5%” Verified Nov 1, 2026.

How we verify: editorial & fact-checking policy. Report an error: contact us.