The Chartered Valuer and Appraiser Programme

Asia's First Professional Business Valuation Certification Programme

The Chartered Valuer and Appraiser (CVA) Programme is Asia's first Business Valuation certification programme benchmarked against international standards. Developed by the Institute of Valuers and Appraisers, Singapore (IVAS), it is grounded in the competency, ethical, and professional requirements advocated by the International Valuation Standards Council (IVSC), the global standards setter for valuation.

1200x380_0013_OB820S0
 

The CVA Programme is a comprehensive certification programme designed for professionals looking to build or advance their career in Business Valuation. 

What Sets the CVA Programme Apart

  • Internationally benchmarked standards – Built upon competency, ethical, and professional standards established by the International Valuation Standards Council (IVSC), the global standards setter for valuation
  • Industry-developed curriculum – Created through extensive consultation with senior practitioners from Accountancy, Banking, Legal, and Investment Management sectors
  • Practical, market-focused approach – Integrates comprehensive technical knowledge with real-world experience through insights from industry experts and case studies focused on Asian and emerging markets

Who Should Join 

The CVA Programme is suitable for professionals involved in Business Valuation work and those seeking to enter this field.

You will benefit from the CVA Programme if:

  • Business Valuation is your core duty
  • Business Valuation is part of your daily work routine
  • You have a strong interest in Business Valuation to support your role
Type of ProfessionalThis includes

Business valuers

    Business valuers working in

    • Professional services firms
    • Corporate organisations
    Professionals who deal with Business Valuation
    • Accountants
    • External auditors
    • Investment bankers
    • Investment analysts
    Professionals interested in Business Valuation aspects
    • Legal professionals
    • Regulators


    Curriculum

    The CVA Programme curriculum has been refreshed to remain relevant to the Business Valuation profession and meet industry needs.  Based on employer feedback, it ensures you gain the critical knowledge needed to succeed and is fully aligned with the International Valuation Standards (IVS) established by the International Valuation Standards Council (IVSC). 

    The curriculum comprises five modules and offers you flexibility in completing the first four modules (Module 1 to Module 4). You can take Module 1 and Module 2 in any order or simultaneously, before proceeding to Module 3 and Module 4.  You must pass Module 1 to Module 4 before taking the Capstone Module, which is case-based and application-focused.  The table below illustrates this: 
     

    Module Entry Criteria Remarks
    M1Nil

    Candidates can choose to take M1 and M2:

    • simultaneously (recommended); or,
    • one at a time, in any order.
    M2
    M3Pass M1 and M2

    Candidates can choose to take M3 and M4: 

    • simultaneously (recommended); or,
    • one at a time, in any order.
    M4
    CapstonePass M1 to M4 

    This structure combines rigorous technical training with strong market-oriented practicality to prepare you for a successful career in Business Valuation. 

    Module Details

     ModuleWhat you will learn
    Module 1 - Introductory Valuation

    This module provides the foundational knowledge for every Business Valuation exercise. Upon completion of this module, you will be able to:

    • Describe the business valuation landscape and the future developments
    • Identify the valuation standards applicable to Business Valuation
    • Describe the competencies, role, behaviour and conduct of business valuers and the competency framework for professional valuers
    • Discuss the valuation context and the role that Business Valuation plays in the financial and corporate world
    • Differentiate various terms, bases and premises of value and their implication to the valuation outcome
    • Explain the key concepts of accounting and finance relating to Business Valuation
    • Apply the principles of Business Valuation
    • Describe and adopt a valuation process which is acceptable in a transactional and/ or financial reporting environment; and prepare a credible and professional Business Valuation report
    • Describe and adopt the best practices in preparing prospective financial information
    Module 2 - Law and Valuation

    This module covers how a Business Valuation exercise is conducted within the legal and regulatory framework. Upon completion of this module, you will be able to:

    • Describe key aspects of the Singapore legal framework for dispute resolution
    • Explain the key characteristics of various business forms for doing business and distinguish one form from the other
    • Distinguish the type of ownership interests associated with each form for doing business
    • Identify the key areas of law where valuation may be required, primarily in the context of disputes which arise in the relevant area of law
    • Identify the main legal principles governing specific remedies for various causes of action which may affect how the issue of valuation should be considered
    • Identify the legal obligations and potential liability that business valuers may be subject to in the course of their work
    • Describe the role and duties of business valuers in the context of civil litigation and arbitration proceedings
    Module 3 - Valuation for Transactions

    This module explores the applicable valuation standards used to conduct Business Valuation for transactions. Upon completion of this module, you will be able to:

    • Compare and contrast open market and notional valuation, share market and corporate valuation as well as public listed and private companies’ shares
    • Implement International Valuation Standards and guidelines, including the International Private Equity Valuation (IPEV) and Intangible Assets valuation guidelines, used for the conduct of Business Valuation for transactions
    • Implement various valuation approaches to the valuation of business and equity, covering in depth: the market, income and asset-based approaches, their relevant methodologies as well as the valuation parameters associated with them
    • Identify the various technical and practical issues involved in the application of the various valuation approaches and methodologies, and the pros and cons of adopting such approaches and methodologies when conducting Business Valuation
    • Identify the principles behind the valuation of public listed companies, understand its context, including securities and exchange regulations on Business Valuation carried out in the public domain
    • Identify the principles behind the valuation of private companies, understand its context, including the types of discounts and premium and the circumstances that warrant their application

    Module 4 - Valuation for Financial Reporting

    This module examines key financial accounting and reporting issues related to the use of fair value measurement. Upon completion of this module, you will be able to:

    • Explain the definition of fair value in IFRS 13 for financial reporting purposes, and its differences with other bases of value in the International Valuation Standards (IVS)
    • Identify and demonstrate the use of fair value measurement framework in IFRS 13 to financial and non-financial assets and liabilities
    • Implement the acquisition method in the accounting for business combinations as per IFRS 3
    • Implement common valuation methods to value various types of intangible assets
    • Examine and implement the impairment testing process for assets including goodwill
    • Identify the differences between fair value in IFRS 13 and other valuation bases used in financial reporting
    • Identify the roles and responsibilities of a business valuer in a financial reporting environment, including considerations when engaged by an audit client or as part of an audit team
    Capstone Module - Applied Valuation

    This Capstone module applies a blend of theory and practice of all concepts covered from Module 1 to Module 4 and examines your understanding and appreciation of the complete valuation engagement. Upon completion of this module, you will be able to:

    • Understand how valuation is significantly affected by the structure of entities and business
    • Understand how to determine the valuation of a company in different stage of life cycle
    • Consider the valuation uniqueness of five specialized industries: (a) Technology, Media and Telecom; (b) Biotechnology; (c) Healthcare; (d) Resources and Renewables; and (e) Financial Services
    • Consider valuation challenges posed by companies operating in emerging markets and how they impact their valuation
    • Understand the impact of Environmental, Social and Governance (ESG) factors on valuation
    • Consider the challenges and the impact on valuations arising from Black Swan situations
    • Understand how to produce a valuation report in accordance with IVS

    Admission Requirements, Exemption and Fees

    CVA Programme Admission Requirements

    To be eligible for the CVA Programme, you must meet the following requirements:

    • Hold a bachelor's degree or equivalent qualification in any field from a recognised institution
    • Demonstrate proficiency in written and spoken English, including presentation skills
    • Possess foundational knowledge of accounting and finance (recommended but not mandatory)

    Module Exemption

    You may be eligible for module exemption based on your professional qualifications. 

    Singapore Chartered Accountant Qualification

    Singapore Chartered Accountant Qualification (SCAQ) graduates who have passed the Business Value, Governance and Risk (BG) Module from December 2022 onwards will be offered exemption from Module 1 of the CVA Programme.

    For more information, please contact us at cvaprog@acra.gov.sg. 

    CVA Programme Fees (from 1 January 2026)

     CVA Programme Fee Structure
    Examination Fees 
    Modules 1 to 4SGD$ 700 per module
    Capstone ModuleSGD$1,200
    Module Exemption Fee 
    Module 1 $300 per module
    Other Associated Fees 
    Re-Assessment Fee - Modules 1 to 4SGD$ 200 per attempt
    Re-Assessment Fee - Capstone ModuleSGD$ 400 per attempt
    Application Fee1*SGD$100 one-time only

    Candidature Fee*
    (Payable on 1 January)

    		SGD$100 annually

    All fees quoted above are in Singapore Dollars (SGD) and are subject to the Goods and Services Tax (GST).

    1. Fee payment does not grant automatic entry into the CVA Programme. Acceptance will be based on applicant's eligibility.
    *. Fees are non-refundable.


    Funding Support

    Singapore Citizens and Permanent Residents (aged 21 and above) are eligible for a subsidy of $200 per module for examination fees, which will be automatically applied at examination registration.

    Application

    CVA Programme Application


    Step 1: Apply for the CVA Programme
    Complete your application as a CVA Programme candidate: 


    Step 2: Register for Examinations
    Once accepted into the CVA Programme, you will register directly with IVAS for module examinations. You will receive an email with instructions to register for module examinations during the designated periods:


    Examination FeeRegistration Periods
    16 May 202616 December 2025 to 15 February 2026
    14 November 20261 May 2026 to 15 August 2026

    The Institute of Valuers and Appraisers, Singapore (IVAS) reserves the right to make the final decision on all applications and appeals.

     

    Deferment and Withdrawal 

    Deferring the CVA Programme

    You are strongly encouraged to complete the CVA Programme within three (3) years from the date of enrolment. If you need to defer an examination, you may submit a deferment request at any point during the programme, subject to approval.  

    Please refer to the Guidelines for Examination Defermentfor more information.

    To submit a deferment request, please complete this form:  . 

    Withdrawing from the CVA Programme

    If you wish to withdraw from the CVA Programme, please email your request to CVAprog@acra.gov.sg.

    Once your withdrawal is approved:

    • All your candidature records will be deleted; and
    • You will no longer be a candidate of the CVA Programme.  

    If you wish to rejoin later:

    • You need to submit a fresh application; and
    • You will start from Module 1 as a new candidate.

    Preparatory Courses for the CVA Programme

    If you prefer additional preparatory training, optional preparatory courses are available through IVAS-appointed training partners:

    Singapore-based Candidates

    Singapore Management University (SMU)
    For enquiries, email   bm_smua@smu.edu.sg.

    Malaysia-based candidates

    London School of Business and Finance (LSBF)

    These preparatory courses are entirely optional and managed directly by the respective IVAS-appointed training partners.  You may choose to enrol for these preparatory courses separately based on your learning preferences and needs.

    Enrolment Requirements

    • You must successfully apply for the CVA Programme before signing up for optional preparatory courses.
    • You are advised to register for the module examinations first to receive the official IVAS learning material before starting any preparatory course.

    Frequently Asked Questions (FAQs) 

    Who can join the CVA Programme?

    The CVA Programme welcomes participants of all nationalities. Examinations for all five modules are conducted in Singapore and Malaysia. Please note that as this is a part-time programme, student visas will not be issued for participants taking examinations in either location.

    How many modules can I take simultaneously, and can I take the modules in a sequence of my choice?

    You may take up to two modules simultaneously (Module 1 with Module 2, or Module 3 with Module 4). However, you must complete both Module 1 and Module 2 before progressing to Module 3 and Module 4.

    If you prefer to take modules individually, you can complete Module 1 and Module 2 in any order, followed by Module 3 and Module 4 in any order. All four foundation modules (Modules 1 to 4) must be completed before you can proceed to the Capstone Module.

    What qualification will I receive upon completion?

    Upon successful completion of all required examinations, candidates will be conferred the Associate Chartered Valuer and Appraiser (ACVA) designation.

    Industry Endorsement 

    The CVA Programme is supported by leading organisations across multiple sectors:

    • Ardent Associates LLP
    • Baker Tilly TFW
    • BDO LLP
    • Deloitte Singapore
    • Kroll
    • Ernst & Young Solutions LLP
    • Foo Kon Tan LLP
    • IPOS International
    • KPMG
    • Mazars Singapore
    • Moore Stephens LLP
    • Nexia TS
    • PKF-CAP
    • PricewaterhouseCoopers
    • RSM
    • Singapore Academy of Law

    Testimonials

     

     

    Contact Us

    Institute of Valuers and Appraisers, Singapore
    Email: CVAprog@acra.gov.sg

    Did you find this page useful?
    back to top