How much does a Certified Fraud Examiner make in a year?

Certified Fraud Examiner make in a year

The importance of a Certified Fraud Examiner in detecting and avoiding fraudulent activities that lurk within organizations to exploit their infrastructure, assets, and reputation cannot be overstated. As cybercrime continues to increase and evolve, the demand for certified fraud examiners (CFE) is also constantly increasing across the globe. 

This blog discusses the compensation of a Certified Fraud Examiner and the aspects that influence the pay package.

Factors influencing CFE salaries in India

1. Experience and expertise.

Entry-level CFEs: Entry-level CFEs typically have 0-3 years of experience. These professionals usually start at the bottom as fraud analysts or junior auditors, gaining hands-on experience while learning various fraud examination methodologies.

Mid-level CFEs: Professionals who obtain the CFE certification and garner experience ranging from 3 to 7 years fall in the mid-level CFE category. These mid-level specialists could be senior fraud examiners, internal auditors, or compliance officers, and their duties may increase as they handle increasingly complex situations.

Senior-Level CFEs: Senior level CFEs are professionals with more than seven years of experience. These specialists perform a variety of responsibilities, including internal audit directors and compliance heads who oversee an organization’s whole anti-fraud system.

2. Industry

Certified Fraud Examiners in financial services typically earn higher salaries due to strict laws against financial fraud and the nature of the industry which is more susceptible to financial and reputational risks.

Moreover, as the IT sector continues to gain attraction from hackers who exploit the vertical’s resources and infrastructure for malicious gains, CFEs can find increasing job opportunities across this sector as well. 

3. Demographics

CFEs who work in metropolitan locations such as Delhi, Bangalore, Mumbai, and Hyderabad tend to earn higher incomes, which can be linked to greater living costs, the presence of multinational corporations, and significantly larger financial institutions.

Tier 2 and Tier 3 Cities: CFEs working in Tier 2 or Tier 3 cities frequently earn less because of the reduced cost of living, local economic conditions, and medium-sized businesses.

4. Company Size and Revenues

Large-size firms pay competitive wages since their requirements include a complicated fraud management structure, as contrasted to medium-sized and smaller enterprises.