BV202 Introduction to Business Valuation - Income Approach

Class Date/Time

Tuesday, February 24 - Friday, February 27, 2026
10:00am-6:00pm Eastern Standard Time

Class registration will close on Friday, February 20, 2026.

Registration Includes

• Access to virtual zoom sessions will be accessible via education dashboard (login required)
• Electronic student materials*

*All course materials included with your registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.

Class Requirement

• The Valuing a Business, 6th Edition Book is required for this class and can be purchased as an electronic pdf copy, or hard copy via the ASA Shop. If opting to order a hard copy, be sure to place order in advance to prevent shipping delays.

Class Schedule

(All Times are Eastern US)

• Day 1 - Tuesday, February 24, 10:00am - 6:00pm 
• Day 2 - Wednesday, February 25, 10:00am - 6:00pm
• Day 3 - Thursday, February 26, 10:00am - 6:00pm
• Day 4 - Friday, February 27, 10:00am - 1:00pm (Final Exam)*

*The final exam will be administered and proctored as shown on the schedule. Exams are no longer provided in a written format and students MUST have a personal laptop or computer device to complete the secure online exam. For any exam questions or technical/logistic concerns, contact education@appraisers.org. More detailed information will be provided before class concludes.

Please note: Partial credit will not be awarded for this offering. Students must participate in all the live session(s) virtually or in-person to complete the course and receive full credit following successful completion of the final exam. The virtual session(s) will not be recorded and/or made available after class.

Continuing Education (CE) Credit

Class provides 28.8 ASA CE Instructional Hours and 3 Exam Hours

NASBA and Continuing Professional Education (CPE) Credit

Policies: ASA's Refund and Cancellation Policy and ASA's Complaint Resolution Policy. ASA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org

CPE Credit: Up to thirty (30) CPE credits
Program Level: Fundamental
NASBA Knowledge Type: Specialized Knowledge
Delivery Method: Group Internet Based
Prerequisites: None
Advanced Preparation: None

Additional Information

ASA-accredited members (AM, ASA, FASA) who would like to attend this class will receive a 50% discount. This discount will be automatically applied at checkout.

Course Description

BV202 was designed to build upon the learning outcomes achieved in BV 201 by adding the income approach to the student's skill set/ toolbox. This course places heavy emphasis on the three key variables of a valuation (regardless of whether the valuation is concerning fair value for financial reporting, fair market value for litigation or tax-related valuations):

• Benefit Streams;
• Risks (i.e., discount rate); and
• Growth.

Students will be provided with the core concepts necessary for them to immediately apply the income approach without regard to the specific standard of value or purpose for the valuation.

Instructional Methods

Methods include lectures, discussions and individual/ group exercises and assignments.  

Course Audience

BV202 is one of four Principles of Valuation (POV) courses required for those seeking a credential with ASA.  In addition, this course is also of interest to accountants, attorneys, business brokers, investment bankers, Internal Revenue Service staff and the appraisal community at large who are involved or interested in the valuation of businesses.

Learning Level 

Fundamental 

Upon completion of this course, students will be able to:

• Understand the foundational theory underlying business valuation and the importance of future economic benefits;
  
• Distinguish between levels of value, including controlling and noncontrolling interests;
• Identify and apply normalizing and control adjustments in financial statement analysis;
• Differentiate between control and noncontrolling values produced by the income approach;
• Explain how risk and the standard of value affect business valuation estimates;
• Apply the discounted economic income method by projecting and discounting future economic income to present value;
• Calculate net cash flow to equity and invested capital for valuation;
• Select and justify the appropriate discount rate for the economic income being discounted;
• Estimate the terminal value and understand its significance in the total valuation;
• Recognize and avoid common errors when using the discounted economic income method;
• Apply the capitalized economic income method, including the Gordon growth model, in business valuation;
• Calculate and interpret capitalization rates in relation to discount and growth rates;
• Forecast sustainable economic income and long-term growth rates for use in the income approach;
• Analyze macroeconomic, industry, and company-specific factors affecting economic income forecasts;
• Apply ratio and trend analysis in preparing or evaluating forecasts
• Evaluate management-prepared forecasts for reasonableness and bias;
• Identify and avoid common errors in forecasting economic income for valuation purposes;
• Define the discount rate (cost of capital) and its central role in business valuation;
• Apply the Capital Asset Pricing Model (CAPM) and the build-up method to estimate the cost of equity capital;
• Incorporate size premiums, industry premiums, and company-specific risk into cost of equity capital estimates;
• Understand the effect of capital structure and leverage on the cost of equity capital; and
• Recognize and avoid common errors in developing and applying discount rates.

eMaterials

All course materials included with you registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.

Accessing eMaterials

eMaterials are provided electronically in PDF format and posted to the class within the education dashboard for all registrants to securely access prior to the start of class. Attendees should come to the class prepared with an electronic or printed copy of all eMaterials to use as a refence during class. PDF course materials are presented in color, are bookmarked, and comment enabled. When opting to print downloadable materials, it is recommended that settings be adjusted to print in black and white (or grayscale) and consider printing double-sided on recycled paper.

Certificate of Completion

Upon successful completion of all required components and passing the final exam, a certificate will be made available for viewing and/or download via your education dashboard. 

ASA's Education Foundation recognizes students who choose to invest their time in appraisal studies by providing assistance to students demonstrating a financial need. Please visit the Educational Foundation's webpage for more information and to download an application.