15 core courses + 3 electives
RequiredComplete all core courses and at least three of the twelve electives. Pass each course assessment with at least 80%.
Financial Modeling & Valuation Analyst (FMVA) Exam Guide
Validates practical skills in financial modeling and valuation, including building Excel models, forecasting and valuing companies.
Learn the core modeling and valuation methods by building the spreadsheets yourself. Pass the course assessments, choose electives that fit your work, then rehearse the three-hour final with CFI’s practice exams.
Understand the exam
Syllabus
The rows group the 15 core courses, and the last row covers the electives.
Financial analysis and model foundations
- Financial Analysis Fundamentals
- Financial Modeling Guidelines
Example scenario: Revenue is growing while cash falls. Which statements and working-capital assumptions would you inspect first?
Three-statement and operational modeling
- Introduction to 3-Statement Modeling
- 3-Statement Modeling
- Auditing and Balancing a 3-Statement Model
- Operational Modeling
Example scenario: A change to receivables days makes the balance sheet stop balancing. How would you trace the impact through the model?
Business valuation
- Introduction to Business Valuation
- DCF Valuation Modeling Fundamentals
- Applied DCF Valuation Modeling
- Comparable Valuation Fundamentals
Example scenario: A DCF estimate is far above the peer valuation. Which growth, margin and terminal-value assumptions would you test?
Forecasting, scenarios and communication
- Forecasting Techniques
- Scenario & Sensitivity Analysis in Excel
- Excel Data Visualization and Dashboards
- PowerPoint & Pitchbooks
- Professional Ethics
Electives
- Monthly Cash Flow Modeling
- Advanced Excel Formulas & Functions
- Comparable Valuation Analysis
- Mining Financial Model & Valuation
- Startup / e-Commerce Financial Model & Valuation
- Corporate & Business Strategy
- Introduction to Bank Valuation
- Normalizing Income Statements
- Real Estate Financial Modeling
- Communication and Presentation Skills for Finance Professionals
- Strategic Problem Solving
- Sell-Side Equity Research
Official FMVA curriculum · 15 core courses + 3 electives
Format
- Questions
- 50
- Duration
- 3h
- Passing score
- 70%
- Delivery
- Online
- Languages
- English
Question types
Choose the best answer from the options; questions cover finance, valuation, accounting, forecasting, modeling, Excel and presentation.
CertUp example
A company has a higher WACC after raising its cost of debt. What happens to the present value of its forecast free cash flows, all else equal?
Show answer
A. A higher discount rate lowers the present value of the same future cash flows.
Build or complete a model in Excel from a short business case, then answer questions using your results.
CertUp example
You are given three years of historical revenue and costs for a small retailer. Forecast the next two years using a growth rate and a margin assumption, then report the year-two operating income.
Show answer
Revenue for each forecast year equals the prior year times one plus the growth rate; operating income equals revenue times the margin. Check that your two-year result follows from the stated assumptions.
Eligibility and booking
Subscribe to CFI and complete the required courses to unlock the final exam in your dashboard. Failed attempts have a 30-day wait before a free retake; your subscription must remain active.
Make a study plan
Work through the core courses in sequence and build each spreadsheet as you go.
Most candidates spend 100–150 hours. Plan for the low end if you already build financial models in Excel; plan for the high end if modeling or corporate finance is new to you or you take extra electives.
- 1Understand the examRead the syllabus and format, check you’re eligible and pick a target date.6 h
- 3Learn the core conceptsWork through one main course or book, topic by topic.65 h
- 4Practice with mock examsTake timed practice tests and review every mistake.33 h
- 5Prepare for exam dayBook the exam and check the ID and delivery rules.6 h
Learn the core concepts
FMVA is completed through CFI’s own curriculum. Choose Self-Study for independent study or Full-Immersion for expert guidance and model feedback.
See all 2 FMVA courses →
Best self-studyBuild before checking. Attempt each model section from a blank workbook, then compare the formulas and checks with the supplied solution.
Practice with mock exams
Use the practice exams in your CFI dashboard and rebuild the model sections that expose gaps.
See all 2 FMVA practice tests →Are you ready?
- You can build and check a linked three-statement model.
- You can calculate a DCF and explain its key assumptions.
- You can complete case-study questions within the three-hour exam window.
Prepare for exam day
Open the final from your CFI dashboard after completing the coursework.
- Read the setup instructions shown in the dashboard and prepare your computer and Excel files.
- Use one exam tab and keep the internet connection stable.
- Allow three uninterrupted hours; the timer cannot be paused.
- Follow the permitted-resource rules and close prohibited tools before starting.
- Check your result after submitting. A failed attempt has a 30-day wait before a retake.
Advice from exam takers
Use the models beyond the lessons.
Holders describe the practical benefit as learning to build and reuse Excel models in their work. Rebuild the exercises rather than only watching the videos.