Free FMVA Exam Prep
Financial Modeling & Valuation Analyst
Prepare for the FMVA exam without spending hundreds on expensive prep courses. Free study guides, practice questions, flashcards, and related exam resources.
Quick Facts
Buy on AmazonExplore More Corporate Finance Institute Certifications
Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.
FMVA Corporate Finance Institute Certifications License: Complete Roadmap
Follow this path to organize your licensing and exam preparation
Phase 1: Prep & FoundationsYou are here
Complete prep courses in Excel, accounting, and corporate finance fundamentals.
Phase 2: Core Financial Modeling
Master 3-statement modeling, operational modeling, and financial analysis fundamentals.
Phase 3: Valuation & Advanced Topics
Complete DCF valuation, comparable analysis, scenario modeling, and elective courses.
Phase 4: Practice Exams & Final Prep
Take CFI practice exams, review case studies, and prepare for the 3-hour final exam.
Can You Take the FMVA Exam?
Check if you meet the basic eligibility requirements
- •Active CFI subscription (Self-Study or Full-Immersion) required
- •Microsoft Excel 2016 or newer required for exam
- •Stable internet connection required for online exam
- •Must achieve 80% on each end-of-course assessment before attempting final exam
FMVA Quick Facts
Time to Get Licensed
3-6 months for most candidates
From start to license in hand
Retake Policy
Candidates who do not pass must wait 30 days before retaking. An active CFI subscription is required. Unlimited retakes allowed.
Total Cost Breakdown
Free FMVA Prep Tools
100 Practice Questions
Coverage mapped to all 8 FMVA domain weights.
AI-Powered Learning
Adaptive explanations across modeling, valuation, and Excel topics.
2026 Updated
Aligned to the 2026 FMVA program refresh with new DCF and forecasting courses.
Free Access
Begin free FMVA practice before subscribing to CFI.
What You'll Study
20 chapters covering the exam topics in this guide
Introduction
2 sections
Chapter 1: Accounting Foundations
3 sections
Chapter 2: Time Value and Capital Budgeting
3 sections
Chapter 3: Cost of Capital
3 sections
Chapter 4: Profitability and Returns
3 sections
Chapter 5: Liquidity, Leverage, and Cash Flow
3 sections
Chapter 6: Excel Fundamentals
3 sections
Chapter 7: Excel Lookups and Financial Functions
3 sections
Chapter 8: Excel What-If Analysis and Auditing
2 sections
Chapter 9: Financial Modeling Guidelines
3 sections
Chapter 10: Three-Statement Modeling
3 sections
Chapter 11: Circularity and Model Audit
2 sections
Chapter 12: Operational Modeling
3 sections
Chapter 13: Debt Schedules, Scenarios, and Sensitivity
3 sections
Chapter 14: Valuation Foundations
2 sections
Chapter 15: DCF Valuation
2 sections
Chapter 16: Comparable Valuation
2 sections
Chapter 17: Budgeting and Forecasting
3 sections
Chapter 18: Presentation and Visuals
4 sections
Chapter 19: Professional Ethics and Qualitative Analysis
2 sections
FMVA Exam Details
Financial Modeling & Valuation Analyst
Administered by CFI (Corporate Finance Institute)
Exam Content Breakdown
Based on the official CFI (Corporate Finance Institute) content outline
Building 3-statement models, operational modeling, scenario and sensitivity analysis in Excel; Excel modeling case studies sit here.
DCF valuation modeling with WACC and terminal value, comparable company analysis, precedent transactions, and enterprise value bridges.
Advanced Excel functions, lookups, what-if tools, formula auditing, and workbook best practices for timed cases.
Capital structure, CAPM and WACC, time value of money, capital budgeting decision rules, and financial ratio analysis.
Accounting principles and standards, financial statement analysis, and accounting decisions inside three-statement models.
Budgeting techniques, forecasting methods, rolling forecasts, and variance analysis; tested even after the retired core course.
Chart selection, dashboards, PowerPoint and pitchbook creation, and presenting model outputs to decision-makers.
What's Included
20 Chapters
Complete exam coverage
Practice Quizzes
With detailed explanations
Free to Start
No credit card required
Quality Exam Prep Shouldn't Cost Hundreds
I'm Ran Chen, an engineer with 20+ years of coding experience. I passed my Life Insurance license, EA exam, SIE, Series 6, 63, 65, and finally the CFP® exam.
Through all these exams, one thing became clear: exam prep is expensive. But with AI, we can change that. Quality preparation can now be free for everyone.
What's Next After the FMVA?
After passing the FMVA, you can pursue these career paths
FMVA Exam FAQ
Official CFI (Corporate Finance Institute) Resources
Verify information with these official sources
More Free Resources
Ready to Start Your Free FMVA Prep?
Review the study guide, practice key concepts, and use the free tools at your own pace.