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Benefits of a Certified Fraud Examiner Certification
- September 15, 2023
- Posted by: Raghav
- Category: Blogs
The CFE certification, also known as Certified Fraud Examiner, is a qualification awarded by the Association of Certified Fraud Examiners (ACFE) that demonstrates the certification holder’s expertise in the subject of Fraud Examination. This means that they are professionals at investigating various financial circumstances to uncover fraudulent acts and then developing systems and controls to prevent future financial fraud. A Certified Fraud Examiner can be of tremendous use to an organization since they help their organizations prevent embezzlement, insurance fraud, and other financial scams that cause corporations to lose large sums of money.
Benefits of a Certified Fraud Examiner Certification
Although obtaining the Certified Fraud Examiner qualification, like any other certification course, demands time and effort on the part of students, it also offers a myriad of benefits to the bearer, including:
- Expanding your professional and knowledge base
The Certified Fraud Examiner certification covers a wide range of topics related to fraud examination and financial fraud. CFE course covers subjects including types of fraud, how they are carried out, internal controls that help deter financial fraud, and various investigative tactics to assist in discovering fraudulent schemes. Furthermore, candidates are introduced to the laws concerning fraud, as well as the necessary legal practices and processes that must be followed. Candidates must also improve their professional ethical standards through the Certified Fraud Examiner Code of Professional Ethics.
All of these elements assist professionals in enhancing their skills and knowledge, allowing them to become experts in fraud detection and prevention. Additionally, the ACFE membership gives them access to a variety of materials that keep them up to date on novel fraud practices and preventive methods. This Certified Fraud Examiner certification is an excellent way to broaden your professional knowledge and qualifications as you work towards becoming an expert across the industrial domain.
- Gaining access to greater pay and better work opportunities
Certified Fraud Examiners receive a higher pay package than their peers because they are extremely knowledgeable and talented in researching fraudulent activity and implementing internal controls that prevent an organization from falling victim to fraudulent schemes. According to an ACFE survey, CFE certification holders earn 17% more than non-CFE certification holders. With the critical responsibilities and duties that a fraud examiner has in an organization, obtaining a professional qualification from the Association of Certified Fraud Examiners, the world’s largest anti-fraud organization, demonstrates your expertise to employers and thus gives CFE designation holders access to better job prospects. ACFE members also have access to a job site and a career center, which aid in the placement of Certified Fraud Examiners in forensic accounting and other industries.
As certified fraud examiners have a critical role to play in an organization’s security posture, obtaining certifications from a reputable third party such as ACFE, which specializes in anti-fraud practices and processes, leads organizations to have more faith and trust in CFE certification holders, allowing them to take on more responsibilities. This puts the certified fraud examiner certification holders in a stronger position to negotiate a higher salary and promotions within their organization.
- Employment that provides a high level of job satisfaction
Certified Fraud Examiners can help deter criminal activity by identifying risks at an early stage and making it more difficult to collect funds by scamming individuals and organizations. They guarantee that their organizations have well-placed internal controls in place to prevent anyone from abusing business resources for their own benefit.
Studies suggest that organizations that use the expertise of CFEs tend to detect fraud 50% faster than those that do not. Certified Fraud Examiners also work with law enforcement to provide legal advice or testimony, and after obtaining other certifications, they may become private investigators. Thus, obtaining the Certified Fraud Examiner certification provides professionals with a high level of satisfaction for the important role they play in the continuous management of their organization and society.
- Increase your professional credibility and reputation among peers.
Obtaining a CFE course designation from ACFE distinguishes you and gives you a competitive edge over your peers. Candidates can use this certification to demonstrate the breadth of their abilities and experience in the field of fraud examination to peers and colleagues. These increase colleagues’ faith in your professional competence and ability to handle difficult fraud cases, as well as your credibility among peers.
- Possibilities for networking
ACFE is the world’s largest organization dedicated to combating fraudulent practices. Becoming a member of this organisation (which is mandatory for CFE certification) provides candidates with access to a wide range of information that might be useful in whichever field they work in. This provides networking and work collaboration opportunities with other certified fraud examiner members. Being a part of ACFE gives you exposure to its continuing professional education program, which includes live webinars and in-person events covering the latest trends and best practices in fraud prevention. These events are excellent opportunities to network and interact with other experts in your industry or area, thus expanding your career prospects across the globe.