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. 

“As business valuers, we form our opinions on what determines the value of the subject asset or business. This is not an easy task when one looks at the scope and speed of breath-taking business environment disruptions that is taking place around us - technology led innovation; proliferation of data; transformation of industries; and the rise of new economies. Today, it is not enough to measure things according to how success of a business was defined in the 20th century.” 

“A more wholistic concept of value that is anchored not only on cash flows and measurable financial results, but also in a more nuanced understanding of the strengths and weaknesses of a company’s principles of governance, policies and practices to safeguard the planet, focus on people and the wider prosperity of society, is gaining momentum.”


Mr Harsha Basnayake
Chairman, Institute of Valuers and Appraisers, Singapore

IVAS Chairman1

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 Harsha Basnayake, CVA (Chairman)
Ernst & Young Solutions LLP

Ms Sandy Foo
Rajah & Tann

Ms Srividya Gopal, CVA
Duff & Phelps, A Kroll Business

Ms Selena Ling

Mr Andrew Ooi, CVA
Deloitte Southeast Asia

Mr Vishal Sharma, CVA
KPMG Singapore

Mr Tay Woon Teck, CVA
RSM Risk Advisory Pte Ltd

Mr Andre Toh, CVA
Ernst & Young Solutions LLP

Mr Christopher Tan
PwC Singapore

Mr Henry Tan
Nexia TS

Mr Wayne Lee
W Capital

Ms Rena Lee
Intellectual Property Office of Singapore

Mr Evan Law 
Singapore Accountancy Commission

Mr Vishal Sharma, CVA (Chairman)

Mr Christopher Tan, CVA
PwC Singapore

Ms Chua Ai Leng
Ernst & Young Solutions LLP

Prof Low Buen Sin, CVA

Mr Mark Liew, CVA

Mr Peter Joos

Prof Low Buen Sin

Assoc Prof Patricia Tan

Assoc Prof Tong Yen Hee

Mr Lim Chu Yeong

Mr Eric Teo, CVA

Mr Tay Woon Teck, CVA (Chairman)
RSM Risk Advisory

Mr Mah Kah Loon, CVA
Ernst & Young Corporate Finance

Ms Wong Bee Eng, CVA
Provenance Capital

Ms Sandy Foo
Rajah & Tann

Mr Ding Hock Chai, CVA
UOB Kay Hian

Ms Srividya Gopal, CVA (Chairman)
Duff & Phelps, A Kroll Business

Mr Leonard Woo, CVA
Deloitte Southeast Asia

Mr Jamesy Laya, CVA
KPMG Singapore 

Ms Selena Ling 
OCBC Bank 

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

Ms Adeline Khoo, CVA
PwC Malaysia

Mr Eric Teo, CVA

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

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

Mr Lie Kok Keong, CVA
PwC Singapore

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 McLaren, CVA
Duff & Phelps Singapore



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 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* 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 MySkillfuture.sg.


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 MySkillsFuture.sg 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
Email: jessicaleong@ntu.edu.sg




Chartered Valuer & Appraiser Holders

The Chartered Valuer and Appraiser (CVA) designation is a mark of quality for Business Valuation professionals.


Getting Certified



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.


Evaluation of applications will take place 8 to 12 weeks after the closing date.  

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. 

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.



Ms Adeline Khoo Malaysia
Mr Aditya Gupta (Adie) Malaysia
Mr Ahmad Zubir Zahid Malaysia
Mr Albert Christian Singapore
Mr Albert Tan Tiong Heng Singapore
Mr Allen Cheong Jee Mun Singapore
Mr Amit Gupta Singapore
Mr Amit Jain India
Mr Andre Toh Sern Singapore
Ms Andrea Yan Yuen Singapore
Mr Andrew Heng Malaysia
Dr Andrew Lee Singapore
Mr Andrew Ooi Lih De Singapore
Mr Ang Keng Siang, Terence Singapore
Mr Ang Thiam Hong Elsley Singapore
Ms Anongnuch Cheewaratanaphan Thailand
Mr Apurva Shah India
Mr Ashish R. McLaren Singapore
Mr Benjamin Tee Chin Keat Singapore
Mr Braden Joseph Billiet Korea
Mr Brett Shadbolt Singapore
Ms Camellia Ng Kai Zhen Singapore
Ms Cao Thao Uyen Singapore
Mr Carlos Santiago Bernal Tabora Philippines
Ms Chai Li-Lin Charlene Singapore
Mr Chan Cheuk Wing Kevin Hong Kong
Mr Chan Joon Keong Nicholas Singapore
Mr Chan Ming Kit (Simon) Hong Kong
Mr Chan Soon Hee, Eric Singapore
Ms Chan U-Nice Singapore
Mr Chay Yiowmin Singapore
Ms Chauwei Yak Singapore
Ms Cheah Mun Lin Singapore
Mr Cheng Soon Keong Singapore
Mr Cheong Kong Yee Nicholas Singapore
Mr Chew Kwan Eng Singapore
Mr Chia Ee Luen Kelvin Singapore
Mr Chia Soo Hien Frankie Singapore
Mr Chian Siet Heng Singapore
Ms Chong Hui Shan Singapore
Mr Chong Lun Yao Malaysia
Ms Chua Ai Leng     Singapore
Mr Chua Boon Shyan, Thomas Hong Kong
Mr Chua Siong Kiat, Alex Singapore
Miss Chunhui Wang (Cheryl) Singapore
Ms Clarinda Irene Chandra Singapore
Mr Conrad Jacob Werner  Singapore 
Mr David Rimbo Lim Indonesia
Mr Dimas Kurnia Gunadi Indonesia
Mr Ding Hock Chai Singapore
Mr Doan Thuan Hai (Jason Doan)   Singapore
Ms Dorothy Chiang Kar Fong Singapore
Ms Elaine Chai Singapore
Mr Eric Teo Khee Hwee Singapore
Mr Eugen Chua Singapore
Mr Eugene Wong Singapore
Mr Feizal Bin Mustapha Malaysia
Mr Foo Sheue Chuan Singapore
Mr Fock Yong Zhao Michael Singapore
Ms Foong Yu Wen Singapore
Mr Franz Degenhardt Vietnam
Mr Fu Chuanjie Singapore
Ms Gail Shan Xu Nan Singapore
Mr Gary Loh Weng Fatt Singapore
Mr Girish Sahajwalla Singapore
Mr Goh Chee Kiat Richard Singapore
Mr Goh Hong Chuan Singapore
Miss Goh Hui Pin Singapore
Ms Grace Lui Kit Ying Singapore
Mr Hamish Charles Egan Singapore
Mr Handoko Tan Wei Liang Singapore
Mr Harsha Basnayake Singapore
Mr Henry Tan Song Kok Singapore
Mr Henry Young Singapore
Mr Herison Ng Indonesia
Mr Hoo Jiunn Yih Singapore
Mr Hooi Weng Yew Edwin Mario Singapore
Mr Iain Cameron Potter Singapore
Mr Jamesy Laya Singapore
Ms Jamie Nguyen Ha Lan Singapore
Mr Jan Michael P. Saniel Philippines
Mr Jason Jin Thean, Teoh Singapore
Mr Jason Murphy Australia
Mr Jason Ng Bak Huat Singapore
Mr Jayaram Krishna Moorthy Malaysia
Ms Jean Thoh Jing Herng Singapore
Mr Jeffrey Chien-Cheun Chi Singapore
Mr Jerome Andrew H. Garcia Philippines
Mr Jerry Chu Taiwan
Mr Jesse Chen Taiwan
Mr Johnathan Ooi Siew Loke Vietnam
Ms Josephine Hong Singapore
Mr Juay Sze Sin (Bernard Juay) Singapore
Mr Kaka Singh Singapore
Mr Kan Seng Yu, David Singapore
Ms Karen Lau Shy Yunn Singapore
Mr Kelvin Song Wee Keong  Singapore
Mr Keoy Soo Earn Singapore
Ms Kerk Su Ngee Malaysia
Mr Khaw Jing Huan Singapore
Mr Koh Chee Han Singapore
Ms Koh Lay Choo Jessie Singapore
Mr Konialidis Nicolas Singapore
Mr Kon Yin Tong Singapore
Mr Kriangkrai Lertphokanont Thailand
Mr Lai Keng Wei Singapore
Mr Lai Fong Chin Singapore
Ms Lau Wai Ping (Rita) Hong Kong
Ms Lam Wen Yan, Jane Singapore
Mr Lars Barslev Singapore
Ms Lee Chai Lian, Carmen Singapore
Ms Lee Chiu Chorn Singapore
Ms Lee Pei Xuan Singapore
Mr Leonard Woo Chi Leong Singapore
Mr Leow Quek Shiong Singapore
Mr Leung Kai Wan Hong Kong
Ms Li Miaosheng Singapore
Mr Li Shang Singapore
Mr Lie Kok Keong Singapore
Mr Lim Ghim Yew, Terence Singapore
Mr Lim Shao Lin Bryan Singapore
Mr Lim, Smith Copeng Philippines
Mr Lim Tin Boon, Jimmy Singapore
Mr Lim Tze Hsien, John Brendan Singapore
Ms Lim Yuhyuh Leona Singapore
Ms Lim Yong Qi Tiffany Singapore
Mr Ling Tok Hong Singapore
Mr Loh Yee Chuan Singapore
Mr Loo Peng Siang Roger Singapore
Ms Looi Pei Yan Singapore
Dr Low Buen Sin Singapore
Mr Low Kok Hong, Daniel Singapore
Ms Low Yan Ting Georgina Singapore
Mr Mah Kah Loon Singapore
Mr Mahek Vikamsey India
Ms Maria Natasha Tjahjadi Singapore
Mr Mark Edwin Collard Singapore
Mr Mark Liew Wai Weng Singapore
Ms Mary Jade T. Roxas-Divinagracia Philippines
Mr Mick Aw Singapore
Mr Montek Mayal New Delhi
Mr Mun Siong Yoong Singapore
Mr Navin Suresh Maheshwari Singapore
Mr Neo Chun How Alton Singapore
Mr Neo Keng Jin Singapore
Mr Ng Boon Eng Singapore
Mr Ng Boon Hui Malaysia
Ms Ng Cheah Chen Adeline Singapore
Mr Ng Kim Hee, Allan Singapore
Mr Nguyen Dang Truong Huy Singapore
Ms Nithawan Jarernporn Thailand
Ms Norijane Agpalo Singapore
Mr Ong Bing Shen Singapore
Ms Ong Kay Yuen Singapore
Mr Ong Lien Wan Singapore
Ms Ong Lui Chun Singapore
Mr Ong Woon Pheng Singapore
Miss Pan Meiyun Grace Singapore
Mr Pang Chee Siang  Singapore
Mr Panca Arief Jatmika Indonesia
Mr Paul Wu Hong Kong
Mr Phan Phuong Linh Vietnam
Ms Phang Lay Koon Singapore
Ms Piera Murone Australia
Ms Qiu Wenqi Singapore
Mdm Quek Li Huan Singapore
Mr Rajeev. R. Shah   India
Mr Rommy Leonard Sjahraney Indonesia
Mr Ross Yu Limjoco Singapore
Mr Sajjad Akhtar Singapore
Mr Sarjit Singh Singapore
Mr Shao Kwan Kiat Singapore
Ms Sim Pik Sian Singapore
Mr Soo Hon Weng Singapore
Ms Soh Lin Sin Singapore
Ms Srividya C. Gopalakrishnan Singapore
Mr Su Jun Ming (Martin Su) Singapore
Ms Suluksana Artamnuayvipas Thailand
Mr Sunu B Setiawan Indonesia
Mr Tan Chi Kit  Singapore
Ms Tan-Hamed, Marie Stephanie C. Philippines
Mr Tan Khim Eam (Christopher Tan) Singapore
Mr Tan Khoon Guan Singapore
Mr Tan Tiong Huat Alex Singapore
Mr Tan Wei Cheong Singapore
Mr Tan Wei Jie Remus Singapore
Miss Tan Yen Ling Olivia Singapore
Ms Tay Lee Sie, Fiona Singapore
Mr Tay Woon Teck Singapore
Mdm Teo Jenny Singapore
Ms Teo Yen Lin Singapore
Mr Teoh Jing Ren Malaysia
Mr Thio Khiaw Ping Kelvin Singapore
Miss Tian Shi Qi Sophia Singapore
Mr Tsang Ka Fai (Kenneth) Hong Kong 
Mr Toh Puay Yong Singapore
Mr Triono Soedirdjo Indonesia
Mr Tyler Capson Singapore
Mr Venkata Satya Ramakrishna Maruvada Singapore
Mr Vishal Sharma Singapore
Mr Vishal Vachaspati Thapliyal Singapore
Ms Wang Ze Cheng (Elene) Singapore
Mr Wayne Lee  Singapore
Mr William Yuen Hong Kong
Ms Wong Bee Eng Singapore
Mr Wong Quee Quee Jeffrey Singapore
Ms Wong Wei Peng Singapore
Mr Wong Wing Seong Malaysia
Ms Xiang Yi Singapore
Mr Yam Mow Lam Robert Singapore
Mr Yap Beng Tat Richard Singapore
Ms Yap Lee Pheng Phyllis Singapore
Ms Yeap Hui Lin Adalyn Singapore
Ms Yeo Jia Lin Valerie Michelle Singapore
Mr Yeo Teck Keng Singapore
Mr Yeo Zi Xuan Singapore
Mr Yeo Wee Thee (Royce) Singapore
Ms Zhang Yan Singapore


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. 



Important Consideration Regarding the Impact of IBOR Reform on Valuations 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



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.

CPD Support

CVA Charter holders will receive a $200 CPD voucher for IVAS and IVAS-supported courses and events from 1 January to 31 December 2021. The following terms and conditions apply: 

  1. The voucher can only be used for courses and events listed under the CPD programmes below; 
  2. Up to $100 of the CPD voucher can be used for each course or event;  
  3. The voucher cannot be used for company-sponsored courses and events;  and, 
  4. Proof of attendance is required such as receipts and certificates of participation. 
  5. The voucher is only applicable for CVA Charter holders who are conferred with the CVA designation before 31 Aug 2021.

You can submit your claims from 1 November to 31 December 2021. The claims will take 8 to 12 weeks to process.

Click here to submit your claims.