Resonant enhancement enables the discovery and delineation of spin-flip Raman scattering ͑SFRS͒ from free or donor-bound electrons in diluted magnetic semiconductors containing 3d transition-metal ions at doping concentrations. In such studies, the intrinsic g factor of the host, CdTe in the present case, has to be accounted for accurately. The SFRS in CdTe yields the conduction band electron g factor of Ϫ1.676Ϯ0.007 and displays two resonance peaks mediated by free and donor-bound excitons, respectively. Excitonic signature in modulated reflectivity signals the successful formation of Cd 1Ϫx V x Te as an alloy, whereas magnetization measurements show vanadium ions incorporated as V 2ϩ with xϳ4ϫ10 Ϫ4 . SFRS of Cd 1Ϫx V x Te displays vanadium related SFRS shifts of a sign opposite to that of the host. This indicates a ferromagnetic s-d exchange interaction between the s-like conduction electrons and the 3d shell of V 2ϩ in Cd 1Ϫx V x Te; from the linear dependence of the s-d exchange energy as a function of magnetization ␣N 0 , the s-d exchange constant is deduced to be 285Ϯ8 meV.