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The ABV Examination
EXAM DATES:
The 2009 ABV exam will be administered from Friday, November 9th through Saturday, December 12th, 2009.
EXAM CANDIDATES:
- 8-hour exam registrant - $400: A candidate that is a new entrant (not certified by any other recognized business valuation credentialing organization) must successfully pass the full day 8-hour ABV examination to meet the ABV credential examination requirement.
- 4-hour exam registrant - $400: Individuals possessing certification from the following specified credentialing organizations can satisfy the examination requirements by passing the half-day (ABV I) examination
• Certified Valuation Analyst (CVA) from the National Association of Certified Valuation Analysts
• Certified Business Appraiser (CBA) from the Institute of Business Appraisers
• Chartered Financial Analyst (CFA) from the CFA Institute (formerly the Association for Investment Management and Research (AIMR))
- Deferral registrants - $100: Candidates that fall into this category are individuals who previously registered for an exam but did not schedule an exam during the year he/she originally registered.
- Exam retake registrants - $200: Individuals that previously took the exam and did not pass the exam fall into this category.
Note: CPAs that hold the Accredited Senior Appraiser (ASA) credential from the American Society of Appraisers in Business Valuation are deemed to have satisfied the examination requirement.
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REGISTRATION & SCHEDULING TERMS AND CONDITIONS:
NOTE: YOU MUST READ THE REGISTRATION & SCHEDULING TERMS AND CONDITIONS PRIOR TO REGISTERING FOR THE EXAM! This document contains vital information related to scheduling, re-scheduling, the exam deferral policy, and much more.
Subsequent to registering for the exam, candidates will receive a Notification to Schedule (NTS) letter. Upon receipt of this letter, candidates will then have the ability to schedule their exam session through Prometric via the web at ww.prometric.com/abv or by calling 1-800-864-8080.
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CONTENT SPECIFICATION OUTLINE (CSO):
The 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 ABV Exam. There are five major topical areas that provide a framework or “blueprint” for knowledge and skill tested on the ABV examination. The five major areas include:
I. The Engagement (3 to 6% of the exam content)
II. Professional and Regulatory Standards (3 to 6% of the exam content)
III. Qualitative and Quantitative analysis (20 to 25% of the exam content)
IV. Valuation Analysis (50 to 60% of the exam content)
V. Other Related Topics (10 to 18% of the exam content)
It is important to note that candidates will most likely be better-prepared for the exam if they use the resources contained within the CSO and not just rely upon their individual experience. Please take this into consideration when preparing for the ABV Exam.
Download the CSO
Also, for your convenience, we have provided easy access to each of the materials identified in the CSO. Click here to view links directing you to an extensive portion of the identified resources.
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BV SCHOOLS & ABV EXAM REVIEW COURSES:
The key to passing the examination is a combination of utilizing the body of knowledge referenced in the CSO coupled with applying this body of knowledge by obtaining relevant work experience in business valuation. Accordingly, although it is not a strict requirement, it is our recommendation that candidates choose to sit for the exam only after they have completed the required six (6) business valuation engagements. For additional convenience, the AICPA offers BV Schools and works in conjunction with state societies to provide ABV Exam Review courses. Click here to find out more about a course that may be offered in your area.
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CALCULATORS:
The following is a list of approved calculators that you may bring with you into the examination room. They are:
· Hewlett Packard 12C
· Hewlett Packard 10B
· Hewlett Packard 10b II
· Hewlett Packard 17bII+
· Texas Instruments TI BAII Plus
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EXAM FORMAT:
The ABV Examination is a nondisclosed examination. This means the questions and answers are not published nor are candidates permitted to remove any examination materials from the testing site. Each examination is carefully graded by our team of psychometricians to ensure that the questions are statistically valid. The ABV examination is computer-based and consists of two parts, Section I and Section II, both of which are 4-hours each. Each section contains two areas of questioning, Multiple-Choice and Case Studies with multiple-choice answers. Please be aware that the Multiple-Choice and Case Studies questions are intermingled throughout the exam and are not segregated.
During the examination, candidates will have access to the Formulas & the Definitions. Also, candidates will be allowed to “skip around” from question-to-question by using the “Mark Question” function which will serve as a place marker for questions people would like to skip and come back to. Soon to come, we will provide a Frequently Asked Questions section of the website. In the meantime, if there is a specific question you’d like to ask regarding the exam, please contact us at abv@aicpa.org.
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MULTIPLE CHOICE QUESTIONS:
A multiple choice question consists of a stem that includes factual data, or describes a situation and four options the correct answer and three incorrect choices. The following illustrates a multiple choice question:
The weights used in the Weighted Average Cost of Capital (WACC) should be:
a. Based on book value
b. At the optimal capital structure when valuing a minority interest
c. Based on market values
d. At the current capital structure when valuing a controlling interest
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CASE STUDY QUESTIONS:
Both Sections I & II of the ABV Examination will include a mix of multiple-choice questions, together with a variety of problem solving case studies that vary in length and number of multiple-choice questions associated with each. The fact pattern for each case study will contain sufficient information to enable the candidate to answer each question. This part of the examination is designed to test the candidate's analytical reasoning skills and ability to apply valuation theory and methodology.
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