5 Steps To Become a Certified Fraud Examiner CFE

For those seeking to become a certified fraud examiner (CFE), there are five steps to follow. As a CFE, you are a trained professional with knowledge of fraud prevention and other anti-fraud policies.

A CFE is a specialist with extensive experience in fraud detection. CFEs must be members of the Association of Certified Fraud Examiners (ACFE) to become certified.

How To Become a Certified Fraud Examiner

There are five steps for you to follow to become a CFE.

1. Join the ACFE

To receive your CFE credentials, you must first have two years of fraud-related experience. Typically, those seeking a career path in fraud risk management will have met the educational requirements of earning a bachelor's degree.

Your bachelor's degree must come from a qualifying and accredited university. Once you've received your ACFE membership, you now have the eligibility to take the CFE exam.

Joining the ACFE allows you to connect with other professionals who have a passion for studying anti-fraud and can provide professional recommendations in the industry.

2. Meet the Eligibility Requirements To Apply for the CFE Exam

To apply for the CFE exam, you must meet the requirements which consist of:

• an ACFE membership
• two years of fraud-related work experience
• completing the minimum 40 points for ACFE's eligibility point system
• paying the $450 application fee for the exam

Your years of professional experience will pay off, allowing you to be more knowledgeable and ready to take the CFE exam.

3. Study for the CFE Exam

To be certain you pass the extensive CFE exam, utilize the options available such as the CFE exam review course, the CFE exam prep course, or the financial examiners manual. The content consists of law, investigations, financial transactions and fraud schemes, and fraud prevention and deterrence.

You may study at your own pace, giving yourself time to absorb the information when you choose online options including prep course packages. Flash cards, lessons, and other printed materials can provide useful information as well.

4. Take the CFE Exam

Once you've completed all of your studies and it's time to take the CFE exam, you will be expected to answer 100 true or false questions that apply to the following:

• fraud schemes
• criminology and criminal justice
• law enforcement agencies
• anti-money laundering
• forensic accounting
• auditing financial transactions
• insurance fraud
• white collar crimes

The exam is two hours per section. There are four sections to the test and you must answer at least 75% of the questions correctly for each of the four.

5. Abide by the Code of Professional Ethics

To maintain your CFE credentials, you must abide by the ACFE code of professional ethics. In order to to do, you must always demonstrate a commitment to professionalism, not engage in inappropriate activities, and comply with lawful orders.

Tips for Passing the CFE Certification Exam

There are numerous tips for passing the CFE certification exam.

Enroll in the CFE Exam Review Course

An extensive course for you to use is the CFE exam review course which lasts a total of four days. Led be a certified professional, this course is structured in four segments.

Each day of the CFE exam review course focuses on a different exam section. This breaks down the difficulty of the exam, providing specific content in a consistent manner.

Consider the CFE Exam Prep Course

The CFE exam prep course provides you with 500 lessons and 1,400 study questions to help you study for the exam. Consider this comprehensive self-study program when prepping for the test.

When you take part in this course, you can learn more about CFE certification to prep you for the CFE exam which is required to become a member of the ACFE.

Take Advantage of the Fraud Examiners Manual

You can purchase the fraud examiners manual which contains essential resources for you to learn for the exam. This can be helpful for those seeking to pursue a career in fraud investigation.

The manual will be your primary tool, allowing you access to over 2,000 pages filled with comprehensive information. Those who purchase the manual can study at their leisure.

FAQs About Becoming a Certified Fraud Examiner

There are numerous FAQs for becoming a certified fraud examiner. The most common ones are answered below.

What Are the Eligibility Requirements for the CFE Exam?

To take the CFE exam, you must first become a a member of the ACFE which requires you to first have two years of fraud work related experience and to have met the minimum requirement of the eligibility point system. Once you become a member of the ACFE, you can then take the CFE exam.

How Long Does It Take To Get a CFE Certification?

To receive your CFE certification, it takes two years of fraud-related work experience. The ACFE requires you to achieve a 50 point minimum based on their point system.

Some of the fraud-related work experience options can include loss prevention, law, and accounting.

How Much Does It Cost To Get a CFE Certification?

To get a CFE certification, the fee costs $450. The CFE certification requires an exam fee as well as other documentation.

How Do You Maintain the CFE Credential?

For those who want to maintain their CFE credential, CFEs much earn at least 20 hours of continuing professional education (CPE) every year. Fraud deterrence and detection must be part of the 10 accumulated hours and two hours must be related to ethics.