100+ Free CVA Practice Questions
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Key Facts: CVA Exam
~85%
Pass Rate
NACVA 2024 data
400
Exam Questions
Multiple-choice format
$625
Exam Fee
NACVA certification fee
4,633
Active CVAs
NACVA 2024
5 hours
Exam Duration
Proctored examination
9
Content Domains
Core Body of Knowledge
The CVA exam consists of 400 multiple-choice questions across 9 domains, with a 5-hour time limit and a $625 exam fee. Candidates must hold a qualifying license (CPA, ASA, etc.) or a business degree with valuation experience. In addition to passing the proctored exam, candidates must complete a case study demonstrating applied valuation experience. Approximately 4,633 professionals hold active CVA credentials. The pass rate is approximately 85%.
About the CVA Exam
The Certified Valuation Analyst (CVA) exam is a 400-question, five-hour proctored examination administered by NACVA. It tests competency across nine domains of business valuation knowledge — from income, market, and asset approaches to cost of capital, discounts and premiums, professional standards, and special-purpose valuations. The CVA is the only business valuation credential accredited by both the NCCA and ANAB.
Questions
400 scored questions
Time Limit
5 hours
Passing Score
Psychometric cut score set by VCB
Exam Fee
$625 (NACVA (National Association of Certified Valuators and Analysts))
CVA Exam Content Outline
Overview
Purpose of valuation, standards of value, premises of value, principles, and levels of value
Professional Responsibilities and Standards
Scope of services, ethical principles, reporting/review standards, and dispute resolution responsibilities
Engagement Acceptance and Planning
Defining the engagement, engagement letters, acceptance criteria, and conflict of interest
Qualitative Analysis
Economic environment, industry background, company background, SWOT analysis, and information sources
Quantitative Analysis
Financial statement analysis, normalizing adjustments, statistical analysis, and benefit stream selection
Valuation Approaches
Income approach (DCF, capitalization), market approach (guideline companies, transactions), asset approach, sanity checks, and reconciliation
Cost of Capital Concepts and Methodology
CAPM, build-up method, WACC, capitalization rates, beta, risk premiums, and pricing models
Discounts, Premiums, and Other Adjustments
DLOM, DLOC, control premiums, levels of value, marketability issues, and key-person adjustments
Special Purposes and Circumstances
Intangible assets, debt/convertible securities, preferred stock, stock options, and professional goodwill
How to Pass the CVA Exam
What You Need to Know
- Passing score: Psychometric cut score set by VCB
- Exam length: 400 questions
- Time limit: 5 hours
- Exam fee: $625
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
CVA Study Tips from Top Performers
Frequently Asked Questions
How many questions are on the CVA exam?
The CVA proctored exam consists of 400 multiple-choice questions designed to measure competency across nine domains defined in NACVA's Core Body of Knowledge for Business Valuations. You have 5 hours to complete the exam. It is administered via computer-based testing at testing centers or through live remote proctoring via Kryterion.
What is the CVA exam pass rate?
According to NACVA's published statistics, approximately 85% of candidates pass the proctored exam on their first attempt. In 2024, 300 out of 344 exam-takers passed. The passing score is determined through a psychometric cut score study conducted by the Valuation Credentialing Board (VCB).
What are the CVA certification requirements?
CVA candidates must: (1) hold a qualifying license such as CPA, ASA, or CBV, OR hold a business degree with substantial valuation experience; (2) complete education requirements; (3) pass the 400-question proctored exam; (4) complete a case study or submit an actual valuation report; and (5) provide professional and business references. An optional 5-day training course is available.
How long should I study for the CVA exam?
Most candidates study 150-250 hours for the CVA exam. NACVA offers an optional 5-day Business Valuation Certification and Training Center (BVTC) course that covers approximately 40 hours of instruction. Additional self-study of the Core Body of Knowledge, practice questions (NACVA offers a 1,200-question Q&A study guide), and review of valuation standards is recommended.
What is the difference between CVA and ABV credentials?
The CVA (Certified Valuation Analyst) is administered by NACVA and open to CPAs, ASAs, and qualified business professionals. The ABV (Accredited in Business Valuation) is issued by the AICPA and restricted to CPAs only. The CVA exam has 400 questions over 5 hours, while the ABV has a different format. Both are respected business valuation credentials, but the CVA is the only one accredited by both NCCA and ANAB.
Can non-CPAs earn the CVA certification?
Yes. While CPAs can apply directly, non-CPAs must hold a business degree (management, economics, finance, marketing, accounting, or MBA) from an accredited institution and demonstrate substantial experience in business valuation through business references or employer attestations. Non-CPAs follow a slightly different application process but take the same exam.