ME203 The Income Approach & Advanced Topics

Includes Multiple Live Events. The next is on 03/11/2025 at 10:00 AM (EDT)

Class Date/Time

Tuesday, March 11, 2025 - Friday, March 14, 2025

 Class registration will close on Monday, March 10, 2025

Registration Includes 

Virtual Attendees

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

Class Format - Virtual

ASA is offering the opportunity for students to attend this class live via the internet as a remote participant. Virtual students share the same educational experience as the students in the classroom and can participate live just as if they were attending physically.

Class Schedule

Times Listed in EASTERN Standard US
  • Day 1 - Tuesday, March 11, 10:00am - 6:00pm 
  • Day 2 - Wednesday, March 12, 10:00am - 6:00pm
  • Day 3 - Thursday, March 13, 10:00am - 6:00pm
  • Day 4 - Friday, March 14, 10:00-1:00pm ET

*The final exam will be administered and proctored on Friday, March 14, 2025. Exams are no longer provided in a written format and students MUST have a personal laptop or computer device to complete ASA online exams. For any exam questions or technical/logistic concerns, contact Registrants will be provided more detailed information 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 37.2 ASA CE Instructional Hours and 3 Exam Hours.

This is the NEW ME203! 

Course Description

This course examines the income approach and advanced cost approach applications to value tangible assets.  The course studies financial reporting and depreciation methods as the foundation for developing cash flow projections. The concept of a weighted average cost of capital is presented for converting future cash flows to present value as part of the performance of a discounted cash analysis for estimating asset value. Advanced cost approach applications along with the identification of functional and economic obsolescence and their causes will also be presented.  Finally, the course concludes with a comprehensive case study problem. Familiarity with the use of financial functions in Excel and/or the use of a financial calculator is required. 

*Accredited MTS Members who took the ME201-204 courses for accreditation purposes may not retake the courses for reaccreditation/continuing education (CE) credits. Those who have not previously completed these courses must successfully pass the associated exam to receive ASA reaccreditation/CE credit.  No reaccreditation/CE credit will be awarded for the audio version of this course. 

Instructional Methods

Course instruction will include lectures, discussions and individual/group exercises, assignments, along with a case study.

Course Audience

Appraisers, accountants, engineers, leasing company staff, attorneys, auctioneers, bankers, farm managers, forensic consultants, and the appraisal community at large who are involved in the valuation of machinery and equipment. 

Required Reading

ASA’s Valuing Machinery and Equipment: The Fundamentals of Appraising Machinery and Technical Assets 4th Ed is the authoritative textbook on the theory and methodology of appraising machinery, equipment, and technical assets. The 2020 edition includes revised and updated chapters on topics like the sales comparison approach, appraisal report writing, and valuations for financial reporting, completely rewritten chapters on topics like aircraft appraisals, and a new chapter on ad valorem tax appraisals. It also includes updated appendices with appraisal research sources, an enhanced index, and a wholly rewritten and improved glossary. 

Purchase Valuing Machinery and Equipment, 4th Edition

Learning Level 


Learning Outcomes

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

-Apply of income approach techniques for the valuation of tangible assets 

-Understand present value concepts and discounting conventions 

-Develop a weighted average cost of capital 

-Apply advanced cost approach techniques and recognize situations involving functional and economic obsolescence 

-Prepare cash flow projections and perform a discounted cash flow analysis 

Continuing Education and Contact Hours

37.2 Hours of CE are provided upon completion of the course (including exam hours) due to being 3.5 days. 

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


Students must complete ME201 and ME202 before taking ME203. 


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 class materials are accessible via your class Handouts tab. 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 class Handouts tab for all registrants to securely access prior to the start of the class. Attendees should come to class prepared with an electronic or printed copy of all eMaterials to use as a reference. OnDemand course registrants receive access to materials immediately following registration.

PDF course materials are presented in color, are bookmarked, and comment enabled. When opting to print downloaded materials, it is recommended that personal print settings be adjusted to print in black and white (or grayscale) and consider printing double-sided on recycled paper.

Certificate of Completion

Please allow 5-10 business day following successful completion of the course or final exam to receive a formal status notification and access to a certificate of completion. The certificate will be available to view and download/print from within the class Certificate tab.

Richard Ellsworth

Richard Ellsworth, ASA, IA

Rick Ellsworth is MTS Education Chairman and currently an instructor for the Principles of Valuation course, ME 204. Rick is designated as an Accredited Senior Appraiser (ASA) in the Business Valuation, Machinery & Technical Specialties, and Appraisal Review & Management disciplines of ASA. He also holds the Society's specialty designation in Intangible Asset valuation. In addition, Rick is also a licensed Professional Engineer (PE), Chartered Financial Analyst (CFA) and Certified Cost Professional (CCP). He has Masters in Business Administration and Bachelor of Science in Civil Engineering degrees from Lehigh University.

Financial Assistance

ASA’s Educational 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.


Submit an Introduction - Prerequisite
Make 1 discussion post to continue.
Make 1 discussion post to continue. In order to join Session 1, students must take a few moments to submit a brief introduction. Click on the "Submit Required Discussion Post" to complete this prerequisite. Upon completion of this task, you will be able access and join Session 1.
Session 1 - March 11, 2025
Zoom Session #1
03/11/2025 at 10:00 AM (EDT)  |  480 minutes
03/11/2025 at 10:00 AM (EDT)  |  480 minutes Passcode: TBA 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 - March 12, 2025
Zoom Session #2
03/12/2025 at 10:00 AM (EDT)  |  480 minutes
03/12/2025 at 10:00 AM (EDT)  |  480 minutes Day 2
Session 3 - March 13, 2025
Zoom Session #3
03/13/2025 at 10:00 AM (EDT)  |  480 minutes
03/13/2025 at 10:00 AM (EDT)  |  480 minutes Day 3
Online Evaluation
ME202 Evaluation - March 2025
18 Questions
18 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
Zoom Session - Final Exam - March 14, 2025
Session 4 - Final Exam
03/14/2025 at 10:00 AM (EDT)  |  480 minutes
03/14/2025 at 10:00 AM (EDT)  |  480 minutes
Exam Acknowledgement
ME201 Course Certificate
32.00 CE credits  |  Certificate available
32.00 CE credits  |  Certificate available

Review Prior to Joining the Exam Session

Please read the following information in its entirety to ensure a successful exam experience. 

  1. ASA requires the use of a PC/Mac/laptop with webcam capabilities in order to take your online exam. Mobile devices are not acceptable.
  2. The day of your exam, please login to your online open examination session via the Zoom or GoToMeeting link/details within the Join Session tab above. 
  3. Make sure your webcam is on and that you are muted.
  4. Your open examination session will be monitored by an online proctor (either an ASA staff member or an instructor). This individual will provide you with their contact information should you need to reach them during the exam.
  5. Your exam may be accessed via the class page on your dashboard.
  6. PLEASE NOTE – You may not reference any of the course materials or classroom notes, nor may you access any websites or any other resources during the exam.
  7. Lastly, ASA has transitioned to online exams to accommodate the continuation of learning. In the unlikely event you run into any technical issues or you are inadvertently kicked out of the exam, we STRONGLY recommend you keep a written record of all your answers on a separate piece of paper as you take the exam. In case there is an unforeseen issue, you will have your answers at the ready to reload into the exam software or to send to ASA via email as backup.


  • Join the open examination session via the Zoom/GoToMeeting link 5 minutes early to ensure enough time for check in.
  • Reliable internet service, a webcam and a personal computer/Mac/ laptop are required. Exams may not be taken on a mobile device.
  • A secondary device (i.e. phone or tablet) should be available if you need to contact the proctor during them exam.
  • You have one (1) hour to complete the USPAP exam and three (3) hours to complete the ASA POV exams (four (4) hours for ME204). When your time is up, your exam will be automatically submitted.




*If you cannot attend your exam please see the ProctorU tab on your education dashboard.