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.
The Certified Valuation Analyst has 400 questions, takes about 5 hours and costs $625[1][2][3] (National Association of Certified Valuators and Analysts, verified Oct 25, 2026).
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Number of questions | 400 multiple-choice questions[1] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Time limit | 5 hours[2] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Passing score | Criterion-referenced cut score set by the VCB (no published number)[4] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Exam fee | $625 exam fee[3] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Retake fee | A fee applies (amount not published)[1] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Retake policy | Up to 6 attempts a year, at most once a month[1] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Validity | Candidate CVA status: up to 3 years[5] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Delivery | Kryterion test center, live remote proctoring, or paper after training[1] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Eligibility | Active CPA license, or a business degree plus substantial valuation experience[2] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Score release | 1–2 weeks after the exam[1] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Late registration deadline | Paid monthly extensions, up to 10 months[1] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
| Testing window | Within 2 months of application approval[1] | National Association of Certified Valuators and Analysts · Oct 25, 2026 |
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]
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.
| Official content area | Weight | Practice on this site |
|---|---|---|
| Cost of Capital Concepts and Methodology, and Other Pricing Models[7] | 17.5% | Certified Valuation Analyst CVA Discount R... Practise building up a cost of equity from its components and explain what each premium is meant to capture. |
| Discounts, Premiums, and Other Adjustments[7] | 10% | Certified Valuation Analyst CVA Discounts,... Practise telling control and marketability adjustments apart and knowing when each one applies. |
| Engagement Acceptance and Planning[7] | 4.5% | Certified Valuation Analyst CVA Report Wri... Practise defining the scope, standard of value and premise of value before any analysis starts. |
| NACVA/GACVA Professional Responsibilities and Standards[7] | 7.5% | Certified Valuation Analyst CVA Profession... Practise applying independence, objectivity and disclosure rules to short engagement scenarios. |
| Overview[7] | 4% | Certified Valuation Analyst Business Valua... Practise the core vocabulary of valuation, including standards and premises of value. |
| Qualitative Analysis[7] | 9.5% | Certified Valuation Analyst CVA Economic a... Practise linking economic and industry conditions to the risk and growth assumptions in a valuation. |
| Quantitative Analysis[7] | 16.5% | Certified Valuation Analyst CVA Financial ... Practise normalizing statements and reading ratios to judge earning capacity. |
| Special Purposes and Circumstances[7] | 4.5% | Certified Valuation Analyst CVA Litigation... Practise how the purpose of an engagement, such as a dispute, changes the work and the report. |
| Valuation Approaches[7] | — | Certified Valuation Analyst CVA Valuation ... Practise choosing between income, market and asset-based methods and stating the limits of each. |
Prepare for the Certified Valuation Analyst exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
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.
Question: Why are normalizing adjustments made to a company's financial statements in valuation?
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.
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?
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.
Question: A key limitation of the income approach is that it:
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.
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.
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.
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.
A certified valuation analyst is a professional who has completed a training program and passed a rigorous exam. The designation is highly regarded in the industry and signifies a high level of professionalism and expertise. In addition to the credential, NACVA offers a number of other benefits to its members, including access to industry-leading research and publications.
To become a certified valuation analyst, an individual must complete a five-day training course and pass a comprehensive test. The exam is administered via computer-based testing or live remote proctoring. Candidates must have a valid ID that can be shown to the proctor before beginning the test.
The CVA credential shows clients and employers that the holder has met strict standards of knowledge, competence, objectivity, and ethics. It also demonstrates the holder’s commitment to ongoing professional development and upholding the NACVA’s code of ethics. The designation may be obtained by business professionals, financial officers, accountants, tax specialists, merger and acquisition consultants, investors, corporate finance analysts, and investment bankers. It can be used to provide a variety of services, such as assisting owners with the sale of their businesses or providing input on generational wealth succession matters.
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.
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