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GRAND Accreditation Programme
in Business Valuation

GRAND stands for Global Resource for Accreditation, Networking, and Development.

It is BVIUK’s formal accreditation pathway leading to Accredited Membership (BVIUK) status.

The programme establishes a structured, standards-based route for professionals seeking recognised expertise in business valuation within a UK and international framework.

Programme Structure

Module 1
Core Valuation Principles, Professional Standards & Income Approach
Objective: Establish foundational valuation principles, professional standards, financial statement analysis, and the Income Approach to valuation.
Chapters
1. Introduction to Business Valuation 
Author: Hafiz Imtiaz Ahmad
•    What is business valuation?
•    Purpose, stakeholders, and applications of business valuation
•    Definitions of value (Fair Market Value, Investment Value, Intrinsic Value)
•    Overview of valuation approaches (Market, Income, Asset-Based)
•    The valuation process and engagement structure
2. Professional Standards and Ethics in Valuation
Author: Alexander Aronsohn
•    International Valuation Standards (IVS) and UK-specific regulatory considerations
•    Responsibilities of a valuation professional
•    Regulatory compliance & best practices
•    Ethics in valuation, conflict of interest considerations, and avoiding bias
•    Valuation reporting requirements and professional responsibilities
3. Cost of Capital and Discount Rates
Author: Bilal Noorgat
•    Weighted Average Cost of Capital (WACC)
•    Cost of equity models (CAPM, Build-Up Model, Fama-French)
•    Cost of debt and capital structure considerations
•    Small firm and illiquidity adjustments
•    Discount rates for private companies
4. Income Approach to Business Valuation
Author: Gary Trugman
•    Discounted Cash Flow (DCF) method
•    Forecasting cash flows & terminal value calculations
•    Capitalisation of earnings method
•    Sensitivity analysis and risk assessment
Module 2
Market Approach, Asset-Based Approach & Financial Statement Analysis
Objective: Cover valuation techniques based on market data, asset values, and financial statement analysis.
Chapters
1. Financial Statement Analysis for Valuation 
Author: Joshua Shilts
•    Understanding and adjusting financial statements
•    Financial ratios and performance metrics
•    Assessing business risk and non-financial factors
•    Common pitfalls and limitations in financial analysis
2. Market Approach to Business Valuation 
Author: Theresa Zeidler
•    Comparable Company Analysis (CCA)
•    Precedent Transaction Analysis (PTA)
•    Valuation multiples and adjustments
•    Selecting appropriate comparables
•    UK private and public market data sources
3. Asset-Based Approach to Valuation 
Authors: Graham Antrobus & Ed Tahsin
•    Net Asset Value (NAV) and Adjusted Book Value
•    Liquidation and orderly disposal valuations
•    Reconciliation with income and market approaches
Module 3
Intangible Assets, Tax, Litigation & Fair Value Accounting
Objective: Cover complex valuation methodologies, including tax compliance, litigation, option pricing models, and financial reporting.
Chapters
Valuation for UK Tax Purposes
Authors: Graham Antrobus & Ed Tahsin
•    UK taxation framework & HMRC valuation guidelines
•    Inheritance Tax (IHT) & Capital Gains Tax (CGT) valuations
•    Valuation of shares for tax purposes
2. Valuation in UK Litigation & Disputes 
Author: Andrew Strickland
•    Business valuation in UK legal disputes
•    Shareholder disputes and divorce valuations
•    Economic damages and lost profits assessment
•    UK court expectations for valuation experts
3. Valuation of Intangible Assets
Author: Theresa Zeidler
•    Types of intangible assets and their significance in valuation
•    Brand and Marketing related Intangible Assets and related valuation models (Relief From Royalty) – Author: David Haigh
•    Valuing a Trained Workforce (and link to MEEM)
•    Customer related Intangible Assets and related valuation models (MEEM and With and Without)
•    Technology related Intangible Assets and related valuation models (MEEM and Cost approaches)
•    Artistic related Intangible Assets
•    Contract based Intangible Assets
•    Goodwill (residual Intangible Assets)
  • Weighted average returns analysis (WARA)
4. Fair Value Accounting & Financial Reporting Valuation 
Author: Mark Zyla
•    Fair Value Measurement (IFRS 13)
•    Business Combinations and Purchase Price Allocation (IFRS 3)
•    Impairment testing (IAS 36)
•    Goodwill impairment and its impact on valuation
Module 4
Valuation for Transactions, Discounts & Premiums, and Emerging Techniques
Objective: Teach valuation techniques applied in M&A, private equity, emerging business models, and valuation adjustments.
Chapters
1. Valuation of Early-Stage & High-Growth Companies 
Author: Upasak Shah
•    Challenges in startup valuation
•    First Chicago Method & Venture Capital Method
•    Risk adjustments and dilution impact
2. Valuation for Mergers & Acquisitions (M&A) and Private Equity 
Author: Douglas Lawson
•    Private equity valuation principles
•    IPEV guidelines for valuation
•    Net Asset Value (NAV) calculations
•    Deal structuring & synergies
3. Option Pricing Models in Valuation 
Author: Cliff Ang
•    Introduction to option pricing models in valuation
•    Black-Scholes Option Pricing Model (BSOPM)
•    Binomial Option Pricing Model (BOPM)
•    Monte Carlo Simulations in Valuation
•    Real options in business valuation (e.g., expansion, deferral, abandonment)
•    Application in valuing early-stage companies, employee stock options, and complex securities
4. Discounts & Premiums in Valuation 
Author: Ashok Abbott
•    Control vs. minority interest valuation
•    Marketability discounts (DLOM, DLOC)
•    Synergy and strategic control premiums
•    Empirical studies and best practices in applying discounts & premiums
5. ESG & Sustainability in Valuation 
Authors: Hafiz Imtiaz Ahmad & Sarah von Helfenstein
•    ESG risk assessment and valuation adjustments
•    Sustainability regulations and their impact on valuation
6. Machine Learning & AI in Business Valuation 
Author: Drew Dorweiler
•    AI-driven valuation techniques
•    Machine learning applications in predictive models
•    Limitations and ethical considerations
Module 5
Practical Application & Final Project
Objective: Develop practical valuation skills, report writing, and apply knowledge in real-world scenarios.
Chapters
1. Valuation Report Writing & Presentation 
Author: William Thomsen 
•    Structuring and writing valuation reports
•    Communicating assumptions and conclusions effectively
•    Common errors in valuation reporting
2. Case Study & Final Project
•    Real-world business valuation case studies
•    Financial modelling exercises
•    Comprehensive final project involving full business valuation report

Programme Format

The GRAND Accreditation Programme is delivered through structured self-directed study combined with formal assessment and supervised integration. Progression through the programme is sequential and conditional upon successful completion of each stage. 
1. Study Model
Each module is delivered on a self-study basis. Candidates receive official GRAND materials and are expected to prepare independently. 

A structured online session is scheduled monthly for each module, during which a BVIUK tutor reviews key concepts in preparation for examination. These sessions are structured review briefings.
2. Assessment Structure
Each module concludes with a formal written examination. Candidates may progress to the next module only upon successful completion of the preceding assessment. 

Examination dates are scheduled in advance and published prior to each intake. 
3. Practical Integration
Upon successful completion of modules 1 to 4, candidates enter module 5, which focuses on valuation report writing and practical application. 

Candidates are required to prepare and submit a full valuation report for assessment. 
4. Ethics and Membership
Following successful completion of the final project, candidates must pass a professional ethics examination. 

Upon satisfaction of all programme requirements, candidates become eligible to apply for Accredited Membership of BVIUK and the right to use the BVIUK designation. 
5. Eligibility
The GRAND programme is designed for professionals engaged in business valuation, finance, or related advisory disciplines. 

Applicants must satisfy the following:

 
1. A recognised university degree in accounting, finance, economics, law, or related discipline; 

and

2. Demonstrable professional experience in business valuation, corporate finance, audit, litigation support, or related fields.


OR

1. A minimum of 3 years' relevant professional experience in business valuation or closely related advisory work. 



BVIUK reserves the right to assess professional experience on a case-by-case basis. 


Active Professional Membership of BVIUK is required prior to commencing the programme.




Opening dates, fees, and examination calendar will be announced shortly.

Professionals interested in joining the first intake are invited to register their interest. Priority access will be given to those who submit early expressions of interest.

Expressions of interest may be submitted by emailing resources@bviuk.com 

Those who have previously expressed their interest do not need to contact us again. 

An expression of interest does not constitute formal registration. 
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