Greetings from Colorado. The RV is parked just outside of Rocky Mountain National Park. We are at 8,500 feet of elevation and have incredible views, cool temps, and low humidity. All for $11/night with my Lifetime Senior National Parks Pass.
Last week I announced that I dropped my ABV credential. I made it clear that I believed it was the right decision for me … but I was still curious about you might think.
So this week I thought I would publish those reactions … as well as offer my take on what I think needs to happen to keep more people from dropping a valuation credential.
And if you’re new here, welcome aboard. This is what we do!
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These are presented in the order that I received them. All of the people who responded are full time BVers … names have been withheld for obvious reasons.
Appears foolish from a CPA/ABV, CFA. (I messaged this person back asking him why he believed this but did not receive a reply.)
I dropped my entire AICPA membership, and yes, I am disgruntled with the AICPA.
As a former member of the ABV Credential Committee, I am sorry to hear you dropped the ABV credential. However, I think your reasoning makes sense. I do a lot of divorce work, so the credentials are helpful to me….
You are advising lots of younger folks in small shops. What may be good for you at your “advanced age and stage” might not be good advice or leadership for the group you are seeking to influence. My advice to young professionals is to get a couple of key credentials. Almost all of our young hires work on the CFA (great training), and then, they get an ASA or something else. We sell credentials as a shop, and not just for litigation. We all need something to help us stand out in a crowded field. Does one stand out better with one less recognized credential? At my age, it doesn’t matter, but in the 20s, 30s, 40s, and 50s, it can matter. And credentials don’t have to matter often to be worth more than the price of continuing admission….
As you probably know, I never chose to become an ABV. I always felt that the CVA was enough. And I believe that has been true. When I’m working on a legal matter, the attorney that has engaged me typically has more credentialing questions about the opposing attorney’s expert than my own. It boils down to the fact that my most important “credential” is the quality and credibility of my prior work that helped me get the next engagement.
I hope you report the results of your question on the ABV. I have felt exactly as you do, just I suppose scared to take the irreversible leap. I did drop the CFF forensics certification they handed out some years ago, not sorry about that. I don’t think I would miss the ABV either….
It was a smart move. The CVA credential is the best.
I dropped mine last year. I know I don’t do much to market, but no one seems to know what it is or cares.
In real life
First, I will tell you that I have had some reservations … how could I not? Probably because of the “belts and suspenders” personality trait that draws many of us to the Accounting and BVFLS professions.
Second, our credentials are a funny thing. Partly because we can accrue so many with relative ease. And partly because only a small number of people outside of valuation professionals know what they mean.
Here are examples universally recognized designations: Dr. or MD, DDS, JD, Esquire, Ph.D., and of course, CPA. No one goes “Huh … what’s that?” after you say you are one of these.
Our primary US valuation credentials – ABV, ASA, CBA, and CVA – are just the beginning of the proverbial alphabet soup that greets our most important clients … business owners and attorneys. Even the CFA charter, which I think is the most rigorous and prestigious of the valuation credentials, is not well recognized outside of the valuation/investment industry.
And therein lies an opportunity for any credentialing organization that really wants to stand out and help its BV members get more work– a focused marketing campaign that educates (primarily) business owners and their trusted advisors about who we are and what we do.
Right now, I see such a campaign as the only way we – as a profession – can combat the inroads being made by the likes of BizEquity and other online BV calculators. Otherwise, each appraiser is left to their own devices about educating their leads and prospects about the value they bring to the table over a black box solution.
THAT would make for a valuable credential.
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