Challenging a Course/Course Series


Challenging a Course

The option to challenge a course is available for Business Valuation (BV), Machinery & Technical Specialties (MTS), and Appraisal Review & Management (ARM) courses.  

The price for challenging a course is the same as attending in person or virtual and includes all the course materials. To successfully "challenge" or test out of a BV, MTS, or ARM course means you studied the course material on your own (without attending the course) and passed the course examination. Once you successfully challenge a course, you will be eligible to enroll or challenge the next course in the POV series.

Students have one (1) year from the date of their registration to review the materials and complete the proctored exam. All challenge examinations must be proctored - see the “Proctor Requirements” section on the Policies, Procedures and FAQs page for more information.  ASA now offers online proctored exam sessions every month.  Visit the  upcoming class schedule to register (look for ASAEXAM-ONL). Courses may ONLY be challenged in sequential order. Retake/challenge applications and Proctor/ Exam requests may take up to ten (10) business days to process so please plan accordingly.

Download Retake/Challenge Application Form


BV 8-Hour Challenge Exam

ASA now accepts successful completion of the BV 8-Hour Curriculum Challenge Exam in lieu of successful completion of the four (4) BV POV courses. This Challenge Exam is geared toward experienced business valuation professionals that already have mastered the competencies taught in the BV POV course series.  

Frequently Asked Questions

Study materials will not be issued to candidates with which to prepare for the exam. It is the expectation that the students' actual experience, expertise, and knowledge of the materials in his/her own business valuation library are sufficient to prepare for and pass the exam.

You have one (1) year from the date of purchase to complete the 8-hour proctored exam.

The exam will need to be proctored.  Proctoring can be done remotely by ASA Staff or in person with an ASA-approved proctor.  If you wish to have the exam proctored by ASA Staff, please reach out to the education team to make arrangements.  If you prefer to use an in-person proctor, please complete and submit the Exam Request and Proctor Confirmation Form.  Please allow up to ten (10) business days for ASA to contract with your chosen proctor and ship them the exam materials.  Once your proctor has received the exam materials, you may set a date with your proctor to take the exam.

In the event you do not pass the BV 8-Hour Challenge Exam on your first attempt, you have one (1) year from your original exam date to purchase and complete a retake exam. If you do not successfully pass the exam upon your second attempt, you may not retake the exam a third time.  You will need to take the individual POV courses and pass each associated course exam for course credit. 

The BV 8-Hour Challenge Exam qualifies for eight (8) hours of continuing education (CE) only.  It does not qualify for continuing professional education (CPE) credit which is offered through the National Association of State Boards of Accountancy (NASBA).

The exam is given in two (2) parts each lasting four (4) hours.  Both parts must be taken on the same day.