FMVA® | Final Exam Overview + Study Tips

Congratulations on completing the FMVA® syllabus and beginning your preparation for the final exam!

There is a 30-day waiting period between final exam attempts, so we encourage you to take ample time to prepare before attempting the final exam. This guide contains:

FMVA® final exam at a glance
An overview of the exam
Technical exam suggestions
Tips for studying and preparing
Other tips to consider before beginning your exam

FMVA® - Final Exam at a Glance

Exam structure	50 randomized multiple-choice questions, including Excel modeling case studies.
Exam location	The exam is online and does not require scheduling.
Exam length	3 hours, timed.
Tools Required	Microsoft Excel.
Exam content	The exam covers the content from the core and prep courses. Content from elective courses will not be covered.
Exam results availability	Candidates will receive their results immediately after completing the exam.
Passing score	Candidates must achieve a score of 70% to pass.
Eligibility	The exam can be accessed upon completion of all core courses and 3 or more electives.
Number of attempts	Candidates who do not pass must wait thirty days before retaking the exam. Once passed, final exams cannot be retaken.
Retaking the Exam	Candidates who do not pass the exam must wait thirty days before they can attempt it again. An active CFI subscription is required to be eligible for exam retakes.
Single Browser Tab	The exam should only be opened in one browser tab. Opening in additional tabs or windows may lead to issues with the exam, including automatic exam failure.
How to prepare	Review the course videos, materials, exercises, Qualified Assessments, and case studies. Take the FMVA® Practice Exam.
Practice exams	Candidates may take an unlimited number of practice exams before taking the FMVA® Final Exam.

FMVA® Exam Overview

The FMVA® final exam consists of 50 multiple-choice questions, including Excel modeling case studies. Topics covered will relate to Finance, Valuation, Accounting, Budgeting & Forecasting, Financial Modeling, Excel, and Presentation. Below is an estimation of each topic's weight*.

Exam Duration

The FMVA® Final Exam is timed and must be completed within three hours.

Generally, we recommend spending less than 3 minutes on each question.
We recommend spending 45 minutes per case study (60 minutes at most). If the financial models take longer than an hour each, consider marking them for review and returning to them at the end if time allows.
Once the exam is started, it cannot be paused. The total time allowed for the exam is 3 hours. If a candidate leaves the exam at any point, the timer will continue. Candidates may resume their current attempt if time remains.

Technical Exam Suggestions

Use multiple windows for the same sheet to check your work effectively.

For Windows users:

To open a new window, use ALT W N
To arrange your windows, use ALT W A
To navigate between sheets, use ALT W W

For Mac OS users:

To open a new window, use Command + N
To arrange your windows, use Command + Option + B
To navigate between sheets, use Command + Control + Arrow keys

Minimize the ribbon for extra space if you have a small screen size.

For Windows users:

To minimize the ribbon, use CTRL + F1
To switch to the full-screen mode, use CTRL + Shift + F1

For Mac OS users:

To minimize the ribbon, use Command + Option + R
To switch to the full-screen mode, use Command + Control + F

Have a blank Excel sheet open for calculations, and break down the calculation step.

Tips for Studying & Preparing

Review Course Materials

Rewatch video demonstrations
Review course presentations, exercises, and case studies
Take detailed notes and organize them by topic using the "notes" feature in the CFI LMS

Refresh Your Memory on Important Courses:

These courses cover some of the more advanced concepts you will be tested on. We recommend reviewing the completed financial models in detail and being able to connect the assumptions and drivers to the relevant sections of each model.

Complete advanced-level electives

Complete at least one level 4 and one level 5 elective course. While these will refer to some of the earlier courses and principles, the exam will not test your knowledge of elective content.

Take the practice exam

The practice exam will best indicate what to expect in the final exam. We recommend taking the practice exam multiple times until you feel comfortable and confident in your understanding of the material.

Important Concepts to Review

Capital Asset Pricing Model
WACC Calculation
Valuation Techniques (DCF Analysis, Multiples, Precedents & Comps), including the Business Valuation Glossary
Scenario and Sensitivity Analysis (particularly the Scenario & Sensitivity Analysis in Excel course)

Other Tips to Consider

Be sure to sit in a comfortable setting with no distractions.
Keep a snack and water nearby to stay energized and well-hydrated.
Ensure that you have a stable network connection.
- You can refresh your browser during a brief outage without losing progress, but the exam counter will not stop.