Get Certified in Business Valuation with the Chartered Valuer and Appraiser Programme

Business Valuation is gaining prominence in Asia. The increasing demand for business valuation services is fuelled by:

  • A rise in merger and acquisition (M&A) activity
  • Singapore's growth as a centre for litigation proceedings and arbitration
  • The growing importance of intellectual property in business
  • The use of fair value measurement in financial reporting

Asia’s First and Only Professional Business Valuation Programme

The CVA programme is the first business valuation certification programme in Asia that is benchmarked against international standards. It provides a structured and formalised pathway aimed at raising the standards of ethics and professionalism among professionals who are involved in transactions, litigation and arbitration, and financial reporting. The programme instils in you the technical competencies in valuation concepts, principles and applications as well as the approaches and methodologies for conducting valuation.

Benchmarked to International Standards

The Chartered Valuer and Appraiser programme was developed in close consultation with industry practitioners from the accountancy, banking, legal and investment communities. It is based on the competency standards advocated by the International Valuation Standards Council (IVSC), the global standards setter for valuation.

Get Certified by Institute of Valuers & Appraisers, Singapore (IVAS)

If you successfully complete the programme and meet the requi​rements for relevant work experience, you can apply to Institute of Valuers & Appraisers, Singapore (IVAS) for Chartered Valuer & Appraiser (CVA) Certification to become a certified CVA Charter Holder. CVA Charter holders are able to use the CVA designation as a post-nominal title after their name (e.g. Mr John Tan, CVA).

Asia's 1st and only professional Business Valuation programme

Benchmark to international standards

Get ahead in your career with the recognised CVA credential


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Note on admission:
There are usually 2 intakes per year, February and August, and we accept applications throughout the year.

Kindly note that if you are not enrolled into the current intake (e.g. class is full or the module has started), you will be admitted to the subsequent intake.  

For more information on the programme, please contact:
Jessica Leong
Deputy Director
Nanyang Executive Programmes,
Nanyang Business School
Telephone: (65) 6904 7249
Email:  [email protected]​​

Ms. Rae Wong
Manager, Professional & Qualifications Development
Accounting and Corporate Regulatory Authority
Email:  [email protected] 
  • Gain a comprehensive understanding of the standards, conceptual framework, valuation process for various approaches, and practical insights and methodologies to perform quality valuation.
  • Upon successful completion of the programme and with relevant years of work experience, you can apply to IVAS to be certified as a Chartered Valuer & Appraiser (CVA), a prestigious title that has gained regional recognition.
  • Demonstrate professional competence and integrity as a certified CVA holder and earn the trust and confidence of your employers and clients.

“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 competency among 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 CVA 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


To date, 17 professional industry partners have committed to sending participants to the programme. This is a strong message from the business valuation profession that the CVA programme has wide industry relevance.


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  • Professionals with business valuation as their core function, such as business valuers ​who work in professional services or corporations.
  • Professionals whose core duty is not business valuation but need to deal with business valuation as part of their routine work. Typical participants include:
- Accountants
- External auditors
- Corporate & investment bankers
- Fund managers

- Investment analysts
- Finance managers

  • Professionals who have a strong interest in, or are affected by aspects of business valuation in the discharge of their duties, such as legal professionals, regulators and board of directors.
Admission Criteria:
- A bachelor's degree or equivalent in any field from a recognised institution.
- Recommended prior knowledge of accounting and finance.
- Writing, speaking, and presentation ability in English.

At any time, the Institute of Valuers and Appraisers, Singapore (IVAS) and Nanyang Executive Education Admissions Office reserve the right to accept or reject the application of any participant and the decision will be final.

Targeted at the accountancy, financial and legal sectors, the curriculum is designed with an “outside-in” approach that starts with considering industry's evolving needs and perspectives.

The course of study is defined by logical progression in successive modules:

 Learning Outcomes

Module 1: Introductory Valuation and Ethics

This module provides the underpinning knowledge for every business valuation exercise. Topics include:

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

Module 2: Law and Valuation

This module examines how business valuation 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

Module 3: Valuation for Transactions

This module covers the applicable valuation standards used for the conduct of business valuation for transactions. Topics include:

  • Valuation 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: Valuation for Financial Reporting

This module examines the 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

Capstone Module: Applied Valuation

This module encompasses concepts such as the valuation of entities, different stages of a company, specific assets and industries as well as frontier markets. In addition, the module blends theory and practice of all the consolidated concepts covered from Module 1 to Module 4, with emphasis on applied valuation. 

CVA Programme Body of Knowledge (PDF, 217kB)
For more details, please download the CVA Programme Body of Knowledge. 

The programme includes an assessment at the end of each level. There will be a total of three assessments for the full programme. Participants must successfully pass the assessment at each level to progress to the next level. 

You are strongly encouraged to complete the programme within three years from the date of enrolment. You can only request for deferment once throughout the course of study, and any deferment/withdrawal is considered strictly on a case-by-case basis.

Please note that all deferment/withdrawal requests are subject to approval and must be submitted in writing to [email protected] at least two months before the exam date/class start date.

Participants may select either the structured or self-study route according to their learning style and availability.

Structured Learning Route
For individuals who prefer a more disciplined approach of attending scheduled classes and interacting with faculty, industry practitioners and coursemates.

Self-Study ​Route
For individuals who prefer a self-starter approach with the flexibility of studying at their own pace before sitting for the assessment.

Note: You may choose to switch from self-study route to structured route but not vice-versa, subject to seat availability.

Intake 16 
Application is now open for both structured and self-study routes. Please click here to apply.

Intake 17 (Structured Learning Route) 
Module 1 17 August 2024 (Full day)
31 August 2024 (Full Day)
21 September 2024  (AM)
Module 205 October 2024 (AM)
12 October  2024  (AM)
19 October  2024 (AM)
26 October 2024 (AM)
Exam16 November 2024

Classes are typically conducted on Saturdays in a face-to-face classroom setting unless otherwise stated.

Full day session: 9am - 5pm
AM session: 9am - 1pm

Lifelong Learning Institute – Learning Hub (Paya Lebar) 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.

Intake 17 (Webinars - for Self-Study Route only) 
Module 1 11 September 2024
25 September 2024
Module 209 October 2024
23 October 2024
Exam16 November 2024

The webinars, usually conducted from 8pm - 9pm, serve as a platform for self-study route candidates to ask questions or clarify concepts with the module lecturers/trainers after they have read the study materials on their own.  These webinars are not recorded lectures of the structured route.


 Structured Learning RouteSelf-Study Route

One-time Application Fee1*

S$ 100

S$ 100

Annual Candidature Fee
(Payable on every 1st Jan)

S$ 100 / year

S$ 100 / year

Programme Fee 
(Before funding support)
Structured Learning RouteSelf-Study Route

Module 1 to Module 4

S$ 3,000 / module

S$ 1,000 / module


S$ 6,000

S$ 2,000

Total Programme Fee

S$ 18,000

S$ 6,000

Re-assessment Fee

Structured Learning Route

Self-Study Route

Module 1 to Module 4

S$ 200 per attempt

S$ 200 per attempt


S$ 400 per attempt

S$ 400 per attempt

All fees quoted above are in Singapore Dollars and exclude Goods & 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.


Structured Learning Route

Fees per Module
(BEFORE funding & GST)

Fees per Module
(AFTER funding & 9% GST)

Funding for Module 1 to Module 4:
Singapore Citizens (aged 21-39) / PR (aged ≥21)
70% Funding
​S$ 3,000S$ 981
Singapore Citizens (aged 40)
MCES1 - up to 90%
​S$ 3,000S$ 381
SME-sponsored Singapore Citizens / PR
ETSS2​ - up to 90%
​S$ 3,000S$ 381
International Participants​S$ 3,000S$ 3,270
Funding for Capstone:
Singapore Citizens (aged 21-39) / PR (aged ≥21)
70% Funding
S$ 6,000S$ 1,962
Singapore Citizens (aged ≥40)
MCES1 - up to 90%
S$ 6,000S$ 762
SME-sponsored Singapore Citizens / PR
ETSS2​ - up to 90%
S$ 6,000S$ 762
International ParticipantsS$ 6,000S$ 6,540

Self-Study Route
 Fees per Module
(BEFORE funding & GST)
Fees per Module
(AFTER funding & 9% GST)
Funding for Module 1 to Module 4:
Singapore Citizens (aged 21-39) / PR (aged ≥21)
70% Funding
​S$ 1,000S$ 327
Singapore Citizens (aged ≥40)
MCES1 - up to 90%
​S$ 1,000S$ 127
SME-sponsored Singapore Citizens / PR
ETSS2​ - up to 90%
​S$ 1,000S$ 127
International Participants​S$ 1,000S$ 1,090
Funding for Capstone:
Singapore Citizens (aged 21-39) / PR (aged ≥21)
70% Funding
S$ 2,000S$ 654
Singapore Citizens (aged ≥40)
MCES1 - up to 90%
S$ 2,000S$ 254
SME-sponsored Singapore Citizens / PR
ETSS2​ - up to 90%
S$ 2,000S$ 254
International ParticipantsS$ 2,000SS$ 2,180

The above funding is subject to approval from SkillsFuture Singapore
1. Under the SkillsFuture Mid-career Enhanced Subsidy (MCES) scheme. For more information, visit the SkillsFuture website here
2. Under the Enhanced Training Support for Small & Medium Enterprises (ETSS) scheme. For more information, click here.

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 nett 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 nett 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.

Click here to see programme, assessment and funding related questions.

“Though an engineer by training, I have been leading all valuation work in my company for the last 7 years as the M&A leader. As I had no formal academic training in this area, I wanted to build a more solid technical grounding by taking the CVA programme that was launched by IVAS and conducted by a reputable university such as NTU. Through this programme, I picked up the theories, ethics and professional standards of valuation which would add the robustness in a valuation exercise. Having a recognised finance credential like the CVA, not only complemented my engineering expertise, but also added depth and breadth to my career.”

Shao Kwan Kiat
Senior Director, Strategic Development

Sophia Tian

"I was an auditor and accountant with little knowledge on valuation. Through the CVA programme, I was equipped with essential knowledge which led to a successful career switch to becoming a valuation specialist."

Sophia Tian
EY Corporate Advisors 

Gail Shan

"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

Allen Cheong

"While I have practical valuation skills honed through my investment banking days working on IPO and M&A transactions, the CVA curriculum provided me a more holistic appreciation of valuation best practices, applications and issues. Looking forward, as economies are rapidly transformed by digitalisation, there will be greater demand for professionals with more sophisticated valuation skills to meet the evolving challenges of valuation of digitalised businesses and assets. In my current role as a VC fund manager investing in the ASEAN digital technology space, I truly appreciate the opportunity to stay abreast of valuation-related issues in the new-age economies through the supportive network of CVA community with regular industry sessions and dialogues."

Allen Cheong
Chief Executive Officer
Auspac Investment Management

Foong Yu Wen

"My valuation learning journey has made me technically well-grounded in valuation fundamentals, providing a firm foundation for a career path in a specialised field. Equally valuable is the access to IVAS initiatives and events in a valuation eco-system that provides continuous inter-disciplinary and cross-industry learning to help further my professional and personal development."

Foong Yu Wen
BDO Advisory Pte Ltd

Remus Tan

"CVA has allowed me to be a more well-rounded finance professional. It has provided me with a deep understanding and appreciation of the valuation concepts used for various purposes, especially in the investment and corporate environments. I highly recommend it to professionals who like to develop their valuation skillsets and to aspiring individuals who like to join the valuation profession."

Remus Tan
Assistant Vice PresidentEnterprise Development Group 

“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 different practising leaders who teach in the programme as well as like-minded professionals."

Nicholas Cheong
Vanden Advisory Pte Ltd