CFA Practice Test

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CFA Practice Test

Updated for November 2026
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The Certified Fraud Analyst credential is run by the International Association of Special Investigation Units (IASIU), which calls it CIFA on its own pages. This page is for candidates preparing for the written test. It offers free practice sets on fraud detection, financial statement fraud, AML, interviewing and more, plus worked explanations, a study plan and answers to common questions. Practice with the free CFA - Certified Fraud Analyst practice test on PracticeTestGeeks (9 questions with answer explanations).

Free CFA - Certified Fraud Analyst Study Tools

Interactive CFA - Certified Fraud Analyst resources on PracticeTestGeeks, free to start:

The CFA has 3 questions and costs $200[1] (International Association of Special Investigation Units, verified Oct 26, 2026).

  • The CIFA exam has two parts: a timed, open-book multiple-choice written test, followed by three open-book practical exercises (one on Excel) completed with an assigned mentor.[1]
  • The IASIU Certified Insurance Fraud Analyst (CIFA) exam costs $200 and is currently open only to IASIU members whose dues are paid in full.[1]
  • A CIFA certification is valid for three years, after which the holder must recertify with IASIU.[2]
  • To renew the CIFA, holders need 60 CEUs over three years, including a one-credit ethics course, at least 10 analytics credits and at least 10 credits each year, and must pay a recertification fee of $100 for members or $200 for non-members.[2]

Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.

CFA Exam at a Glance

ItemDetailSource · Verified
Number of questionsTimed open-book multiple-choice written test + 3 mentored practical exercises[1]International Association of Special Investigation Units · Oct 26, 2026
Exam fee$200 (IASIU members only)[1]International Association of Special Investigation Units · Oct 26, 2026
Validity3 years[2]International Association of Special Investigation Units · Oct 26, 2026
Renewal60 CEUs per 3 years + $100 (members) / $200 (non-members)[2]International Association of Special Investigation Units · Oct 26, 2026
Testing windowApplications accepted year-round[1]International Association of Special Investigation Units · Oct 26, 2026

What the CFA is and how it works

According to International Association of Special Investigation Units, “Written Test: This is a timed, multiple-choice test. Although the test is open book, you will be required to complete within a specific time limit.”[1]

The Certified Fraud Analyst credential is offered by the International Association of Special Investigation Units (IASIU), which uses the abbreviation CIFA on its own pages. As the name suggests, it is aimed at people who investigate or analyse suspected fraud. It is an application-based certification, not a walk-in test.

Delivery combines a timed, open-book multiple-choice written test with 3 mentored practical exercises. Open book does not mean untimed. The time limit is firm, so you still need to know the material well enough to find answers quickly. Our practice sets cover the knowledge side only.

On cost and access, the exam fee is $200 and it is available only to IASIU members at this time. Membership dues must be paid in full before you take the exam. Applications are accepted year-round, so there is no fixed test window to plan around.

Once earned, the certification is valid for 3 years. Recertification requires 60 CEUs per 3 years plus a fee of $100 for members or $200 for non-members.

We have not verified the passing score, the number of questions, the time limit or the retake rules. Check the IASIU CIFA page before you apply. Our questions are written by us with AI tools and are not real exam questions.

CFA Practice Test Questions

Prepare for the CFA - Certified Fraud Analyst exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.

CFA AML & KYC Compliance
CFA Exam Questions covering AML & KYC Compliance. Master CFA Test concepts for certification prep.
CFA Bank Secrecy Act & SAR Filing
Free CFA Practice Test featuring Bank Secrecy Act & SAR Filing. Improve your CFA Exam score with mock test prep.
CFA Asset Misappropriation & Embezzlement
CFA Mock Exam on CFA Asset Misappropriation & Embezzlement. CFA Study Guide questions to pass on your first try.
CFA Corruption & Bribery Schemes
CFA Test Prep for CFA Corruption & Bribery Schemes. Practice CFA Quiz questions and boost your score.
CFA Cognitive Interview & Admissions
CFA Questions and Answers on Cognitive Interview & Admissions. Free CFA practice for exam readiness.
CFA Digital Fraud & Account Takeover
CFA Mock Test covering Digital Fraud & Account Takeover. Online CFA Test practice with instant feedback.
CFA Financial Audit & Forensic Trails
Free CFA Quiz on Financial Audit & Forensic Trails. CFA Exam prep questions with detailed explanations.
CFA Financial Investigations & Data Analysis
CFA Practice Questions for Financial Investigations & Data Analysis. Build confidence for your CFA certification exam.
CFA Financial Statement Fraud
CFA Test Online for Financial Statement Fraud. Free practice with instant results and feedback.
CFA Fraud Detection & Prevention Techniques
CFA Study Material on Fraud Detection & Prevention Techniques. Prepare effectively with real exam-style questions.
CFA Internal Control Evaluation
Free CFA Test covering Internal Control Evaluation. Practice and track your CFA exam readiness.
CFA Interviewing Strategies & Reporting Me...
CFA Exam Questions covering Interviewing Strategies & Reporting Methods. Master CFA Test concepts for certification prep.
CFA Investigation Memo & Case File
Free CFA Practice Test featuring Investigation Memo & Case File. Improve your CFA Exam score with mock test prep.
CFA Legal Compliance & Ethical Standards
CFA Mock Exam on Legal Compliance & Ethical Standards. CFA Study Guide questions to pass on your first try.
CFA Red Flag & Anomaly Detection
CFA Test Prep for Red Flag & Anomaly Detection. Practice CFA Quiz questions and boost your score.

Worked examples: how to reason through CFA questions

These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.

Example 1

Question: Why is documentation important in financial investigations?

  1. To make reports colorful.
  2. To maintain evidence integrity
  3. To confuse investigators.
  4. To promote advertisements.

Answer: B. To maintain evidence integrity

Explanation:

The correct answer is that documentation maintains evidence integrity. Every bank statement, interview note and working paper needs to be recorded, cataloged and preserved so that it can be shown to be authentic and unaltered. That is what supports a chain of custody and keeps evidence usable later.

Making reports colorful is about appearance, not reliability. Confusing investigators is the opposite of what records are for, since good files let anyone retrace your steps. Promoting advertisements has nothing to do with an investigation.

Rule to remember: if an action makes the record more traceable, complete and tamper-resistant, it serves the investigation. If it only changes presentation or adds noise, it does not.

Example 2

Question: Which technique is useful for uncovering fraudulent financial transactions?

  1. Ignoring irregularities
  2. Trend and ratio analysis
  3. Assuming reports are correct without verification.
  4. Relying only on verbal communication.

Answer: B. Trend and ratio analysis

Explanation:

Trend and ratio analysis is correct. Comparing figures across periods, or against industry norms, shows sudden changes and illogical relationships that can point to fraudulent transactions and tell you where to dig further.

Ignoring irregularities is the reverse of detection, because anomalies are the starting point. Assuming reports are correct without verification skips the professional skepticism an analyst is expected to apply. Relying only on verbal communication leaves you with unsupported statements and no data to test them against.

Rule to remember: detection techniques test the numbers and the records. Anything that depends on trust, silence or conversation alone is not a detection technique.

Example 3

Question: Which ratio is most useful for detecting potential revenue overstatement in a company's financial statements?

  1. Debt-to-equity ratio
  2. Current ratio
  3. Days Sales Outstanding (DSO)
  4. Return on Assets (ROA)

Answer: C. Days Sales Outstanding (DSO)

Explanation:

Days Sales Outstanding (DSO) is correct. If reported revenue rises but cash is not collected, receivables grow and DSO climbs. That pattern is a classic sign of premature or fictitious revenue recognition.

Debt-to-equity describes how a company is financed, so it says little about whether sales are real. The current ratio measures short-term liquidity and can look healthy even when revenue is overstated. Return on Assets (ROA) summarizes overall profitability and can be inflated by the overstatement without pointing to its source.

Rule to remember: for revenue manipulation, look at ratios that link sales to cash or receivables. Leverage, liquidity and general profitability ratios are less direct.

How to use these practice tests

Start with the IASIU CIFA page and read exactly what the written test and the mentored practical exercises require. Then take a short mixed practice test to see which topics are weak, without worrying about the score.

Work through the topic sets one at a time. Begin with fraud detection and prevention, financial statement fraud and red flag detection, then move on to internal controls, audit trails and financial investigations. For every wrong answer, read the explanation and write one line stating the rule behind it. Rereading your own rule lines is more useful than rereading the questions.

Give interviewing, case file and legal topics their own sessions, because they reward careful reading of what each option actually says. Add AML, KYC and Bank Secrecy Act material if your work touches financial institutions.

Because the written test is timed even though it is open book, practise answering at pace and build your own index of reference material so you are not searching from scratch. In the last days, retake mixed sets, review your rule lines and confirm your IASIU membership dues are paid.

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CFA FAQ

How much does the CFA (CIFA) exam cost?

The exam fee is $200, and it is available only to IASIU members at this time. Membership dues must be paid in full before you take the exam. Recertification has a separate fee: $100 for members and $200 for non-members. Confirm current amounts on the IASIU CIFA page before applying.

Is the Certified Fraud Analyst exam open book?

Yes, the written test is open book, but it is also a timed multiple-choice test. You must finish within a specific time limit, so you need to know where things are and understand the concepts. The certification also includes 3 mentored practical exercises alongside the written test.

How long is the certification valid?

The certification is valid for 3 years. To recertify you need 60 CEUs per 3 years and must pay the recertification fee, which is $100 for IASIU members and $200 for non-members. The IASIU recertification page has the current requirements.

When can I apply for the exam?

IASIU accepts applications throughout the year, so you can apply whenever you are ready. There is no fixed test window. You do need to be an IASIU member with dues paid in full before taking the exam, so sort out membership before you book.

Are these practice questions real exam questions?

No. The questions on this site are written by us with AI tools to practise the same kinds of topics, and they are not taken from the real exam. Use them to find weak areas and test your understanding, and rely on IASIU for the official requirements.

How many questions are on the CFA?

The CIFA exam has two parts: a timed, open-book multiple-choice written test, followed by three open-book practical exercises (one on Excel) completed with an assigned mentor. (Verified Oct 26, 2026 against International Association of Special Investigation Units.)

Sources & last verified

  1. International Association of Special Investigation Units — number of questions, exam fee, testing window (official source). “Written Test: This is a timed, multiple-choice test. Although the test is open book, you will be required to complete within a specific time limit.” Verified Oct 26, 2026.
  2. International Association of Special Investigation Units — validity, renewal (official source). “Once an individual receives their CIFA certification, they must be recertified every three years.” Verified Oct 26, 2026.

How we verify: editorial & fact-checking policy. Report an error: contact us.

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