“The report review requirement provides the best evidence of the competence of the appraiser as the actual product of the appraiser is reviewed by some of the best and most experienced appraisers in the industry. Both the ASA and CBA designations require applicants to submit two appraisal reports. Both organizations are noted for being tough on the review process-however in talking with a number of applicants for both designations, I feel that the demonstration report review process for obtaining the CBA designation is the most difficult. Neither the CVA or ABV designations require business appraisal reports to be submitted for review.” - Paul R. Hyde, EA, CBA, BVAL, ASA, Editor-Business Appraisal Practice, Spring 2002

“There are two senior certifications for which you should look when hiring an appraiser, although not every qualified firm will have them. The ASA (American Society of Appraisers) gives out an ASA (Accredited Senior Appraiser), which requires courses, exams, five years of experience, and peer review of reports. The IBA (Institute of Business Appraisers) certifies its CBA (Certified Business Appraiser) in much the same way. Those looking to really confuse themselves can ask about an ABV (Accredited in Business Valuation) designation from the AICPA (American Institute of Certified Public Accountants), or the lightly regarded CVA (Certified Valuation Analyst) issued by the NACVA (National Association of Certified Valuation Analysts).” - “What’s Your Company Worth Now?”, Inc. Magazine, July 2003.

More information on the four appraisal designations:
THE INSTITUTE OF BUSINESS APPRAISERS (IBA):

CBA–Certified Business Appraiser: Candidates must have four year college education or equivalent, five years experience or equivalent, or 90 hours of appraisal education, must pass a proctored six hour examination, and submit two complete demonstration appraisal reports for review by the Qualifications Committee.

AMERICAN SOCIETY OF APPRAISERS (ASA)

ASA-Accredited Senior Appraiser: Candidates must have a four year college education or equivalent, five years experience or equivalent, complete four courses and their exams or pass challenge exam, and submit two appraisal reports for peer review.

NATIONAL ASSOCIATION OF CERTIFIED VALUATION ANALYSTS (NACVA)

CVA-Certified Valuation Analyst: There is no experience requirement. Candidates must complete a five day course, pass a four hour proctored exam, and pass a 40-60 hour take-home exam and case study. Candidates are not required to demonstrate their ability to appraise by submitting appraisal reports for peer review.

AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA)

ABV-Accredited Business Valuator: Candidates must be involved in at least ten business valuations. There is no education requirement, but candidates must pass pass a proctored one day exam. Candidates are not required to demonstrate their ability to appraise by submitting appraisal reports to peer review.