FMVA® | Program Updates

This article contains the historical updates and changes to CFI's Financial Modeling & Valuation Analyst (FMVA®) Certification program.

Update History

Announcement Date Effective Date
July 1, 2023 July 31, 2023
May 8, 2023 May 31, 2023
September 1, 2022 October 31, 2022
June 1, 2020 September 1, 2020

🗓️ Updates Effective July 31, 2023

Summary of Changes

  • Effective July 31, 2023, "Introduction to 3 Statement Modeling" is a new core course required to earn an FMVA® Certification.
  • The new core course requirement of the FMVA® program has increased to 14, plus a minimum of 3 electives and a minimum score of 70% to pass the final exam.

Why was this update implemented?

To further enhance our learners' financial modeling skills.

🗓️ Updates Effective 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.
  • Updated the "Introduction to Business Valuation" course from a preparatory course to a core course within the program.

Why was this update implemented?

This vital course has been integrated into the core curriculum to align our program with industry demands based on valuable feedback from our learners and industry professionals.

🗓️ Updates Effective October 31, 2022

Summary of Changes

Why was this update implemented?

These changes are being made to improve the structure and the quality of the FMVA® program. The revised format will give our members 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 financial models' most common operational schedules. 

We will then use many of the schedules from the Operational Modeling course in DCF Valuation Modeling, allowing our members to value a company's equity using a fully discounted cash flow model. 

From there, we will extend our exploration of valuation methods with the Comparable Valuation Analysis course, which will focus on 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, including revised schedules and statements. We will also discuss model design, model review, and circularity in financial models. 

All learners who complete or have completed their FMVA® Certification before October 31, 2022, will not be impacted by program updates.

🗓️ Updates Effective September 1, 2020

Summary of Changes

  • The FMVA® final exam became a requirement to earn an FMVA® Certification.

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

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