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         Recent court opinions state that business valuation experts are expected to be full-time appraisers, to have extensive training as business appraisers, and to be members of professional organizations that certify the competency of appraisers.
         The American Society of Appraisers grants the Accredited Senior Appraiser (ASA) designation only after completing 10,000 hours of business valuation experience, 140 hours of classes and exams, plus peer review of work product. In addition, 100 hours of continuing education and a renewal exam are required every five years. The American Society is the only professional society requiring compliance with the Appraisal Institutes Uniform Standards of Professional Appraisal Practice.
         The Institute of Business Appraisers offers two business appraisal designations, Certified Business Appraiser (CBA) and Master Certified Business Appraiser (MCBA). After passing the exam and stringent peer review requirements, a CBA may apply for the MCBA designation upon attaining 20,000 hours of business appraisal experience. Both IBA designations require 100 hours of continuing education every five years.
         As shown in the chart below, there are fewer than 100 ASA/CBAs and fewer than 25 ASA/MCBAs worldwide.
         Clients should assure themselves that they are retaining an appraiser with the experience and credentials that will establish credibility with any court or other party that might challenge the appraisal.
American Society
of Appraisers
(ASA)		 American Institute
of Certified Public
Accountants
(AICPA)		 Institute of
Business Appraisers
(IBA)		 National Association of
Certified Valuation
Analysts
(NACVA)
Date Founded 1936 1997 (BV Only) 1978 1991
Designation(s) AM / ASA ABV AIBA / CBA / MCBA CVA / AVA
No. of Designees 92 / 725
(5/15/01)		 850
(Q4 1999)		 27 / 326 / 24
(5/15/01)		 approx. 4,000 combined
(5/15/01)
Business valuation
experience requirements		 4,000 / 10,000
hours		 "substantial
involvement" on ten
valuation projects		 none / 10,000 / 20,000 hours none / 2 years or 10
BV assignments
Business valuation
standards		 yes none yes yes
BV specific
continuing education
(excludes consideration
for non-BV CPE)		 100 hours
every 5 years		 60 hours every 3
years plus
continuing
"substantial
involvement"		 24 hours every
2 years		 24 hours first 2 years;
36 hours every 3 years
thereafter
4 year college degree yes / yes yes / yes / yes yes / yes
CPA no / no yes / yes no / no / no yes / no
Business valuation
classes and exams		 96 hours of classes
& 20 hours of
exams or 8 hour
comprehensive
proctored exam		 64 class hours
plus proctored exam		 64 / 90 / 90 hours
of classes
& a 3-1/2 hour
proctored exam		 64 hours of AICPA &
16 hours NACVA
classes or 40 hours of
NACVA classes
& 4-hour proctored exam
Uniform Standards
of Professional
Appraisal Practice
class & exam		 12 hour class & 4
hour exam (renew
every 5 years)		 none none none
Business valuation ethics exam 8 hour class & exam general CPA none none
Peer review 2 reports none 2 reports case study & report