CVFI Education + Credential Exam

Consistently and transparently value securities

The Certified in the Valuation of Financial Instruments (CVFI®) credential provides all professionals in the valuation chain a consistent and transparent method for substantiating what goes into complex calculations when valuing securities.

Earning the CVFI credential

The CVFI credential is designed for CPAs and valuation professionals who want to deepen their expertise and demonstrate a high level of competence in the valuation of the following:

• Derivatives
• Structured products
• Securitized debt
• Other instruments

CVFI learning and exam bundle

This bundle includes the required learning and credential exam for CPAs and valuation professionals engaged in the financial instruments valuation profession to achieve the CVFI credential. Led by industry experts, the required online education includes a series of courses that cover the CVFI body of knowledge and the Financial Instruments Performance Framework (FIPF). Learning includes valuation-focused topics on accounting standards, audit considerations, current expected credit losses, and risk.

Important note: Those who hold a CPA license do not need to complete the following courses before taking the CVFI credential exam: 1) Understanding Ethical Principles and the AICPA Code of Professional Conduct and 2) Valuation and Consulting Standards. All valuation professionals without a CPA license must complete all courses in the program.

CVFI exam

The CVFI exam is a four-hour, computer-based, nondisclosed conceptual exam designed to test a candidate's knowledge of the concepts covered in the CVFI body of knowledge and the FIPF.

Important note: The purchase of this program entitles you to three attempts to pass the exam. Candidates will receive a pass/fail notification upon completion of the exam. If you do not pass an attempt, we recommend you continue your studies before accessing the second or third retake. After three failed attempts, you will be subject to retaking the CVFI education and a 90-day waiting period before a link to purchase three more attempts is sent to you.

Who Will Benefit

Valuation professionals engaged in the financial instruments valuation profession (within the financial markets, or with financial instruments and securities), including:

• Controllers
• Traders
• Data providers
• Accountants
• Auditors

Key Topics

• Financial Instruments Performance Framework (FIPF)
• Fair value framework
• Professional judgment
• Independence and nonattest services
• Valuation techniques and inputs
• Consulting services and process
• Risk-based auditing and valuation of financial instruments
• Planning considerations when auditing financial instrument valuations
• Accounting for financial instrument valuations
• Debt and equity securities
• Derivatives
• Pillars of CECL
• Life cycle losses

Learning Outcomes

• Recall AICPA ethics rules and interpretations on integrity, objectivity, confidentiality, advertising, and accounting principles.
• Recognize valuation engagement development considerations.
• Recall basic valuation techniques and inputs to valuation techniques.
• Identify similarities and differences between current expected credit losses (CECL) and expected credit losses (ECL).
• Identify key concepts of professional skepticism to the audit of financial instruments.
• Identify conflicts of interests that may exist among various stakeholder groups.
• Recall the requirements to achieve a well-functioning financial system by identifying select efficiency requirements.
• Identify the purpose of regulation and analyze the different regulatory tools used to impose policy on an industry.