FMVA® Final Exam Study Tips

Exams can be daunting for many people - the thought of taking a graded assessment can leave them feeling anxious for days. It is for this reason we have created this study guide for the FMVA final exam. The success of all our learners is vital to us as training providers, and in this guide, you will learn how to thoroughly prepare for the exam in order to maximize your chances of gaining a first-time passing grade.

  1. Review course material - watch the course content you may have struggled with initially and make other attempts on the course-qualified assessment. This will help reinforce the lessons and give you more confidence.
  2. Review 3-Statement Modeling, Operational Modeling, Comparable Valuation Analysis, and DCF Valuation Modeling - These courses cover some of the more advanced concepts which will be tested in the exam. Be sure to review the completed financial models in detail and be able to connect the assumptions and drivers to the relevant sections of each model.
  3. Complete advanced-level electives - It is a good idea to complete at least one level 4- and one level 5 elective course because these will refer to some of the earlier courses and principles to tie back the content together. Do note that the exam will, however, not test your knowledge of these electives.
  4. Take the practice exam - The practice exam is meant to give a good idea of what to expect in the final. Since learners have unlimited attempts, we recommend they take it one, two, or however many times they might need to feel confident enough to take the final.

Important Concepts to Review

Important information about taking the exam

  • The final exam is timed and takes 3 hours to complete, so it’s important to ensure that you have enough time.
  • Sitting for 3 hours can be physically exhausting, so be sure to sit in a comfortable setting with no distractions.
  • Have a snack and/or water close to keep you energized and well-hydrated.
  • Review the FMVA Final Exam guide on the requirements and details.
  • Ensure that you have a stable network; if you have a brief outage, you can refresh the page and continue with your assessment. However, be aware that the exam counter will not stop during this time.
  • Budget your time wisely when responding to the questions as they are equally weighted. If the financial models seem to take too long, consider marking them for review and returning to them at the end if time allows. Generally, we recommend not spending more than 3 minutes per question (180 minutes / 50 questions = 3.6 min per question). Leave the fractions of the minute for checking your work at the end.
  • While the exam is “open-book” in nature, we recommend limiting your reliance on course material and videos as this could slow down your progress.
  • Don’t panic if you did not pass the exam on your first attempt - it can be retaken after 30 days.