FMVA® Final Exam

Introducing the New FMVA® Final Exam

In response to the rapidly growing demand from employers for FMVA® certification holders, I am delighted to share that on August 31, 2020, Corporate Finance Institute® will be introducing an FMVA® final exam that will:

  • Increase the value and credibility of the certification worldwide
  • Protect the integrity of our program and those who work hard to complete it
  • Help students assess their knowledge and identify opportunities for improvement

The FMVA® final exam will be a mandatory requirement for new students to earn their FMVA® certification. It will also be available and optional to all existing FMVA® certification holders and students who have completed their studies by August 31, 2020.

Earning the Financial Modeling & Valuation Analyst (FMVA)® certification is a defining moment for many finance professionals and demonstrates advanced knowledge and real-world analytical skills. In an increasingly competitive world, employers look for qualified professionals who have the credentials and can demonstrate their expertise and confidence to successfully get the job done.


Exam Details:

  • Exam structure: 50 multiple-choice questions including Excel modeling case studies, drawn from a randomized question bank.
  • Exam location: The exam is online and can be accessed through the dashboard once students complete all course requirements.
  • Exam schedule: The exam can be taken at any time and does not need to be scheduled.
  • Exam length: 3 hours.
  • Exam content: Exam covers the content from the core and prep courses. Content from elective courses will not be covered.
  • Exam results availability: Students will receive their results immediately after completing the exam.
  • Passing score: 70%.
  • Eligibility: The exam can be accessed upon completion of 9 core courses and 3 or more electives.
  • Number of attempts: One attempt for free.
  • Retaking the exam: Students who do not pass the exam may re-enroll in the FMVA program for a $50 fee and will have to wait for one month until they can attempt the final exam again. Each additional exam attempt follows the same process. Students who have already passed the exam are not allowed to retake the exam again.
  • How to prepare: Review the course videos, materials, exercises, and case studies. Take the FMVA® practice exam.
  • Practice exams: Students may take an unlimited number of practice exams before challenging the official exam.


FMVA Financial Modeling Certification


Frequently Asked Questions:

I am already FMVA® certified. How will this affect me?

Anyone who has completed their FMVA® designation by August 31, 2020, will not be impacted by this change.

Will CFI have final exams for other certification programs? Yes, eventually all certification programs including the CBCA, CMSA, and BIDA will have final exams.

What if I register for the FMVA® before August 31, 2020? If you register for the FMVA® program prior to August 31, 2020, but have not completed all the requirements by August 31, 2020, you will have to take the new final exam to complete your designation.

Why do you charge a $50 re-write fee? First, to create a meaningful benefit to take the courses, study the material and pass on the first attempt. Second, to cover the cost of continually creating new exam questions and keeping the randomized question bank up to date.

Why do I have to wait one month before attempting the exam again? To ensure students take enough time to review, study, and prepare for their next exam attempt.

Why are you limiting the number of attempts for the FMVA® exam? Due to the rapidly growing demand for FMVA® certification holders, we need to maintain a high standard and credibility of the certification worldwide. Also, we need to protect the integrity of our program and those who work hard to complete it and importantly to help students assess their knowledge and identify opportunities for improvement

What if I can’t afford the re-write fee? We have a generous financial aid program that in some cases will entirely waive re-write fees.

Can I retake the exam if I am not satisfied with my passing score? Students who have already passed the exam are not eligible for another retake. Once you have earned the passing grade of 70% and completed the program requirements (10 required courses and 3 electives), you will be able to retrieve your FMVA® certificate from your student dashboard.

How difficult will the FMVA® final exam be? The FMVA® final exam includes basic knowledge questions, financial ratio calculations, and Excel modeling case studies. The exam will cover content that spans the FMVA® program and the difficulty level will be similar to the qualified exams at the end of each course.

With over 500,000 students from 170 countries, we are proud to have helped so many people become world-class financial analysts. We believe these important changes to our FMVA program with significantly increase the value of the designation for all its holders.

Please let us know if you have any other questions or feedback. Our student support team is here to assist you!

Best of luck with your studies,

Tim Vipond