Certified Valuation Analyst (CVA)

The 1st International Certification in Business Valuation

What do you know about CVA ?

• CVA or Certified Valuation Analyst is the

Main components of this course:
1. Coverage of one of the most challenging aspects of the
valuation process which is the development of
capitalization and discount rates in a global
environment.
2. This part of the course will show you how to avoid
common pitfalls in determining these rates,
3. Valuation of intangible assets that became a significant
component of business value,
4. A case study in which all valuation concepts will be
applied.
The coverage of the case will prepare the candidates to the
part of the examination whereby, and after having passed
the CVA exam, they are required to submit a case study
report.  became members in good standing with
Target Audience
1st international certification in business
valuation;
• CVA is granted by the IACVA, the
International Association of Consultants,
Valuators and Analysts in USA
(www.iacva.org), which is the first and only
international association established to
provide worldwide support to professionals
who perform business valuations and
valuations of intangible property of all kinds;
• CVA training and examination were
launched for the 1st time in Egypt by
Developers for Training and Consultancy
(DTC) and the Institute for Financial
Analysts (IFA) in April 2009.
• Passing rate of the most recent CVA
examinations held in Cairo May 2009,
October 2009, April 2010 was 88%, 100%,
72% respectively.
• Participants who have successfully passed,
IACVA.

This course is designed especially for: Register NOW

Financial Advisors, Banks, Investment Banking,
Investment Managers, Strategic Investors,
Securities Analysts, Financial Managers and
Internal Auditors
Join the new professional elite
Join our CVA course 8, 9, 10, 15,16 and 17 April 2011
El Salam Concord Hotel, Heliopolis, Egypt
Course fees: 3000 USD
Discounts apply for early and group
registration

For further information please contact us

Tel (+202) 26909 557 - (+202) 26909558 – (+20) 168822010
info@developers-egypt.com
 Certified Valuation Analyst
An Outline of CVA Training Program

Day One:
Book One: Business Valuation- Universal and Fundamental Application
Chapter One: Introduction
• What is Business Valuation?
• The Evolution of Business valuation
• Valuation Opportunities for the Business Valuation Professional
• Overview of the Business Valuation Industry
• Purposes of Valuations
• Professional Associations for Business Valuation
• The Valuation Process
• Understanding Levels of Value
• Valuation Theory in U.S. versus Other Countries

Chapter Two: Principles of valuation

• Valuation Concepts
• standards of value (FMV, FV, BV, Investment Value, Intrinsic Value)
• premise of value (Going Concern, Liquidation Value)
• Risk Definitions and Types of Risk
• Diverse of risk (Control and Marketability)
• The Equity interest and Investment
• Defining key Value Drivers
• Historical Data vs. Projected Data
• Key Financial Variables
• The U.S. (IRS) as a Contributor to Value Theory
• The Valuation Professional

Day Two:
Chapter three: Financial Analysis and Generating Economic/ Normalized Financial Statements
• Financial Analysis
• Economic/Normalized Financial Statements
• IAS and GAAP Accounting Versus Economic Accounting
• Constructing Economic Balance Sheets, Statements of Income
• Financial Analysis Summaries
• Common-Size Analysis
• Ratio Analysis
• Key Financial Ratios
• Comparative Analysis
• Analyzing and Valuing Specific Intangible Assets
• Factors and Approaches for Intangible Asset Valuation

Chapter Four: Estimating Future Income

• Defining earnings and/or Cash Flow
• Methods of Estimating Future Income and Cash Flow
• Selecting an Appropriate Method

Day Three:
Chapter Five: Capitalization/Discount Rates
• Overview: Risk Adjustments and Factors
• Capitalization and/or Discount Rates
• Capitalization Rates Methods and Sources
• Common Models for Computing Capitalization and Discounts rates
• Weighted Average Cost of Capital (WACC)
Chapter Five: Capitalization/Discount Rates Continued
• IBBOTSON Build-Up Method
• Modified Capital Asset pricing Model
• SCHILT’s Risk Premium Guidelines and Build-up Summation Model
• International Cost of Capital
Converting Pretax Rates to After Tax Rates

Chapter Six: Commonly Used Methods of Valuation

• Overview of U.S. Methodologies
• Asset-Based Approach
• Income Approach
• Market Approach
• Other methods
• Analyzing and Valuing Intangible Assets
• Recent U.S. Developments
Other Valuations used within and Outside U.S.

Day four:
Chapter Seven: Valuation Discounts and Premiums
• Overview
• Lack of Marketability Discount
• Minority Interest Discount
• Mergeratat Review
• Some Useful Methods
Other Resources

Chapter Eight: Professional Standards

• Preamble
• General and Ethical Standards
• Valuation Services
• Development Standards
• Reporting Standards
• Other Guidelines and Requirements
• Effective Date
International Glossary of Business Valuation Terms

Day Five:
Book Two: Case Study Analysis
• Accepting and Defining the Valuation Engagement
• Obtaining the Necessary Information
• Search for Adjustments
• Financial Review and Analysis of Adjusted Financial Statements
• Applied Methods of Valuation
• Report Writing-Sample Repot

Day Six:
Book Three: IACVA Introduction to Intangibles (International and U.S. Perspective)
• Purpose of the course
• Background: A Global Perspective.
• International Accounting Standards
• Initial Measurements of Intangible Assets
• US Tax code:
• Legal Protection of Intangible Assets and Intellectual Property: A Global Perspective
• A Valuation Model for Intangible Asset and Intellectual Property
 Certified Valuation Analyst
Registration form April 2011

Participant’s data:
Full Name: _________________________________
Firm: ______________________________________
Business Phone: ____________________________
Mobile Number: ____________________________
E-mail Address: _____________________________

Review course dates:

Date: 8, 9, 10, 15,16 and 17 April 2011
Time: 9:00 am. - 5:00 pm. (lunch and coffee breaks included)
Venue: El Salam Concord Hotel – Heliopolis.

The Registration fee for the Full certification program is USD 3,000 including:
• The entire CVA review course ( 35 training hours)
• A complete package of study material including outlines of the readings and solutions
• Certification/ Mock and Real exams fee
• Charter membership (First-year membership)
Early and group discounts apply

Registration and Payment methods:

• To register, please complete the registration form and send it with your business card to: Developers for
Training and Consultancy- info@developers-egypt.com or Fax (+202)22910743
• Fees are due for payment in full amount in cash or check payable to “Developers for Training and
Consultancy-LLC” .
• Organizations are welcomed to register and pay for their staff members.

Cancellation Policy:
1. A full refund less than administration fees of USD 300 will be given for cancellation requests received up
to 5 working days before the event. Cancellation must be made in writing (letter or fax) and re (Developers
for Training and Consultancy–LLC) before the 5 working days deadline.
2. Delegates who cancel less than 5 days before the event, or who do not attend, are liable to pay the full
course fee and no refunds can be given. However, if they wish to attend the next course, and they have
paid the course fee in full, they will only be invoiced for 25% of that course fee.
3. Please note that you can transfer only once. The next course must take place within 6 months of the initial
application. Of course, a replacement is always welcome.

I herby agree to the above terms and conditions of the course

Applicant name:
Title:
Signature:
Date:
________________________________________________________________________________________________
For further information please call
Developers for Training and Consultancy- Tel (+202) 26909 557 - (+202) 26909558 – (+20) 168822010