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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.

Candidates who have not participated in the Valuation Modeling training course may only take the Valuation Fundamentals part of the exam. The Modeling exam may be taken after completing the Valuation Modeling course.



Before registering for the exam, you must:
        1. Fill out the registration form.
        2. Be approved by the AIFA registrar.
        3. Read the NDA and exam rules.
        4. Pay the necessary exam fees.

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 Valuation Fundamentals exam is available worldwide in Pearson VUE testing centers in English and Chinese.

The Modeling exam is only available in China at this time.

Registration Form For Valuation Modeling Exam


Exam Fees

The fee for Valuation Fundamentals exam in China is RMB300 per person.

The fee for Modeling exam in China is RMB700 per person.

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

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

Prices are subject to change after December 31, 2015.



The exam scores are divided into 4 levels: above 85 is considered Excellent; 70 - 84 is considered Good; 60 - 69 is considered Satisfactory, below 59 is considered Failed.

Sample Score Report

The exam score for Valuation Fundaments will be available online immediately after submission.

The exam score for Modeling will be available within 20 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

  • Candidate will not take the following types of personal items into the testing room: cellular phones, hand-held computers/personal digital assistants (PDAs) or other electronic devices, pagers, watches, wallets, purses, hats, bags, coats, books and notes. Studying is not allowed in the test center.
  • Candidate will store these items in a secure area indicated by the administrator. Cellular phones and other electronic devices must be turned off prior to placing them in the designated secure area. The test center is not responsible for lost, stolen or misplaced personal items. 
  • The administrator will log candidate in to candidate's assigned workstation, verify that candidate is taking the intended exam and start the exam. Candidate will sit in candidate's assigned seat until escorted out by a Test Administrator. Candidate understand that eating, drinking, smoking, chewing gum and making noise that creates a disturbance for other candidates are prohibited during the exam. 
  • The administrator will monitor candidate continuously while candidate take the exam. The session may be videotaped or otherwise recorded for security or other purposes.
  • If candidate experience problems that affect candidate's ability to take the exam, candidate will notify the administrator immediately.
  • The administrator cannot answer questions related to exam content. If candidate has questions of this nature, candidate will contact the exam sponsor after candidate leave the testing center.
  • This Exam don’t include breaks.
  • Candidate is NOT allowed access to personal items other than medication required at a specific time and with the approval of the test administrator. Items not permitted include but are not limited to: cellular phones, exam notes and study guides.
  • Candidate will not try to remove copies of exam questions and answers from the testing center, and candidate will not share or discuss the questions or answers seen in candidate's exam with other candidates.


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:       (010)8586-4301
Address: Room 2301, Yuanyangshangwu, Sihuiqiao, East 4th Ring, Chaoyang District, Beijing, 100025, China