FMVA® Program Updates

Upcoming Changes

Update 1.3

Announcement Date Effective Date
September 1, 2022 October 31, 2022

Summary of Changes


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]

Archive of Changes

- Update 1.2

Announcement Date Effective Date
June 1, 2022 July 1, 2022

Summary of Changes

- Update 1.1

Announcement Date Effective Date
November 20, 2020 January 1, 2021

Summary of Changes

  • We're introducing two new core courses to the FMVA curriculum: Accounting Principles and Standards and  Business Valuation Modeling Part II
  • The current Business Valuation Modeling course will be renamed to Business Valuation Modeling Part I. New content will be added to the current course, specifically content related to net present value and internal rate of return calculations.
  • The Advanced Financial Modeling & Valuation course will become an elective course and be renamed to The Amazon Case Study. The entire course model will be updated in early 2021 to reflect new course content and the most recent financial data available.
  • A new optional Prep Course will be added: Capital IQ Fundamentals (students are not required to complete this course).
  • With the course additions and changes, the new FMVA curriculum will consist of:
    • 7 Prep Courses (optional)
    • 12 Core Courses (12 required)
    • 10 Elective Courses (at least 3 required)


All students who have completed and earned their FMVA certification before January 1, 2021, will not be impacted by the new requirements.