Estimating the exact number of professionals working specifically as business valuators in the U.S. is challenging due to the varying titles and industries they may operate in (e.g., within accounting firms, consulting firms, investment banks, or specialized valuation firms). However, based on membership data from key professional organizations and general industry insights, we can provide an informed estimate.
Here are some points of reference:
1. Key Professional Organizations:
- American Society of Appraisers (ASA): ASA is one of the leading professional bodies for business valuators in the U.S. It has a significant number of members holding the Accredited Senior Appraiser (ASA) designation, though not all focus solely on business valuation (some specialize in machinery, real estate, etc.). ASA has roughly 5,000 members across all disciplines, with a portion focused on business valuation.
- National Association of Certified Valuators and Analysts (NACVA): NACVA is a key organization for business valuation professionals, offering the Certified Valuation Analyst (CVA) designation. NACVA reports having 7,000 to 8,000 members, with many specializing in business valuation services for small and mid-market businesses.
- AICPA (American Institute of Certified Public Accountants): The AICPA offers the Accredited in Business Valuation (ABV) credential, which many CPAs acquire to specialize in business valuations. The AICPA has over 3,000 professionals with the ABV credential. Many of these professionals work in accounting firms that provide valuation services.
- Chartered Financial Analyst (CFA) Institute: While CFAs are not exclusively business valuators, many CFAs work in business valuation, particularly within investment banks, private equity, or mergers and acquisitions advisory. The CFA designation has tens of thousands of members in the U.S., though only a subset are focused on business valuation.
2. Industry Insights:
- Valuation firms and consultants: There are thousands of boutique and midsized firms in the U.S. that focus on business valuation. In addition, the Big 4 accounting firms (Deloitte, PwC, EY, KPMG) employ a significant number of business valuators for tax, M&A, litigation support, and financial reporting services.
- Corporate Valuation Professionals: Many professionals work in-house at corporations (e.g., in M&A departments, corporate finance, or internal audit) where they focus on business valuation as part of broader strategic initiatives.
Estimate:
Based on these insights, it’s reasonable to estimate that there are approximately 15,000 to 25,000 professionals working primarily or substantially as business valuators in the U.S. This includes those working in specialized valuation roles at accounting firms, consultancies, investment banks, as well as those with relevant designations such as ASA, CVA, ABV, and CFA.
This estimate captures professionals who dedicate most of their careers to business valuation, though the number may be higher if we include individuals who perform valuations as part of a broader financial or advisory role.
