How to Obtain CFE Certification for Internal Auditing: A Step-by-Step Guide

Internal auditors with a certification in fraud examination possess a distinct combination of skills and competence that no other professional discipline or field connected to fraud can deliver. They combine their understanding of complicated financial transactions with knowledge of legislation, tactics, and how to settle fraud claims. The Certified Fraud Examiner (CFE) designation indicates documented experience in fraud deterrence, detection, and prevention and can identify warning signs that indicate potential fraud risks and fraudulent conduct.

For internal auditors to become certified fraud examiners, they must first follow the standard steps required as per ACFE, including going through its course curriculum of financial transactions and fraud schemes, law, investigation, and fraud prevention and deterrence. Additionally, they can take up the instructor-led certified fraud examiner course coaching to garner knowledge and understand the best ways to pass the CFE exam. 

Here is what an internal auditor must do to successfully obtain the CFE certification-

1. Join the ACFE

Only associate members are eligible to take the CFE exam and get the associated credential. Therefore, an internal auditor must first join the ACFE website and leverage the benefits of various resources to help you on your journey to becoming a CFE. Members gain access to free webinars, training material discounts, exclusive job boards, and global networking opportunities.

2. Earn a bachelor’s degree

While an internal auditor would obviously have a bachelor’s degree, if they do not possess one, they must first obtain a bachelor’s degree in any subject as long as it comes from an accredited university. A degree in accounting, finance, economics, law, or cybersecurity will be particularly helpful and relevant for internal auditors who wish to obtain the CFE certification. 

3. Have at least two years of related experience

According to the ACFE, any professional seeking a CFE certification must have at least two years of expertise in detecting or deterring fraud. For an internal auditor, professional duties are already related to fraud, which makes their experience relevant to the profession. However, internal auditors can also consider the following experience for their CFE certification:

• Accounting and auditing include assessing an organization’s fraud risk, detecting unexpected trends through the interpretation of financial data, and finding accounting system inadequacies.
• Criminology and sociology in understanding why people commit fraud.
• Law and fraud investigation in private businesses, states, or federal organizations.

4. Examine the qualification points system

The ACFE uses a point system to decide which candidates are eligible. Internal auditors may apply for the CFE exam if they have at least 40 points. ACFE certification demands a minimum of 50 points and two years of related work experience. Use the tool to compute your total amount of points and plan for future academic or professional efforts. If you have at least two years of fraud-related experience and other professional certifications, you may be eligible even if you do not have a bachelor’s degree.

5. Prepare for the CFE examination

The CFE certification course test includes the following sections:

• Financial Transactions and Fraud Schemes
• Law, Investigation, and Fraud Prevention/Deterrence

While for an internal auditor, education and work experience can help them obtain an understanding of these areas, the ACFE advises taking the CFE Certification Course. This detailed course includes over a thousand study questions to help them prepare for the exam. The certified fraud examiner course also includes practice exams that mirror actual testing conditions. 

Professionals who are serious about addressing their CFE-related queries and want to clear the certification on their first attempt can consider joining Netrika’s instructor-led CFE course. Netrika collaborates with ACFE as the only authorized partner in India that offers the CFE certificate program to help an internal auditor pass the CFE exam successfully while enhancing their professional exposure, and reputation, increasing their marketability and job security overseas. 

Netrika’s online CFE exam prep course is one of the best learning management systems (LMS) on which an Individual can take Multiple Mock Exam before going for the real exam. With a 370-page review course workbook as an alternative to the 2000-page fraud examiner manual from ACFE, we make our study structure easy to understand and grasp the foundational elements. We offer 32+ hrs of live online interactive sessions with an ACFE-authorized trainer and seamlessly align your study structure to ensure you become CFE in a stipulated defined time frame.