FMVA® Program Updates

Recent 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.

Archive of 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].

- 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.