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About the Exam

The Valuation Modeling exam was launched in 2010. The exam consists of two parts: Valuation Fundamentals and Modeling.

The Financial Statement Analysis exam was launched in 2016.



The Valuation Fundamentals exam is available worldwide in Pearson VUE testing centers in English and Chinese. Visit to schedule an exam.

Valuation Fundamentals exam requires one of the following calculators:
        1. Texas Instruments BA II PLUS
        2. CASIO FX-82ES PLUS
        3. CASIO FX-991ES PLUS
        4. HP 12C

The Modeling and Financial Statement Analysis exam is available in Beijing, Shanghai, Shenzhen, Guangzhou, Nanjing and New York.

Candidates email Chainshine ( the following information:
        1. Personal information, including name, phone number, current institution or school.
        2. Exam city and time.



Exam Fees

Effective July 1, 2021, the fee for Valuation Fundamentals exam in China is US$70 (US$60 per person from 2011 through June 30, 2021).

Outside China, the fee for Valuation Fundamentals exam at Pearson VUE's global testing centers is US$200 per person.

The fee for Modeling exam in China is RMB900 per person.

The fee for Modeling exam in New York is US$240 per person.

The fee for Financial Statement Analysis exam in China is RMB300 per person.

The fee for Financial Statement Analysis exam in New York is US$200 per person.



The exam scores for Valuation Fundaments and Financial Statement Analysis will be displayed on the screen immediately upon submission.

The exam score for Modeling will be available within 5-7 working days.



Non-Disclosure Agreement (NDA)

Important: Every candidate must sign the Non-Disclosure Agreement prior to taking the exam. If a candidate refuse to sign the agreement, he/she will not be allowed to participate in the exam and the exam fees will not be refunded. Please read the Non-Disclosure Agreement before signing.


This exam content is highly confidential and is protected by trade secret law. It is made available to you, the examinee, solely for the purpose of becoming certified in the financial area referenced in the AIFA exam. You are expressly prohibited from disclosing, publishing, reproducing, or transmitting this exam, in whole or in part, in any form or by any means, verbal or written, electronic or mechanical, for any purpose, without the prior express written permission of the AIFA Program Developer, Chainshine Financial Training.



Exam Rules in Test Center

  • Personal items are not allowed in the testing room.
  • Erasable noteboards and other exam materials may not be used until the exam has started.
  • Eating, drinking, smoking, talking or disturbing other candidates is prohibited.
  • You will be monitored by the administrator during your exam.
  • Notify the administrator if you experience problems with your exam.
  • Do not ask anyone for assistance answering exam questions.
  • Do not try to take copies of exam questions from the room or share them with others.



Score Verification Service

Score verification to employers (HR Dept only) is provided at no charge. Contact information for this service is provided below:

AIFA Certification Exam Office

Tel:        (8610) 8586-4301
Address: Room 2301, Yuanyangshangwu, Sihuiqiao, East 4th Ring, Chaoyang District, Beijing, 100025, China