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How do I maintain my CFE credential?
- May 23, 2024
- Posted by: marketing@netrika.com
- Category: Blogs
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How to maintain CFE
Achieving status as a Certified Fraud Examiner (CFE) is a great success that widens employment avenues within the fraud investigation field. However, achieving the title of being a CFE only marks your first step into the profession. To ensure that a candidate remains relevant in the fraud investigation and identification vertical after obtaining their credential to leverage its benefits, they must adopt certain measures as part of the CFE continuing professional education requirements.
To start with, Certified Fraud Examiners must obtain at least 20 Continuing Professional Education (CPE) credits every 12 months, pay annual membership dues, and adhere to the ACFE Code of Professional Ethics and Standards. read more
Additionally, a candidate must adhere to the ACFE standard guidelines of-
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- If a CFE’s membership has been lapsed for three years or less, they can renew in good standing by applying and paying recertification fees. Certifying completion of 20 Continuing Professional Education (CPE) credits within the 12 months preceding the date of application for reinstatement. At least ten CPE credits must be directly related to the identification and deterrence of fraud, with two credits related to ethics.
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- A CFE whose membership has lapsed for more than three consecutive years, but not more than five, has two possibilities for recertification:
- Pass the CFE Exam and meet all of the educational, experience, and testing criteria for certification.
- Apply for recertification and pay any associated fees, as well as demonstrate completion of 40 verified CPE credits within the last 24 months. At least 20 CPE credits must be directly related to fraud detection and deterrence, with four credits directly related to ethics.
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- A Certified Fraud Examiner’s membership that has expired for more than five years may only be revived by passing the CFE Exam and meeting all of the educational, experience, and testing requirements for certification. The process for members who have expired for more than five consecutive years is as follows:
Moreover, for candidates to meet their certified fraud examiner CPE requirements, they must stay informed on the latest developments and best practices in fraud identification and investigation. Considering ACFE offers networking opportunities to its members, taking advantage of these conferences, events, and workshops can offer a wealth of resources and valuable insights. Adding to it, professionals can pursue advanced courses to further their knowledge, while staying abreast with industry activities. Keeping track of their CFE activities and hours is another important element in case of an ACFE audit, which will help you successfully maintain your CFE credential and contribute to your professional development.
How Netrika Consulting can help!
At Netrika, we understand the importance of obtaining a CFE certification and that its success rate depends on more than just textbook knowledge. Netrika’s instructor-led CFE training course empowers and raises awareness among professionals and organizations to prevent future frauds and minimize the risk of existing ones. The certification provides a professional with the specialist training required in the actual world to detect, avert, and build a solid basis in the organization. Nerika’s expert instructors leverage their wealth of knowledge, resources, and tools to help candidates not just prepare for the CFE exam but also maintain it. Read more.
FAQ
How long do you need to prepare for CFE?
CFE certification usually requires a bachelor's degree and at least two years of professional fraud experience. Preparing for the exam takes about 60 days, but prep time can vary based on experience.
How long does it take to become CFE?
Two Years of Fraud-Related Work ExperienceOnce you have the 50-point minimum and two years of professional experience, you can be awarded the CFE credential.
What is the success rate of the CFE exam?
However, in general, the CFE exam is known to be challenging, with a pass rate of around 50-60%.
How do I prepare for CFE?
Study extensively, practice with past exams, understand case writing techniques, and seek guidance from experienced mentors or instructors.