The AICPA Valuation Principles Exam

Exam Overview

The Certified in Entity and Intangibles™ (CEIV™) credential is for individuals who perform fair value measurements for financial reporting purposes. To earn the CEIV credential, candidates must meet two levels of rigorous qualification requirements, one of which includes passing a Qualifying Valuation Exam*. In order to meet this requirement, Finance Professionals must pass the two-part, modular AICPA Valuation Principles Examination. .

*Qualifying Valuation Exams include the AICPA Valuation Principles Exam, Accredited Senior Appraiser (ASA) Business Valuation 201-204 Exams, Chartered Financial Analyst (CFA) Level III Exam, Chartered Business Valuator (CBV) Exam, or Royal Institution of Chartered Surveyors (RICS) Assessment.  .

Steps to the Exam

Steps to ABV Exam

Exam Format

  • Exam Type — The AICPA Valuation Principles Exam is a computer-based, two-part, non-disclosed exam. This means the questions and answers are not published nor are you permitted to remove any exam materials from the testing site.
  • Grading — Each exam is carefully graded by our team of psychometricians to ensure that the questions are statistically valid.
  • Timing — You must pass both exam modules within 12 months (measured from the end of the exam window in which the first module was passed) to receive credit for passing the AICPA Valuation Principles Exam. Each exam module will last a total of 3 hours and 15 minutes, including a 15-minute break.
  • Types of Questions — There are a total of 90 questions per exam module:
    • 78 discrete multiple-choice questions — A discrete multiple-choice question consists of a stem that includes factual data and provides multiple answer options.
    • 12 case studies with accompanying multiple-choice questions — The case studies vary in length and in the number of multiple-choice questions associated with each one. The fact pattern for each case study will contain sufficient information to enable the candidate to answer each question. This part of the exam is designed to test the candidate’s analytical reasoning skills and ability to apply valuation theory and methodology.
    • During the exam, you will be able to access the International Glossary of Business Valuation Terms as well as Formulas & Variable Definitions via computer. These items are included as displays that can be accessed in the same manner as the information provided for the case studies.

Mock Exam Video — If you’d like to view a demonstration of a mock exam session, then watch our AICPA Specialty Exam Online Tutorial.  

  • Note — The questions and exhibits used in this mock exam session are merely for demonstrative purposes only and do not reflect actual exam content.

Discount Pricing — A CEIV Pathway Tool is available to help you identify your most direct path to the CEIV credential. Walk through this tool for discounted pricing on your customized credential education and exam pathway.

Find Your Pathway

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    Upcoming Exam Dates

    Exam Window  Dates Registration Deadlines  Early Bird Discount* Deadline 
     Summer 2017 August 1-31  July 24  July 1 
    Fall 2017  November 1-30   October 24 October 1 
     Winter 2018 February 1-28  January 24   January 1
     Spring 2018  May 1-31 April 24   April 1

    *Sign-up by the early bird registration deadline and receive a 25% discount!


    First-time registrants, price per module is $275; early bird price is $206.25.

    Discount Pricing

    Walk through the CEIV Pathway Tool for discounted pricing on your customized credential education and exam pathway.

    Registration Process

    If you are interested in taking the AICPA Valuation Principles Examination, you must register online and pay the required exam fee for each module. Upon registering, you will receive a separate confirmation via email for each module. This confirmation does not serve as the Notification to Schedule.
    Online registration is available through discounted CEIV education and exam bundles. Find out what customized credential education and exam pathway is most suited for you.

    Find Your Pathway to the CEIV

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    Content Specification Outline |  Exam Prep Tools 

    Exam Content Specification Outline

    The Content Specification Outline (CSO) has been developed through various sources to provide an overview of the knowledge that business valuation practitioners should possess. It is the comprehensive body of knowledge that will be tested on the Valuation Principles Exam. There are three major topical areas that provide a framework for knowledge and skill tested on the Valuation Principles Exam:
    • Qualitative and Quantitative analysis (25 to 30% of the exam content)
    • Valuation Analysis (50 to 60% of the exam content)
    • Related Topics (15 to 20% of the exam content)
    It is important to note that you will most likely be better-prepared for the exam if you use the resources contained within the CSO and not just rely upon your individual experience. Valuation Principles Exam module “Approaches” will cover the Valuation Analysis section of the CSO (Section II), and Valuation Principles Exam module “Analysis & Related” will cover the Qualitative and Quantitative Analysis and Related Topics sections of the CSO (Section I & III).

    Exam Review Course 

    Offered in text format, the Valuation Principles Exam self-study review course includes over 300 practice questions.

    Find out what customized credential education and exam pathway is most suited for you.

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    Notification to Schedule

    For all exam modules, the AICPA will provide registrants their Notification to Schedule (NTS) letter and a copy of the Kryterion Test Center Procedures via email ONLY, no later than a month before the opening of the window and within one week of registration thereafter. Upon receipt of the NTS, registrants should follow the instructions and use the assigned voucher code included in the NTS to schedule their exam session on the Webassessor site. Exam sessions are held at local Kryterion High-Stakes Online Secured Testing (HOST) Centers.

    You must have a valid email address on file or provide one during the registration process. If there is not a valid email address on file, you will not receive the NTS letter. The NTS Letter will contain your voucher code and test administration information including a website link and a toll-free telephone number to schedule a test appointment. The Test Center Procedures will include relevant information surrounding the actual testing session at one of the nationwide Kryterion testing centers. If you do not receive this information, please email us or call 888.777.7077.

    Scheduling Process

    Once you receive your notification to schedule email you may schedule your exam. To try to avoid missing out on the desired time and location, please schedule early. The notification to schedule email will provide instructions on how to do so. Below is a snapshot:
    1. Visit the Valuation Principles Exam Scheduling Website.
    2. Follow the steps to establish a test-taker account. If you have already established a test -taker account for a previous exam, use the username and password that was previously provided. For assistance with your username or password, please contact the AICPA Member Service at 888.777.7077 or email us.
    3. Upon receipt of email confirmation of your username and password, login to schedule.
    4. Click on the Schedule Exam link in the task bar at the top of the page.
    5. Select the AICPA Valuation Principles Exam and click on Register Now button.
    6. Select the desired testing center.
    7. Select the desired date and time a testing center is available. 
    8. After the Shopping Cart page confirms the exam, location, date and time, proceed to checkout.
    9. Upon checkout, enter the voucher code that was provided in the NTS letter.
    10. Upon acceptance of the voucher code, click the Submit button and then click on the Done button on the subsequent screen.
    11. A scheduling confirmation email will be sent to the email address provided. It is important to print and/or keep a copy of this confirmation page on file as it includes the Test Authorization Code required for exam admittance.

    Testing Locations

    At this time, the Valuation Principles Exam is only offered in the United States and Canada. There are almost 300 locations nationwide. Find the closest one >>

    Test Regulations

    The Kryterion host location has procedures you must follow. Please make sure to read their procedures document in full so you can be fully prepared. Any non-programmable calculator will be admitted into the exam room. We recommend you bring a financial calculator.

    Additional Information

    To find a more detailed overview of the scheduling process including rescheduling, cancellations and refunds, download the Valuation Principles Exam Registration and Scheduling Terms and Conditions.

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