The CM&AA (Certified Merger & Acquisition Advisor) costs $2,150 for online or $5,495 for in-person, requires a 5-week / 40 CPE hour commitment, and the exam is optional — the credential is awarded upon successful program completion regardless of whether you sit the exam. Next live in-person session: Dallas, TX, April 13–17, 2026.
Last verified: 2026 | Source: AM&AA — amaaonline.com/cmaa
| Fact | Detail |
| Issuing body | AM&AA (Alliance of Merger & Acquisition Advisors) |
| Online cost | $2,150 |
| In-person cost | $5,495 (includes networking meals + direct instructor access) |
| Duration | 5 weeks (intensive: 1 week in-person) |
| CPE credits | 40 CPE hours (Specialized Knowledge) |
| Exam | Optional — minimum 12 CPE credits required to sit; credential awarded on completion regardless |
| Prerequisites | Bachelor's degree and/or professional designation (CPA, CFA, CVGA, CEPA) OR equivalent professional experience |
| Next in-person session | Dallas, TX — April 13–17, 2026 |
| Deal size focus | $5M–$250M |
| Factor | CM&AA | CBI | CMAS |
| Cost | $2,150–$5,495 | $5,000–$10,000 | $3,850 |
| Time | 5 weeks | 12–36 months | Program-based |
| Transaction required | No | Yes — 3 deals | No |
| Exam | Optional | Required | No |
| Renewal | AM&AA annual membership | Every 3 years | Lifetime — no renewal |
No — the CM&AA credential is awarded upon successful completion of the program regardless of whether you sit the exam. Candidates must attend a minimum of 12 CPE credit hours of live in-person classes to be eligible to sit the optional exam.
No — the prerequisite is a bachelor's degree and/or one or more professional designations (CPA, CFA, CVGA, CEPA, or equivalent). Candidates with substantial advisory experience may also qualify. Contact AM&AA (amaaonline.com) to confirm eligibility.
The CM&AA covers: business valuation, financial statement analysis, the 10-step M&A transaction process (AM&AA proprietary framework), deal structuring (seller financing, SBA, PE structures, rollover equity), legal and tax considerations (asset vs. stock deals, earnouts), due diligence coordination, and marketing confidential businesses (CIMs, NDAs).
The CM&AA (AM&AA) requires no prior brokerage transactions and is more accessible to professionals entering M&A from other fields. The M&AMI (IBBA/M&A Source) requires an existing CBI designation and qualifying $5M+ transactions. They are complementary — many senior advisors hold both.
The next in-person session is Dallas, TX (April 13–17, 2026). Online sessions are available on a rolling basis. Check amaaonline.com/cmaa for the current schedule.
The CM&AA provides the foundational knowledge to advise on mid-market transactions. Explore our business broker training pathway →