Certified Fraud Examiner (CFE) Exam
Certified Fraud Examiner Certification 2023
The Certified Fraud Examiner (CFE) exam is a four-part test covering areas such as financial transactions and fraud schemes, law, investigation, and fraud prevention and deterrence. It also includes questions related to criminology and ethics.
The CFE exam can be taken at a Prometric test center near you or through remote proctoring. To take a remote exam, visit the ACFE website and select the location you want to test at.
Free Certified Fraud Examiner (CFE) Practice Test Online
Certified Fraud Examiner Salary
Certified fraud examiners work in a variety of environments. Some work for federal law enforcement agencies investigating high-level corruption, while others investigate more mundane financial crimes such as embezzlement or money laundering. Some even act as private investigators and contract with attorneys or individuals who believe they have been defrauded.
According to the Association of Certified Fraud Examiners, CFEs earn a median salary of $91,000 per year. This is 31% higher than the average salary of a fraud professional without certification. However, these figures omit other parts of a fraud examiner’s compensation package such as bonuses and health insurance benefits.
In order to become a Certified Fraud Examiner, you must have at least a bachelor’s degree and several years of professional experience in the field of fraud prevention or detection. Those who wish to pursue the certification should take a course offered by ACFE, which is the world’s largest anti-fraud organization and premier provider of fraud education and training. ACFE’s mission is to minimize fraudulent practices worldwide and inspire public confidence in the integrity of the profession.
Certified Fraud Examiner Jobs
Certified fraud examiner jobs are in demand as financial malfeasance is on the rise. According to the labor market analytics firm EMSI, the number of these roles is expected to grow by 4-6% between 2018 and 2028. These white-collar investigators work in a variety of environments, including law enforcement agencies, private-sector companies and as independent contractors.
The path to becoming a CFE starts with earning a bachelor’s degree and completing professional fraud prevention or investigation courses. Students learn to recognize fraudulent acts by looking at patterns in numbers and accounting records. They also learn to interview witnesses, conduct investigations and write reports.
After completing these studies, candidates take the CFE exam, which covers four areas: financial transactions and fraud schemes; law; investigation; and fraud prevention and deterrence. The exam is online and closed-notes. Applicants do not need to complete it in one sitting; however, the ACFE recommends taking each section at a time. The exam is administered by the Association of Certified Fraud Examiners (ACFE). This organization offers a variety of review courses throughout the year.
CFE Exam Pass Rate
Those who pass the CFE exam can work in a variety of fields, including accounting, insurance, loss prevention and law enforcement. They are often employed by government agencies, corporations and private companies to investigate fraud losses and prevent future fraudulent activity. CFEs are trained to look for a range of red flags, such as suspicious transactions and suspicious behavior. They also have a strong understanding of criminal and civil laws, as well as the rights of both accused and accuser.
Many colleges offer specialized degree programs for aspiring certified fraud examiners. These include undergraduate certificates, master’s degrees and bachelor’s degrees in forensic accounting and fraud examination. Students can also take online courses in these areas.
Those who want to prepare for the CFE exam can attend a course at an ACFE-approved test center. These courses provide a variety of study tips and motivations to help aspiring examiners pass the exam. In addition to offering these services, the ACFE publishes a newsletter and maintains an online community that provides additional guidance for future fraud examiners.
How to Become a Certified Fraud Examiner
Whether you’re an accountant, lawyer, security professional or law enforcement officer, a CFE credential is globally recognized as evidence of anti-fraud expertise and knowledge. The Association of Certified Fraud Examiners (ACFE) reports that firms with CFEs on staff identify fraud 50 percent faster and experience 62 percent lower fraud losses than those without. The CFE exam is administered through Prometric, the world’s largest network of computer-based testing centers.
The exam is comprised of four separate sections and is designed to test candidates’ knowledge in areas such as fraud prevention and deterrence, financial transactions and fraud schemes, investigations and law. The ACFE also offers a four-day exam review course and publishes a comprehensive Fraud Examiners Manual to help candidates prepare.
To qualify for the exam, you must have a minimum of a bachelor’s degree and two years of professional fraud-related experience. You can gain this experience by working in the field of accounting, criminal justice or by pursuing a master’s degree in forensic accounting, fraud investigation, financial crime management or digital forensics.
CFE Exam Prep Course
Whether you’re an experienced professional or a beginner, there is no doubt that becoming a Certified Fraud Examiner (CFE) requires commitment and dedication. Besides the many hours spent studying for the exam, future fraud examiners also pay dues to become members of the ACFE and invest thousands of dollars in either test prep materials or an instructor-led training course.
Additionally, future fraud examiners must have a minimum of two years of professional experience to qualify for the CFE exam. This experience may include accounting, auditing, criminology, loss prevention, law enforcement or investigation. It may be possible to substitute some education requirements with relevant professional experience by earning at least 40 eligibility points.
Besides the study guide, future fraud examiners also receive study tips and motivation from their peers through the AFCE’s newsletter, online community and webinars. This helps them overcome stress, boost their confidence and pass the exam. In addition, the AFCE provides free practice questions that can help candidates prepare better for the exam. The CFPE study guide is available for download on a PC, tablet or smartphone.
Certified Fraud Examiner Requirements
The CFE exam is a closed-book, closed-notes test administered by the Association of Certified Fraud Examiners (ACFE). The exam consists of four parts and candidates may take it anywhere in the world that has a high-speed Internet connection. They can also choose to attend a review course to prepare for the exam. Upon passing all four portions, candidates can expect their results in 3-5 business days.
Fraud examiners work in a variety of environments, from the FBI to private firms and local law enforcement. They help companies proactively identify fraud risks and investigate specific fraud incidents. They also interview witnesses and document their findings for legal use. Fraud examiners often testify in civil and criminal cases to bring perpetrators to justice.
Qualifications for the CFE vary by field, but many fraud examiners have backgrounds in accounting and finance, criminology and sociology, loss prevention, or law enforcement. Some even have an advanced degree in a relevant field. In order to become a CFE, you must pass a background check and agree to the ACFE’s Code of Ethics.
Association of Certified Fraud Examiner
The Association of Certified Fraud Examiners (ACFE) is an international professional organization that is dedicated to reducing fraud and white-collar crime. It provides anti-fraud training and education, as well as certification for those who wish to become professional fraud examiners. The CFE credential is internationally recognized as documented evidence of experience and expertise in the field of fraud examination. It is also accepted in the hiring and promotion policies of many organizations, including the Securities and Exchange Commission and the Department of Defense. Companies with CFEs on staff discover fraudulent activities about 50% faster than those without them, and experience fraud losses that are about 62% less than those of their non-CFE counterparts.
Candidates for CFE certification must have at least two years of professional fraud-related experience and pass the ACFE exam. They must also meet educational and work experience requirements, which are based on a point system. Most applicants have bachelor’s degrees and have on-the-job experience in areas such as accounting, law enforcement, or loss prevention. The ACFE also offers online training courses for those preparing to take the CFE exam.
What Does a Certified Fraud Examiner Do
A certified fraud examiner is a white-collar professional who investigates cases of fraud. These professionals use their knowledge of complex financial transactions, law enforcement methods, and how to resolve fraud allegations to fight against fraudulent activity. They also help businesses and organizations to prevent and detect fraud.
Fraud is a widespread problem that costs the economy billions of dollars each year. According to the Association of Certified Fraud Examiners, American businesses lose about 5% of their gross revenue to fraud. CFEs can work in various sectors, including banking and financial institutions, law enforcement agencies, or as private investigators.
To become a CFE, you will need to have a bachelor’s degree or equivalent work experience. A degree in accounting, finance, economics, or cybersecurity can help you meet the requirements for the exam. You can also take an online course to prepare for the exam. However, you must be aware of the fact that becoming a CFE will require significant time and money investment. The certification is a valuable credential that will improve your chances of getting jobs in the field.
Certified Fraud Examiner (CFE) Exam Questions and Answers
- Be an ACFE Associate Member.
- Have 50 points in the system for determining eligibility.
- Have a minimum of two years of work experience related to fraud.
- Succeed on the CFE Exam.
- Agree to uphold the Professional Ethics Code of the ACFE.
A CFE is a qualified individual who examines financial records to look for fraud or other financial crimes.
Nearly 60,000 Certified Fraud Examiners (CFEs) who work in almost every industry and sector worldwide and have a variety of professional and personal backgrounds call the Association of Certified Fraud Examiners (ACFE) home.
On the other hand, non-certified fraud examiners only make an average of $73,000 a year.
CFEs are educated experts with a special set of specialized abilities in preventing, identifying, and looking into fraud.
A Bachelor’s degree (or equivalent) from a higher education institution is typically required. There is no mandated field of study. You may substitute two years of fraud-related professional experience for each year of academic study if you do not possess a bachelor’s degree.