ASA AM study plan

Map the Business Valuation body of knowledge into income, market, and asset-based approaches and list the sub-topics under each

Define and practice applying the three standard approaches to a hypothetical private company using made-up financials

Outline the ARM review process: scope of work, engagement letters, and standards compliance checks

Draft a one-page comparison of BV approaches with when each is appropriate

Compute a discounted cash flow valuation on a sample company, including terminal value and discount rate build-up

Derive capitalization rates and explain the difference between cap rate and discount rate

Apply market approach multiples (guideline public company and precedent transactions) to the same sample company

Reconcile the three approach results into a concluded value with weighting rationale

Identify the key elements an ARM reviewer checks in a BV or MTS appraisal report

Practice writing review comments that cite the specific standard or methodology deficiency

List the major classes of machinery and equipment and the depreciation methods used to value them

Explain the cost approach for MTS: replacement cost new, physical deterioration, and functional/economic obsolescence

Value a piece of industrial equipment using the cost approach and a market data comparison

Explain the three obsolescence types with a worked numeric example for each

Identify the 4 Cs of diamond grading and the GIA color and clarity scales

Describe how to test and document gemstone identity and treatments in a jewelry appraisal

Value a jewelry item using the market data and cost approaches and reconcile the two

Explain the role of precious metal assay, hallmarking, and weight measurement in jewelry valuation

List the categories of tangible personal property and the valuation premise for each (fair market value, liquidation, etc.)

Distinguish replacement cost new, replacement cost less depreciation, and fair market value in use for personal property

Apply the three approaches to a tangible personal property example (e.g., a collection or equipment)

Explain highest and best use and how it constrains real property valuation

Describe the three real property approaches and when each is most reliable

Outline the sales comparison approach steps for a residential property

Complete a full real property appraisal on a sample property using at least two approaches

Explain the income approach for real property: direct capitalization and gross rent multiplier

Review the completed real property appraisal against USPAP-style reporting requirements

Draft a review report conclusion that states whether the appraisal is credible and why

Take a timed 100-question practice exam across all six domains and record scores by domain

Re-study the two weakest domains using targeted drills on missed concepts

Re-derive the key formulas (DCF, cap rate, obsolescence, cost approach) from memory

Build a one-page formula and standards quick-reference sheet