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:

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.

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
 

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 ↩}

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

Full day session: 9am - 5pm

Half-day session: 9am - 1pm
 

Venue

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:
 

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: 
 

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
• 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

Mr. Nick Leong
Senior Associate Director, Industry Development
Singapore Accountancy Commission
Email: cvaprog@sac.gov.sg

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

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.
 

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.