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


The Chartered Valuer and Appraiser programme comprises 3 levels. Participants need to pass each level to proceed to the next level to ensure that the desired learning outcomes are achieved.


Level 1: Learning Outcomes

An introduction to the standards, terminologies, principles and process in carrying out a Business Valuation exercise. Participants will get insights into the collection and analysis of both quantitative and qualitative information.

Participants will also understand best practices in preparing and forecasting financial information.

Module 1: Introductory Business Valuation
This module provides the underpinning knowledge for every Business Valuation exercise. Topics include:

  • Code of ethical principles
  • Valuation standards
  • Concept of value
  • Valuation terminologies
  • Standard and premise of value
  • Valuation context
  • Valuation principles
  • Valuation process
  • Valuation report contents
  • Information collection and analysis (qualitative and quantitative)
  • Best practices in preparing prospective financial information

Module 2: Law and Valuation
How is a Business Valuation exercise conducted within the legal and regulatory environment? This module covers:

  • 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


Level 2: Learning Outcomes

Participants will learn the conceptual framework, the valuation process for various approaches, and practical insights and methodologies used in estimating the value of businesses and intangible assets.

In addition, participants will understand purchase price allocation exercise, and be able to perform impairment testing of goodwill and intangible assets in accordance with financial reporting standards.

Module 3: 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

Module 4: Business 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 valuer in the financial reporting environment
  • Purchase price allocation
  • Impairment testing
  • Valuation of intangible assets.


Level 3: Learning Outcomes

Participants will learn how to apply the concepts, methodologies and approaches taught in the previous two levels.  Participants will also understand the professional expectations of a valuer, and practice standards to adhere to for a career in Business Valuation.

Module 5: Applied Business Valuation
This module blends theory and practice to the application of Business Valuation. A practical orientation will be adopted with a focus on:

  • Valuation of entities
  • Valuation of the difference stages of a company
  • Valuation of specific assets and industries
  • Valuation in frontier markets.

Module 6: Business Valuation Case Study
This module covers the ethics, professionalism, practice standards and skills expected of a valuer. A case study will be given to the candidates to assess their skills in valuation report writing.


For the full curriculum, click on Body of Knowledge.

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;
  • 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 at least 2 months before the exam date or the start date of classes.  

  Structured Learning Route Self-Study Route
One-time Application Fee1* S$ 100 S$ 100
Annual Candidature Fee*
(Payable on 1st January)
S$ 100 S$ 100
Programme Fee

S$ 18,000 for all 3 levels

(S$ 6,000 per level)

S$ 6,000 for all 3 levels

(S$ 2,000 per level)

Re-Assessment Fee S$ 400
(attempt per level)
S$ 400
(attempt per level)
  All fees do not include 7% 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.

SkillsFuture Funding

Structured Learning Route


(aged 21 to 39)

Course Fee Grant
Up to 70%

(aged 40 & above)

MCES1 - Up to 90%


ETSS2- Up to 90%


Full Programme Fee
(per level)

6,000 6,000 6,000 6,000

SSG Funding 70%

4,200 4,200 4,200 --

Fee after Grant of 70%
(before GST)

1,800 1,800 1,800 --

7% GST

126 126 126 420

Additional Funding

-- 1,200 1,200 --

(after funding & GST)

1,926 726 726 6,420


Self-study Route


(aged 21 to 39)

Course Fee Grant
Up to 70%

(aged 40 & above)

MCES1 - Up to 90%


ETSS2- Up to 90%


Full Programme Fee
(per level)

2,000 2,000 2,000 2,000

SSG Funding 70%

1,400 1,400 1,400 --

Fee after Grant of 70%
(before GST)

600 600 600 --

7% GST

42 42 42 140

Additional Funding

-- 400 400 --

(after funding & GST)

642 242 242 2140


NTU will manage the paperwork for both self-sponsored and company-sponsored participants so there is no need to contact SkillsFuture or SkillsConnect for funding. Participants will receive an invoice with the net amount payable after funding and GST. Funding is subject to confirmation by SkillsFuture Singapore.

SkillsFuture Study Awards

Self-sponsored Singapore Citizens who are not receiving SkillsFuture Singapore (SSG) funding may apply for the SkillsFuture Study Award, provided the candidate is taking all three levels of the programme under Structured Route.  Find out more about the eligibility criteria and application process here


SkillsFuture Credit

Self-sponsored Singapore Citizens aged 25 and above may use their SkillsFuture Credit to defray part of the course fee. Find out more about SkillsFuture Credit here, and submit your SkillsFuture Credit claims at


1. Under the SkillsFuture Mid-career Enhanced Subsidy (MCES) Scheme 

2. Under the Enhanced Training Support for Small & Medium Enterprises (ETSS) Scheme 


INTAKE 11 (Structured Learning Route)
Module 1 Module 2 Assessment
14 August 2021 (Full day) 11 September 2021 (AM) 20 November 2021 
21 August 2021 (Full day) 25 September 2021 (AM)
4 September 2021 (AM) 9 October 2021 (AM)
16 October 2021 (AM) 


Classes are conducted on Saturdays in a classroom unless otherwise stated.

Full day session: 9am - 5pm

Half-day session: 9am - 1pm


NTU@one-north, Executive Centre
11 Slim Barracks Rise (off North Buona Vista Road), Singapore 138664
MRT: Buona Vista Station (Exit D)


IVAS and Nanyang Executive Education (NTU) reserves the right to change the date, venue and programme due to unforeseen circumstances. 

Application Dates

Structured Route -  4 May - 25 July 2021
Self-study Route -  4 May - 10 September 2021

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

Click here to apply.

A. Programme & Certification 

Can I do more than one level simultaneously, and complete the levels in a sequence of my choice?

Participants need to take one level at a time, progressing from Level 1 to Level 3, sequentially. 

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 6 modules. 

Is there any difference in study materials between the self-study and structured-learning routes? 

Both self-study and structured-learning participants will receive the same course e-book and online exercises. For self-study participants, there will be two additional webinars per module for  them to interact with the lecturers. These webinars are not recorded lectures of the structured-learning route. 

Can I switch from self-study to structured learning and vice-versa after completing a level? 

Participants may switch from the self-study route to the structured-learning route.  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 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 three levels guarantee me the ‘Chartered Valuer and Appraiser’ certification? 

On completion of the three levels of the CVA programme and accumulation of the relevant working experience, the participant can apply for certification to IVAS. The applicant will be conferred the Chartered Valuer and Appraiser designation if certification criteria are met. For more information on the certification criteria, go to the CVA Charter tab. 

Can foreigners sign up for the Chartered Valuer and Appraiser programme?

The Chartered Valuer and Appraiser programme is open to all nationalities. However, the examinations for all 3 levels will only be offered in Singapore. As this is a part-time programme, no student visa will be issued for participants who are enrolled.

B. Examinations

What is the duration and format of the exam? 

For Levels 1 and 2, exams are three hours long and questions are in the multiple-choice format. For Level 3, the exam consists of two three-hour papers in the form of open-ended questions. 


If I fail my exam, when is the re‐assessment? 

A. There are two exams a year, usually in May and November. If you need a re-assessment, you can register to take the next exam six months later at a fee of $ 400 (excluding GST). You will be grouped together with the next cohort of self-study route candidates and get the same academic support. However, you will not be able to attend the lessons again for the re-assessment, even if you had been on the structured route. 

C. Fees & Funding

How do I check my eligibility for SkillsFuture Singapore (SSG) funding?  

The table below provides the criteria for SkillsFuture Funding:

Criteria Funding
Singapore Citizens / PR
(aged 21 to 39)
70% Course Grant
Singapore Citizens (aged 40 and above) 90% Course Grant under the Mid-career Enhanced Subsidy (MCES) Scheme
SME sponsored Singapore Citizens / PR Sponsoring SME eligible for 90% Course Grant under the Enhanced Training Support Scheme (ETSS)

How do I apply for 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. 

Is SkillsFuture Credit different from the SkillsFuture Funding?

Yes, they are different. 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 by submitting the invoice from NTU. 

Can the SkillsFuture Funding and the SkillsFuture Credit be used to offset the application fee and the annual candidature fee? 

There is no funding support for the application and annual candidature fees. The SkillsFuture Funding and the SkillsFuture Credit can only be used to defray the course fee. Please see the summary table below: 

Fees Structured Learning Route Self-Study Route Funding Support
Application Fee S$ 100 S$ 100 Nil
Annual Candidature Fee S$ 100 S$ 100 Nil
Course Fee S$ 18,000 for all 3 levels

(S$ 6,000 per level)
S$ 6,000 for all 3 levels

(S$ 2,000 per level

- SkillsFuture Funding

- SkillsFuture Study Awards

- SkillsFuture Credit

For more detailed information, please visit the Programme Fee and Funding Support sections.

Are there any alumni, corporate discounts or scholarships for this programme? 

There are no further discounts or scholarships for this programme.


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

  • Accounting and Corporate Regulatory Authority
  • Ardent Associates LLP
  • Baker Tilly TFW
  • Deloitte Singapore
  • Duff & Phelps
  • Ernst & Young Solutions LLP
  • Foo Kon Tan LLP
  • IPOS International
  • KPMG
  • Mazars Singapore
  • Moore Stephens LLP
  • Nexia TS
  • 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

Mr. Nick Leong
Senior Associate Director, Industry Development
Singapore Accountancy Commission


Ms. Jessica Leong
Senior Assistant Director
Nanyang Executive Programme, Nanyang Business School