To qualify for the ICVS, the applicant - at a minimum - must:

1. Have a college degree and hold a valid qualification to practice public accounting; or,

2. Alternatively, hold a business degree from an accredited university, or have been granted a recognized finance-related credential (such as the CFA, CMA or CGA), and can demonstrate substantial experience in investment or business valuation.
For this purpose, demonstration of "substantial" experience means:
　a. Two or more years full-time equivalent experience in a valuation related disciplines; or,
　b. Having performed ten or more valuations in which the applicant's role was significant enough to be referenced in a valuation report; or,
　c. Being able to demonstrate substantial knowledge of business valuation concepts, be published on the subject, completed graduate work in the field, or obtained a designation from another recognized business valuation accrediting organization.

3. Be a member in good standing of an IACVS Charter (at or prior to taking the examination);

4. While it is not required, IACVS strongly recommends completion of a five-day training program and prescribed course of study ;

5. Submit three personal and three business references;

6. Pass an eight-hour comprehensive two-part examination. Part I is five-hours of multiple choice questions designed to test participants on valuation theory and concepts Part II is a three-hour case study (provided by IACVS) review with questions centered on the performance of a valuation.

The exams can be taken in one sitting or separately and are administered by the Charter Members, or by using an independent exam proctor approved by IACVS.

Both exams must be taken within a 12-month period of time. If a ICVS candidate enrolls in the approved training, the examinations must be completed within 12 months thereafter.

Through 2008 only, applicants have two options for Part II. The first option is to submit for grading an actual sanitized (so as to protect your and your client's identities) valuation report prepared in the last twelve months. The second option is to prepare a valuation report based on a case study provided by IACVS.

To continue to hold an active ICVS, individuals must be Associate Members of IACVS. ICVSs who allow their membership to lapse will lose their certification, and then must reapply to reinstate their membership and certification.

With approval from IACVS, Charters may impose additional prerequisites as are deemed appropriate for a specific country.