The Chartered Valuer and Appraiser Programme
Asia's First Professional Business Valuation Certification Programme
The Chartered Valuer and Appraiser (CVA) programme is the national certification for the practice of Business Valuation in Singapore. It is the first Business Valuation certification programme in Asia to be benchmarked against international standards. Currently, it is the only structured professional development pathway in Singapore for aspiring individuals to enter the profession.
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Benchmarked to International Standards
The CVA Programme is based on competency, ethical and professional requirements advocated by the International Valuation Standards Council (IVSC), the global standards setter for valuation.
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Technical and Practical Pedagogy with an Asian Perspective
The programme was developed in consultation with industry practitioners from the Accountancy, Banking, Legal and Investment Management sectors. The curriculum integrates technical knowledge with practical experience shared by industry experts and case studies that focus on Asia and emerging markets that can be immediately applied at work.
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Wide Industry Endorsement
It is supported by industry partners including regulators, professional bodies, and international accounting firms.
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Flexible Learning Routes for Professionals Looking to Upgrade their Skills
Professionals can choose a route that suits them best:
- Structured Learning Route – A disciplined approach of attending classroom sessions, and interacting with faculty, industry practitioners and professionals.
- Self-Study Route – A self-starter approach of studying at their own pace before sitting for the assessment.
Who will benefit
Business Valuers come from a variety of backgrounds and industry sectors. You will benefit from the Chartered Valuer and Appraiser programme if:
| Business Valuation is your core duty. |
Business Valuation is part of your daily routine work. |
You have a strong interest in Business Valuation as it will help in your job. |
|
Business Valuers who work in:
- Professional Services
- Corporates
|
Professionals who deal with Business Valuation but it is not their core function.
- Accountants
- External Auditors
- Investment Bankers
- Investment Analysts
|
Professionals interested in aspects Business Valuation to do their job.
- Legal Professionals
- Regulators
|
Curriculum
The CVA programme curriculum was aligned with the International Valuation Standards (IVS) introduced by the International Valuation Standards Council (IVSC) in July 2021 to help participants better apply the concepts learnt.
The curriculum comprises 5 modules. It provides participants with some flexibility in taking the first 4 modules (M1 to M4). In this regard, participants can choose to take M1 and M2 in any order, or take them both at the same time, before proceeding to M3 and M4. Similarly, participants can M3 and M4 in any order, or take them simultaneously. Participants must pass M1 to M4 before taking the Capstone Module. The table below illustrates this:
| Module
|
Entry Criteria
|
Remarks
|
| M1 |
Nil |
Candidates can choose to take M1 and M2:
- simultaneously (recommended); or,
- one at a time, in any order.
|
| M2 |
| M3 |
Pass M1 and M2 |
Candidates can choose to take M3 and M4:
- simultaneously (recommended); or,
- one at a time, in any order.
|
| M4 |
| Capstone |
Pass M1 to M4 |
|
Syllabus
| M1: Introductory Valuation and Ethics |
This module provides the foundational knowledge for every Business Valuation exercise. Topics include:
- The valuation landscape
- Common premises and standards of value
- Valuation process and communication
- Key accounting and finance concepts relating to Business Valuation
- Competencies, role and behaviour of Business Valuers
- Best practices in preparing prospective financial information
|
| M2: Law and Valuation |
This module covers how a Business Valuation exercise is conducted within the legal and regulatory environment. Topics include:
- The legal framework and system for conducting business
- Various forms of business entities being valued
- Valuation related matters in litigation and arbitration
- A valuer’s involvement in litigation and arbitration proceedings, and assessment of damages
- Examination of court decisions on valuation matters to address common pitfalls
- Useful hints when one is acting as an expert witness
|
| M3: Valuation for Transactions |
The module will explore the applicable valuation standards used to conduct business valuation for transactions. Topics include:
- Valuations for transactions
- Valuation approaches and methods
- Valuation parameters
- Discounts and premium
- Valuation of privately owned entities
- Venture capital and private equity valuation model
|
| M4: Valuation for Financial Reporting |
This module examines key financial accounting and reporting issues related to the use of fair value measurement. Topics include:
- Valuation for financial reporting
- Requirements and role of the valuer in the financial reporting environment
- Purchase price allocation
- Impairment testing
- Valuation of intangible assets
|
| Capstone Module: Applied Business Valuation |
The module applies a blend of theory and practice of all concepts covered from M1 to M4 in Business Valuation. The module will examine the participant’s understanding and appreciation of the complete valuation engagement. Topics include:
- Structure of entities and businesses
- Valuation of companies in different stages of life cycle
- Valuation of specific industries
- Valuation in emerging markets
- Impact of Environmental, Social and Governance (ESG) factors on valuation
- Black swan situations
- Valuation Reporting
|
Please download the CVA Programme Body of Knowledge here (PDF, 217KB).
Module Exemption
Module 1: Introductory Valuation and Ethics
Exemption for Singapore Chartered Accountant (CA) Qualification Candidates
Singapore Chartered Accountant (CA) Qualification candidates who have passed the Business Value, Governance and Risk (BG) module from December 2022, will be offered exemption from taking Module 1 of the CVA Programme.
For more information, please contact us at cvaprog@acra.gov.sg.
Admission Critieria
Applicants are required to have the following:
- A Bachelor's Degree or equivalent in any field from a recognised institution;
- Recommended prior knowledge of accounting and finance;
- Writing, speaking and presentation abilities in English.
The Institute of Valuers and Appraisers, Singapore (IVAS) will make the final decision on the acceptance or rejection of an application.
Programme Duration
Duration: 18 months (for both structured learning route and self-study route)
Semesters available:
- January to April with the assessment in May;
or
- July to October with the assessment in November.
Programme Fee
|
|
Structured Learning Route
|
Self-Study Route
|
| One-time Application Fee1* |
SGD$ 100 |
SGD$ 100 |
Annual Candidature Fee*
(Payable on 1st January) |
SGD$ 100 |
SGD$ 100 |
|
Programme Fee:
M1 to M4
|
SGD$ 3,000 per module |
SGD$ 1,000 per module |
| Capstone |
SGD$ 6,000 |
SGD$ 2,000 |
| Total Programme Fee |
SGD$ 18,000 |
SGD$ 6,000 |
|
Re-Assessment Fee
M1 to M4
|
SGD$ 200 per attempt |
SGD$ 200 per attempt |
| Capstone |
SGD$ 400 per attempt |
SGD$ 400 per attempt |
| All fees quoted above are in Singapore Dollars (SGD) excluding 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.
*. The fees are non-refundable.
Funding Support
SkillsFuture Funding
Structured Learning Route
| |
Fees per Module
(BEFORE funding & GST) |
Fees per Module
(AFTER funding & 8% GST) |
|
FUNDING FOR M1 TO M4
|
|
|
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding |
SGD$ 3,000 |
SGD$ 972 |
Singapore Citizens (aged 40 and above)
MCES1 - up to 90% |
SGD$ 3,000 |
SGD$ 372 |
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90% |
SGD$ 3,000 |
SGD$ 372 |
| International Participants |
SGD$ 3,000 |
SGD$ 3,240 |
| |
|
|
FUNDING FOR CAPSTONE
|
|
|
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding |
SGD$ 6,000
|
SGD$ 1,944 |
Singapore Citizens (aged 40 and above)
MCES1 - up to 90% |
SGD$ 6,000
|
SGD$ 744 |
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90% |
SGD$ 6,000
|
SGD$ 744 |
| International Participants |
SGD$ 6,000
|
SGD$ 6,480 |
Self-study Route
|
|
Fees per Module
(BEFORE funding & GST) |
Fees per Module
(AFTER funding & 8% GST) |
| FUNDING FOR M1 TO M4 |
|
|
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding |
SGD$ 1,000 |
SGD$ 324
|
Singapore Citizens (aged 40 and above)
MCES1 - up to 90% |
SGD$ 1,000 |
SGD$ 124 |
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90% |
SGD$ 1,000 |
SGD$ 124 |
| International Participants |
SGD$ 1,000 |
SGD$ 1,080 |
| |
|
FUNDING FOR CAPSTONE
|
|
|
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding |
SGD$ 2,000 |
SGD$ 648
|
Singapore Citizens (aged 40 and above)
MCES1 - up to 90% |
SGD$ 2,000 |
SGD$ 248 |
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90% |
SGD$ 2,000 |
SGD$ 248 |
| International Participants |
SGD$ 2,000 |
SGD$ 2,160 |
Funding is subject to Skillsfuture Singapore (SSG)’s approval.
Participants do not need to contact SkillsFuture to seek funding prior to course registration. NTU will facilitate the paperwork for both self and company-sponsored participants. Participants will be invoiced the net amount after funding and GST.
SkillsFuture Credit
On top of the above funding, Singapore Citizens, aged 25 and above and self-sponsored may use their SkillsFuture Credit to defray part of the net course fee. Participants do not need to contact SkillsFuture for funding prior to course registration. NTU will facilitate the funding paperwork for both self and company-sponsored participants. Participants will be invoiced the net amount after funding and GST.
Funding Requirements:
- Participant must achieve at least 75% attendance for the programme.
- Participant must complete and pass all assignments / assessments as assigned by the trainer.
Programme Schedule
| Intake 17 (Structured Learning Route) |
| M1 |
M2 |
Assessment |
| 17 August 2024 (Full Day) |
5 October 2024 (Half Day) |
16 Nov 2024 |
| 31 August 2024 (Full Day) |
12 October 2024 (Half Day) |
| 21 September 2024 (Half Day) |
19 October 2024 (Half Day) |
| |
26 October 2024 (Half Day) |
| Intake 16 (Structured Learning Route) |
| M1 |
M2 |
Assessment |
| 17 February 2024 (Full Day) |
16 March 2024 (Half Day) |
18 May 2024 |
| 2 March 2024 (Full Day) |
23 March 2024 (Half Day) |
| 9 March 2024 (Half Day) |
6 April 2024 (Half Day) |
| |
13 April 2024 (Half Day) |
Classes are conducted on Saturdays in a classroom unless otherwise stated.
Half-day session: 9am - 1pm
Full day session: 9am - 5pm
At least 75% classroom attendance is required to fulfil the condition of Skillsfuture funding.
Venue
NTU@one-north, Executive Centre or Suntec Singapore Convention & Exhibition Centre
IVAS and NTU reserve the right to change the date, venue and mode of delivery due to unforeseen circumstances or prevailing government advisory.
| Intake 17 (Self-Study Learning Route) |
| Module |
Conference Session |
Assessment |
| 1 |
11 September 2024 (8pm to 9pm) |
16 Nov 2024 |
| 25 September 2024 (8pm to 9pm) |
| 2 |
9 October 2024 (8pm to 9pm) |
| 23 October 2024 (8pm to 9pm) |
| Intake 16 (Self-Study Learning Route) |
| Module |
Conference Session |
Assessment |
| 1 |
13 March 2024 (8pm to 9pm) |
18 May 2024 |
| 27 March 2024 (8pm to 9pm) |
| 2 |
2 April 2024 (8pm to 9pm) |
| 17 April 2024 (8pm to 9pm) |
Apply Now
Application is now open for both structured and self-study routes.
Acceptance will be based on the applicant’s eligibility, and not payment of fees.
Click here to apply.
Deferrment and Withdrawal from the Programme
CVA Examination Deferment Guidelines
Candidates are strongly encouraged to complete the programme within 3 years from the date of enrolment. An examination deferment request can be made at any point of the CVA Programme, but it is subject to approval. Refer to the Guidelines for Examination Deferment (PDF, 281KB) to defer an examination.
Deferment of Classes / Lessons
Candidates who need to defer a class or lesson may contact CVA@ntu.edu.sg for advice to do so.
CVA Programme Withdrawal Guidelines
Candidates who wish to withdraw from the CVA Programme need to submit a request to do so at CVA@ntu.edu.sg. Once the request is approved, the participant will no longer be part of the CVA Programme and all existing records will be removed.
Should a withdrawn candidate wish to return to the CVA Programme, a fresh application needs to be made to take the programme, and the candidate will start from the beginning of the programme at Module 1.
FAQs
A. Programme & Certification
What certificate/s will be issued to me upon successful completion of the CVA Programme?
- Certificate of Completion
Candidates will be issued a jointly branded (IVAS and NTU ) Certificate of Completion upon passing all CVA Programme examinations. They will also be designated as Associate CVA, and will be eligible to apply for the CVA Charter designation having met all other criteria.
- e-Statement of Attainment (SOA)
Candidates will also receive the e-Statement of Attainment (SOA) certificates for online tests passed for each Module, as of July 2022.
How many modules can I take simultaneously, and can I take the modules in a sequence of my choice?
You can take a maximum of 2 modules simultaneously, ie, M1 together with M2, or M3 together with M4. However, M1 and M2 must be completed before progressing to M3 and M4. Should you wish to take modules one at a time, you can take M1 and M2 in a sequence of your choice, before proceeding to take M3 and M4, also in any order. Modules M1 to M4 have to be completed before embarking on the Capstone module.
Are exemptions from CVA modules offered for having attained other related qualifications such as the Chartered Financial Analyst (CFA)?
The programme does not offer any exemptions. Participants have to complete all five modules.
Is there a difference between the Structured-Learning and Self-Study materials?
No. Both Structured-Learning and Self-Study participants will receive the same course e-book and online exercises.
Can I switch from Self-Study to Structured-Learning and vice-versa during the programme?
Participants may switch from the Self-Study route to the Structured-Learning route, subject to the availability of classes. However, do note that once you have changed to the Structured-Learning route, you will not be able to switch back to the Self-Study route.
Is the Chartered Valuer and Appraiser (CVA) designation recognised?
The Chartered Valuer and Appraiser designation title is the national certification qualification for the Business Valuation profession in Singapore. The Institute of Valuers and Appraisers, Singapore (IVAS) ensures that the professional standards of participants who undertake the programme are on par with the international standards set by the International Valuation Standards Council (IVSC).
Does passing the exams of all five modules guarantee me the CVA designation?
On completion of the five modules and accumulation of the relevant working experience, the participant can apply for certification to IVAS. The applicant will be conferred the CVA designation if all certification criteria are met. For more information on the certification criteria, click on the CVA Charter tab.
Can foreigners sign up for the CVA programme?
The CVA programme is open to all nationalities. The exams for all 5 modules will be offered in Singapore. As this is a part-time programme, no student visa will be issued for participants who are enrolled and wish to take the exams in Singapore.
B. Examinations
What is the duration and format of the exam?
For M1 to M4, exams are one and a half (1.5) hours long and questions are in the multiple-choice format. For the Capstone module, the exam will be case study based and further details will be shared in due course.
If I fail my exam, when is the re‐assessment?
There are 2 exams a year, usually in May and November. Participants are encouraged to register for the next available examination for re-assessment. The exam fee is SGD$ 200 per module, excluding Goods & Service Tax (GST). If you are in the Structured-Learning route, you will not be required to attend classes again. As such, you will be grouped with the next cohort of Self-Study candidates for academic support.
C. Fees
Are there any alumni, corporate discounts or scholarships for this programme?
There are no further discounts or scholarships for this programme.
D. Funding
How do I apply for SkillsFuture (SSG) funding?
You do not need to apply for SkillsFuture funding on your own. If you are eligible, NTU will apply on your behalf after you have registered for the CVA programme.
What is the difference between SkillsFuture Credit and SkillsFuture Funding?
SkillsFuture Credit can be used to offset the net course fee (i.e., the balance of 10% or 30% of the course fee) payable after the use of the SkillsFuture funding of 70% or 90% of the course fee.
How do I apply for SkillsFuture Credit?
Self-sponsored Singapore Citizens, aged 25 and above, may use their SkillsFuture Credit to defray part of the net course fee. The SkillsFuture Credit claims may be made through MySkillsFuture.sg by submitting the invoice from NTU.
For more detailed information, please visit the Programme Fee and Funding Support sections.
Industry Endorsement
The Chartered Valuer and Appraiser programme is currently supported by 16 industry partners.
- Ardent Associates LLP
- Baker Tilly TFW
- BDO LLP
- Deloitte Singapore
- Duff & Phelps
- 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
“The Chartered Valuer and Appraiser programme is designed to hone the skillsets of individuals with an interest in valuing businesses and securities and will provide participants with the fundamental building blocks on the technical aspects of valuation. More importantly, the programme represents a key step towards moulding a community of like-minded persons who are devoted to a lifetime of learning and collaboration on the art and craft of valuation.”
Mr Mah Kah Loon, EY Asia-Pacific Deal Origination Partner, Ernst & Young Solutions LLP; CEO, Ernst & Young Corporate Finance Pte. Ltd
“The Chartered Valuer and Appraiser programme provides a formal and structured professional development pathway for Business Valuers and over time, this will raise the bar for the level of proficiency and competencies amongst professionals working in the Accountancy Sector. Business Valuation will be an important area of growth in our region and Deloitte is delighted to support the Chartered Valuer and Appraiser programme.”
Mr Keoy Soo Earn, Regional Managing Partner, SEA Financial Advisory, Deloitte
“The Business Valuation profession is driven by intellectual capital. Historically, there has been very little structured formal training available for Business Valuers. The Chartered Valuer and Appraiser programme is highly relevant for professionals involved in valuations as it equips them with the right skill set, knowledge and competencies to deliver distinctive value proposition. That is why Duff & Phelps works closely with IVAS as we strongly support their efforts to expand and deepen the pool of Business Valuation professionals.”
Ms Srividya Gopalakrishnan, Managing director and Southeast Asia Leader, Valuation Advisory Services practice, Duff & Phelps
“The legal profession regularly taps on valuers as expert witnesses for litigation and arbitration cases heard in Singapore. The launch of the Chartered Valuer and Appraiser programme by IVAS is timely as it will enable legal practitioners and their clients to assess the competency of expert witnesses. I believe this could be a significant enhancement to our dispute resolution processes. Over time, I am confident that the programme and the accompanying certification will raise the standards for the quality, professionalism and ethics in business valuation.”
Ms Rachel Eng, Managing Director, Eng and Co. LLC
Testimonials
"The Chartered Valuer and Appraiser Programme has equipped me with the specialised knowledge and constructive methodologies for a firm foundation on business valuation. Through the CVA programme, I have not only acquired a deep understanding of the business and financial valuation process, but also built up my confidence in using this process to make better informed business decisions."
Gail Shan
Portfolio Management Director
Iron Lotus Advisory
“The CVA programme has enriched my understanding of valuation issues. The breadth of topics covered in the programme only underscores the importance of valuation in the corporate business environment. It also enabled me to build wide contacts with like-minded professionals and different practising leaders who teach in the programme."
Nicholas Cheong
Valuation Director
Fairfield Capital Advisory
Contact Us
Ms. Rae Wong
Manager
Professional & Qualifications Development
Accounting Corporate and Regulatory Authority
Email: cvaprog@acra.gov.sg
Ms. Jessica Leong
Deputy Director
Nanyang Executive Programme, Nanyang Business School
Email: jessicaleong@ntu.edu.sg