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Financial Modeling & Valuation Analyst FMVA

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1 Introduction

Current Exam Facts Program Path and How to Use This Guide

2 Chapter 1: Accounting Foundations

1.1 Accounting Principles 1.2 Reading Financial Statements 1.3 Accounting Decisions in Models

3 Chapter 2: Time Value and Capital Budgeting

2.1 Time Value of Money 2.2 NPV, IRR, and Decision Rules 2.3 Capital Budgeting Cash Flows

4 Chapter 3: Cost of Capital

3.1 Capital Structure 3.2 CAPM, Beta, and Cost of Equity 3.3 WACC

5 Chapter 4: Profitability and Returns

4.1 Profitability and Margins 4.2 Returns and DuPont Analysis 4.3 Per-Share Metrics and Growth

6 Chapter 5: Liquidity, Leverage, and Cash Flow

5.1 Liquidity and Working Capital Metrics 5.2 Leverage, Coverage, and Credit 5.3 Cash Flow Statement Analysis

7 Chapter 6: Excel Fundamentals

6.1 Shortcuts, Setup, and Navigation 6.2 Core Formulas and Error Handling 6.3 Named Ranges and Workbook Hygiene

8 Chapter 7: Excel Lookups and Financial Functions

7.1 Lookup Functions 7.2 Conditional Aggregations 7.3 Financial Functions

9 Chapter 8: Excel What-If Analysis and Auditing

8.1 Goal Seek and Data Tables 8.2 Formula Auditing and Protection

10 Chapter 9: Financial Modeling Guidelines

9.1 Model Structure and Layout 9.2 Color Conventions and Formatting 9.3 Integrity Checks and Documentation

11 Chapter 10: Three-Statement Modeling

10.1 Articulating the Three Statements 10.2 Building the Income Statement 10.3 Building the Balance Sheet and Cash Flow Statement

12 Chapter 11: Circularity and Model Audit

11.1 Circular References and Iteration 11.2 Auditing and Balancing a 3-Statement Model

13 Chapter 12: Operational Modeling

12.1 Revenue and Operating Drivers 12.2 Working Capital Modeling 12.3 Capex and Depreciation

14 Chapter 13: Debt Schedules, Scenarios, and Sensitivity

13.1 Debt and Interest Schedules 13.2 Scenario Analysis 13.3 Sensitivity Analysis

15 Chapter 14: Valuation Foundations

14.1 Valuation Methods and Enterprise Value 14.2 Unlevered Free Cash Flow

16 Chapter 15: DCF Valuation

15.1 DCF Structure, WACC, and Mid-Year Convention 15.2 Terminal Value and the Equity Bridge

17 Chapter 16: Comparable Valuation

16.1 Trading Comps and Multiples 16.2 Precedent Transactions and the Football Field

18 Chapter 17: Budgeting and Forecasting

17.1 Budget Types 17.2 Forecasting Techniques 17.3 Rolling Forecasts and Variance Analysis

19 Chapter 18: Presentation and Visuals

18.1 Chart Types and Selection 18.2 Dashboards and Data Visualization 18.3 PowerPoint and Pitchbooks 18.4 Presenting Model Outputs

20 Chapter 19: Professional Ethics and Qualitative Analysis

19.1 Professional Ethics 19.2 Qualitative Business Analysis

Current Exam Facts

Key Takeaways Explain This Topic AI

The FMVA® final exam is 50 randomized multiple-choice questions including Excel modeling case studies, 3 hours that cannot be paused, and 70% to pass.

CFI requires 15 core courses plus at least 3 electives, 80% on each end-of-course assessment, and the Honor Pledge before you can launch the final.

CFI allows a single browser tab; extra tabs can auto-fail the attempt, and Microsoft Excel 2016 or newer is required.

The final tests core and prep course content only; elective content is not tested.

The 27 February 2026 refresh set core at 15 courses; Help Center article 292 still saying 14 core is stale versus the live program page.

Last updated: August 2026

Current FMVA Exam Facts

Quick Answer: The Financial Modeling & Valuation Analyst (FMVA®) credential from the Corporate Finance Institute (CFI) is awarded after one online final exam: 50 randomized multiple-choice questions including Excel modeling case studies, 3 hours that cannot be paused , 70% to pass, Microsoft Excel 2016 or newer , no scheduling appointment, and immediate results . The exam tests core and prep content. Elective content is not tested.

The FMVA final is a skills exam delivered in your browser, not a sponsored licensing sit-down at a test center. CFI does not require a firm sponsor, a degree, or a work-experience affidavit. You become eligible inside your CFI account, launch when you are ready, and work in desktop Excel while the exam session stays on one browser tab . That pairing — applied Excel case studies plus a strict single-tab rule — is what catches otherwise prepared candidates.

This section is logistics, scoring, the 2026 core refresh, CFI's topic-weight graphic, and the fail traps (extra tab, pause myth, studying electives). Every number below is a published CFI rule or a CFI-aligned planning estimate. Nothing here is an unpublished item count.

Format, timing, and the 70 percent bar

CFI's Help Center article on the FMVA final exam (updated 4 March 2026) is the controlling source for format.

  • Exam rule Current CFI fact (2026)
  • Credential Financial Modeling & Valuation Analyst (FMVA®)
  • Items 50 randomized multiple-choice questions, including Excel modeling case studies
  • Time limit 3 hours (180 minutes), timed, cannot be paused
  • Passing score 70%
  • Delivery Online; no scheduling appointment
  • Software Microsoft Excel 2016 or newer
  • Results Immediate
  • Practice exams Unlimited CFI practice exams before the final
  • Tested content Core courses and prep courses
  • Not tested Elective courses
  • Official exam article https://help.corporatefinanceinstitute.com/article/293-fmva-final-exam

If CFI scores each of the 50 items equally, 70% is 35 correct . CFI does not publish a different per-item weighting scheme, so plan on 35/50. Do not convert the graphic's 30% Financial Modeling slice into a guaranteed 15 items on your personal draw — the draw is randomized.

Pacing: typical items versus case studies

CFI's published pace language is specific:

  • Typical question: under 3 minutes
  • Case study: about 45 minutes , with a 60-minute maximum

Do the 180-minute arithmetic before test day. Two case studies at 45 minutes consume 90 minutes and leave 90 minutes for remaining items. If 46 typical items remain, that is about 2 minutes each — inside CFI's under-3-minutes guidance, but only if you do not reopen a finished case. Two case studies at the 60-minute ceiling leave 60 minutes for 46 items, which is a fail pattern even when you already know the models.

Worked clock example. You have 60 minutes left, one untouched case study, and 12 unused concept items. Starting the case study with a 60-minute appetite donates those 12 items to the clock. Reverse the order: spend about 25 minutes on the 12 concept items (roughly 2 minutes each), then give the case study 35 minutes. You may not finish a perfectly balanced three-statement model, but you will not give away 12 standalone points.

A practical sequence on launch:

Spend 2–3 minutes scanning and flagging case studies and any item that needs a full three-statement build.

Bank short finance, accounting, ethics, and presentation items first.

Sit each case study against a 45-minute budget and a 50-minute hard stop . If the balance sheet is not reconciling, choose the best-supported answer and move.

Reserve 8–10 minutes to review flagged items.

The pause myth is the most expensive logistics error. Closing the laptop, switching Wi-Fi, or stepping away does not stop CFI's timer. The 3-hour clock runs continuously from the moment you launch.

Eligibility, prices, attempts, and lifetime status

Paying for CFI is not the same as being exam-eligible. Before the final unlocks you must:

Complete 15 required core courses (the list that took effect 27 February 2026, not the pre-refresh 14).

Complete at least 3 electives .

Score 80% or higher on each end-of-course assessment . That 80% bar is a course gate. It is not the 70% final-exam passing score.

Sign the CFI Honor Pledge .

There are no formal education or work-experience prerequisites . You do need Excel 2016 or newer and a stable internet connection. Prep courses in Excel, accounting, and corporate finance are optional for enrollment, but prep content can still appear on the final exam . Skipping prep because it is optional is not the same as skipping those topics on test day.

Cite list prices , because promotions change:

  • Self-Study: $497 per year
  • Full-Immersion: $847 per year

The final exam is included in an active subscription. It is not a separate voucher you can sit after you cancel.

  • After you submit the final Rule
  • Results Immediate
  • If you fail Wait 30 days before another final attempt
  • Retake access An active Self-Study or Full-Immersion subscription is required
  • If you pass You cannot retake
  • Credential term Lifetime ; no continuing education (CE)

The 30-day wait applies to final attempts, not to CFI's unlimited practice exams. Use the practice exams until you can clear 70% with case-study timing. A failed final costs a month of calendar time plus a live subscription. A failed practice exam costs neither.

Lifetime credential does not mean lifetime CFI platform access. Course videos and files remain a subscription product. The letters after your name do not expire, and CFI does not require CE hours.

The 27 February 2026 core refresh

CFI's 2026 program refresh took effect 27 February 2026 . The live program page and Help Center article 1295 are the current sources. Help Center article 292 (dated 5 February 2026) still describing 14 core courses is stale . If a blog, PDF, or old bookmark says 14 core / 27 electives, do not use it for your completion checklist.

  • Refresh change What to remember
  • Core count 15 required core courses (was 14)
  • Added to core Financial Modeling Guidelines and Forecasting Techniques
  • DCF Split into DCF Valuation Modeling Fundamentals and Applied DCF Valuation Modeling
  • Removed from core The Budgeting and Forecasting course
  • Moved to elective Monthly Cash Flow Modeling

The 15 cores, in the order CFI lists them on the program page:

  • Financial Analysis Fundamentals
  • Financial Modeling Guidelines (new core)
  • Introduction to 3-Statement Modeling
  • 3-Statement Modeling
  • Auditing and Balancing a 3-Statement Model
  • Operational Modeling
  • Introduction to Business Valuation
  • DCF Valuation Modeling Fundamentals
  • Applied DCF Valuation Modeling
  • Comparable Valuation Fundamentals
  • Forecasting Techniques (new core)
  • Scenario & Sensitivity Analysis in Excel
  • Excel Data Visualization and Dashboards
  • PowerPoint & Pitchbooks
  • Professional Ethics

Two traps sit on that list.

Trap: budgeting is still an exam topic. Removing the Budgeting and Forecasting course from core does not remove Budgeting & Forecasting from the final-exam topic list. CFI still names it among tested topics (about 5% on the weight graphic). Cover it through Forecasting Techniques , remaining prep/FP&A material, and this guide's forecasting chapter. Do not skip variance analysis because budgeting left core.

Trap: course count is not exam weight. Finishing 18 courses (15 core + 3 electives) is an eligibility rule. It is not a claim that each course is 1/18 of the exam.

CFI-Aligned FMVA Exam Topic Estimates (Planning Weights)

Topic estimates versus curriculum time

CFI names these tested topics: Finance , Valuation , Accounting , Budgeting & Forecasting , Financial Modeling , Excel , and Presentation . CFI also shows a weight graphic on the final-exam article. ExamFinch records those published topic estimates for planning. Cite them as CFI's published topic estimates, not as a guaranteed item mix on your randomized 50-question form.

Domain CFI-aligned estimated weight Planning implication on a 50-item form

Financial Modeling 30% Tied largest slice; about 15 items if the graphic matched the draw — Excel case studies are modeling, not only spreadsheet trivia

  • Valuation 30% Tied largest slice; about 15 items of DCF, comps, and precedent work
  • Excel 10% About 5 items of functions, structure, and workbook skill
  • Finance 10% About 5 items of ratios, cost of capital, and investment decision rules
  • Accounting 10% About 5 items of statement mechanics inside models
  • Budgeting & Forecasting 5% About 2–3 items; still tested after the course left core
  • Presentation & Visuals 5% About 2–3 items of charts, dashboards, and pitchbooks

Financial Modeling + Valuation is 60% of the graphic. Excel, Finance, and Accounting are 10% each. The seven slices sum to 100% without a separate Strategy slice — ethics and qualitative judgment ride inside those topics, not as a labeled eighth domain. A week of all ratio drills and no DCF builds against the graphic.

Do not confuse those exam-topic estimates with the program page's skill mix , which describes curriculum time , not exam item weights:

  • Skill mix (curriculum time, not exam weights) Share
  • Financial Modeling 35%
  • Accounting 20%
  • Valuation 15%
  • FP&A 10%
  • Excel 8%
  • Data Visualization 7%
  • Qualitative Business Analysis 5%

Accounting is 20% of curriculum time and about 10% of the exam graphic. Valuation is 15% of curriculum time and about 30% of the exam graphic. If you study in proportion to course hours, you will under-study valuation and over-study accounting relative to the test.

Integrity traps and study-time anchors

CFI allows a single browser tab . Opening extra tabs can auto-fail you. That includes a second CFI lesson tab, a web calculator, Google Sheets in the browser, and a search tab. Keep Excel as the desktop application. Do not test the boundary on exam day.

Related fail patterns:

The timer cannot be paused . An extra tab is not a pause button either.

Elective specialties — LBO, M&A deal mechanics, mining, real estate, bank valuation, e-commerce — are not scored on the final. Studying them the week of the exam is an eligibility sunk cost.

Unlimited CFI practice exams exist so you should not save them for later. Burn them until scores sit stably above 70% with case-study timing.

Stale 14-core language in article 292 must not drive your eligibility checklist.

CFI cites 100–120 hours as typical and 120–200 hours across required courses and assessments. Those are program-completion hours, not a weekend cram. Bookmark the live program page, article 293 (final exam), and article 1295 (2026 refresh). Prefer those three over any 14-core snapshot.

Official URLs:

  • https://corporatefinanceinstitute.com/certifications/financial-modeling-valuation-analyst-fmva-program/
  • https://help.corporatefinanceinstitute.com/article/293-fmva-final-exam
  • https://help.corporatefinanceinstitute.com/article/1295-fmva-2026-program-refresh-overview