How to become a Certified Fraud Examiner (CFE)
- February 7, 2023
- Posted by: Raghav
- Category: Blogs
The certified fraud examiner test is a professional’s strategic approach to exploring and becoming proficient in the fraud landscape while broadening their talents to avert such dangers. The CFE certification emphasizes an aspirant’s knowledge, skills, and professionalism in finance, accounting, and auditing, as well as a strong moral character, and analytical, and problem-solving abilities. It serves as a capstone to the CFE course and highlights in-depth knowledge of the main areas of fraud in terms of financial transactions, fraud schemes, law, investigation, fraud prevention, and fraud deterrence.
The CFE certification is the first step in a long path of specialized employment prospects that a professional might pursue all over the world.
What is a Fraud Examiner?
A Certified Fraud Examiner (CFE) is a professional credential given to those who examine and settle fraud cases. The professionals who have received extensive training for fraud examiners in detecting fraudulent activity, investigating frauds, and resolving fraud cases. Individuals who are proficient in the disciplines of fraud detection, investigation, and settlement are awarded this professional credential by the Association of Certified Fraud Examiners.
Fraud examiners investigate a variety of crimes, including embezzlement, theft of funds, tax evasion, money laundering, and illicit investment schemes. A fraud examiner may be called upon to interview suspects, testify in civil and criminal trials, and/or create legal reports to be filed with a state or federal financial supervision body, depending on the nature of the investigation.
Steps to Becoming a Certified Fraud Examiner
While there are other educational and occupational paths that might lead to CFE certification, the following are typical steps taken by a professional:
- A bachelor’s degree from an authorised college or university, with a background in accounting, business, finance, economics, psychology, sociology, criminal justice, and/or computer science. However, because the ACFE does not require a major, professionals from a variety of disciplines may be considered. Those with no formal education may be eligible for the ACFE exam certification if they meet other requirements.
- A professional experience in at least one of several sectors linked to fraud investigations, such as accounting, finance, banking, law enforcement, and computer forensics, or pursue a master’s degree in fraud investigation, forensic accounting, digital forensics, financial crime management, or another related field.
- Candidates must join the ACFE, an independent body that manages and administers the Certified Fraud Examiner (CFE) credentialing programme, conducts anti-fraud training, and establishes guidelines for the effective conduct of fraud investigations.
- Take the CFE Exam Prep Course and/or the CFE Exam Review Course to prepare for the CFE certification exam.
- Complete the exam in the time provided (8 hours over thirty days) and get a 75% or higher passing grade.
- Abide by the Code of Professional Ethics of the CFE.
Applicants can apply for membership and enroll in ACFE courses through the ACFE or Netrika websites. To register, candidates must complete a number of steps in the application process. The four components of the online application are CFE test expenses, qualifications, experience and character, and a signature statement. Candidates must provide confirmation of their education and work history. A recent photo and three professional recommendation letters are also required by ACFE India. After submitting their application, users will receive a confirmation email within 5-7 days.
ACFE India advises applicants to submit their applications at least 30 days before the exam date.
Q :How long does it take to study for CFE?
Ans: It usually takes 3 to 6 months for a CFE professional to study for the CFE exam.
Q:How many questions is the CFE exam?
Ans. The CFE exam comprises four sections: Fraud transactions & Fraud schemes, Law, Investigation, Fraud prevention & deterrence. Each section has a total of 100 multiple choice questions.
Q: How many times can you attempt CFE?
Ans. A CFE aspirant can retake each section of CFE three times.