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CVCA Level 2: The Analytics of Value Creation

Register for CVCA Level 2

CVCA • Level 2

The Analytics of Value Creation

Level 1 taught the language. Level 2 teaches the mathematics underneath it. That difference is the difference between following a valuation conversation and being able to end one.

9 quantitative modules 6 bonus units Reviewed certification 1-year course access 3-month simulator access
VCII • Credential

What You Will Master

  • The value bridge: separate earnings, multiple and capital effects, and make it reconcile to zero
  • Quality of earnings: work an adjustment schedule to a verdict, and price the gap in enterprise value rather than EBITDA
  • Return on capital: compute the spread and economic profit, and tell profitable apart from value creating
  • Revenue, cost and cash: the price waterfall, contribution against gross margin, operating leverage, and the cash conversion cycle
  • Capital allocation: separate maintenance from growth, and rank by value per unit of capital
  • The multiple and valuation: what earns a turn, and how to present a range rather than a point estimate
Quantitative  |  Applied  |  One Case Company  |  Credential

One equation. One company. Five years.

Most training is a tour of topics. This is one continuous problem, carried from the first module to the last.

Enterprise Value = Earnings × Multiple
Equity Value = Enterprise Value − Net Debt
One equation
Every initiative either moves earnings, moves the multiple, or moves net debt. If it moves none of the three, it is not value creation.
One company
You meet Northbridge Instruments in Module 1 at Year 0 and you are still working on it in Module 9, five years later, deciding what it is worth.
Five years
The revenue in Module 4 produces the contribution margin in Module 5, which sets the operating leverage that decides what you can fund in Module 7.

The Certification Is Real

50 questions, 75 minutes
Eighty percent to pass, which is forty of fifty.
Delivered by ClassMarker
Nothing to install. Calculator permitted.
Three pieces of evidence
The examination, your simulator work, and your capstone, reviewed together by a person.
Resubmission is free
If a piece falls short you are told which, with unlimited attempts and no extra fee.

Who This Is For

Analysts, operating partners, portfolio company finance leads, and anyone who is expected to produce and defend a number rather than discuss one.

Roughly half the people who take this course were never formally taught discounting, return on invested capital, or how to read a set of accounts in the right order. They arrived from operations, from consulting, or from running something. That is a gap in what they were taught, not in what they are capable of. The primer library exists for exactly that, and it is included.

Your Access

1 year
Access to the full CVCA Level 2 course
3 months
Access to the PE Simulator at Professional level, activated by email
No expiry
Your certificate does not expire

No prerequisite. Level 1 and Level 2 may be taken in either order. The complete Level 1 book is included if you start here.

Questions before you buy, write to [email protected]

Changing Your Mind

Full refund within 7 days of purchase, no questions asked, provided you have not taken any assessment.

Assessments include the Placement Diagnostic in the Start Here module, the three practice quizzes, the Readiness Screener, and the final examination. Opening a lesson, watching a video, listening to an audio companion or reading a primer does not affect your refund. Only taking an assessment does.

After 7 days, the sale is final.

The reason for the assessment condition is straightforward. We would rather you attempt things and learn from them than treat a low score as a reason to leave, so the window closes at the point you start being assessed. If you are still deciding, read the Start Here lessons first and take the diagnostic afterwards.

To request a refund, write to [email protected] within 7 days of purchase.