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Best Strategies to Study and Pass the CFE Exam in 2023
- August 4, 2023
- Posted by: Raghav
- Category: Blogs
Are you looking for advice on how to prepare for the CFE exam (Certified Fraud Examiner)? Your certification path might begin with the Association of Certified Fraud Examiners (ACFE), the world’s biggest organization for anti-fraud education and training. To help aspirants understand the CFE exam’s specifics, we have compiled a list of ways they can prepare to become certified fraud examiners.
Let’s get started-
Before the CFE Exam
- When making a schedule, be practical
It’s easy to tell yourself that you will study for 10 hours a day, every day, and read every topic that could be on this exam, but it is not only unachievable but will burn out quickly. When constructing a timetable, it is essential that you write down all the fake cases so that you can identify the themes that keep coming up. Additionally, take days off to unwind. When you initially start studying, attempt to keep a study schedule that allows you to study and relax at the same time to take your mind off the forthcoming exam!
Both the CFE exam workshops and study materials go into detail about debriefing cases, and for good reason: you must debrief every case you write. The most crucial reason for debriefing is to ensure that you have covered all the necessary points to pass each case, as well as to check whether there are any areas you are completely missing or need to study more. This is also true for subjects you are familiar with; as the exam approaches, you will notice that you are likely over-explaining in some places and will be able to determine how much time to devote to each segment. It is strongly advised to debrief soon after writing each practice case while the subject is still fresh in your mind, and then study the feedback provided on cases once they have been marked. Reviewers will frequently include suggestions for what to look for in cases to help you hit both breadth and depth.
- Be honest with your schedule
To effectively prepare for the certified fraud examiner exam, write all mock cases as if you were taking the test. Only use permitted equipment (laptop, coloured highlighters to differentiate distinct required points, etc.) and store all notes to avoid being tempted to peek while writing. Most importantly, compose the examples in the recommended time frame to assist you determine how much time you should spend on each required point. Because CFE exam reviewers do not expect you to hit every single point under a given topic, you must learn to recognise when it is enough and move on to the next required point.
Let’s be honest: your first few cases will most likely not go as well as you expect, and you may end up missing the required points or running out of time. But don’t give up; as you become used to formatting and creating more cases, your time management will improve, and your cases will improve dramatically. To gain honest evaluation from the markers, handle the instances precisely as written, rather than adding more points before turning them in. Because the practice cases are only marked for completion, making up your instances before submitting them prevents you from receiving feedback on how well you are doing.
During the week of CFE exam
While writing the three days of the CFE exam, two key points were recommended for getting through the week:
- Do not intend to study rigorously during CFE week.
Don’t study for Day 2 after finishing Day 1, and so on. You’ll be fatigued and possibly stressed at the end of each day. Cramming for the next day yields almost no results. Have faith in yourself because you’ve already studied for weeks and know more than you think.
- Avoid discussing prior CFE exam days with other writers.
While comparing your responses is appealing, it can generate undue stress. Because different responses can result in a passing score, comparing yourself to others will encourage you to doubt yourself and worry about what you missed. If your responses are reasonable and well-explained, there are several paths a case can follow to receive a passing mark.
After taking CFE exam
Take a few days after the ACFE exam to celebrate your accomplishment. You just studied for weeks and sat through an exceedingly challenging exam; celebrate your progress and completion of the exam. It will be a lengthy three months until your grades are returned. don’t waste time fretting about what else you could have written; what’s done is done!