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CVA Certified Valuation Analyst

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Exam Review

Key Facts: MAFF Exam

5 hours

Exam Duration

NACVA proctored

$625

Exam Fee

NACVA

FFBOK

Content Framework

Financial Forensics Body of Knowledge

Multiple-choice

Question Format

NACVA

3 years

Renewal Cycle

CPE + NACVA membership

No CPA

Prerequisite

Open to allied professionals

The NACVA MAFF is a 5-hour proctored multiple-choice exam drawn from the Financial Forensics Body of Knowledge (FFBOK). Fee is $625. It integrates NACVA valuation knowledge with forensic skills — lost profits, reasonable royalty, economic damages, business valuation, Daubert expert standards, and NACVA Professional Standards. Candidates typically complete NACVA's Foundations of Financial Forensics training. Credential renewed every 3 years via continuing education.

Sample MAFF Practice Questions

Try these sample questions to review concepts for the MAFF exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which organization issues the MAFF credential?

A.AICPA

B.NACVA

C.ACFE

D.ABFA

Explanation: The Master Analyst in Financial Forensics (MAFF) credential is issued by the National Association of Certified Valuators and Analysts (NACVA). MAFF is drawn from NACVA's Financial Forensics Body of Knowledge (FFBOK) and integrates valuation and forensic accounting.

2What is the length of the MAFF exam?

A.2 hours

B.3 hours

C.4 hours

D.5 hours

Explanation: The MAFF exam is a 5-hour proctored multiple-choice exam. It is administered at NACVA-sponsored training events, testing centers, or via online proctoring.

3The MAFF exam is drawn from:

A.The Fraud Examiners Manual

B.The Financial Forensics Body of Knowledge (FFBOK)

C.The AICPA Code

D.The CPA Exam Blueprint

Explanation: The MAFF is drawn from NACVA's Financial Forensics Body of Knowledge (FFBOK), which NACVA's Foundations of Financial Forensics course addresses directly. The FFBOK covers commercial damages, business valuation for litigation, forensic techniques, expert testimony, and NACVA Professional Standards.

4Which 'standard of value' is most often applied in IRS estate and gift tax valuations?

A.Fair market value

B.Fair value

C.Investment value

D.Intrinsic value

Explanation: Fair market value (FMV) — the price between a willing buyer and willing seller, neither compelled, both informed — is the standard in federal estate and gift tax valuation per IRS Rev. Rul. 59-60. Fair value, investment value, and intrinsic value apply in other contexts (shareholder disputes, specific buyer, analyst's 'true' value).

5Which IRS Revenue Ruling provides the foundational guidance for valuing closely-held stock?

A.Rev. Rul. 59-60

B.Rev. Rul. 77-287

C.Rev. Rul. 83-120

D.Rev. Rul. 93-12

Explanation: Rev. Rul. 59-60 sets forth the eight factors for valuing closely-held corporate stock for estate and gift tax purposes: nature/history, economic outlook, book value, earnings, dividend capacity, goodwill, prior sales, and comparable companies. It remains foundational for litigation and estate valuation.

6Which valuation approach capitalizes or discounts expected economic benefits?

A.Market approach

B.Asset approach

C.Income approach

D.Cost approach

Explanation: The income approach capitalizes or discounts expected future economic benefits (earnings or cash flows). Key methods include DCF and single-stage capitalization. The market approach uses multiples; the asset approach uses adjusted net assets.

7Under the Panduit factors for patent lost profits, which is NOT required?

A.Demand for the patented product

B.Absence of acceptable non-infringing substitutes

C.The plaintiff's willingness to license the patent at any rate

D.Capacity to exploit the demand

Explanation: The Panduit factors are: demand, absence of acceptable non-infringing substitutes, manufacturing/marketing capacity, and computation of profit that would have been earned. Willingness to license at any rate is not a Panduit factor — in fact, licensing may suggest reasonable royalty rather than lost profits is the proper measure.

8The Georgia-Pacific factors govern what damages measure?

A.Lost profits

B.Reasonable royalty

C.Compensatory damages

D.Punitive damages

Explanation: The 15 Georgia-Pacific factors (from Georgia-Pacific Corp. v. U.S. Plywood Corp., S.D.N.Y. 1970) guide the determination of reasonable royalty in patent infringement cases. They include established royalties, comparable licenses, nature of the invention, commercial relationship, and the hypothetical willing-licensor / willing-licensee negotiation.

9Which of the following describes 'fair value' in shareholder dissent and oppression cases?

A.A state-law concept typically excluding minority and marketability discounts

B.The same as fair market value in all states

C.Only applicable to public companies

D.A tax-return concept

Explanation: Fair value in shareholder dissent/oppression cases is typically defined by state statute and case law. Many states expressly exclude or limit minority (DLOC) and marketability (DLOM) discounts to protect oppressed minority shareholders. It differs from FMV, which generally allows such discounts.

10The Daubert gatekeeping role is exercised by:

A.The jury

B.The trial judge

C.The plaintiff's counsel

D.The appellate court

Explanation: Under Daubert v. Merrell Dow (1993) and amended FRE 702, the trial judge serves as gatekeeper for the admissibility of expert testimony, evaluating reliability (methodology) and relevance. Appellate courts review these rulings under the abuse-of-discretion standard per Joiner.

About the MAFF Exam

The Master Analyst in Financial Forensics (MAFF) credential from NACVA integrates valuation expertise with forensic accounting techniques. Drawn from NACVA's Financial Forensics Body of Knowledge (FFBOK), it covers financial damages (lost profits, reasonable royalty, economic damages for personal injury/wrongful death), business valuation for litigation (standards of value, approaches, discounts), forensic accounting techniques, expert witness testimony under Daubert, and NACVA Professional Standards.

Exam sponsor: NACVA (online or test center, proctored). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Questions

125 questions

Time Limit

5 hours (multiple-choice, proctored)

Passing Score

~70-75% (scaled)

Exam / Certification Fees

$625

Exam sponsor website

Reported exam pass rate: ~65-75%. NACVA industry estimate This describes exam candidates, not OpenExamPrep users or results from using our resources. Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

~25%

Financial Damages Analysis

Lost profits (incremental/avoided costs, growth rates, discount rates), reasonable royalty for IP infringement, diminution in value, economic damages — lost earnings, household services, medical expenses, wrongful death, personal injury, disability; methodologies — before-and-after, yardstick, market share, specific causation, sales projection

~25%

Business Valuation for Litigation

Income, market, and asset approaches; standards of value (FMV, fair value, investment value, intrinsic value); premise of value (going concern, orderly liquidation, forced liquidation); levels of value (controlling, minority, marketable, non-marketable); DLOC, DLOM, control premium; IRS Rev. Rul. 59-60 and 68-609

~20%

Specific Case Types

Shareholder disputes and oppression (fair value standard), marital dissolution and divorce, eminent domain (fair market value), estate and gift tax, bankruptcy (reasonably equivalent value for fraudulent transfers under 11 U.S.C. §§544, 547, 548), commercial damages, economic loss quantification

~15%

Forensic Accounting Techniques

Data analytics for valuation inputs, tracing inadequately-documented assets, related-party transaction analysis, owner compensation normalization, discretionary expense identification, lifestyle analysis, net worth analysis, bank deposits method

~15%

Expert Testimony and Professional Standards

Daubert/Kumho/Joiner gatekeeping, FRCP 26(a)(2)(B) expert reports, sensitivity analysis, demonstrative exhibits, deposition and trial testimony, NACVA Professional Standards, Statement on Standards for Forensic Services, NACVA Code of Ethics, conflicts of interest

Preparing for the MAFF Exam

What You Need to Know

Passing score: ~70-75% (scaled)
Exam length: 125 questions
Time limit: 5 hours (multiple-choice, proctored)
Exam / certification fees: $625 Official sources

Using Our Practice Resources

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MAFF: Suggested Study Strategy

1Master the lost profits methodologies — before-and-after, yardstick, market share, sales projection, specific causation

2Understand the distinction between fair market value (estate/gift), fair value (shareholder disputes), and investment value

3Know when DLOM and DLOC apply — and when they do NOT (e.g., fair value in many states does not allow minority discount)

4Memorize IRS Revenue Ruling 59-60 factors for closely-held business valuation

5Study the Daubert factors: testable, peer-reviewed, known error rate, acceptance — plus Kumho (all expert testimony) and Joiner (abuse of discretion)

6Understand reasonable royalty analysis using the Georgia-Pacific factors (15 factors) for IP damage claims

7Know the bankruptcy avoidance provisions — preferences (§547), fraudulent transfers (§548), strong-arm (§544)

8Review NACVA Professional Standards — conflicts of interest, scope, engagement documentation, reporting

Frequently Asked Questions

Who qualifies for the NACVA MAFF credential?

MAFF is open to professionals in accounting, finance, law, economics, or related fields. Candidates must be NACVA members, complete the Foundations of Financial Forensics training (or demonstrate equivalent expertise), pass the 5-hour MAFF Exam, and submit three business references. No specific CPA requirement, but most candidates hold a CPA, CVA, ABV, or equivalent credential.

How is MAFF different from AICPA CFF?

MAFF is NACVA's credential and integrates more deeply with business valuation (NACVA's primary focus). CFF is AICPA's credential and limited to CPAs. MAFF is 5 hours of multiple-choice drawn from the FFBOK; CFF Global Standard is 4 hours. MAFF has no CPA requirement; CFF does. Both cover Daubert, lost profits, fraud, and expert testimony, but MAFF leans more toward damages quantification and valuation-for-litigation.

What is the FFBOK?

The Financial Forensics Body of Knowledge (FFBOK) is NACVA's framework of concepts tested on the MAFF exam. It covers commercial damages, personal economic damages, business valuation for litigation, forensic accounting techniques, expert testimony, and the NACVA Professional Standards. NACVA's Foundations of Financial Forensics training directly addresses the FFBOK.

How long should I study for the MAFF exam?

Plan for 100-150 hours over 2-4 months. Key materials: NACVA Foundations of Financial Forensics course materials, NACVA Professional Standards, IRS Rev. Rul. 59-60 and 68-609 for valuation, Federal Rules of Evidence (702, 703, 705), Daubert/Kumho/Joiner, and published texts on commercial damages (e.g., Dunn on Damages). Complete 100+ practice questions and target 80%+ before sitting.

What standards of value should I know?

Know four standards of value: (1) Fair Market Value — hypothetical willing buyer and seller, both informed, neither compelled (IRS Rev. Rul. 59-60); (2) Fair Value — often used in shareholder dissent/oppression cases, state-law defined; (3) Investment Value — value to a specific investor given synergies; (4) Intrinsic Value — analyst's view of 'true' value. MAFF questions test when each applies.

How do I maintain the MAFF credential?

MAFF credential holders must maintain NACVA membership and complete recurring CPE (currently 36 hours of forensic-related CPE every 3 years, including ethics). The credential is renewed every 3 years. Failure to meet CPE, pay dues, or comply with NACVA Professional Standards can result in suspension or revocation.