For those who have an equivalent designation:
Candidates from this group must meet all of the following conditions:
1. Submit a copy of one of the following Certificates:
-
Accredited Senior Appraiser (ASA) in the Business Valuation discipline by the American Society of Appraisers (ASA); or
-
Accredited Member (AM) in the Business Valuation discipline by the American Society of Appraisers (ASA); or
-
Master Certified Business Appraiser (MCBA) by the Institute of Business Appraisers (IBA); or
-
Certified Business Appraiser (CBA) by the Institute of Business Appraisers (IBA); or
-
Chartered Business Valuator (CBV) by the Canadian Institute of Chartered Business Valuators (CICBV); or
-
Certified Valuation Analyst (CVA) by the National Association of Certified Valuators and Analysts (NACVA); or
-
Accredited Valuation Analyst (AVA) by the National Association of Certified Valuators and Analysts (NACVA); or
-
Accredited in Business Valuation (ABV) by the American Institute of Certified Public Accountants (AICPA); or
-
International Certified Valuation Specialist (ICVS) by the International Association of Consultants, Valuators and Analysts (IACVA).
and
2. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and
3. Submit a full IAVFA Membership Application (PDF); and
4. Submit a full CFV Designation Application (PDF); and
5. Submit three personal/business Reference Letter Forms (PDF).
For those who have a substantial experience:
Candidates from this group must meet all of the following conditions:
1. Be able to demonstrate with business references or attestations from current or previous employers and/or partners “substantial experience” in the field of businesses and intangible assets valuation. For this purpose, substantial could mean:
-
Submit a letter from an employer which confirms that the candidate worked for at least two years in the field of businesses and intangible assets valuation, subject to the approval of IAVFA's Corporate Finance Valuator (CFV) Committee; or
-
Submit 10 economic analyses in the field of businesses and intangible assets valuation, where the applicant’s role was significant enough to be referenced in those economic analyses or a signatory on the economic analyses; or
-
Submit a book on businesses and intangible assets valuation, where the applicant is the book's author.
and
2. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and
3. Submit a full IAVFA Membership Application (PDF); and
4. Submit a full CFV Designation Application (PDF); and
5. Submit three personal/business Reference Letter Forms (PDF); and
6. Successfully complete the fifth module (i.e., specialization module) of IAVFA's Corporate Finance Valuator (CFV) certification program, which includes 42 hours. Successful completion of the fifth module means successful completion of the module exam and submission of a Corporate Finance Valuation (CFV) report*.
For those who hold a Ph.D. in Finance/Economics or a DBA:
Candidates from this group must meet all of the following conditions:
1. Submit a copy of a Ph.D. in Finance/Economics or a Doctor of Business Administration (DBA) from an accredited institution of higher education
2. Submit 2 published papers on the subject of businesses and intangible assets valuation, which were published in a refereed and an academic accredited journal, where the applicant is the papers' writer.
3. Submit a full IAVFA Membership Application (PDF); and
4. Submit a full CFV Designation Application (PDF); and
5. Submit three personal/business Reference Letter Forms (PDF); and
6. Successfully complete an interview with IAVFA's Corporate Finance Valuator (CFV) Committee, where the applicant must be able to demonstrate substantial knowledge of theory, methodologies, and practices in the field of businesses and intangible assets valuation.
For Everyone else:
Candidates from this group must meet all of the following conditions:
1. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and
2. Submit a full IAVFA Membership Application (PDF); and
3. Submit a full CFV Designation Application (PDF); and
4. Submit three personal/business Reference Letter Forms (PDF); and
5. Successfully complete the Corporate Finance Valuator (CFV) Certification Program, which includes 240 academic hours divided into 5 modules (courses), 48 academic hours each and receiving a passing score on the submission of a Corporate Finance Valuation (CFV) report*.
*Corporate Finance Valuation (CFV) report:
A Corporate Finance Valuation (CFV) report may be used for financial reporting purposes (valuations in accordance with Israeli Accounting Standards, IFRS and US GAAP), for transaction purposes (valuations prior to mergers, splits, spin offs, acquisitions, sale processes and other stractual changes, and transactions with controlling shareholders), for regulatory purposes (valuations for the Israel Securities Authority and SEC), for tax purposes (valuations for the Israel Tax Authority and IRS), or for legal purposes (Valuations in the Divorce Setting and Shareholder Disputes).
Following are several examples for a Corporate Finance Valuation (CFV) report:
-
Business Valuation of Corporations;
-
Business Valuation of Sectors, Local and Multinational;
-
Valuations of Intangible Assets;
-
PPA – Purchase Price Allocation;
-
Impairment (Goodwill and other Intangible Assets Valuation);
-
Fair Value Embedded Options & Real Options;
-
ESOP including 409A;
-
Splitting Equity Components and Complicated Equity or Liabilities Instruments (PWERM / CCM / OPM);
-
Damage Quantification, Valuations of Contingent Liabilities, Guarantees and Loans;
-
Determining fair value and "At arm's length" prices for inter-company and international transfer Prices;
-
Valuations for Merger Ratios.
-
Independent Expertise for Litigation Purposes.
IAVFA Membership Application (PDF)
CFV Designation Application (PDF)
Proper Usage of the CFV Designation

Qualifications for the Corporate Finance Valuator (CFV) Designation
The Corporate Finance Valuator (CFV) designation is awarded by the Israel Association of Valuators and Financial Actuaries (IAVFA), and is the Israeli recognized benchmark professional designation for those who value businesses and intangible assets. The CFV designation ensures that Certified CFVs have mastered the critical knowledge, skills and abilities necessary to perform corporate valuations.