Chartered Valuer & Appraiser (CVA) Programme

Type of professional

This 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

• Module 1 (M1)

• Module 2 (M2)

None

Candidates can choose to take M1 and M2:

• Simultaneously (recommended); or

• One at a time, in any order.

• Module 3 (M3)

• Module 4 (M4)

Pass M1 and M2

Candidates can choose to take M3 and M4:

• Simultaneously (recommended); or

• One at a time, in any order.

Capstone

Pass M1 to M4

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Module

What 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 specialised 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

Singapore Chartered Accountant Qualification (SCAQ)

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.

Other Degrees or Professional Qualifications

From 1 January 2026, recognised institutes of higher learning (IHL) may apply to ACRA for assessment of module exemptions from the CVA Programme. Applicants cannot apply directly – they must work through their respective IHL to request exemptions. IHLs that receive accreditation for their programmes and approved module exemptions will be listed on this webpage.

Examination fees

• Modules 1 to 4: $700 per module

• Capstone Module: $1,200

Module exemption fee

• Module 1 to 4 : $300 per module

Other associated fees

• Re-assessment fee for Modules 1 to 4: $200 per attempt

• Re-assessment fee for Capstone Module: $400 per attempt

• Application fee¹*: $100 one-time only

• Candidature fee* (Payable on 1st January): $100 annually

Examination date

Registration periods

16 May 2026

16 December 2025 to 10 March 2026

14 November 2026

1 April 2026 to 14 September 2026

Singapore-based candidates

Singapore Management University (SMU) 

More details: SMU Preparatory Course

Malaysia-based candidates

London School of Business and Finance (LSBF)

More details: LSBF Preparatory Course

Defer the CVA examinations

You are strongly encouraged to complete the CVA Programme within three 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. 

Refer to the Guidelines for Examination Deferment for more information.

Submit a deferment request online. 

Withdraw from the CVA Programme

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.

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.

You may apply for the CVA designation with IVAS once you meet the experience requirements.