CVA Certified Valuation Analyst (NACVA) Practice Test

140 questions available

NACVA business valuation certification for CPAs covering business enterprise valuation, equity valuation, and intangible asset assessment methodology. Administered by National Association of Certified Valuators and Analysts. Key domains include VALUATION APPROACHES, COST OF CAPITAL CONCEPTS AND METHODOLOGY, AND OTHER PRICING MODELS, QUANTITATIVE ANALYSIS and DISCOUNTS, PREMIUMS, AND OTHER ADJUSTMENTS.

Certification exam

400 Exam questions

5 hours Time Limit

Practice bank

140 Practice Questions

2 hours 20 minutes Practice Time

Start Practice

The bank 140 Practice questions checked against the official objectives.

Official objectives from National Association of Certified Valuators and Analysts

qf-import140 practice questionsBlueprint 1.0Bank updated 2026-05-08

Sample Questions

Try a few questions to see what the full exam is like.

Income Approach (DCF, Cap of Earnings)

A valuator applies a public-company WACC to a small private firm without size or company-risk analysis. What is the best critique?

Market Approach (GPCM, GTM)

A CVA uses the median multiple from five guideline companies even though one company is distressed and one is a high-growth outlier. What should the analyst do?

SPECIAL PURPOSE VALUATION

A debt instrument carries a below-market coupon and deteriorated credit. How should fair value be estimated?

Valuation Theory and Methodology

A strategic buyer expects $2 million of unique annual synergies from combining a target with its own operations. For an estate-tax FMV valuation, how should those synergies generally be treated?

Asset Approach (ABV, Excess Earnings)

An adjusted net asset value indicates $9 million and DCF indicates $4 million for a company with chronically poor returns. What should reconciliation consider?

Why This Certification Opens Doors

In the real world, business valuations are critical for transactions (M&A, sales), litigation support (divorce, shareholder disputes), tax compliance (estate and gift taxes), and strategic planning. An inaccurate or poorly supported valuation can lead to failed deals, costly legal challenges, or regulatory penalties. The CVA exam ensures practitioners possess the rigorous, standardized knowledge required to produce valuations that withstand scrutiny from courts, the IRS, investors, and other stakeholders, directly impacting financial outcomes and professional reputation.

Exam Blueprint

Each domain is weighted to match the real certification exam, so a full practice simulation predicts your result.

01VALUATION APPROACHES

28%

02COST OF CAPITAL CONCEPTS AND METHODOLOGY, AND OTHER PRICING MODELS

17-18%

03QUANTITATIVE ANALYSIS

15-16%

04DISCOUNTS, PREMIUMS, AND OTHER ADJUSTMENTS

13%

05QUALITATIVE ANALYSIS

06SPECIAL PURPOSE VALUATION

5-6%

07PROFESSIONAL RESPONSIBILITIES AND STANDARDS

4-5%

08OVERVIEW

09ENGAGEMENT ACCEPTANCE AND PLANNING

Exam Details NACVA-CVA | 5 hours

Exam Code NACVA-CVA

Vendor qf-import

Time Limit 5 hours

Exam questions 400

Question Types Multiple choice (100%), Scenario-based (75%)

Frequently Asked Questions

What are the prerequisites to sit for the CVA exam?

Candidates must hold an active CPA license, a business degree (MBA or higher) from an accredited institution, or demonstrate equivalent experience/education. All candidates must also complete a NACVA-approved training program in business valuation.

Is the exam more theoretical or practical?

It is heavily application-based. While a firm grasp of theory is essential, the exam focuses on applying valuation methodologies to case studies and practical problems, testing your ability to analyze data, make professional judgments, and arrive at supportable conclusions.

How should I prepare if I don't perform valuations daily?

Leverage the NACVA training materials and study guides thoroughly. Focus on completing all practice problems and case studies. Consider forming a study group with other candidates to discuss concepts and applications. The key is active practice, not just passive reading.

What is the format of the exam?

The exam typically consists of multiple-choice questions and comprehensive case studies that require written analysis and calculations. It is a proctored, timed examination designed to test both knowledge and competency under conditions that simulate professional demands.

How does the CVA differ from the ABV (Accredited in Business Valuation)?

Both are respected credentials. The CVA is offered by NACVA, while the ABV is offered by the AICPA. The core body of knowledge is similar, but the governing standards, required training, and exam focus can differ. The choice often depends on professional affiliation (CPA vs. broader financial community) and the specific industry recognition desired.

Don't see your exam? Create a practice exam from your own study material.

Try 5 free questions