What is the difference between CVA, ABV, and MAFF credentials?

The CVA (Certified Valuation Analyst) is issued by NACVA and focuses primarily on business valuation methodology. The ABV (Accredited in Business Valuation) is issued by the AICPA and is restricted to licensed CPAs - combining CPA-grade accounting rigor with valuation training. The MAFF (Master Analyst in Financial Forensics) is also a NACVA credential but focuses on financial forensics and litigation support, not pure valuation. Most experienced forensic accountants in litigation hold the ABV plus optional additional credentials.

Which business valuation credential is most respected in litigation?

In Florida courts and federal district courts, the ABV credential carries significant weight because it requires the underlying CPA license, which itself signals years of rigorous accounting training, state-board licensing, and continuing professional education. The CVA is recognized but not restricted to CPAs, meaning some CVA-holders may lack the accounting depth that opposing counsel will probe in cross-examination. The MAFF is most useful for financial forensics work but is less commonly cited in pure-valuation testimony.

Which credential should I look for when hiring a business valuation expert?

For litigation involving complex closely-held businesses, partner buyouts, divorce, or shareholder disputes, look for ABV-credentialed CPAs with documented courtroom experience. The ABV signals both the underlying CPA rigor AND the specialty valuation training - a combination that withstands Daubert scrutiny. If the engagement also involves forensic investigation (hidden assets, fraud, asset tracing), a forensic-focused credential like MAFF or the underlying ACFE membership adds depth. Pure-valuation matters with no forensic component may be adequately handled by a CVA-only practitioner, though the CPA-grade ABV is the safer choice for litigation.

Are all three credentials accepted in Florida courts?

Yes, all three credentials are recognized as evidence of expert qualification under Florida Rules of Evidence Section 90.702 and federal Daubert standards. However, recognition is not the same as weight. Courts evaluate the underlying methodology, documentation rigor, and the experts ability to defend opinions on cross-examination. A poorly-documented ABV report may be excluded; a meticulously-documented CVA report may be admitted. The credential opens the door; the work product determines whether the testimony is persuasive.

What is the difference between AICPA ABV and NACVA CVA?

The AICPA ABV requires an active CPA license, making it inaccessible to non-CPAs. The NACVA CVA does not require CPA licensure, so the CVA holder pool includes both CPAs and non-CPA practitioners (some with accounting backgrounds, others from finance or appraisal). For litigation engagements where opposing counsel will challenge every credential, the ABV combines specialty training with the foundational CPA license that signals years of broader accounting rigor. Joey Friedman holds the AICPA ABV in addition to his Florida CPA license.

CVA vs ABV vs MAFF: Business Valuation Credentials Compared

Joey Friedman, CPA
May 20, 2026
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Quick Answer

Business valuation credentials are issued by three independent professional bodies: the National Association of Certified Valuators and Analysts (NACVA) issues the Certified Valuation Analyst (CVA); the American Institute of CPAs (AICPA) issues the Accredited in Business Valuation (ABV) credential to licensed CPAs only; and the National Association of Certified Valuators and Analysts also issues the Master Analyst in Financial Forensics (MAFF) for the forensic-specific intersection. Each requires distinct education, examination, and case experience. For litigation engagements where the valuation must withstand Daubert scrutiny in federal or Florida court, the ABV designation is generally considered the highest bar because it requires both an active CPA license and AICPA standards compliance. The right credential for a case depends on the engagement type: standalone valuation versus forensic-and-valuation versus partnership-buyout assessment.

Choosing a business valuation expert often comes down to three credentials: CVA, ABV, and MAFF. They look similar at a glance — they all signal training, examination, and case experience in business valuation — but they are issued by different bodies, carry different prerequisites, and signal different professional pathways. For an attorney or business owner choosing among them, the differences matter when the engagement is contentious, the analysis will be deposed, and a Daubert challenge is possible.

This article explains what each credential requires, how the issuing bodies differ, where each one is most appropriate, and which credential matches which engagement type. The discussion is grounded in Florida litigation experience but the analysis applies generally to U.S. business valuation engagements.

The Three Credentials at a Glance

CVA — Certified Valuation Analyst. Issued by the National Association of Certified Valuators and Analysts (NACVA). Open to CPAs and to non-CPA business professionals who meet specified education and experience prerequisites. NACVA was founded in 1990 and is the most accessible of the three credentials in terms of who can sit for the exam.

ABV — Accredited in Business Valuation. Issued by the American Institute of Certified Public Accountants (AICPA). Open only to licensed CPAs who meet the AICPA’s education, examination, and case-experience standards. The ABV is the only one of the three credentials that requires a current CPA license as a precondition.

MAFF — Master Analyst in Financial Forensics. Issued by NACVA (same body as the CVA). Open to professionals who already hold the CVA or another qualifying valuation credential, plus financial forensics experience. The MAFF positions the holder at the intersection of forensic accounting and business valuation, which is the niche where contested-litigation engagements typically live.

Who Issues Each Credential and Why That Matters

The issuing body affects three things attorneys care about: standards compliance, Daubert defensibility, and admissibility in court.

NACVA publishes its own professional standards and offers continuing education. NACVA-credentialed professionals follow NACVA standards.

AICPA publishes the Statement on Standards for Valuation Services (SSVS No. 1), which all AICPA members performing engagements to estimate value of a business or business ownership interest must follow. ABV holders are subject to SSVS No. 1 and to the broader AICPA Code of Professional Conduct that applies to all licensed CPAs.

In a Daubert hearing, opposing counsel asks two questions about an expert’s methodology: was it derived through reliable principles, and was it applied reliably to the facts of the case. An expert who can answer “yes — per AICPA SSVS No. 1, here is exactly how the methodology applies” has a structural advantage in that hearing. The ABV designation signals that the expert is bound by SSVS No. 1 standards as a matter of professional discipline.

Prerequisites and Examination Compared

CVA. Prerequisites typically include a four-year degree or equivalent, plus NACVA-required training. Candidates sit for a written examination and submit a case study or sample valuation report for peer review. Non-CPA candidates can earn the CVA by meeting specific business-valuation experience requirements.

ABV. Active CPA license required as a precondition. Candidates must complete AICPA-approved education hours specifically in business valuation, pass the ABV exam, and submit a portfolio of business valuation engagements that demonstrate the AICPA’s experience requirements. Continuing professional education in valuation is required to maintain the credential.

MAFF. Either an existing CVA / equivalent credential, or admission via NACVA’s alternative pathway. Candidates must demonstrate financial forensics experience — investigations, damages calculations, expert testimony, or related work — and pass the MAFF examination.

Which Credential Is Right for Which Case

Standalone business valuation for an internal purpose — an owner planning succession, an estate planning attorney needing a valuation for transfer of interests, a lender requiring a third-party assessment. Any of the three credentials can serve this engagement type competently. The decision often turns on the practitioner’s industry expertise and rate.

Business valuation in a contested divorce or partnership dispute — ABV is generally preferred because the analysis will likely be deposed and possibly subjected to a Daubert challenge. SSVS No. 1 compliance is a defensible methodology framework that opposing counsel cannot easily attack.

Forensic accounting plus business valuation in one engagement — common in divorce cases where one spouse has been dissipating marital assets through a closely-held business. The intersection of forensic and valuation work argues for an ABV-credentialed CPA who is also experienced in forensic accounting, or alternatively a MAFF holder. A practitioner who combines the ABV with active forensic-accounting practice can address both questions without bringing in a second expert — reducing engagement cost and improving consistency of methodology.

Damages calculations or lost-profits analysis — less about credential and more about industry-specific expertise plus Daubert-ready methodology. The MAFF signals financial forensics specialization, which often correlates with damages work.

Shareholder oppression cases requiring fair-value determination — Florida courts following Fla. Stat. 607.1430 (and similar in other jurisdictions) require fair-value, not fair-market-value, determinations. The ABV is well-suited here because SSVS No. 1 explicitly addresses standard-of-value distinctions.

How Florida Litigators Use These Credentials in Practice

In Florida circuit and federal courts, three patterns are common when business valuation testimony is expected.

First, attorneys frequently retain ABV-credentialed CPAs for business valuation expert witness engagements where the analysis will be deposed. The CPA license signals a regulated profession with a code of conduct, and SSVS No. 1 provides a defensible methodology framework.

Second, in cases combining forensic accounting (lifestyle analysis, income tracing, dissipation analysis) with business valuation, attorneys often engage a single expert who holds the ABV and has documented forensic experience. This is the engagement type Joey Friedman, CPA, ABV, M.Acc, MIB serves through Joey Friedman CPA PA.

Third, in cases where the credential matters less than the industry expertise (specialized industries like restaurants, construction, professional services, healthcare practices), attorneys may engage a CVA-credentialed valuator who has deep industry experience — provided the methodology compliance can be established at deposition.

What Attorneys Should Ask When Retaining a Business Valuation Expert

Beyond the credential abbreviation itself, attorneys typically ask three questions to assess defensibility.

What standards does the expert follow? An ABV holder follows AICPA SSVS No. 1. A CVA follows NACVA’s standards. The answer should be specific, not generic.

How many similar engagements has the expert performed, and how many have proceeded to deposition or trial testimony? The expert should be able to discuss specific methodologies applied in past cases without identifying confidential matters.

What is the expert’s continuing-education record in valuation? Both AICPA and NACVA require ongoing education; an expert who is current signals serious professional engagement rather than a stale credential.

Frequently Asked Questions

Is the ABV credential better than the CVA?

The ABV requires an active CPA license; the CVA does not. For contested litigation engagements where Daubert defensibility matters, the ABV’s CPA license requirement plus AICPA SSVS No. 1 compliance create a structural advantage in deposition and cross-examination. For non-litigation valuations, both credentials can produce competent work; the choice often turns on industry expertise.

Can a single expert hold all three credentials?

Yes — the ABV and CVA are not mutually exclusive, and the MAFF builds on the CVA. A practitioner with the ABV plus the CVA plus the MAFF has demonstrated capability across both NACVA and AICPA frameworks plus the forensic-finance intersection. In practice, professionals typically specialize and hold the credential most aligned with their primary practice rather than collecting all three.

Which credential do Florida courts prefer?

Florida courts do not require a specific business valuation credential. Courts apply Daubert (Florida adopted Daubert in 2013, replacing Frye) to assess methodology reliability. In practice, the ABV combined with active forensic-accounting experience is the most commonly accepted credential profile for contested Florida business valuation engagements.

How long does it take to earn each credential?

The CVA typically takes six months to a year of preparation including the case study. The ABV typically takes six months to a year for an already-licensed CPA, plus the experience portfolio. The MAFF builds on an existing valuation credential and takes additional months of preparation plus the forensic experience requirement.

What is the difference between ABV and ASA-BV?

The ASA-BV (Accredited Senior Appraiser in Business Valuation) is issued by the American Society of Appraisers, a different body from the AICPA and NACVA. The ASA-BV requires extensive appraisal experience plus examination and is less common among CPAs. For most business valuation litigation work, the ABV and CVA are the more frequently encountered credentials.

Does the expert need to be local to the case?

Not strictly. With remote deposition technology and routine cross-state engagement, Florida-licensed CPA experts increasingly support cases in other jurisdictions and vice versa. What matters is licensure in the jurisdiction where the case is filed (for CPA-licensed work), familiarity with the applicable state law on standard of value, and willingness to travel for in-person trial testimony when required.

Should an attorney engage a CVA or an ABV for an SBA loan business valuation?

SBA business valuations typically follow specific Small Business Administration guidelines rather than the litigation-grade Daubert framework. Either credential can serve this engagement type. The decision often turns on rate, industry expertise, and turnaround time rather than credential prestige.

How much does a business valuation expert with these credentials charge?

Rates vary by region, complexity, and engagement type. Florida litigation-grade business valuation expert witnesses generally bill at hourly rates appropriate to the contested-engagement scope. Joey Friedman CPA PA’s standard engagement is a refundable retainer plus an hourly billing rate — contact the firm to discuss specific matter parameters.

Working with a CPA, ABV-Credentialed Business Valuation Expert

For Florida attorneys and business owners working through divorce, partnership disputes, shareholder oppression, M&A due diligence, or any engagement where business valuation testimony will be deposed, the ABV credential combined with active forensic-accounting practice provides the deepest methodology defensibility plus the broadest engagement-type coverage.

Joey N. Friedman, CPA, ABV, M.Acc, MIB, in his capacity as President of Joey Friedman CPA PA, holds the AICPA Accredited in Business Valuation credential and applies AICPA SSVS No. 1 to business valuation engagements. The firm’s work is Daubert-defensible and prepared with the expectation that opposing counsel will challenge the analysis.

Contact the firm to discuss the specific business valuation engagement parameters for your matter.

About Joey Friedman CPA PA

Joey Friedman CPA PA is a Florida professional association providing forensic accounting, business valuation, expert witness, and litigation support services. The firm is led by Joey N. Friedman, CPA, ABV, M.Acc, MIB, who serves as the firm’s President. All services described in this article are provided by Joey Friedman CPA PA. Engagement letters and professional services are issued by the firm. Joey N. Friedman signs in his capacity as the firm’s President — as an officer and agent acting on behalf of Joey Friedman CPA PA, not in any personal or individual capacity. Mr. Friedman’s professional credentials — including CPA license, ABV (Accredited in Business Valuation, AICPA), and ACFE membership — are exercised under the firm.

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Disclaimer: This article is for informational purposes only and does not constitute legal, accounting, or tax advice. Engagement of Joey Friedman CPA PA is subject to a written engagement letter executed between Joey Friedman CPA PA and the engaging party. No attorney-client or accountant-client relationship is created by reading this article.