BV202 Introduction to Business Valuation - Income Approach

Includes Multiple Live Events. The next is on 11/12/2024 at 10:00 AM (EST)

Class Date/Time

Tuesday, November 12, 2024 - Friday, November 15, 2024
10:00am-6:00pm Eastern Standard Time

Class registration will close on Friday, November 8, 2024. 

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, November 12, 10:00am - 6:00pm 
  • Day 2 - Wednesday, November 13, 10:00am - 6:00pm
  • Day 3 - Thursday, November 14, 10:00am - 6:00pm
  • Day 4 - Friday, November 15, 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 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

CPE Credit: Up to thirty (30) CPE credits
Program Level: Fundamental
NASBA Knowledge Type: Specialized Knowledge
Delivery Method: Virtual
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 


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

  • Assess the applicability of different Income Approach methods to a specific assignment;
  • Define, explain, and assess the applicability of alternative benefit streams;
  • Determine and make necessary normalization and control adjustments to financial statements; 
  • Evaluate management projections; perform independent financial projections if necessary;
  • Differentiate and apply the capitalization of benefits and discounted future benefits methods of valuation under the income approach;
  • Develop equity and invested capital discount rates;
  • Apply and reconcile the results of the build-up and modified capital asset pricing models;
  • Develop estimates of the risk free rate, the equity risk premium, beta, the industry risk premium, and the size premium from recognized sources;
  • Identify and evaluate unsystematic risk (company specific risk);
  • Summarize the derivation and use of data from Morningstar's Stocks, Bonds, Bills, and Inflation and the Duff & Phelps Risk Premium Report;
  • Discuss controversies involved in key discount rate components, the equity risk premium and the company specific risk premium;
  • Identify the principles behind an asset approach;
  • Describe circumstances where the application of and reliance on the asset approach might be appropriate;
  • List the hierarchy of assets and returns on those assets;
  • Apply asset approach valuation methods;
  • Explain the concepts behind the excess earnings model and their relevance to specific valuation assignments;
  • Communicate the difference between the traditional excess earnings method and the multiple period excess earnings method related to valuing intangibles;
  • Perfom an asset approach valuation using the net asset value with the excess earnings method; and
  • Determine the level of value resulting from the use of each income method and each asset method.


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

Trey Stevens, MBA, ASA

Managing Director

Stevens & Greer, LC.

Trey Stevens is managing director at Stevens & Greer, LC. He has 30 years of experience in the valuation of business entities and business interests, the valuation of intangible assets and intellectual property, and the calculation of lost profits and commercial damages. Mr. Stevens is an active volunteer with numerous leadership positions, including most notably serving as a member of the ASA Business Valuation Discipline Committee and as the Chair of the ASA International Board of Examiners. Mr. Stevens is a frequent instructor and is the course developer for the ASA BV 202 Income Approach course

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.


Session 1 - November 12
Zoom Session #1
11/12/2024 at 10:00 AM (EST)  |  480 minutes
11/12/2024 at 10:00 AM (EST)  |  480 minutes Join link will be active 10 minutes before the scheduled live event. Once you click on the join link, you will be re-directed to the zoom event and the host will allow you to join shortly. If you experience technical issues joining via the link, we highly recommend to dial-in via a telephone until you are able to troubleshoot your access issue that may be related to personal settings, pop-up blockers, firewall etc. In addition, refreshing or logging off and re-joining typically resolves access issues. Please email if you've exhausted all recommended troubleshooting tips. Thank you.
Session 2 - November 13
Zoom Session #2
11/13/2024 at 10:00 AM (EST)  |  480 minutes
11/13/2024 at 10:00 AM (EST)  |  480 minutes
Session 3 - November 14
Zoom Session #3
11/14/2024 at 10:00 AM (EST)  |  480 minutes
11/14/2024 at 10:00 AM (EST)  |  480 minutes
Session 4 - November 15 [FINAL EXAM]
Zoom Session #4
11/15/2024 at 10:00 AM (EST)  |  180 minutes
11/15/2024 at 10:00 AM (EST)  |  180 minutes
BV202 Final Exam - Do Not Open Until Instructed [NA.2024]
100 Questions  |  1 attempt  |  180 minute limit  |  75/100 points to pass  |  Graded as Pass/Fail
100 Questions  |  1 attempt  |  180 minute limit  |  75/100 points to pass  |  Graded as Pass/Fail Good luck!
Course Wrap-Up
Exam Acknowledgement
BV202 Course Evaluation
15 Questions
15 Questions We appreciate you taking the time to complete this course evaluation. Your feedback is vital to ASA to provide quality education and courses. Thank you in advance for your valuable feedback as it will continue to help ASA shape future educational initiatives. Sincerely, The ASA Education Team
BV202 Course Certificate
31.80 CPE credits  |  Certificate available
31.80 CPE credits  |  Certificate available