CFI FMVA® FINAL EXAM QUESTIONS & ANSWERS 2026 | Page | For Study Use Only
CFI
Corporate Finance Institute
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UPDATED CFI FMVA
FINAL EXAM QUESTIONS
AND ANSWERS 2026
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Financial Modeling & Valuation Analyst Certification
Exam Format Details
Total Questions 200+ Multiple Choice
Total Modules 10 Core Topics
Passing Score 70% (140/200)
Time Limit 3 Hours
Certification FMVA® Designation
Valid Year 2026
© 2026 CFI Education Inc. | All Rights Reserved | www.corporatefinanceinstitute.com
© 2026 Corporate Finance Institute® | For Educational Use Only | www.corporatefinanceinstitute.com
,CFI FMVA® FINAL EXAM QUESTIONS & ANSWERS 2026 | Page | For Study Use Only
EXAM INSTRUCTIONS & OVERVIEW
Certification: This exam is part of the Financial Modeling & Valuation Analyst (FMVA)® certification
program offered by the Corporate Finance Institute (CFI).
Structure: The exam contains 200+ multiple-choice questions across 10 modules covering all core
FMVA competencies. Questions range from foundational to advanced level.
Scoring: Each question carries equal weight. The passing threshold is 70% (approximately 140 out
of 200 questions). Candidates who do not pass may retake the exam.
Marking: For each question, the correct answer is clearly marked with ✓ and accompanied by a
detailed explanation to facilitate learning and review.
Usage: This document is designed as a comprehensive study and review resource. Use it to identify
knowledge gaps, reinforce concepts, and prepare for the final exam.
Topics Covered: Financial Statement Analysis · Financial Modeling · Valuation Methods · M&A ·
LBO · Corporate Finance · Excel · FP&A · Accounting Standards · Advanced Analysis
IMPORTANT NOTICE
This material is intended for educational purposes and exam preparation only. The questions and explanations
are based on CFI curriculum content, industry best practices, and standard financial theory as of 2026.
© 2026 Corporate Finance Institute® | For Educational Use Only | www.corporatefinanceinstitute.com
,CFI FMVA® FINAL EXAM QUESTIONS & ANSWERS 2026 | Page | For Study Use Only
MODULE OVERVIEW & EXAM BLUEPRINT
# Module Questions % Weight Core Topics
1 Financial Statement Analysis 20 10% Balance Sheet, Income
Statement, Ratios
2 Financial Modeling Fundamentals 20 10% 3-Statement Model, Excel,
Best Practices
3 Valuation Methods 20 10% DCF, Comps, Precedent
Transactions, LBO
4 Mergers & Acquisitions 20 10% Deal Structure,
Accretion/Dilution,
Synergies
5 Leveraged Buyouts 15 7.5% LBO Structure, Returns,
Capital Stack
6 Corporate Finance 20 10% WACC, Capital Structure,
NPV/IRR
7 Excel for Finance 15 7.5% Functions, Shortcuts, Best
Practices
8 Budgeting & FP&A 20 10% Forecasting, Variance
Analysis, KPIs
9 Accounting Standards 20 10% IFRS vs GAAP, Revenue
Recognition, Leases
1 Advanced Analysis 30 15% Monte Carlo, Credit,
0 Scenario Analysis
© 2026 Corporate Finance Institute® | For Educational Use Only | www.corporatefinanceinstitute.com
, CFI FMVA® FINAL EXAM QUESTIONS & ANSWERS 2026 | Page | For Study Use Only
KEY FORMULAS & QUICK REFERENCE SHEET
VALUATION FORMULAS
Enterprise Value (EV) Market Cap + Net Debt + Minority Interest +
Preferred Stock
Equity Value from EV EV – Net Debt – Minority Interest – Preferred Stock
DCF Terminal Value (Gordon Growth) FCFn × (1+g) / (WACC – g)
DCF Terminal Value (Exit Multiple) EBITDAn × Exit Multiple
WACC Ke × (E/V) + Kd × (1–t) × (D/V)
Cost of Equity (CAPM) Rf + β × (Rm – Rf) = Rf + β × ERP
Unlevered Beta βL / [1 + (1–t) × (D/E)]
Relevered Beta βU × [1 + (1–t) × (D/E)]
FINANCIAL RATIOS
Gross Margin (Revenue – COGS) / Revenue
Operating Margin EBIT / Revenue
Net Profit Margin Net Income / Revenue
Return on Assets (ROA) Net Income / Average Total Assets
Return on Equity (ROE) Net Income / Average Shareholders' Equity
Return on Invested Capital (ROIC) NOPAT / Invested Capital
Current Ratio Current Assets / Current Liabilities
Quick Ratio (Cash + ST Investments + AR) / Current Liabilities
Debt-to-Equity Total Debt / Total Equity
Net Debt/EBITDA (Total Debt – Cash) / EBITDA
Interest Coverage EBIT / Interest Expense
CASH FLOW FORMULAS
FCFF (Unlevered FCF) EBIT(1–t) + D&A – CapEx – ΔNWC
FCFE (Levered FCF) Net Income + D&A – CapEx – ΔNWC ± Net Borrowing
Operating Cash Flow (Indirect) Net Income + Non-cash items + Changes in NWC
Cash Conversion Cycle DSO + Days Inventory Outstanding – Days Payable
Outstanding
Days Sales Outstanding (DSO) (AR / Revenue) × 365
Days Payable Outstanding (DPO) (AP / COGS) × 365
LBO / PE RETURNS
© 2026 Corporate Finance Institute® | For Educational Use Only | www.corporatefinanceinstitute.com
CFI
Corporate Finance Institute
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
UPDATED CFI FMVA
FINAL EXAM QUESTIONS
AND ANSWERS 2026
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
Financial Modeling & Valuation Analyst Certification
Exam Format Details
Total Questions 200+ Multiple Choice
Total Modules 10 Core Topics
Passing Score 70% (140/200)
Time Limit 3 Hours
Certification FMVA® Designation
Valid Year 2026
© 2026 CFI Education Inc. | All Rights Reserved | www.corporatefinanceinstitute.com
© 2026 Corporate Finance Institute® | For Educational Use Only | www.corporatefinanceinstitute.com
,CFI FMVA® FINAL EXAM QUESTIONS & ANSWERS 2026 | Page | For Study Use Only
EXAM INSTRUCTIONS & OVERVIEW
Certification: This exam is part of the Financial Modeling & Valuation Analyst (FMVA)® certification
program offered by the Corporate Finance Institute (CFI).
Structure: The exam contains 200+ multiple-choice questions across 10 modules covering all core
FMVA competencies. Questions range from foundational to advanced level.
Scoring: Each question carries equal weight. The passing threshold is 70% (approximately 140 out
of 200 questions). Candidates who do not pass may retake the exam.
Marking: For each question, the correct answer is clearly marked with ✓ and accompanied by a
detailed explanation to facilitate learning and review.
Usage: This document is designed as a comprehensive study and review resource. Use it to identify
knowledge gaps, reinforce concepts, and prepare for the final exam.
Topics Covered: Financial Statement Analysis · Financial Modeling · Valuation Methods · M&A ·
LBO · Corporate Finance · Excel · FP&A · Accounting Standards · Advanced Analysis
IMPORTANT NOTICE
This material is intended for educational purposes and exam preparation only. The questions and explanations
are based on CFI curriculum content, industry best practices, and standard financial theory as of 2026.
© 2026 Corporate Finance Institute® | For Educational Use Only | www.corporatefinanceinstitute.com
,CFI FMVA® FINAL EXAM QUESTIONS & ANSWERS 2026 | Page | For Study Use Only
MODULE OVERVIEW & EXAM BLUEPRINT
# Module Questions % Weight Core Topics
1 Financial Statement Analysis 20 10% Balance Sheet, Income
Statement, Ratios
2 Financial Modeling Fundamentals 20 10% 3-Statement Model, Excel,
Best Practices
3 Valuation Methods 20 10% DCF, Comps, Precedent
Transactions, LBO
4 Mergers & Acquisitions 20 10% Deal Structure,
Accretion/Dilution,
Synergies
5 Leveraged Buyouts 15 7.5% LBO Structure, Returns,
Capital Stack
6 Corporate Finance 20 10% WACC, Capital Structure,
NPV/IRR
7 Excel for Finance 15 7.5% Functions, Shortcuts, Best
Practices
8 Budgeting & FP&A 20 10% Forecasting, Variance
Analysis, KPIs
9 Accounting Standards 20 10% IFRS vs GAAP, Revenue
Recognition, Leases
1 Advanced Analysis 30 15% Monte Carlo, Credit,
0 Scenario Analysis
© 2026 Corporate Finance Institute® | For Educational Use Only | www.corporatefinanceinstitute.com
, CFI FMVA® FINAL EXAM QUESTIONS & ANSWERS 2026 | Page | For Study Use Only
KEY FORMULAS & QUICK REFERENCE SHEET
VALUATION FORMULAS
Enterprise Value (EV) Market Cap + Net Debt + Minority Interest +
Preferred Stock
Equity Value from EV EV – Net Debt – Minority Interest – Preferred Stock
DCF Terminal Value (Gordon Growth) FCFn × (1+g) / (WACC – g)
DCF Terminal Value (Exit Multiple) EBITDAn × Exit Multiple
WACC Ke × (E/V) + Kd × (1–t) × (D/V)
Cost of Equity (CAPM) Rf + β × (Rm – Rf) = Rf + β × ERP
Unlevered Beta βL / [1 + (1–t) × (D/E)]
Relevered Beta βU × [1 + (1–t) × (D/E)]
FINANCIAL RATIOS
Gross Margin (Revenue – COGS) / Revenue
Operating Margin EBIT / Revenue
Net Profit Margin Net Income / Revenue
Return on Assets (ROA) Net Income / Average Total Assets
Return on Equity (ROE) Net Income / Average Shareholders' Equity
Return on Invested Capital (ROIC) NOPAT / Invested Capital
Current Ratio Current Assets / Current Liabilities
Quick Ratio (Cash + ST Investments + AR) / Current Liabilities
Debt-to-Equity Total Debt / Total Equity
Net Debt/EBITDA (Total Debt – Cash) / EBITDA
Interest Coverage EBIT / Interest Expense
CASH FLOW FORMULAS
FCFF (Unlevered FCF) EBIT(1–t) + D&A – CapEx – ΔNWC
FCFE (Levered FCF) Net Income + D&A – CapEx – ΔNWC ± Net Borrowing
Operating Cash Flow (Indirect) Net Income + Non-cash items + Changes in NWC
Cash Conversion Cycle DSO + Days Inventory Outstanding – Days Payable
Outstanding
Days Sales Outstanding (DSO) (AR / Revenue) × 365
Days Payable Outstanding (DPO) (AP / COGS) × 365
LBO / PE RETURNS
© 2026 Corporate Finance Institute® | For Educational Use Only | www.corporatefinanceinstitute.com
