Membership Qualification Exam

The Membership Qualification Examination (MQE) is the final step before you become a CBV. This four-hour, case-based exam tests your ability to apply everything you’ve learned in the Program of Studies to a real-world valuation scenario.

The 2026 MQE is based on the updated MQE Competency Framework, aligned with course materials published after 2022 and 2023. Please reference the new course notes posted, as earlier materials may not reflect the current framework. 

Effective 2025, candidates must also complete the Financial Modeling Institute (FMI) Foundations course to be eligible to write the MQE. 

Registration opens: March 3, 2026 
Registration deadline: June 26, 2026 
Exam date: September 16, 2026 
Results released: December 1, 2026 

The 2026 MQE will appear on your dashboard if you qualify. 

The examination fee for the 2026 MQE is $1,380 plus applicable tax, for all candidates,  domestic or international. 

The following is available to Registered Students registered for the MQE: 

• Online access to prior MQE question booklets and suggested solutions 
• Online access to the current course notes for the four mandatory courses 

A full list of MQE rules can be found in CBV Institute’s MQE Examination Rules Policy. 

Registered Students may cancel their MQE enrolment. Refunds are granted as follows: 

• No refund for cancellations after the MQE cancellation deadline. 
• Cancellations before the deadline receive a full refund of the registration fee, less the $175 cancellation fee. 

To cancel your MQE enrolment, email [email protected]. 

Registered Students who are not successful on the MQE may request an appeal of their results within 30 days of receiving their mark. The deadline is December 15, 2026. See the Membership Qualification Examination Appeal Process for the MQE policy. 

To appeal an MQE result, log in to your profile, open the “MQE” tab on your dashboard, scroll to MQE history, and click “Appeal.” 

For information on accommodations, review the policy on Accommodations for Registered Students and MQE Candidates with a Disability. Applications must be received by the Director of Education 45 days prior to the exam. See also the Academic Accommodation Form. 

For further information, contact the Director, Education and Accreditation at [email protected]. 

Registered Students who have passed or been exempted from all required courses of the Program of Studies are exempt from the Annual Student Fee and maintain active Registered Student status for up to two years. The fee resumes the following January upon passing the MQE, or after two years if the MQE has not been attempted.  

If membership is approved in February of the year following the MQE, the Annual Student Fee charged that January is reimbursed and the membership fee is applied. If you don’t apply for membership immediately after passing the MQE, the Annual Student Fee continues to be charged at the start of each year. You have up to three years after passing the MQE to apply for CBV membership. 

Registered Students and MQE Candidates have an obligation to maintain the highest standards of academic honesty, which requires that no one attempt to gain an improper advantage in an academic evaluation. Suspected breaches are investigated by the Institute and/or its designate, York University, in accordance with CBV Institute’s Academic Honesty Policy and/or the rules and regulations of York University. 

Related policies:  

• CBV Institute Academic Honesty Policy  
• CBV Institute MQE Examination Rules Policy 

For more information on the MQE, contact [email protected]. If you have already registered and have questions, email [email protected]. 

CBV Institute does not guarantee continuous, uninterrupted, or error-free access to any third-party service, program, or software (e.g., Honorlock) that CBV Institute may make available (“Third Party Technology”). Third Party Technology is provided on an “as is” and “as available” basis without any representation or warranty of any kind.