Certification in Distressed Business Valuation - CDBV

The Certification in Distressed Business Valuation (CDBV) is a unique certification program in valuation of distressed assets including distressed and/or bankrupt companies. In 2004, the Association of Insolvency and Restructuring Advisors launched the CDBV program to train and accredit professionals in this highly specialized area of business valuation. The intensive CDBV training program consists of a three-part course of study and uniform written examination.

OVERVIEW OF OBJECTIVES
The CDBV program’s course of study is comprehensive and advanced. Through successful completion of the three-part course of study and comprehensive examinations, candidates will have achieved and demonstrated proficiency necessary to:

COURSE OF STUDY AND EXAMINATION
The content of the CDBV course of study and examination is divided into three parts:
Part 1: Understanding the Bankruptcy Code and How It Impacts Valuation of Distressed Businesses
Part 2: Advanced Business Valuation
Part 3: Application of Business Valuation Concepts to Bankruptcy and Other Distressed Situations

PREREQUISITES FOR PROGRAM ENROLLMENT
To enter the program, candidates for the CDBV designation must:

  1. Be a Regular or Government/Academic Member of AIRA in good standing.
  2. Possess at least a bachelor's degree from an accredited college or university
  3. Submission of completed CDBV Program application.

Please refer to the information on each of the three course parts for specific course prerequisites.

REQUIREMENTS FOR CERTIFICATION

CPE CREDIT FOR CDBV COURSES
Twenty CPE credits are available for Part 1, and 28 CPE credits are available for each of the Part 2 and Part 3 courses.

RETAKING AN EXAMINATION
If an applicant fails to pass an examination, it may be retaken with another section of the course and examination for $250, or separately, without the course, for $125.

ADDITIONAL INFORMATION
For detailed standards and requirements for certification as determined by the Board of Directors, see AIRA Bylaws, Article VII

QUESTION RESOLUTION
For assistance regarding refunds, program cancellations, or other program related matters, please contact our offices at (541) 858-1665 or by email .


CDBV PART 1:
UNDERSTANDING THE BANKRUPTCY
CODE AND HOW IT IMPACTS VALUATION
OF DISTRESSED BUSINESSES
(Waived for CIRAs and CTPs)

The overall objective of CDBV Part 1 is to provide a comprehensive understanding of the concepts in the Bankruptcy Code that are important in valuing distressed businesses including those in chapter 11. The course of study for CDBV Part 1 involves advance preparation consisting of reading assignments and answering of multiple choice questions based on the course material. Course materials are sent as digital PDF's after registration. In-person courses consist of two 8 hour sessions and a 4 hour timed online exam. Online courses consist of four 4 hour sessions follow by a 4 hour timed online exam.

Relevant experience includes public accounting, crisis management, consulting, investment banking, credit management, loan workout or applicable government experience (e.g. financial analyst with the Office of U.S. Trustee; Pension Benefit Guarantee Corporation; FBI and SBA).

CDBV Part 1 Waiver
Part 1 of the CDBV program is waived for individuals that are either:

  1. A current CIRA certificate holder or candidates who have successfully completed all three parts of the CIRA examination provided the applicant meets the accounting or financial experience.
  2. A current CTP certificate holder.

CDBV Part 1 Course Content


CDBV PART 2:
ADVANCED BUSINESS VALUATION 
(Waived for ASA-Business Valuation;
CBA; CFA; CPA/ABV; CVA)

The overall objective of CDBV Part 2 is to provide a comprehensive understanding of the principles and concepts of business valuation. The course of study for CDBV Part 2 involves advance preparation consisting of reading assignments and answering of multiple choice questions based on the course material. Course materials are sent as digital PDF's after registration. In-person courses consist of three 8 hour sessions and a 4 hour timed online exam. Online courses consist of six 4 hour sessions follow by an 4 hour timed online exam.

CDBV Part 2 Waiver
Part 2 of the CDBV program is waived for individuals that hold the following certifications: ASA-Business Valuation, CBA, CFA, CPA with ABV, CVA.

CDBV Part 2 Course Content
Cost of Capital—Equity

Cost of Capital—Debt

Weighted Average Cost of Capital

Income Approach

Market Approach

Asset Approach

Other Valuation Topics


CDBV PART 3:
APPLICATION OF BUSINESS VALUATION
CONCEPTS TO BANKRUPTCY AND OTHER
 DISTRESSED SITUATIONS

The overall objective of CDBV Part 3 is to develop comprehensive understanding of how to apply principles and concepts of business valuation to bankruptcy and other distressed situations. The course of study for CDBV Part 3 involves advance preparation consisting of reading assignments and answering of multiple choice questions based on the course material. Course materials are sent as digital PDF's after registration. In-person courses consist of three 8 hour sessions and a 4 hour timed online exam. Online courses consist of six 4 hour sessions follow by an 4 hour timed online exam.

CDBV Part 3 Course Content
Standard of Value/Premise of Value

Cost of Capital – Equity

Cost of Capital – Debt

Weighted Average Cost of Capital

Income Approach

Market Approach

Asset Approach

Applications in Bankruptcy

CPE Credit for CDBV Courses

Twenty CPE credits are available for Part 1, and 28 CPE credits are available for each of the Part 2 and Part 3 courses. Total CPE is based on attendance and, in addition for online classes, completed polling questions.

Retaking or Rescheduuling an Examination

If an applicant fails to pass an examination, it may be retaken with another section of the course and examination for $250, or separately, without the course, for $125. The fee for any rescheduled exams is $125.

Course Refunds & Cancellation Policy

A full refund minus a $285 service fee will be made for courses that are cancelled with at least 10 business days’ written notice. Refund requests for registrations cancelled with less than 10 business days’ written notice will be processed minus an additional $150 late cancellation service fee. Refunds are not available for in-progress courses. To request a cancellation please email us at .

Course Transfer Policy

Registrants may request to transfer their course registration to another available course with at least 5 business days written notice. Transfer requests with less than 5 business days’ written notice will require a $150 service fee to be paid prior to the transfer of the course. Transfers are not available for in-progress courses. To request a transfer please email us at .

National Registry of CPE Sponsors

Association of Insolvency & Restructuring Advisors (AIRA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of Continuing Professional Education (CPE) for group training on the National Registry of CPE Sponsors.

NASBA CPE Credits are made available and awarded for AIRA group training that complies with the Statement on Standards for CPE Programs. In accordance with these Standards, relevant group training details are disclosed to learners in advance via email invitations, registration websites, or other similar advance announcements.

AIRA’s CPE Sponsor ID Numbers:

  • NASBA National Registry: 103243
  • Texas State Board of Public Accountancy: 003242

Complaints regarding NASBA National Registry CPE Sponsors may be submitted to NASBA via their website, NASBARegistry.org. State boards of accountancy have final authority on the acceptance of CPE Credits for Certified Public Accountants (CPAs).

Financial Aid Policy

AIRA’s financial aid policy has been established for CIRAs, CPAs, attorneys and others who wish to attend AIRA’s courses for CPE or CLE credit or pay renewal notices to keep their AIRA membership current but who are unable to do so because of cost considerations. Please see the Financial Aid Policy

Question Resolution

For assistance regarding refunds, program cancellations, or other program related matters, please contact our offices at (541) 858-1665 or by email aira@aira.org.