Chartered Valuer & Appraiser (CVA) Programme

Join Asia's first professional business valuation certification programme, which is benchmarked to international standards.

Last updated 6 August 2026

About the programme

The CVA Programme is Asia's first business valuation certification programme benchmarked against international standards. It is designed for professionals looking to build or advance their career in business valuation.

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.

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 the 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

Programme details

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

Examples of suitable professionals

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

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 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:

Illustrative example

Module	Entry criteria	Notes
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	-

Module

Entry criteria

Notes

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

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

Module descriptions

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

Joining the programme

To be eligible for the CVA Programme, you must meet the following admission 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)

Application

Step 1: Apply for the CVA Programme

Complete your application as a CVA Programme candidate (opens in new tab).

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:

Designated periods

Examination date	Registration periods
14 November 2026	1 April 2026 to 14 September 2026
15 May 2027	1 October 2026 to 15 March 2027

Note: IVAS reserves the right to make the final decision on all applications and appeals.

Programme Fees

The following table outlines all fees associated with the CVA Programme, effective from 1 January 2026. These fees cover examination fees, module exemption fee and other associated fees.

CVA programme fee structure

Fee type	Details
Examination fees	Modules 1 to 4: $700 per module Capstone Module: $1,200
Module exemption fees	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

All fees quoted are in Singapore dollars (SGD) and are subject to the Goods and Services Tax (GST) and are non-refundable.

Preparatory course fees, if applicable, are charged separately by IVAS-appointed training partners and are not included in the above fees.

^1.Fee payment does not grant automatic entry into the CVA Programme. Acceptance will be based on applicant's eligibility.

Funding support

If you are a Singapore Citizen or Permanent Resident aged 21 and above and sitting for the examination in Singapore, you are eligible for a S$200 subsidy per module on your examination fees. The subsidy is applied automatically when you register for the examination.

Module exemption

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

Module exemption based on professional qualifications

Singapore Chartered Accountant Qualification (SCAQ)

If you are an SCAQ graduate who passed the Business Value, Governance and Risk (BG) Module from December 2022 onwards, you are eligible for 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 module exemption assessment. Applicants cannot apply directly and must work through their IHL to request exemptions. IHLs that receive accreditation for their programmes and approved module exemptions will be listed on this page.

For more information, contact us at cvaprog@acra.gov.sg (opens in new tab).

Preparatory courses for CVA Examinations

If you prefer additional preparatory training, optional preparatory courses are available through IVAS-appointed training partners in Singapore, India, Indonesia, Malaysia and Thailand.

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.
Please select your preparatory course provider based on your examination location.

List of IVAS-appointed training partners

Training Partners

For	IVAS-appointed training partners
Singapore-based candidates	Singapore Management University (SMU) More details: SMU Preparatory Course (Singapore) (opens in new tab)
Indonesia-based candidates	Singapore Management University (SMU) More details: SMU Preparatory Course (Jakarta) (opens in new tab)
Malaysia-based candidates	London School of Business and Finance (LSBF) More details: LSBF Preparatory Course (Kuala Lumpur) (opens in new tab)
Thailand-based candidates	Singapore Management University (SMU) More details: SMU Preparatory Course (Bangkok) (opens in new tab)
India-based candidates	London School of Business and Finance (LSBF) More details: LSBF Preparatory Course (New Delhi) (opens in new tab)

Supporting information

Deferment and withdrawal

CVA deferment and withdrawal

To	What you need to do
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, subject to approval. Please refer to the Guidelines for Examination Deferment (opens in new tab)for more information. Submit a deferment request online (opens in new tab).
Withdraw from the CVA Programme	Email your request to cvaprog@acra.gov.sg (opens in new tab). 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.

What you need to do

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, subject to approval. Please refer to the Guidelines for Examination Deferment (opens in new tab)for more information.

Submit a deferment request online (opens in new tab).

Withdraw from the CVA Programme

Email your request to cvaprog@acra.gov.sg (opens in new tab).

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.

Frequently asked questions (FAQs)

Find answers to frequently asked questions about the CVA Programme:

FAQs

Question	Answer
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.

Question

Answer

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.

Institute of Valuers and AppraisersSingapore
Email: CVAprog@acra.gov.sg (opens in new tab)

Industry endorsement

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

Baker Tilly Singapore
BDO LLP
CLA Global TS
Deloitte Singapore
EY Singapore
Foo Kon Tan LLP
Forvis Mazars Singapore
KPMG
Kroll
Moore Stephens LLP
PKF Singapore
PwC Singapore
RHT Atlas Pte Ltd
RSM Singapore

Testimonials

"The CVA has helped reinforce the practical and theoretical baseline that you need for running valuations regularly.

The basis within the IVS standards and the case studies of businesses in different industries and appraisals for different purposes has helped support me in any valuation challenge that I face in my day-to-day role."

- Alex Charles Bickerton Haigh, Managing Director at Asia Pacific Brand Finance

"In the constantly evolving financial landscape, staying ahead with the industry's best valuation practices is essential. Valuation challenges are unique and simply cannot be addressed with one-size-fits-all solutions.

The comprehensive yet concise curriculum of the CVA program was helpful in enabling me to provide tailored valuation advisory services that better meet my clients' needs."

- Maxine Ng, Manager at RSM Singapore, Corporate Advisory

"After many years in practice, one comes to appreciate that certifications and qualifications are not only about technical learning, but also about the professional communities they bring together. The CVA connects experienced practitioners across jurisdictions who share a commitment to high valuation standards and professional excellence.

Being part of that network adds depth to the way I approach complex valuation matters and support clients in their decision-making process."

- Andrew Heng, Group Managing Partner, Baker Tilly (Malaysia) and Chair of Asia Pacific Region, Baker Tilly

The CVA Designation is an important credential that reinforces my credibility as a valuation professional. In practice, it serves as a recognized benchmark that aligns my work with internationally accepted standards and expectations. It strengthens how my expertise is perceived by clients and stakeholders, signalling that my work meets the level of rigor required in global valuation engagements.

- Dimas Gunadi, CVA, Partner, Jakarta, PwC Indonesia

The CVA Programme plays a pivotal role in shaping well-rounded and competent valuation professionals. It provides a structured framework that strengthens technical expertise, analytical rigor, and adherence to global valuation standards. The programme equips professionals with the knowledge and discipline required to approach complex valuation assignments with clarity and objectivity.

- Rajeev R Shah, CVA, Managing Director and CEO, RBSA Advisors