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How long does it take to earn CFE?
- March 14, 2023
- Posted by: Raghav
- Category: Blogs
Earning the Certified Fraud Examiner (CFE) certification is an excellent step towards achieving your goal of a scaling career in a myriad of investigation-related profiles. The CFE credential from ACFE is a globally recognized certification that demonstrates expertise in detecting, preventing, and investigating fraud. Standing true to its growth statistics, according to a survey by ACFE, professionals with a CFE certification earn 17% higher than those who do not hold the certification.
While the certification is highly acclaimed in the fraud investigation domain, a professional often wonders how long it takes to earn the CFE designation, its requirements, subjects, and qualifying system.
We have curated a complete listicle involved in the certification process that will help as your guide before you enroll in the course.
Step 1: Meet the CFE requirements
Before you can apply for the CFE certification, you need to meet the eligibility requirements set by the Association of Certified Fraud Examiners (ACFE). The requirements include:
- A bachelor’s degree or equivalent from an accredited college or university
- Two years of professional experience in a field related to fraud detection and prevention
- Membership in the ACFE
- Adherence to the ACFE’s Code of Professional Ethics
Step 2: Prepare for the CFE exam
Once you’ve met the eligibility requirements, the next step is to study for the CFE exam. The ACFE provides study materials, including textbooks, practice exams, and online courses, to help you prepare for the exam. The amount of time it takes to prepare for the exam depends on your experience level and study habits. However, there are few questions that a professional seeking CFE certification must get furnished, including-
What are the subjects in CFE?
- Financial Transaction and Fraud Schemes
- Fraud Prevention and Deterrence
The CFE Exam qualifying point system
You must have at least two years of professional experience in the field of fraud and 50 points. Education points must be earned from a recognised institution of higher learning. You may apply for the CFE Exam if your total qualifying points are 40 or above. To receive the CFE after completing the exam, all applicants must have 50 or more points and two years of professional experience.
Step 3: Pass the CFE exam
The CFE Test comprises 400 multiple-choice questions that are divided into four sections of 100 questions each. Each segment of the exam lasts two hours. All four portions must be finished within 60 days. Each CFE Exam Key is valid for 24 hours once it is inputted.
You have 30 days to complete the exam once you start, and you must achieve a passing score of at least 75% on each section to earn the CFE designation.
Step 4: Apply for CFE certification
Once you’ve passed the CFE exam, you can apply for the CFE certification. The application process involves submitting proof of your education and professional experience, along with a signed statement affirming your adherence to the ACFE’s Code of Professional Ethics.
Step 5: Wait for certification
After submitting your application, you’ll need to wait for the ACFE to review your application and verify your eligibility. This process typically takes several weeks. Once your application is approved, you’ll receive a certificate and the right to use the CFE credential.
The entire process of earning the CFE certification typically takes several months, depending on your study schedule, the availability of exam dates, and the ACFE’s application processing time. However, the time investment is well worth it, as the CFE credential can open up many opportunities for career advancement in forensic accounting and fraud detection.
If you want to speed up your CFE course and earn the credentials at the earliest, you can enrol in the certified fraud examiner course offered by Netrika. Our real-time. Instructor led, interactive sessions enable professionals to clear the exam with a high passing ratio. We are ACFE’s exclusive training partner in India and our expert trainers give you the best-in-business coaching that is targeted towards a higher pass percentage in the CFE exam.