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EVOLVING ROLE OF VALUATION

"The valuation profession will only grow in importance. New challenges and opportunities to enhance business and financial markets, and society at large, will confront valuers at a greater rate. Macro trends including climate change; a shift in the way we use and manage natural resources; population demographics; the proliferation of financial instruments; and the role of technology in business will shape, and be shaped by, the valuation profession. Asset values will evolve as these forces influence our day-to-day lives, and the importance of transparent and reliable valuations, including on balance sheets, will only become more important in our interconnected world."

Sir David Tweedie,

Chairman, International Valuation Standards Council

Who Does Not Need Valuation Today?

Whether you are working for value creation, value capturing, value distribution or tax collection, all are affected by valuation – be it courts, quasi-judicial authorities, governments, regulators, bankers, auditors, lawyers, investors and other stakeholders. Credible valuations are important in supporting economic activity, strengthening financial markets and protecting the public interest.

For any market economy, valuation of assets is crucial to various business areas, from transactions and financing to litigation, strategic management and compliance. Stakeholders and regulators are demanding greater transparency through fair value reporting. Global Financial Crisis revealed deep fault lines and taught many important lessons, one of those being that valuation really does matter! With accounting moving more and more towards value, there is need for competent and professional valuation experts globally.

COURSE OVERVIEW

IICA Valuation Certificate Program (IVCP) is designed as an integrated, comprehensive and practical course on valuation. Consisting of 22 modules, the course is delivered online over 3 levels and 12 months. The course is aligned to International Valuation Standards giving it a global flavour which is necessary in the present interconnected world. The faculty consists of global experts drawn from academia, industry and regulatory bodies. The heterogeneous group of participants facilitates peer learning and formation of holistic perspective of inter-disciplinary valuation related issues. Alumni benefit offers opportunity for lifelong learning and networking.

Course Commencement - July 2025

Registration - Open for Batch-V

Schedule Call from Our Team

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International Valuation Standards

Course aligned to International Valuation Standards to make you global valuer

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12 Month Online Study

World Class learning through Learning Management System

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Well Developed Materials

Study materials, assignments and presentations developed by experts in their fields

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Master Classes

Master Classes through global faculties & practitioners

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Recorded Sessions

Recording of all the sessions available through out the course

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IVCP Designation

Helping you become a Global Valuation Professional

ACADEMIC MEMBER
The International Valuation Standards Council (IVSC) is the independent global standard setter for the valuation profession. IICA is academic member of IVSC. For details visit to IVSC Training

PARTICIPANT'S PROFILE

Average Experience

20 + Years

Youngest Participant

25 Years

Eldest Participant

75 Years

SPONSORING ORGANIZATIONS














INDIAN INSTITUTE OF CORPORATE AFFAIRS

The Indian Institute of Corporate Affairs (IICA), an autonomous institute, works under the aegis of the Ministry of Corporate Affairs to deliver opportunities for research, education, and advocacy. It is think tank that curates a repository of data and knowledge for policy makers, regulators as well as other stakeholders working in the domain of Corporate Affairs. Key activities carried out by IICA include induction and in-service training to Indian Corporate Law Service (ICLS) officers, capacity building and training programmes, policy advisory functions, public outreach and stakeholder consultants through seminars, conference and forums on Contemporary Issues.

ABOUT SCHOOL OF FINANCE AND MANAGEMENT

School of Finance and Management is engaged in capacity building, education, research, advocacy and advisory on contemporary financial and regulatory issues relevant to corporate sector, professionals and investing public at large. The School has many courses and training programme on banking, finance, financial reporting, valuation, risk management and contemporary issues in the domain of finance and management. It also runs an Executive MBA – Corporate Affairs programme in associationwith IIM Jammu. The school also provides research, advocacy and advisory support to priority initiatives of the Government of India like financial inclusion,financial literacy and financialreporting.

COURSE

Bridge Course 15 Days Online Delivery
Mandatory for Non-Finance background parcipants for ensuring financial foundaon required for the course.
Level I – Foundation
Getting Ready for Valuation		 4 Months Online Delivery
.
Module 01 - Valuation Introduction
Module 02 - Valuation Professional Performance Framework (VPPF) – Valuation Standards, Ethical Conduct, Competency, Defining the Engagement, Laws and
Regulations
Module 03 - Quantitative and Qualitative Analysis I – Financial Mathematics and Business Statistics for Valuation
Module 04 - Quantitative and Qualitative Analysis II – Economic Analysis and Interpretation of Macro & Micro Economic Numbers for Valuation
Module 05 - Quantitative and Qualitative Analysis III – Analysis of Industry, Business Strategies, Subject Entity/Asset, Economic Moat, Historical Financials
(IFRS/IndAS based), Quality of Earnings, Financial Shenanigans and Adjustments to Financial Statements
Module 06 - Financial Modelling, Evaluation of Prospective Financial Information (PFI) and Introduction of Behavioural Finance
Level II – Intermediate
Business Valuation Techniques		 4 Months Online Delivery
6-Day Campus Immersion at IICA
Module 07 - Understanding and Measuring Risk, Determining Cost of Capital in Developed and Emerging Countries
Module 08 - Income Approach and Methods
Module 09 - Cost Approach and Methods
Module 10 - Market Approach and Methods
Module 11 - Land and Building Valuation
Module 12 - Plant and Machinery Valuation
Module 13 - Level of Value, Discount and Premiums
Module 14 - Valuation Report Writing, Valuation Quality, Essentials of Credible Valuation Report, Developing and Reporting Opinion of Value
Level III – Advanced
Implementation of Business Valuation Techniques		 4 Months Online Delivery
6-Day Campus Immersion at IICA
Module 15 - Valuation of Intellectual Property and Other Intangibles
Module 16 - Valuation for Financial Reporting – Purchase Price Allocation (PPA), Contingent Consideration, Impairment Testing, Valuation of Stock Options/ESOPs, Fair Value of Investment Fund, Valuation of Financial Instruments, Auditing Fair Value Measurement
Module 17 - Valuation for Mergers and Acquisitions (M&A), Corporate Restructuring, Private Equity and Venture Capital
Module 18 - Valuation of Real Property Interest, Development Property and Plant & Equipment
Module 19 - Valuation for Start-ups, High-Tech, Fin-Tech, Cyclical and Distressed Companies
Module 20 - Valuation for Litigation Support, Arbitration, Economic Damages, Critiquing Valuation Report, Valuation Cases and Expert Witnessing
Module 21 - Valuation for Transfer Pricing and Other Tax Compliances, Determining Arm’s Length Price and Valuation for Other Tax Requirements
Module 22 - Valuation in Specific Cases & Contemporary Issues – Disinvestment & Asset Monetisation, Valuation of Financial Institutions (Banks, Insurance Companies, Mutual Funds etc.), Small Companies, Investment Holding Companies, Biotech Companies, Mineral Assets, Crypto Assets
Who Can Benefit From the Course
Finance professionals, consultants, senior officials of government and regulatory bodies, banking and insurance professionals, CA, CS, ICWA, lawyers, finance and economics faculty members, financial / business analysts, investors, board members, auditors, corporate and investment bankers, fund managers, investment analysts, CMD, CEO, CFO, Director, GM, Finance heads and other professionals who want to develop valuation acumen.
Eligibility
Graduate, CA, CS, CMA or other equivalent qualification.
For applicants under student category, two basic requirements are to be fulfilled. (I) Applicant should have active student status in final year of graduation or any year of post-graduation as on July 2025, and (II) Maximum age should be 28 years
Two Modes of Learning
Certificate of Completion Certificate of Participation
Is awarded following two factor criteria, i.e. Attendance and Assessment. Certificate of Completion is suitable for existing or aspiring valuation professionals who are / wish to take valuation as a profession. They are expected to do valuations. Is awarded following single factor criteria, i.e. Attendance. Assessment is not applicable to them. Certificate of Participation is suitable for other stakeholders who are expected to make informed decisions at board / management level without being involved in the valuation exercise directly. They join the course for knowledge enhancement and general learning like MDs, CEOs, CFOs, KMPs, bankers, directors, senior government officers, lawyers, academicians etc.
Assessment
Assessment is applicable only for candidates choosing Certificate of Completion, i.e. existing or aspiring valuation professionals. Assessment is done through a combination of individual assignments, report writing, group activities, participation and MCQ-based test.

FACULTY

Rajiv Singh, CA
Valuation Expert, Adjunct Faculty
IICA & Course Director
Prof (Dr) Naveen Sirohi, PhD CFP
Course Director & Founding Head,
School of Finance and Management
Abizer Diwanji
Financial Services & Structuring Leader
EY India
Prof S R Korivi, CA PhD
Former Dean NISM and Visiting Faculty
at IIMs, NIFM, NIBM etc.
Harish Dua, CPA CFE
Noted Expert in Financial matters
Risk and Governance issues
Rajiv Mantri
Expert in Investment Research, Credit
Markets& Restructuring
Harsh Gupta, CFA FRM
Expert in Macroeconomics and Risk
Management. Author on Derivatives
Naveen Bali PhD
Consultant, Dept of Economic Affairs
Ministry of Finance, Govt of India
Pratap Giri
Adjunct Faculty – Valuation
IIM Bangalore
U K Sinha
Former SEBI Chairman and
Adjunct Faculty IICA
Mark Zyla
MD, Zyla Valuation Advisors LLC
Atlanta, USA
Moorad Choudhary
Senior Banker& Director
London, UK
Sanjeev Sanyal
Principal Economic Adviser
Ministry of Finance, GoI
Nick Talbot
CEO
International Valuation Standards Council
Prasanna Chandra, PhD
Author & Director
Centre for Financial Management
Alexander Aronsohn
Director
International Valuation Standards Council
Anton Lezhja,
VP ASA EU Chapter and Director of Valuation Deloitte
Europe
Sanjay Bakshi, PhD
Adjunct Professor
MDI
John J. Barton
President Brandywine Consultants
USA
Ranjan Das, PhD
IIM
Calcutta
Anil Sharma, CA
Adjunct Faculty
IICA
Dr Sushil Lal, CA PhD
IFRS
Expert
Rakesh Ojha
Expert in Corporate &
Commercial Litigation
Vaidya Nathan, PhD
Professor
ISB
Richard Hayler
Member Standard Review Board IVSC
Partner Deloitte, Singapore
Aviral Jain, CFA
Managing Director
Kroll (India)
Richard Stewart
Corporate Value Advisory Partner
PWC Australia
Manish Saxena, CFA
Valuation Expert & Board Member
Financial Instruments, IVSC
Naresh Phanfat, FCA
Wharton CFO & ADP, Global Finance Leader
B B Goyal
Former Chief Advisor, Indian Cost
Accounts Service, Govt of India
Jay Shaw
Partner at Grant Thornton
New Zealand
Parag Mehta
Partner Valuation & Modelling
EY India
Prof Prabina Rajib, PhD
Dean VGSOM
IIT Kharagpur
Saket Misra
Seasoned banker (Deutsche Bank &
RBS) and Adjunct Faculty IICA
Amit Singh, CA
Valuation Expert
Ex-Ernst & Young
Gautam Chakravarti
Expert in
Business Strategies
Vikas Gangwal
Expert in
Valuations, Modeling and Economics Practice
Arpit Thakkar, CA
Partner at
Grant Thornton LLP
Devendra Patekar
IBBI
Regstered Valuer
Vijaydeep Singh, FCA
Expert in Valuation &
Due Diligence Reviews
Avineesh Matta, CA
Valuation and Restructuring Expert
O P Yadav, Former Principal Commissioner
Income Tax and Expert
Valuation of Transfer Pricing
Vishvas Vaidya
Expert
Tangible Assets
Sakshi Gupta,
Principal Economist
HDFC
Nitesh Ranjan
Executive Director
Union Bank of India
Raghav Khera
EY, Valuations,
Modeling and Economics Practice
& MANY MORE
Global Experts, Academicians, Practitioners and Officials representing
regulatory bodies like IVSC, RBI, SEBI, IBBI, NITI Aayog, Finance Ministry etc.
(subject to availability/confirmation)

TESTIMONIALS

"IICA Valuation Certificate Program is an in-depth informative, practical, experience sharing with real life cases studies shared by both faculties as well as subject market experts. A must attend program for anyone who want to learn the finest aspects & nuances of valuation, it’s real use in day to day fair valuations of business, intangible & tangible assets, goodwill, future potentials, markets etc. It's relevant to freshers as well as experienced valuers."

Ramesh NGS (Batch-I)
MD & CEO, Stock Holding Corporation of India

"As a stakeholder who uses the valuation report for decision making. I can confidently say that this programme has helped me to make better-informed investment decisions. This program has truly improved my skill set. IICA had meticulously designed this programme to meet the needs of heterogeneous participants e.g. from Registered Valuers to bureaucrats like myself. Also, the participants experience and the challenges faced by them in their valuation endeavors are shared and discussed in the class which is unique to this IVCP. The instructors are exceptional their expertise and industry experience shone through in every lecture is commendable."

M. Anitha (Batch-III)
Director, DIPAM, Ministry of Finance, GOI

"A very interesting and valuable experience. I learnt a lot and it gave me a good grounding in basic and advance valuation. It really made me think that valuation has a great future. Most important IICA has arranged great faculty who taught us behavioural finance to deep finance theory in easy and practical ways."

Anuj Kumar Singh (Batch-I)
AGM, Union Bank of India

"As a sitting board member of this Institute, I am confident that this course will give the world ethical and supremely professional valuers, who will become a very important part of the value chain for any Economy"

CA Veni Thapar (Batch-I)
Former Board Member, IICA and Government Nominee Director, Bank of India

"The course involves a comprehensive curriculum that covered a wide range of topics related to valuation. What really impressed me was the way the course was organized. It involved a mix of classroom lectures, case studies, group presentations, and exams, all of which were moderated by highly qualified professionals and subject matter experts of the industry. This ensured that we not only understood the theoretical concepts but also learned how to apply them in real-world scenarios. The case studies and group presentations were particularly beneficial, as they gave us the opportunity to work on real-life valuation projects and learn from our peers."

CA Dhananjay Chandrakant Walke (Batch-II)
RV (S&FA)

"The IVCP offers a lot for new entrants in the valuation field. The best part of this program is that faculties comes with lot of practical experience. Personally feel that this program should also be extended as an offline program. This program also has a value addition for people already working in the field. This was a good course for people practicing valuation."

Laxmi Abbas Rampurawal (Batch-II)
AGM, SEBI

"Thanks to my company for nominating me for IICA Valuation Certificate Program. It is highly remarkable that, the way all the faculties try to complete the course in the prescribed time with the valuable presentation and the examples included during the class. This course i.e Valuation, is very essential for the professionals those who are in the profession of Valuation and even not in the same line. Highly recommended all the professional, at least to our C.A. fraternity, those who are in Services in different sectors or in different areas of practices, to participate in the program and make it highly successful."

CA Surendra Narayan Jena (Batch-II)
DGM Finance, NMDC Limited

"The course contains almost all kind of aspects of valuation and has expended the horizon of valuation to an entirely different orbit. The structuring of the course which included a good & optional mix of classroom lectures, in-person weeks, group presentations, case studies & exams and all of those mentioned lay expects of the respective areas was instrumentals in enhancing the knowledge and experience."

Saket Singhal (Batch-II)
Fellow Actuary

"Program reinforces learnings through practical insights in core subjects. Expert faculties impart concepts with industry examples familiarizing students with application and usage"

CFA Amol Kshirsagar (Batch-II)
Senior Vice-President II, HDFC Bank

"Very thankful to IICA for having given me opportunity to understand valuation. Thankful to very experienced and highly skilled faculties. In the campus curriculum and stay was very satisfactory. The knowledge gained will certainly help me in the better understanding of project evaluation & business development area of my company, brought before the board."

Yash Malik (Batch-II)
Former Executive Director, ONGC & Independent Director

"Attended IICA Valuation Certificate Program after my three decades of practice as a Valuer. Found clarity on all those issues which were difficult and complicated. This is truly a comprehensive Valuation education must do program for practicing valuers, aspiring valuers and valuation service users and regulators. No other place in India could enrich me more on complexities of Valuation. IICA Valuation Certificate Programme is the Best. IICA campus environment, living experience, hospitality and care was great"

Vishwajeet Singh Jadon (Batch-II)
RV (L&B) & (P&M)

"IICA Valuation Program is very easy to understand and helps you build a strong foundation to understand the concept of Valuation. It could be the best thing that could happen to you as a budding professional. Here we learned about how the real valuation practitioners does his job and how valuation is done in the real business world. The IICA Valuation Program is a great course that takes you step-by-step into more advance valuation topics."

CA Thirtha Ray (Batch-II)
TreasuryManager,Bridge andRoofCo. Ltd.

"Have been managing own investments since 20 years but never studied valuations in a formal way. This course helped me in removing certain blind spots that I had. The course curriculum is very well designed covering the vast expanse of valuations subjects vis-a-vis multi-disciplinary methods."

Priyank J Sanghavi (Batch-II)
Entrepreneur

"Huge and useful knowledge from the IVCP program. Feel that the IICA valuation program goes a long way in the valuation domain. IVCP is perfectly designed for deep and conceptual knowledge of valuation. Really enjoyed the curriculum and I would refer this course to anyone who wants to have deeper knowledge in the valuation domain."

CA Thadoju Srikanth (Batch-II)
Senior Officer-Finance, Gail India Limited

"The IICA Valuation course was incredibly insightful and more value addition to valuation professionals. The faculty were very good and they were deep dive into every aspect of the Valuation areas. Felt more equipped than ever to take on the challenges of being a Valuation professional.

CA Nagaraja Emmadi (Batch-II)
RV (S&FA), Insolvency Professional

"The IICA Valuation Program is an all in one course for professionals in any field, which enriched and enhanced my career perspective and would surely impact my professional area. I am thankful to professors and learners who have been the part of this course, for sharing your experiences and knowledge. To a wider extent, have learnt many more new things than that what I had known. Would suggest taking up this course by any professional who is eager to have knowledge in valuation."

CS Rakhee Kar (Batch-II)
Company Secretary, Bridge & Roof Co. Ltd.

"IICA Valuation Certificate Program offers global curriculum taught by eminent world-class faculties. Participants from different fields share views on topics which makes sessions interactive. The course has right blend of theory and practice which helps gain thorough knowledge in various aspects of valuation."

CA Tarun Baheti (Batch-II)
Student

"Before enrolling to the course was bit skeptical about the course content, faculty and whether I would be able to cope up with the course considering I come from a non-financial back ground (Marketing and Sales). However, it was great experience as due care was taken to set the foundation before building up the course momentum. The IVCP course is very exhaustive and covers various dimensions of finance and valuation. Every member at the institute be it course co-ordinator or faculty is very supportive and responsive. I wish all the best to the institute for great success.."

Asheesh Mehrotra (Batch-II)
Addl. VP, Infra Initiative

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REGISTRATION PROCESS

Student Category
For applicants under student category, two basic requirements are to be fulfilled. (I) Applicant should have active student status in final year of graduation or any year of post-graduation as on July 2025, and (II) Maximum age should be 28 years.
Student Fee (40% Discount)
Upto 30.06.2025		 1,20,000 (plus taxes)
Indian Participants - Individual
Super Early Bird Offer (20% Discount )
Upto 31.01.2025		 1,60,000/- (plus taxes)
Early Bird Offer (10% Discount)
Upto 30.04.2025		 1,80,000/- (plus taxes)
Last Minute Registration (Full price)
Upto 30.06.2025		 2,00,000/- (plus taxes)
Indian Participants - Sponsored
This category is applicable to organisations who want to sponsor their employees for the program. In such cases, group discount is available as under:
2 – 5 Participants 6-9 Participants 10-19 Participants
10% discount 20% discount 25% discount
International Participants
The fee for international participant has been aligned to the World Bank’s classification of countries on the basis of Income as under:
High Income Countries (HIC) $ 3,500
Upper Middle Income Countries (UMIC) $ 3,000
Low Middle Income Countries (LMIC) $ 2,000
Low Income Countries (LIC) $ 1,600
Click here for world bank classification

FAQs

Many. But to keep it short, the most important ones are (a)International connect as the course is aligned to international valuation standards with global faculty and participants (b) Alumni benefit of lifelong learning and networking (c) Practical approach using case studies and interaction with experts and practioners (d) Exposure to technical tools like Capital IQ, Stata, FIMMDA etc. .
No.
No. There is provision of in-person contact teaching for 6D + 6D during Level II and III respectively.
No. But it is recommended.
The online classes shall be scheduled during evening of weekdays and/or over weekends to make it convenient for working executives. Masterclass (especially with an international speaker) may take place at any time, subject to the availability of the expert and the time zone.
Yes. Indian participants can pay the fee in three installments. First installment will be paid at the time of registration i.e., 40%. Second installment will be paid after completion of Level I and before commencement of Level II and third installment will be paid after completion of Level II and before commencement of Level III.
Yes. IVCP is an integrated program designed in line with globally best courses wherein all asset categories are covered in single course.
Yes. The fee structure will be as follows.
Installment for Individual and Student Category
Particular Actual Fee Early Bird Discount (10% discount) Super Early Bird Discount (20% discount) Student
Fee (full payment) Rs. 2,00,000 Rs. 1,80,000 Rs. 1,60,000 Rs. 1,40,000
Fee (in case of Installments) Rs. 2,10,000 Rs. 1,90,000 Rs. 1,70,000 Rs 1,45,000
No. There is no provision of lateral entry into Level II or III.
No.
Yes. The course is open to international participants since most of the delivery is online. For in-person teaching component, flexibility may be given to international participants, on case to case basis.
Yes. The course fee includes boarding/lodging during in-person teaching component on twin-sharing basis.
No. This is a valuation competency development education initiative to help valuers perform better.
Yes. This is a practical course designed to develop competencies of participants to handle valuation cases.
The ratio of paying fee in installments is 40% i.e., first installment, 30% i.e., second installment and 30 % i.e., third or last installment.
Yes but maximum age should be 28 year and applicants should have active student status as on April 2024.
Applicants registering under student category need to submit scanned copy PAN Card, Aadhaar Card and latest or provisional mark sheet of graduation. After scrutinization of documents, applicant shall receive confirmation email from IICA for registration in the programme.