Program Path and How to Use This Guide

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

Program Path and How to Use This Guide

Key Takeaways Explain This Topic AI

Earn eligibility in order: optional prep, then 15 core courses at 80% each, then at least 3 electives at 80% each, then the Honor Pledge, then unlimited CFI practice exams, then the 50-question final.

CFI list prices are $497/year for Self-Study and $847/year for Full-Immersion; an active subscription is required to retake after a 30-day wait, and a pass cannot be retaken.

Financial Modeling 30% and Valuation 30% are 60% of CFI's published exam-topic estimates; the program-page skill mix is curriculum time, not exam weights.

LBO, M&A, mining, and real-estate electives satisfy the three-elective eligibility rule only and are not tested on the final exam.

CFI cites 100–120 hours typical and 120–200 hours across required courses and assessments; the FMVA credential is lifetime with no CE.

Last updated: August 2026

Program Path and How to Use This Guide

Quick Answer: Earn FMVA eligibility in this order: optional prep → 15 core courses at 80% each → at least 3 electives at 80% each → CFI Honor Pledge → unlimited CFI practice exams → 50-question, 3-hour, 70% final. This ExamFinch guide maps to CFI's exam domains . LBO, M&A, mining, and real-estate electives count for eligibility only and are not tested.

The FMVA program is a course-then-exam path. You cannot buy a standalone exam seat the way you might buy a FINRA window. You complete CFI's required learning, prove 80% on each course assessment, keep a live subscription, and then sit one final that samples core and prep . Electives unlock the exam; they do not write the exam.

• The eligibility sequence you cannot reorder
• Optional prep

CFI lists no formal prerequisites . Prep courses in Excel, accounting, and corporate finance exist for candidates who need them. Skipping prep does not remove prep topics from the final. If you cannot locate Paste Special, lock a formula with F4, or articulate how net income flows to retained earnings, take prep before core. Prep hours sit inside CFI's 100–120 typical and 120–200 required-course study-time ranges when you need them.

Fifteen core courses, each at 80 percent

Use the 27 February 2026 list of 15 cores. A 14-core tracker from Help Center article 292 is wrong. Inside core, build in the same order a model is built so later courses are not vocabulary shocks:

Financial Analysis Fundamentals — statements, ratios, and the language later courses assume.

Financial Modeling Guidelines — structure, color conventions, and integrity checks before the workbook scales.

Introduction to 3-Statement Modeling , then 3-Statement Modeling , then Auditing and Balancing a 3-Statement Model — construct the integrated model, then prove the balance sheet balances.

Operational Modeling — revenue, working capital, capex, and the drivers that feed the three statements.

Introduction to Business Valuation , then DCF Valuation Modeling Fundamentals , then Applied DCF Valuation Modeling , then Comparable Valuation Fundamentals .

Forecasting Techniques and Scenario & Sensitivity Analysis in Excel — this pair also carries the exam's Budgeting & Forecasting topic after the old budgeting course left core.

Excel Data Visualization and Dashboards and PowerPoint & Pitchbooks — the exam graphic's Presentation & Visuals slice (5%) plus part of Excel (10%).

Professional Ethics — the Honor Pledge course. The graphic assigns ethics no separate slice, but the course and the signed pledge are eligibility gates you cannot skip.

CFI will not treat 79% on a course assessment as close enough. Retake the assessment until it is 80% or higher. That 80% is independent of the 70% final.

Loading diagram... FMVA Eligibility Path to the Final Exam

Three electives — eligibility only

CFI requires at least 3 electives from its elective catalog. The live program page frames the requirement as 18 of 43 courses: 15 core + 3 electives. Choose three you will actually finish.

LBO, M&A deal, mining, real estate, bank valuation, and e-commerce electives are not on the final exam. They satisfy the elective count. They do not add tested case studies. If your only goal is the credential, pick electives you can complete quickly or that match your job. Do not spend the week before the final inside an LBO returns waterfall.

Monthly Cash Flow Modeling moved from core to elective in the 2026 refresh. Taking it still does not make other electives tested; it may help FP&A fluency, but the exam's Budgeting & Forecasting weight is only about 5% on CFI's topic-estimate graphic.

Honor Pledge, practice exams, then the final

Sign the CFI Honor Pledge . Then use unlimited CFI practice exams until scores sit above 70% with case studies near 45 minutes, not 60. Only then launch the final.

Keep a live subscription through the attempt. Self-Study lists at $497 per year and Full-Immersion lists at $847 per year . Promotions vary; cite list. An expired subscription blocks a retake. After a fail you wait 30 days . After a pass you cannot retake , and the credential is lifetime with no CE .

How this ExamFinch guide maps onto CFI domains

This guide is built on CFI's exam-topic estimates , not on the program-page skill-mix percentages and not on elective catalogs. Read chapters in modeling order so each later topic reuses tools you already have.

CFI exam domain (planning weight) Chapters in this guide Out of scope here

Finance (10%) Time value, capital budgeting, cost of capital, profitability, liquidity, leverage, cash-flow analysis CFA-style portfolio theory beyond FMVA

Financial Modeling (30%) Guidelines, 3-statement builds, circularity and audit, operational modeling, debt schedules, scenarios and sensitivity Industry templates that exist only as electives

Excel (10%) Shortcuts, formulas, lookups, financial functions, Goal Seek, data tables, formula auditing Extra-tab workarounds and Excel-for-the-web tricks

Valuation (30%) Enterprise value, unlevered free cash flow, DCF structure, terminal value, comps, football field LBO IRRs, merger accretion, mining NAV, real-estate cap rates as tested items

Presentation & Visuals (5%) Chart selection, dashboards, PowerPoint and pitchbooks, presenting model outputs Design tools outside CFI's stack

Budgeting & Forecasting (5%) Budget types, Forecasting Techniques, rolling forecasts, variance analysis Treating the retired core budgeting course as a live requirement

Accounting (10%) Principles, reading statements, accounting decisions inside models Full CPA or IFRS exam depth

Ethics & qualitative judgment (inside the seven topics; no separate graphic slice) Professional ethics and qualitative business analysis MBA strategy electives

Recommended study order matches the core sequence above: accounting and finance foundations → Excel → modeling guidelines and three-statement work → operations, debt, and scenarios → valuation → forecasting → presentation → ethics. That order keeps a later DCF chapter from inventing WACC, beta, or a cash-flow identity you have not seen.

Allocating hours against the exam, not against course runtime

CFI's 100–120 / 120–200 hour figures are program hours (courses plus assessments). Re-split the exam-facing portion of your week using the weight graphic.

Worked allocation. A candidate planning 120 hours who mirrors 30/30/10/10/10/5/5 would spend about 36 hours on Financial Modeling, 36 on Valuation, 12 on Excel, 12 on Finance, 12 on Accounting, 6 on Budgeting & Forecasting, and 6 on Presentation & Visuals. Those hours are a planning proportion from CFI's topic estimates, not a CFI-published hour table. Reverse the mix — heavy accounting, light valuation — and you will match the program-page skill mix (Accounting 20% of curriculum time, Valuation 15%) and miss the exam graphic (Accounting 10%, Valuation 30%).

Worked score gap. Your last three CFI practice exams average 32/50 ( 64% ). You need 70% , which is 35/50 if items are equal — a 3-item gap . One broken three-statement link that costs two related case-study items is most of that gap. Rereading an elective mining deck cannot close it.

If you have 12 weeks, 120 hours is about 10 hours per week. Put the largest blocks on Financial Modeling and Valuation. Keep Excel, Finance, and Accounting in equal smaller blocks so the course-hour mix does not distort the calendar.

• Weekly 10-hour split (planning only) Hours Why
• Financial Modeling 3.0 30% exam-topic estimate; case studies live here
• Valuation 3.0 30% estimate, matching the credential name
• Excel, Finance, Accounting 3.0 combined (1.0 each) 10% + 10% + 10%
• Forecasting and presentation 1.0 combined 5% + 5% remainder
• Using this guide with CFI's own practice exams

Section quizzes in this guide exist to catch rules (70% versus 80%, 15 cores versus 14, electives not tested, extra tab, no pause) and, in later chapters, CFI's published formulas (CAPM, unlevered/relevered beta, WACC, unlevered free cash flow, Gordon terminal value, NPV/IRR decision rules, scenario versus sensitivity). They are not a substitute for CFI's unlimited practice exams, which rehearse the real 3-hour interface and Excel case studies.

Study-browser bookmarks (never open these in extra tabs during the final):

Program page: https://corporatefinanceinstitute.com/certifications/financial-modeling-valuation-analyst-fmva-program/

• Final exam: https://help.corporatefinanceinstitute.com/article/293-fmva-final-exam
• 2026 refresh: https://help.corporatefinanceinstitute.com/article/1295-fmva-2026-program-refresh-overview

If Help Center article 292 or a third-party post still says 14 cores, the live program page and article 1295 win.

What done looks like the week you sit

Launch the final only when every line below is true:

Fifteen cores and three electives show complete, each end-of-course assessment at 80% or higher.

Honor Pledge signed.

Self-Study or Full-Immersion subscription active .

Desktop Excel 2016 or newer opens locally. You will not need a second browser tab.

Recent CFI practice exams are at or above 70% , with case studies finished near 45 minutes (not the 60-minute ceiling).

You can state, without notes, that electives are not tested, the timer cannot pause, extra tabs can auto-fail, Financial Modeling + Valuation is 60% of the published weights, and a pass cannot be retaken.

If any line is false, do not launch. The 30-day retry clock is longer than one more practice exam or one more core assessment.