CVA Exam Study Guide

Pass the CVA by knowing what NACVA actually tests — the standards and premises of value, normalization adjustments, the three approaches and when each controls, capitalization versus discount rates, CAPM, build-up and WACC, the restricted stock and pre-IPO studies, how DLOC and DLOM combine, and the S-corp tax-effecting debate.

CVA Exam Study Guide is a focused, fully offline companion for NACVA's Certified Valuation Analyst credential, organized exactly like the Core Body of Knowledge for Business Valuations — all nine sections, weighted the way the exam weights them — so you can drill the heavy sections hard and still cover every corner.

SIX WAYS TO STUDY
• Flashcards — tap to reveal, tagged by BOK section
• Multiple-choice questions set in real engagement scenarios, each with a worked explanation
• True/false drills built from the misconceptions that cost marks
• Term-matching game — pair key terms in rounds of five
• Searchable glossary of the valuation, statistics, and cost-of-capital vocabulary the exam assumes you know
• Formula reference — Gordon Growth, cap rate, CAPM, build-up, Hamada unlevering, WACC, pre-tax conversion, excess earnings, DLOC/DLOM combination — each with its variables and its trap

ALL NINE SECTIONS, EXAM-WEIGHTED
• Valuation Approaches (28%) — income, market and asset approaches: DCF and capitalization, Gordon Growth and terminal values, excess earnings, guideline companies and transactions, adjusted net assets, sanity checks and reconciliation
• Cost of Capital (17.5%) — CAPM, Modified CAPM and build-up, size and company-specific premia, beta unlevering, WACC, pre-tax conversion, Fama-French, APT and the Risk Rate Component Model
• Quantitative Analysis (15.5%) — financial statement analysis, normalization, statistics from coefficient of variation to regression, and defining the benefit stream
• Discounts, Premiums, and Other Adjustments (13%) — levels of value, DLOC and DLOM with the empirical studies behind them, control premiums, key person, blockage, subsequent events
• Qualitative Analysis (9%) — economic, industry and company analysis that actually moves the model
• Special Purpose Valuation (5.5%) — intangibles, debt and convertibles, preferred stock, options, personal versus enterprise goodwill, ASC 820 fair value, pass-through entities
• Plus Overview, Professional Responsibilities and Standards, and Engagement Acceptance and Planning — standards of value, ethics and independence, USPAP and SSVS, engagement letters and conflict checks

BUILT LIKE THE EXAM
The CVA exam is a five-hour proctored test of multiple-choice and true/false questions drawn from NACVA's Core Body of Knowledge. This app mirrors that structure: the same nine sections, the same emphasis, both question formats.

STUDY ANYWHERE
Everything works offline. No account, no sign-up, no ads, no data collection.

Start free with a preview of every mode. Unlock the full library with a weekly, monthly or annual subscription, or a one-time lifetime purchase — all four unlock identical content; duration is the only difference.

This app is an independent study aid and is not affiliated with, endorsed by, or sponsored by NACVA (the National Association of Certified Valuators and Analysts). CVA and NACVA are trademarks of their respective owner. This app is not the certification exam, does not confer the CVA designation, and provides exam study material only — not valuation, investment, legal, or tax advice.

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