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.  
 


 

  • 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. 
     

  • 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.
     

  • Wide Industry Endorsement

    It is supported by industry partners including regulators, professional bodies, and international accounting firms.
     

  • 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.
 

  • Funding Support Schemes Available

    SkillsFuture Singapore offers a variety of funding support schemes for employees of Small and Medium-Sized Enterprises (SMEs), Singapore Citizens and Permanent Residents.

 

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

 

On 1 January 2022, 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 new 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  

 

Transition for Existing Candidates

Existing candidates can ease into the new curriculum with little disruption. 
Find out more at: Transition to the New Curriculum

 

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. Concepts to be covered include the valuation of entities, different stages of a company, specific assets, industries and frontier markets. The module will examine the participant’s understanding and appreciation of the complete valuation engagement. It will be launched in Jan 2023, and further details will be provided in due course.

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. 

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.


Deferment or Withdrawal
Candidates are strongly encouraged to complete the programme within 3 years from the date of enrolment. A request for deferment can be made only once throughout the course of study, and this is subject to approval. 


The request for deferment or withdrawal must be submitted in writing to cvaprog@sac.gov.sg at least 2 months before the exam date or the start date of classes.  

  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) of 7%.


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.

SkillsFuture Funding
 

Structured Learning Route
 

  Fees per Module 
(BEFORE funding & GST)
Fees per Module 
(AFTER funding & GST)

FUNDING FOR M1 TO M4

   
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding
SGD$ 3,000 SGD$ 963
Singapore Citizens (aged 40 and above)
MCES1 - up to 90%
SGD$ 3,000 SGD$ 363
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90%
SGD$ 3,000 SGD$ 363
International Participants SGD$ 3,000 SGD$ 3,210
 

FUNDING FOR CAPSTONE

   
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding

SGD$ 6,000

SGD$ 1,926
Singapore Citizens (aged 40 and above)
MCES1 - up to 90%

SGD$ 6,000

SGD$ 726
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90%

SGD$ 6,000

SGD$ 726
International Participants

SGD$ 6,000

SGD$ 6,420



Self-study Route
 

 

Fees per Module 
(BEFORE funding & GST)
Fees per Module 
(AFTER funding & GST)
FUNDING FOR M1 TO M4    
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding
SGD$ 1,000 SGD$ 321
Singapore Citizens (aged 40 and above)
MCES1 - up to 90%
SGD$ 1,000 SGD$ 121
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90%
SGD$ 1,000 SGD$ 121
International Participants SGD$ 1,000 SGD$ 1,070
 

FUNDING FOR CAPSTONE

   
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding
SGD$ 2,000 SGD$ 642
Singapore Citizens (aged 40 and above)
MCES1 - up to 90%
SGD$ 2,000 SGD$ 242
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90%
SGD$ 2,000 SGD$ 242
International Participants SGD$ 2,000 SGD$ 2,140


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.

 


1. MCES: SkillsFuture Mid-career Enhanced Subsidy Scheme 

2. ETSS: Enhanced Training Support for Small & Medium Enterprises Scheme 


 

INTAKE 13 (Structured-Learning Route)
M1 M2 Assessment
13 August 2022 (Full day) 10 September 2022 (AM) 19 November 2022
20 August 2022 (Full day) 24 September 2022 (AM)
3 September 2022 (AM) 1 October 2022 (AM)
8 October 2022 (AM) 

 

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

Suntec Singapore Convention & Exhibition Centre or NTU@one-north, Executive Centre

IVAS and NTU reserve the right to change the date, venue and mode of delivery due to unforeseen circumstances or prevailing government advisory.

 

Self-Study Learning Route
 

 
Module 1
Deadline for Submission of Questions Conference Session 

Assessment (Exam)

14 September 2022 21 September 2022
(8pm-9pm)
19 November 2022
28 September 2022     5 October 2022
(8pm-9pm)

 

Module 2
Deadline for Submission of Questions Conference Session 

Assessment (Exam)

5 October 2022 12 October 2022 
(8pm-9pm)
19 November 2022
19 October 2022 26 October 2022 
(8pm-9pm)

 

 

 

Closing Dates

Structured Learning:  Application is open and will close on 15 July 2022
Self-study: Application is open and will close on 2 September 2022

Acceptance will be based on the applicant’s eligibility, and not payment of fees.

Click here to apply.

A. Programme & Certification 
 

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) of 7%.  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.
 

The Chartered Valuer and Appraiser programme is currently supported by 17 industry partners.

  • Accounting and Corporate Regulatory Authority
  • 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

Hear from Shao Kwan Kiat, Senior Director, Strategic Development at Jabil as he shares his experience going through the CVA Programme and the key learnings that will be useful to his job.


Other 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

Ms. Rae Wong
Manager, Professional & Qualifications Development
Singapore Accountancy Commission
Email: 
cvaprog@sac.gov.sg

 

Ms. Jessica Leong
Deputy Director
Nanyang Executive Programme, Nanyang Business School
Email: jessicaleong@ntu.edu.sg

 

 

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