IVAS and Scale

SAC set up the Institute of Valuers and Appraisers, Singapore (IVAS) to develop Singapore into a centre of excellence for Business Valuation.

IVAS’ initiatives seek to broaden the Business Valuation talent pool, deepen their expertise, and enhance their reputation in the region. In 2016, IVAS launched Asia's first professional Business Valuation certification, the Chartered Valuer and Appraiser programme. IVAS also develops competency frameworks, and promotes professional valuation standards. 

IVAS is a member of the International Valuation Standards Council (IVSC), the global standard setter for valuation.


Demand for Business Valuation

Business Valuation is the process of determining the value of businesses, securities and assets including financial, tangible and intangible assets. It is an area that is rapidly gaining prominence in Singapore and in Asia. The Singapore Government’s Committee on the Future Economy’s (CFE) Working Group on Legal and Accounting Services has identified Business Valuation as one of the nine high growth areas. Demand for Business Valuation services is coming from:

•    the rise in merger and acquisition (M&A) activities;

•    Singapore’s growth as a centre for litigation proceedings and arbitration;

•    growing importance of intellectual property in business; and,

•    the use of fair value measurement in the financial reporting framework. 

Need for Business Valuation services in the corporate environment

A wide range of professions would require Business Valuation expertise when handling work in areas such as Financial Reporting, Transactions, and Litigation and Arbitration. 

IVAS’s Role in the Landscape


The IVAS Council

The IVAS Council oversees all initiatives by IVAS and comprises industry practitioners from a wide variety of backgrounds, all dedicated to serving high standards of ethics and professionalism for Business Valuation standards in Singapore.


Mr Lie Kok Keong, CVA (Chairman)

Ms Sandy Foo
Rajah & Tann

Ms Selena Ling

Mr Andrew Ooi, CVA
Deloitte Southeast Asia

Mr Andre Toh, CVA
Ernst & Young Solutions LLP

Mr Christopher Tan, CVA
PwC Singapore

Mr Jamesy Laya, CVA
KPMG Singapore

Mr Henry Tan, CVA
Nexia TS

Mr Wayne Lee, CVA
W Capital

Mr Ashish R. McLaren, CVA

Mr Philip Fernandez

Ms Rena Lee
Intellectual Property Office of Singapore

Mr Evan Law 
Singapore Accountancy Commission

Mr Christopher Tan, CVA (Chairman)
PwC Singapore

Ms Chua Ai Leng
Ernst & Young Solutions LLP

Mr Mark Liew, CVA

Assoc Prof Peter Joos

Prof Low Buen Sin, CVA
Nanyang Technological University

Assoc Prof Patricia Tan
Nanyang Technological University

Assoc Prof Tong Yen Hee
Nanyang Technological University

Dr Lim Chu Yeong
Nanyang Technological University

Adj Assoc Prof Eric Teo, CVA
Nanyang Technological University

Ms Sandy Foo (Chairman)
Rajah & Tann

Ms Wong Bee Eng, CVA
Provenance Capital

Mr Ding Hock Chai, CVA
UOB Kay Hian

Ms Doreen Quek, CVA
RSM Corporate Advisory

Mr Shao Kwan Kiat, CVA


Mr Jamesy Laya, CVA (Chairman)
KPMG Singapore 

Mr Leonard Woo, CVA
Deloitte Southeast Asia

Ms Selena Ling 
OCBC Bank 

Ms Mary Jade T. Roxas-Divinagracia, CVA
PwC Philippines 

Ms Adeline Khoo, CVA
PwC Malaysia

Adj Assoc Prof Eric Teo, CVA
Nanyang Technological University

Mr Alex Tan, CVA

Mr Kelvin Song, CVA

Mr Andre Toh, CVA (Chairman)
Ernst & Young Solutions LLP

Mr Andrew Ooi, CVA (Deputy Chairman)
Deloitte Southeast Asia

Mr Terence Ang, CVA
RSM Corporate Advisory Pte Ltd

Mr Chay Yiowmin, CVA
Chay Corporate Advisory

Ms Josephine Hong, CVA

Mr Loh Yee Chuan, CVA
KPMG Singapore 

Mr Mun Siong Yoong, CVA

Mr Ashish R. McLaren, CVA

Mr Jay Moorthy, CVA
PwC Malaysia



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.
M3 Pass M1 and M2

Candidates can choose to take M3 and M4: 

  • simultaneously (recommended); or,
  • one at a time, in any order.
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



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. The module will examine the participant’s understanding and appreciation of the complete valuation engagement. Topics include:

  • Structure of entities and businesses
  • Valuation of companies in different stages of life cycle
  • Valuation of specific industries
  • Valuation in emerging markets
  • Impact of Environmental, Social and Governance (ESG) factors on valuation
  • Black swan situations
  • Valuation Reporting


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. 

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.


  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).

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 & 7% GST)
Fees per Module 
(AFTER funding & 8% GST)*


Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding
SGD$ 3,000 SGD$ 963 SGD$ 972
Singapore Citizens (aged 40 and above)
MCES1 - up to 90%
SGD$ 3,000 SGD$ 363 SGD$ 372
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90%
SGD$ 3,000 SGD$ 363 SGD$ 372
International Participants SGD$ 3,000 SGD$ 3,210 SGD$ 3,240


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

SGD$ 6,000

SGD$ 1,926 SGD$ 1,944
Singapore Citizens (aged 40 and above)
MCES1 - up to 90%

SGD$ 6,000

SGD$ 726 SGD$ 744
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90%

SGD$ 6,000

SGD$ 726 SGD$ 744
International Participants

SGD$ 6,000

SGD$ 6,420 SGD$ 6,480
*from 1 Jan 2023

Self-study Route


Fees per Module 
(BEFORE funding & GST)
Fees per Module 
(AFTER funding & 7% GST)
Fees per Module 
(AFTER funding & 8% GST)*
Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding
SGD$ 1,000 SGD$ 321 SGD$ 324
Singapore Citizens (aged 40 and above)
MCES1 - up to 90%
SGD$ 1,000 SGD$ 121 SGD$ 124
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90%
SGD$ 1,000 SGD$ 121 SGD$ 124
International Participants SGD$ 1,000 SGD$ 1,070 SGD$ 1,080


Singapore Citizens (aged 21 to 39) / PR (aged 21 and above)
70% Funding
SGD$ 2,000 SGD$ 642 SGD$ 648
Singapore Citizens (aged 40 and above)
MCES1 - up to 90%
SGD$ 2,000 SGD$ 242
SGD$ 248
SME-Sponsored Singapore Citizens / PR
ETSS2 - up to 90%
SGD$ 2,000 SGD$ 242
SGD$ 248
International Participants SGD$ 2,000 SGD$ 2,140 SGD$ 2,160
*from 1 Jan 2023

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 14 (Structured-Learning Route) 
M1 M2 Assessment
11 February 2023 (Full Day) 25 March 2023 (Half Day) 20 May 2023
18 February 2023 (Full Day) 01 April 2023 (Half Day)
11 March 2023 (Half Day) 15 April 2023 (Half Day)
29 April 2023 (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.


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 Conference Session Assessment
1 15 March 2023 (8pm) 20 May 2023
29 March 2023 (8pm)
2 12 April 2023 (8pm)

20 May 2023


19 April 2023 (8pm)



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
  • 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

Ms. Rae Wong
Manager, Professional & Qualifications Development
Singapore Accountancy Commission


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



The Chartered Valuer and Appraiser Designation
The Chartered Valuer and Appraiser (CVA) designation is a mark of quality for Business Valuation professionals. Upon completion of the CVA programme, you will be conferred the Associate CVA designation. You may apply for the CVA Charter once you have accumulated the required experience. 


CVA Charter holders are able to use the CVA designation as a post-nominal title after their name (e.g Mr John Tan, CVA). This is a privilege that only CVA Charter holders enjoy. 

They are also included in the List of CVA Charter Holders on the SAC website, and enjoy preferential rates and invitations to member-only events as part of a growing CVA community across the region. 

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.



You will be conferred the Associate CVA designation once you complete the CVA programme. This designation recognises your effort in completing the programme while you work towards getting the necessary valuation experience to be a CVA Charter holder. 


As an Associate CVA, you will: 

  • be able to refer to yourself as an ‘Associate CVA’ in your CVs and bios. However, you are not able to use the designation as a post-nominal title (e.g. John Lim, CVA);
  • receive preferential rates and invitations to members-only events.

Maintaining the Associate CVA Designation 

You will need to adhere to the Code of Ethical Principles for Professional Valuers, as advocated by the International Valuation Standards Council (IVSC), and the IVAS Disciplinary Rulebook. Acceptance of the designation will be deemed as acknowledgement.

Certification Fee

An annual fee of SGD $200 (before GST) applies, payable on 1 April each year. A letter of conferment will be issued to Associate CVAs.  You may choose to opt out of the Associate CVA designation by writing in to ivas@sac.gov.sg.

Contact Us

Should you have any queries, please contact us at ivas@sac.gov.sg



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CPD Journey for CVA Charter Holders

CVA Charter holders are required to fulfil a minimum of 20 hours of Continuing Professional Development (CPD) per year to renew their CVA certification annually. 


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.


Class-based or e-learning courses 

A minimum of 10 hours must be spent attending class-based or e-learning courses (internal and external) and forums such as seminars and conferences.

The remaining 10 hours could be spent in conducting instruction, leadership initiatives or research. Examples of these are: 

Instruction: Teaching, speaking at conferences, and participating in panel discussions   
Leadership: Serving on industry committees and work groups
Research: Publishing case studies and research findings 


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. 


Auditing Process


If you are selected for CPD audit, you will be notified via email by March each year.

2 Submit the required supporting documents or evidence of participation to support your CPD records submission.
3 You will be notified of the audit outcome.

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 Guide Requirement of CVA Charter Holders Purpose
Practice Note (PN) Expected to comply To ensure that CVA Charter holders adhere to high standards for ethics and professionalism
Guidance Note (GN) Comply or explain departure To provide more clarity to CVA Charter holders on the application of professional and industry standards
Bulletin (BU) For Information To provide information on the developments within the profession, its potential impact, and ways CVA Charter holders can address such developments.


Practice Note

PN-001 Minimum Requirements for Performing Valuations and Issuing Business Valuation Reports Read Here
PN-002 Minimum Disclosure Requirements for Summary Valuation Letters Read Here


Guidance Note

GN-001 Impact of IFRS 16 on Valuation Analysis Read Here



BU-001 Important Consideration Regarding the Impact of IBOR Reform on Valuations Read Here

Supply Chain Disruption, Inflation and High Interest rates: How do these impact the value of your business? Read Here
How companies can link ESG to long-term value  Read Here
Why sustainability must sit firmly on the board agenda Read Here
Renewable energy valuation in the global energy transition  Read Here
Building an ESG lens into business valuations Read Here
Understanding How ESG Drives Future Growth and Value  Read Here
Understanding Basic Valuation Principles - A 101 Guide for Lawyers Read Here
SID AC Pit-Stop: Valuation in Southeast Asia's Technology Industry Read Here
The Role of Valuation in Southeast Asia's Technology Industry Read Here
Common Pitfalls in Valuation and Impairment Assessment Read Here
How To Enhance Long-term Business Value Through Sustainability Read Here
Is Your Capital Allocation Strategy A Long-term Plan or a Short-term Fix? Read Here
Quantifying Value Created From Private Equity ESG Initiatives Read Here
Summary from Singapore Business Valuations Roundtable Read Here
Business Valuation of Companies with Incomplete Information Read Here
Valuation of Technology Companies Read Here
Trust and Value Creation Read Here
Valuation - Addressing Challenges in Uncertain Economic Times Read Here
The New Normal in Valuations Read Here
Valuing Intangible Assets in a Tangible World Read Here
Asking The Right Questions - Reviewing Financial Statements and Selecting Auditors in the Covid-19 Era Read Here

3 Things You Need To Know About Business Valuation

Read here

10 Key Insights on Business Valuation

Read here


International Valuation Glossary – Business Valuation     Read Here

Business Valuation Market Study 2017

Download here

Conferences and CPD Courses



The IVAS-IVSC Business Valuation Conference is Asia Pacific's leading Business Valuation conference. 

The conference is organised by the Institute of Valuers and Appraisers, Singapore (IVAS) in partnership with the International Valuation Standards Council (IVSC).

Refer to tab Past Business Valuation Conferences below for a list of past conferences.



CVA Charter holders have a range of courses to fulfil their annual CPD hours. Refer to tab Continuing Professional Development Programmes below for the selection of CPD programmes.

1 IP Fundamentals in Business by IPOS International
2 Courses by the American Society of Appraisers

Registration Guide
3 Courses by CBV Institute

Registration Guide

Business Valuation in Uncertain Times by Institute of Singapore Chartered Accountants 
Promo code will be emailed to CVA Charter holders.