Institute of Valuers and Appraisers, Singapore

Business Valuers come from a variety of backgrounds and industry sectors. You will benefit from the Chartered Valuer and Appraiser programme if:

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: 
 

Syllabus

Please download the CVA Programme Body of Knowledge here.

Module 1: Introductory Valuation and Ethics

Exemption for Singapore Chartered Accountant (CA) Qualification Candidates

Singapore Chartered Accountant (CA) Qualification candidates who have passed the Business Value, Governance and Risk (BG) module from December 2022, will be offered exemption from taking Module 1 of the CVA Programme. 
 

For more information, please contact us at cvaprog@sac.gov.sg.

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. 

^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
 

Self-study Route
 

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} 

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.

Application is now open for both structured and self-study routes.

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

Click here to apply.

CVA Examination Deferment Guidelines (From 1 August 2022)

Candidates are strongly encouraged to complete the programme within 3 years from the date of enrolment. An examination deferment request can be made at any point of the CVA Programme, but it is subject to approval. Refer to the Guidelines for Examination Deferment to defer an examination. 

Deferment of Classes / Lessons 

Candidates who need to defer a class or lesson may contact CVA@ntu.edu.sg for advice to do so. 

CVA Programme Withdrawal Guidelines (From 1 August 2022)

Candidates who wish to withdraw from the CVA Programme need to submit a request to do so at CVA@ntu.edu.sg. Once the request is approved, the participant will no longer be part of the CVA Programme and all existing records will be removed.

Should a withdrawn candidate wish to return to the CVA Programme, a fresh application needs to be made to take the programme, and the candidate will start from the beginning of the programme at Module 1. 
 

A. Programme & Certification 
 

What certificate/s will be issued to me upon successful completion of the CVA Programme?

• Certificate of Completion

Candidates will be issued a jointly branded (IVAS and NTU ) Certificate of Completion upon passing all CVA Programme examinations. They will also be designated as Associate CVA, and will be eligible to apply for the CVA Charter designation having met all other criteria.     
 

• e-Statement of Attainment (SOA)

Candidates will also receive the e-Statement of Attainment (SOA) certificates for online tests passed for each Module, as of July 2022. 

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).  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
 

To become a CVA holder, an individual must have:

1. Completed the Chartered Valuer and Appraiser (CVA) Programme; and,
2. Accumulated a minimum of 3 years of suitable experience, comprising Core Valuation Experience and Non-Core Valuation Experience, obtained within a 4-year period from the date of application.

Core Valuation Experience

At least 1.5 years of the required minimum of 3 years of relevant experience required to become a CVA Charter holder should be Core Valuation Experience. This is experience in Business Valuation, Corporate Finance and Litigation Support, where a conclusion of value related to a business, business interest, intangible property or losses is reached or rendered. This should comprise significant responsibility in any of these areas:  

• activities which are involved in the provision of value conclusions; 
   
• activities in connection with financial litigation support and the quantification of economic losses; 
   
• activities in an investment capacity including, but not limited to preparation of analysts’ reports and studies and investment analysis; 
   
• acting as business broker to the extent that it involves activities such as pricing, negotiating, and reviewing bids and proposals; 
   
• corporate finance advisory activities, to the extent that time is spent in the process of pricing, negotiation or structuring.

Non-Core Valuation Experience

Having fulfilled at least 1.5 years of Core Experience, the  balance of the minimum of 3 years of experience required can be Non-Core Valuation experience. These activities are consistent with business valuation and   include any of the following: 

• Financial, commercial and tax due diligence 
   
• Transfer pricing for intangible assets 
   
• Forensic accounting 
   
• Financial reporting 
   
• Auditing of financial statements
   
• Demonstration of substantial knowledge of Business Valuation theory, methodologies, and practices through teaching university or professional development courses covering at least one-third of the content in the Chartered Valuer and Appraiser programme’s Body of Knowledge and having published works on the subject.

Application Period

• 1st Application Window: 1 January - 15 April
• 2nd Application Window: 1 July - 15 September

Evaluation of applications will take place 8 to 12 weeks after the closing date if complete information is provided in the application.  During this time, IVAS may request for additional information.     

Application Form

Submit the application form to ivas@sac.gov.sg.  

Download the 'IVAS Disciplinary Rule Book' which governs CVA Charter holders.

IVAS reserves the right not to disclose the reasons for approving or rejecting any application. 

CVA Endorsers

You may seek support from IVAS (ivas@sac.gov.sg) to connect to a CVA Charter Holder to endorse your application should you find it difficult to identify one. 

Do submit your request in writing with the completed application form, including detailed information on your core valuation experience. The CVA Endorser may request more information through sanitised valuation reports; and an interview to better evaluate your suitability as a CVA Charter Holder. Connection to a CVA Endorser does not guarantee an endorsement.  

The annual certification fee is  S$ 400 (excluding GST).

CVA Charter holders are committed to:

1. Fulfil 20 Continuing Professional Development (CPD) hours annually

2. Adhere to the International Valuation Standards 

3. Adhere to the Code of Ethical Principles for Professional Valuers 

4. Comply with the rules in the IVAS Disciplinary Rulebook.

CVA Charter holders are required to uphold high standards of business valuation. They have agreed to comply with the Code of Ethical Principles for Professional Valuers by the Institute of Valuers and Appraisers (IVAS); and the International Valuation Standards set by the International Valuation Standards Council (IVSC). They are required to comply with the rules in the IVAS Disciplinary Rulebook.
 

Reporting a Complaint

If you believe that a CVA Charter holder did not comply with the IVAS Code of Ethical Principles for Professional Valuers and/or the IVSC International Valuation Standards, you may make a complaint against the CVA Charter holder. The list of CVA Charter holders is here.
 

Before you make a complaint, please note:

•  Complaints can be filed against individual CVA Charter holders, not against companies or employers of CVA Charter holders. 

•  IVAS will not handle fee disputes as business valuation is not regulated in Singapore.

•  IVAS cannot award damages or restitution.    

•  There should be an attempt to resolve the issue with the CVA Charter holder before complaint is lodged with IVAS.
 

When making a complaint, please note:

•  Your complaint should be on issues that occurred after the launch of the IVAS Disciplinary Framework on 25 Jun 2020 and within 6 years of this complaint. 

•  IVAS does not accept anonymous complaints. All fields in the Complaint Form need to be completed and the form signed. Your complaint will be acknowledged. You may be requested by the Investigations Panel to provide more information, in the form of relevant supporting documents.

•  IVAS reserves the right to accept your complaint and proceed with the investigation.

•  The complainant will be made aware of your complaint, and all relevant supporting documents provided by you, and reserves the right to defend himself/herself.

•  Please inform IVAS if you believe that a criminal offence has been committed and a police report has been made. 
 

Complaint Process

1.  Email your Complaint Form and all relevant supporting documents to ivas@sac.gov.sg.

2.  You will receive an email acknowledgement of your complaint within 1 working week.

3.  You may be requested to provide more information in the form of relevant supporting documents.

4.  The duration of the investigation depends on the complexity the complaint.

5.  The outcome of the investigation will be published on the SAC website.

6.  IVAS’ decision on the investigation is final.
 

CVA Charter holders are required to fulfil a minimum of 20 hours of CPD per year, with 10 CPD hours related to Core Valuation Practice Areas, using the CPD Framework.
 

Core Valuation Practice Areas
A minimum of 10 CPD hours must be spent in any of the following Core Valuation Practice Areas:

• Provision of value conclusions
• Quantification of economic losses in the context of financial litigation support
• Investment analysis and investment management
• Business brokering (e.g. pricing, negotiation, reviewing of bids and proposals)
• Corporate finance advisory (e.g. pricing, negotiation, and structuring)

CVA Charter holders must declare their CPD compliance status, alongside the payment of the annual certification fee, for the annual renewal of CVA certification. Submit your CPD records for the period, 1 April – 31 March using the Certification Renewal Form.

IVAS conducts a random sampling audit of CPD fulfilment annually. 

CVA Charter holders may request for an extension to comply with the CPD requirements under exceptional circumstances that have made it difficult to meet the CPD requirements. These include: 
 

• Long term or critical medical conditions
• Unemployment due to career break
• Maternity/Paternity Leave 

Submit your request by end February to ivas@sac.gov.sg.

The grant of extension is subject to IVAS’ approval. 

Practice Guides help BV professionals maintain the highest standard of delivery. They also provide stakeholders and regulators information on key developments in the profession, and expectations of CVAs. 

The table below shows the various types of Practice Guides: 

Practice Note

Guidance Note

Bulletin