FMVA® Program Updates
Recent Changes
Update 1.5
| Announcement Date | Effective Date |
| July 1, 2023 | July 31, 2023 |
Summary of Changes
To enhance our learners' financial modeling skills, we've added a new core course requirement: "Introduction to 3 Statement Modeling." This addition aims to provide you with essential skills in financial modeling and enrich your learning experience.
This brings up the core course requirement of the FMVA program from 13 core courses to a total of 14 core courses, minimum of 3 electives, and as passing grade of 70% on the FMVA final exam.
Archive of Changes
Update 1.4
| Announcement Date | Effective Date |
| May 8, 2023 | May 31, 2023 |
Summary of Changes
The FMVA Program now requires the completion of 13 core courses compared to the previous requirement of 12 core courses.
We have recently upgraded the "Introduction to Business Valuation" course from a preparatory course to a core course within the program.
We made this decision based on valuable feedback from our students and industry professionals who completed the FMVA program. They emphasized the critical importance of business valuation skills in the finance and corporate sectors. We have integrated this vital course into the core curriculum to align our program with industry demands and enhance your learning experience.
Update 1.3
| Announcement Date | Effective Date |
| September 1, 2022 | October 31, 2022 |
Summary of Changes
- Operational Modeling will be moved from an elective to a core course.
- Business Valuation Modeling Part I and Business Valuation Modeling Part II will be replaced with two new courses: DCF Valuation Modeling and Comparable Valuation Analysis. These two courses will be available on Oct 31.
We will update the Building a 3 Statement Financial Modeling course with the revised 3-Statement Modeling course. If you are in the middle of the course, please complete it before Oct 31 to keep the progress.
Clarifications:
These changes are being made to improve the structure and the quality of the FMVA program. The revised format will provide our members with more financial modeling guidance and experience earlier in the program to prepare them for the revised 3-Statement Modeling course.
With the changes, our members will begin their modeling experience with the Operational Modeling course, which teaches the best practices for building the most common operational schedules in financial models.
We will then use many of the schedules from the Operational Modeling course in DCF Valuation Modeling which will allow our members to value the equity of a company using a full discounted cash flow model.
From there, we will extend our exploration of valuation methods with the Comparable Valuation Analysis course which will focus on a in-depth and practical techniques for comparable trading analysis and precedent transaction analysis.
Finally, the curriculum will transition into an improved version of the 3-Statement Modeling course that will include revised schedules and statements. We will also be adding a detailed discussion about model design, model review, and circularity in financial models.
All learners who complete or have completed their FMVA® certification before Oct 31, 2022, will not be impacted by the program updates.
Please direct any other questions or comments to CFI’s Customer Support team by sending us a message or emailing us at [email protected].
- Update 1.2
| Announcement Date | Effective Date |
| June 1, 2020 | September 1, 2020 |
Summary of Changes
FMVA final exam became a requirement for the FMVA program in September.
All students who have completed and earned their FMVA certification before January 1, 2021, will not be impacted by the new requirements.