Modifications to ASA Designation Process
By Eva Lang
The Accredited Senior Appraiser designation from the American Society of Appraisers has long been considered a premier designation in business valuation because of the rigorous requirements to obtain it that include at least five years of full time experience in business appraisal and a detailed review of two valuation reports. The Business Valuation Committee of the ASA recently approved some changes to the process to streamline accreditation.
BV Committee Chair Terry Allen outlined the changes in the following letter to the ASA membership on December 5, 2008:
At its meeting on Sunday, November 9, the Business Valuation Committee voted unanimously to change the number of reports required for advancement from two reports to one report. This change is effective immediately and is retroactive for two years. The BVC agreed that one report is sufficient to demonstrate knowledge and expertise. The report will undergo the same rigorous review and have to meet the high standards previously needed to achieve ASA BV accreditation.
What Does This Change Mean To BV Applicants?
If you are getting ready to apply for accreditation, you need to submit only one report.
If you are currently in the process of having your reports reviewed, staff will monitor the process and, as soon as one report is approved by the Board of Examiners (BOE), you will have met the necessary report requirement.
If, within the past two years (since December 1, 2006), you submitted two reports and had at least one report approved, you can now proceed with the accreditation process.
Do BV Applicants Need to Submit an Experience Log?
No, applicants may submit written verification of their experience OR submit an experience log. For some time now, BV applicants have had the option of having their supervisor or an ASA verify, in writing, that the applicant has been working on BV-related appraisals for the required period of time—the full-time equivalent of two years experience for the AM designation and five years for an ASA designation. The full-time equivalent of one year of working on BV-related appraisals is defined as 2,000 hours.
Where Can More Information Be Obtained?
Sabri Math, Accreditation Specialist at the ASA, can assist you. Sabri can answer all of your questions and provide you with guidance and keep you informed throughout the process. In addition to Sabri, staff is updating the information provided on the ASA web site along with the appropriate checklists and forms.