The CBV Program of Studies gives you the education and training to build advanced business valuation expertise. You complete six courses (four mandatory and two electives) online, on a schedule that fits around your work. The curriculum evolves with the field, preparing you for a career in growing demand across Canada and internationally.
Want to learn more? Attend our information session on November 24th, from 12-1pm ET to hear hear from CBVs about the designation.
The Courses
You will complete six courses in total: four mandatory courses and two of four electives.
Mandatory Core Courses
A background in financial accounting and reporting and taxation obtained through university level courses or other professional designations will be greatly beneficial.
On completion of this course, Registered Students will be comfortable with valuation terminology and methodologies, have a developing awareness of issues which require specialized valuation knowledge, and will be familiar with the roles that CBVs are well suited for.
In addition to the course notes, supplementary textbooks are required. To order the textbooks for this course, please see the Course Materials page.
Level I includes:
- The concept of value
- Open market and notional market valuations
- Commonly used value-related terms
- Overview of valuation approaches and methodologies
- CBV Institute Code of Ethics
- CBV Institute Practice Standards
- The valuation assignment
- The cost of capital, discount rates, and capitalization rates
- The unlevered and levered approaches to valuation
- The income approach to value – Discounted cash flows, capitalized earnings and capitalized cash flow approaches
- Redundant assets
- Intangible assets and goodwill
- Industry rules of thumb
It is strongly recommended to complete Level I before registering for Level II – Intermediate Business Valuation.
Registered Students will expand on the knowledge and skills gained in Level I and will dive deeper into issues with the income approach and developing rates of return for valuation. They will also have knowledge of the market approach and tax issues which impact value.
In addition to the course notes, supplementary textbooks are required. To order the textbooks for this course, please see the Course Materials page.
Level II includes :
- Discounts and premiums
- The various types of business organization, types of income and tax rates
- Common tax assets and liabilities
- Acquisition of control rules and the tax consequences of sales of assets versus shares
- Issues in developing rates of return in valuations and the interrelationship between cash flows and discount rates
- The market approach to value
- The asset approach to value
It is strongly recommended to complete Levels I and II before registering for Level III – Advanced Business Valuation.
Level III elaborates on the foundational knowledge gained in Levels I and II and strengthens Registered Students’ awareness of valuation theory. By the end of this course, Registered Students will have an understanding of more sophisticated valuation techniques and the skills to apply those methods to real life cases.
Level III includes:
- Valuation of specific share classes
- Intangible assets and tax assets
- Valuation considerations of specific assets: real estate and cryptoassets
- Valuation of debt instruments
- Valuation of derivative instruments
- Contingent consideration and real options
It is strongly recommended to complete Levels I, II, and before registering for Level IV – Special Topics in Business Valuation.
After completing Levels I, II, and III, Registered Students will have developed skills and knowledge in valuation theory and methodology. The purpose of Level IV is to extend Registered Students’ learning to additional specialized topics, each of which significantly and regularly impacts CBVs in real-world practice.
In addition to the course notes, supplementary textbooks are required. To order the textbooks for this course, please see the Course Materials page.
Level IV includes:
- Valuation considerations when valuing companies within specific industries including: mining, oil and gas, timberlands, power generation, and infrastructure
- Legal terminologies and concepts for litigation-related work
- Taxation terminologies and concepts for g corporate reorganization and tax-planning work
- The Canadian Court system and litigation process, including different roles a CBV may fulfill best practices for acting as an expert witness
- Theory and methodology involved in calculating economic losses, and damages
- The application of valuation methodology and theory in specific contexts, including family law, personal injury and wrongful death
- Valuation considerations for financial reporting, including Impairment testing and purchase price allocations
- Tools for valuing private investments and evaluating investment returns
- Valuing a business in a different country
Elective Courses (Choose Two)
It is strongly recommended to complete Level I – Introduction to Business Valuation before registering for Mergers & Acquisitions.
Mergers & Acquisitions (M&A) is an area of specialized practice for CBVs. It requires that valuators understand M&A terminology, have an understanding of fundamental concepts in the field, and are aware of the issues that require specialized industry knowledge.
The purpose of this course is to provide candidates with a sound understanding of M&A from a buy-side perspective. It’s geared toward helping future CBVs advise clients, including corporate acquirers, private equity firms and other investors on acquisition strategy, valuation, transaction structuring and deal closing. Most of the content is applicable to sell-side M&A as well.
This course does not require additional textbooks, aside from the course notes.
Mergers & Acquisitions includes:
- An overview of the M&A landscape in Canada, the M&A process and various types of buyers and sellers
- Searching for acquisition targets, including setting acquisition criteria
- Target company analysis, including sources of information and assessing strategic fit
- Valuation and pricing from an M&A perspective, including synergy assessment
- The components of a letter of intent (LOI)
- Transaction structuring alternatives
- Confirmatory due diligence, including Quality of Earnings (QoE) reports
- Purchase agreements and shareholder agreements
- How private equity investors assess acquisition opportunities
- Take private transactions
- Infrastructure investments
It is strongly recommended to complete Level I – Introduction to Business Valuation and Level II – Intermediate Business Valuation, before registering for Litigation Support in Business Valuation.
In this course, Registered Students will apply the foundational skills and knowledge of valuation theory and methodology, as they learn about litigation matters involving the valuation of businesses and the quantification of economic losses. Upon completion of this course, Registered Students will have a sound understanding of the ways in which law and business valuation connect and interact, including the roles that CBVs can perform.
This course does not have additional required textbooks, aside from the course notes.
Litigation Support includes:
- The litigation engagement process
- The roles and rules of a CBV in expert witness testimony
- The quantification of economic losses in personal injury, motor vehicle, and wrongful death claims
- Valuation matters involved in matrimonial disputes, including the calculation of family property and income for support purposes
- The quantification of economic losses arising from disputes related to patents and other intellectual property
- The quantification of economic losses with respect to insurance claims, expropriation, and construction losses
- Claims under the Canada Business Corporations Act, including shareholder oppression and rights of minority shareholders and creditors
It is strongly recommended to complete Level I – Introduction to Business Valuation before registering for Corporate Finance.
When companies seek financing, they often turn to valuators to assist them in preparing for, structuring and evaluating financings. It is crucial for valuators to understand how to best serve their clients during these key business-developing stages.
This course does not require additional textbooks, aside from the course notes.
Corporate Finance includes:
- The components of a business plan and financing proposal
- Feasibility assessments of a private company’s financing options
- Financing capacity and deal structuring considerations
- Capital structure options and related valuation considerations
- Ownership structures and voting rights considerations
- Negotiation of and considerations involving debt products
- Debt, equity, joint venture, project, and royalty financings
It is strongly recommended to complete Level I – Introduction to Business Valuation and Level II – Intermediate Business Valuation, before registering for Valuation for Financial Reporting.
Accounting and valuation standards for financial reporting are constantly changing and increasingly complex. This course introduces valuation for financial reporting (VFR) concepts and the valuation of intangible assets. VFR continues and expands on this foundation with coverage of a number of the financial reporting-related standards and guidance, as well as related valuation issues.
This course does not require additional textbooks, aside from the course notes.
VFR includes:
- IFRS topics commonly encountered by valuators, with references to ASPE standards
- Purchase price allocation and the valuation of intangible assets
- Asset and goodwill impairment testing
- Valuation of investments and investment entities
- The role of the valuator in an audit or other VFR engagement
When courses run
Courses are offered in three terms each year:
- Winter term (January to April)
- Summer term (May to August)
- Fall term (September to December)
Exams
You write an exam at the end of each course. Exams are written case studies covering the course content, completed from your home or office in English or French. The passing mark is 60%.
How the program works
All course materials are developed by CBV Institute together with business valuation subject-matter experts, and every course is led by an instructor who is a CBV. Courses are delivered online through the Moodle learning platform, hosted by York University, where you can access course notes, a discussion forum, past exams, suggested solutions, and other resources.
Most students complete the Program of Studies in about two years, though there is no set timeframe for completion.
Before you register
You can start the Program of Studies while you’re still completing your degree or diploma. When you apply for membership, you’ll need to provide proof of a university degree from an institution recognized by CBV Institute. See the Education Requirement policy for details.
New, effective 2025 — FMI Foundations course
Starting in 2025, you must complete the Financial Modeling Institute (FMI) Foundations course to be eligible to write the Membership Qualification Examination (MQE). The FMI Foundations Program ends in an on-demand, multiple-choice exam. Questions? Email [email protected].
How to enroll
Enroll online at cbvinstitute.com. To register for courses, first log in to your CBV Institute profile. Don’t have one? Create your profile to get started. For a step-by-step walkthrough, watch the registration video.
Withdrawals and refunds
You may withdraw from a course and receive a refund, less a $50 administration fee, by submitting the Withdrawal Form on the CBV Students portal but only if you request the withdrawal within 48 hours of registering. No refund is given for requests made more than 48 hours after registration. If CBV Institute cancels a course due to low enrolment, you’ll receive a full refund.
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