CVA vs ABV vs MAFF: Business Valuation Credentials Compared

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 CPAs and qualified valuation professionals; 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 involving business valuation, the CPA-plus-ABV combination brings accounting expertise and specialized valuation knowledge together. Joey N. Friedman holds both, and pairs them with forensic accounting insight and expert witness experience to produce clear, well-supported opinions built for the scrutiny of litigation. 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). Available to CPAs and qualified valuation professionals who meet the AICPA’s membership, education, experience and examination requirements. For the full eligibility requirements and the step-by-step path to earning it, see our guide to ABV certification.

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. CPA candidates qualify through an active CPA license; the standard non-CPA pathway calls for a business degree and demonstrated business-valuation experience. Candidates sit for a written examination and submit a case study or sample valuation report for peer review.

ABV. It has CPA and qualified-valuation-professional pathways. Applicants must meet the AICPA’s eligibility and membership requirements. Within the five years preceding application, they need 75 hours of valuation education and either 1,500 hours of valuation experience for the CPA pathway or 4,500 for the valuation-professional pathway. They must pass the ABV exam or qualify for an exam waiver. The valuation-professional pathway also requires a bachelor’s degree or equivalent and qualifying professional-conduct/standards education. 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?

Both are respected valuation credentials. The ABV comes from the AICPA, the national professional association of CPAs, so a CPA who holds it pairs accounting expertise with specialized valuation knowledge. Joey N. Friedman holds the ABV alongside his Florida CPA license, and Joey Friedman, CPA, P.A. brings that combination to clear, well-supported analysis of business value in financial disputes.

Can a single expert hold all three credentials?

Yes. A professional can hold ABV, CVA and MAFF by meeting each credential's requirements. For clients, the key is how the expert applies accounting, valuation and forensic knowledge to the financial questions at issue. Joey N. Friedman combines CPA, ABV, M.Acc and MIB qualifications in a practice focused on clear, well-supported financial analysis.

Which credential do Florida courts prefer?

Florida courts focus on qualified experts and reliable, well-supported testimony under section 90.702. The CPA-plus-ABV combination offers a strong foundation of accounting expertise and specialized business valuation knowledge for litigation. Joey N. Friedman pairs those qualifications with forensic accounting insight and expert witness experience to develop clear, well-supported financial opinions.

How long does it take to earn each credential?

The time depends on the candidate's existing qualifications, relevant experience and progress through the examination and application requirements. ABV requires valuation education and substantial valuation experience as well as satisfying the examination requirement or an applicable waiver. Earning a credential reflects a sustained investment in specialist knowledge, and Joey N. Friedman brings that investment to his valuation work.

What is the difference between ABV and ASA-BV?

ABV is the AICPA's business valuation credential. ASA-BV is the American Society of Appraisers' business valuation designation. Joey N. Friedman combines the CPA license with ABV, bringing accounting expertise and recognized valuation knowledge to the firm's financial-dispute and expert witness work.

Does the expert need to be local to the case?

Prioritize expertise in the financial questions, clear communication and the testimony needs of the engagement. Joey Friedman, CPA, P.A. is based in Pembroke Pines and serves clients throughout Florida, across the United States and internationally. Discuss record access, communication and any in-person testimony arrangements when the engagement is scoped.

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

For SBA 7(a) business valuations requiring a qualified source, current SBA policy lists both ABV and CVA. A CPA with ABV brings accounting expertise and recognized business valuation knowledge to the engagement. The lender should confirm that the selected appraiser meets the applicable qualified-source and independence requirements.

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, P.A.’s standard engagement is scoped to the specific matter under a written engagement letter — 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.

To engage Joey Friedman CPA PA:

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.

Related practitioner references from Joey Friedman CPA PA: Business Valuation Accountants: What Sets ABV-Credentialed Specialists Apart; Business Valuation Specialist in Florida; Red Flags in a Closely-Held Business Valuation; Florida Business Valuations: A Forensic CPA’s Methodology Guide; Evaluating the Opposing Expert’s Business Valuation Report.

Florida Counties — Forensic Accounting and Business Valuation Hubs

Joey Friedman CPA PA serves clients throughout Florida. For county-specific forensic accounting and business valuation engagement details, see:

Regional and out-of-state hubs: South Florida Forensic Accounting and Business Valuation (Miami-Dade, Broward and Palm Beach counties) · New Jersey Forensic Accounting and Business Valuation.