Certified Valuation Analyst (CVA): what the credential means
Short answer
A Certified Valuation Analyst (CVA) is a business valuation credential issued by the National Association of Certified Valuation Analysts (NACVA). According to a 2025 American Bar Association overview, candidates need an active CPA license or a business degree plus substantial valuation experience, must pass a proctored exam, complete a case study or submit a valuation report, and provide references. The CVA is one of the five credentials SBA's SOP 50 10 8.1 accepts for a Qualified Source.
Search volume for "certified valuation analyst" is huge relative to other valuation terms, mostly from people deciding whether to hire one or become one. Here's the hiring side, with an SBA lens.
The credential at a glance
| CVA | |
|---|---|
| Issuer | National Association of Certified Valuation Analysts (NACVA) |
| Who can earn it | CPAs and qualified non-CPAs with a business degree and valuation experience (non-CPA access since 2013, per the ABA) |
| Testing | Proctored exam plus a case study or submitted valuation report; references |
| Upkeep | Continuing education every three years (ABA cites 36-60 hours) |
| SBA status | One of five credentials for a Qualified Source |
Requirements change; check NACVA for the current rules.
Hiring a CVA for an SBA deal
- Engagement with the lender, not the buyer or seller.
- Evidence of regular paid business valuation work.
- No relationship with the parties; signed independence statement.
- Experience with businesses of similar size and industry.
- Report includes conclusion of value, qualifications and signed certification.
CVA vs other credentials
The ABA overview describes the ABV (AICPA) as open to CPAs and other qualified professionals, and the ASA (American Society of Appraisers) as requiring five years of valuation experience and USPAP-compliant reports. Each can do SBA work. The Qualified Source guide compares all five SBA credentials side by side.
What CVAs are hired for
The credential covers business valuation broadly, so CVAs show up across very different engagements. Knowing which kind of work a particular CVA does most tells you more than the letters after their name.
| Engagement | Who hires | What to look for in the CVA |
|---|---|---|
| SBA acquisition valuation | The lender | Regular SBA work, familiarity with Appendix 15, quick turnaround on lender questions |
| Divorce or partner dispute | Attorneys, parties, courts | Testimony experience, knowledge of the jurisdiction's standard of value |
| Estate and gift | Families, estate attorneys | Experience with discounts and IRS review |
| 409A | Company boards | Capital structure modelling, start-up experience |
| Purchase price allocation | Buyers, sellers, CPAs | Intangible asset valuation, Form 8594 familiarity |
Five questions before you engage a CVA on an SBA deal
- How many SBA change-of-ownership valuations have you signed in the last year, and for businesses of what size?
- Do you have any relationship with the buyer, seller, broker or the seller's accountant?
- Will the report name the lender as client and include your conclusion of value, qualifications and signed certification?
- What will you need, and how quickly, to meet the closing timeline?
- How will you handle earnings the lender's QoE (on $3 million-plus deals) doesn't support?
What to send a CVA with the engagement
The SOP asks for a scope of work specific enough that the valuer knows what's included in the sale. A clean first package usually contains: the signed LOI or purchase agreement (asset or stock deal, what's excluded, any assumed debt), three years of business tax returns and financial statements, a current interim statement, the seller's list of proposed add-backs with support, the lease, and the real estate appraisal if property is part of the deal and is being carved out. Sending it all at once is the single biggest lever on turnaround.
Three quick scenarios
- A CVA who regularly values businesses, engaged by the lender, with no ties to the parties: meets the Qualified Source definition.
- A CVA who also prepares the seller's tax returns: has the appearance of a conflict; use someone else.
- A CVA engaged by the buyer before the buyer chose a lender: the lender can't use that valuation and must order its own, because the SOP requires it to be requested by and prepared for the lender.
OKtoLend's reports will be signed by a credentialed valuation analyst (ASA, ABV or CVA). See how the valuation works.
CPAs, CVAs and other accountant valuers
A CPA can value a business, but a CPA license alone doesn't make them an SBA Qualified Source. For an SBA 7(a) acquisition, the person must hold one of five credentials (ASA, CBA, ABV, CVA or BCA), regularly receive compensation for business valuations and be independent. CPAs commonly qualify through the AICPA's ABV or NACVA's CVA. The seller's own accountant usually can't do it, because the valuation can't be prepared for the seller.
Where accountants fit in an acquisition
| Role | Who |
|---|---|
| Seller's books and tax returns | Seller's accountant (provides records only) |
| Buyer's tax structuring and allocation | Buyer's CPA |
| SBA business valuation | Credentialed, independent, for the lender |
| QoE ($3M+) | Independent financial professional, for the lender |
What accountants usually do in an acquisition
Accountants are involved on both sides of almost every small business sale, just not always in the valuation seat. The seller's accountant prepares the tax returns and financial statements that everyone else relies on, and often answers the valuer's and QoE provider's questions. The buyer's accountant advises on structure: asset or stock purchase, how the price should be allocated across asset classes for tax, and what the deal means for the buyer's personal return. A third accountant, independent of both, may prepare the Quality of Earnings for the lender on deals of $3 million or more.
Independence rules inside the profession
CPAs have their own independence rules, separate from SBA's. AICPA independence rules restrict CPAs from providing valuation services to clients whose financial statements they audit or review when the results would be material and involve significant subjectivity, because the firm would end up auditing its own numbers. For an SBA lender, the practical test is simpler: anyone who prepared the seller's books or tax returns, or who advises the buyer on the deal, has an appearance of conflict and shouldn't sign the lender's valuation.
Common situations, sorted
| Situation | Can this accountant value the business for the SBA lender? |
|---|---|
| The seller's long-time tax preparer, no valuation credential | No: no listed credential, and an apparent conflict |
| The buyer's CPA, who holds the ABV | No: works for the buyer, and the valuation must be prepared for the lender |
| An unrelated CPA with a CVA who values businesses every month, engaged by the lender | Yes, if they're independent of loan production and approval |
| A CPA who audits the seller's financial statements | No: conflict, and professional independence rules also restrict it |
| A CPA firm doing the lender's QoE on the same deal | Possibly, if the individual signer holds a listed credential and the lender is comfortable with one firm doing both |
Questions to ask before you ask your accountant
- Do you hold a business valuation credential, and which one?
- How many valuations do you sign in a year, and for what purposes?
- Have you prepared this business's books or tax returns, or advised either party?
- Would the report name our lender as the client?
If the answers point elsewhere, your accountant can still help in the ways that matter most: getting clean, complete records to the lender's valuer and QoE provider quickly.
When a CPA is the right valuer
- They hold the ABV, CVA or another SBA-listed credential.
- Valuation is a regular, paid part of their practice, not an occasional extra.
- They have no prior relationship with the buyer, seller or broker.
- The lender engages them and the report is addressed to the lender.
- They understand the industry well enough to judge the add-backs.
Where those conditions are met, an accountant's grounding in tax returns and financial statements is an advantage: they're quick to spot where the books and the returns don't match, which is often the most important finding in a small business valuation.
Related: the ABV credential and does a QoE need a CPA.
For lenders, the cleanest arrangement is to keep a short list of credentialed valuers, CPAs or not, who have no ties to the local brokers and accountants whose clients they'll be valuing, and to collect a fresh independence statement with each order.
Common questions
Is a CVA a CPA?
Not necessarily. Since 2013 NACVA has offered the CVA to both CPAs and qualified non-CPAs, per the ABA overview.
Is a CVA enough for an SBA valuation?
The credential is one of the five SBA lists. The individual must also regularly receive compensation for business valuations and be independent of the loan.
How do I verify someone's CVA?
Check with NACVA, and ask for the credential and recent valuation experience in writing.
CVA vs ABV vs ASA: which is best?
All three are accepted by SBA. What matters more for a given engagement is the individual's experience with similar businesses and their independence.
Can my CPA do the valuation for my SBA loan?
Only if they hold a listed credential, regularly do paid valuations, are engaged by the lender and have no conflict. Your own tax preparer is usually conflicted.
Related guides
Sources
This guide explains rules and practice in plain English. It isn't legal, tax or credit advice, and SBA and IRS rules change. Check the current SOP, regulations and your lender's requirements before you rely on anything here. Examples with made-up businesses are illustrations, not real deals.