Certified Fraud Examiner CFE Educational Requirements

To become a certified fraud examiner (CFE), you must meet certain educational requirements. For instance, you must become a member of the Association of Certified Fraud Examiners (ACFE) and pass the comprehensive fraud-related exam. Certification is based on a point system which includes work experience in fraud or loss prevention.

Certified Fraud Examiner Educational Requirements

According to the Association of Certified Fraud Examiners (ACFE), your eligibility for certification is based on a point system that awards credit for education, professional credentials, and fraud-related experience. Those seeking to become a certified fraud examiner (CFE) must complete specific educational requirements.

For instance, you must have a bachelor's degree and an ACFE membership. To become an associate member of the ACFE, you must abide by the ACFE code of professional ethics and complete required exams.

Bachelor's Degree

At a minimum, you must first have a bachelor's degree to apply for CFE credentials. The degree must be obtained from an accredited institute of higher learning.

No specific degrees are required, although accounting and finance programs are popular for those seeking a CFE career. Those with a master's degree may receive extra points toward the CFE credential point system.

Professional Experience

Those without a bachelor's degree can substitute two years of fraud-related professional experience for each academic year of study according to the ACFE website. Eligible fraud-related work experience may consist of:

• criminology (familiarity with financial crimes and white collar crimes)
• loss prevention (familiarity with deterrence of fraud risk and risk management)
• fraud investigation (familiarity with cybercrimes, financial records, and money laundering)
• accounting (familiarity with fraud detection and forensic accounting)
• auditing (familiarity with financial transactions and external auditing)
• law (familiarity with criminal justice, law enforcement, and insurance fraud)

What Is CFE Certification?

A CFE certification is necessary for those interested in fraud investigation. As a CFE, you will become a trained professional who can more easily detect and prevent fraud.

Before becoming a CFE, you must first receive a CFE certification. A CFE certification signifies the skills you know and have learned. With this type of professional certification, those seeking fraud detection careers will have opportunities opened for them due to extra learning and certificates in addition to your bachelor's degree.

How To Earn Your CFE Credential

To earn your CFE credentials, you must first become an Associate Member of the ACFE. Once a member, you must have a minimum of 40 points to be certified.

Additionally, you must have two years of fraud-related work experience. If you meet the requirements, you can take the CFE exam.

Upon receiving a passing score, you must agree to the code of professional ethics. Afterward, you will become certified.

Tips for Preparing for the CFE Exam

Exam applicants seeking to prepare for the test should take advantage of professional recommendations offered by the ACFE. In fact, there are several tips to consider when preparing for the CFE exam.

CFE Exam Prep Course

The CFE exam prep course is a comprehensive self-study program. If you take part in this course, you have access to 1,400 study questions and 500 lessons.

By participating in this prep course, you can be better equipped to take the CFE exam when the time comes.

Take the CFE Exam Review Course

The CFE exam review course lasts four days and is led by a certified instructor. This review course focuses on each exam section on a different day, allowing you to spread out your focus in a structured learning environment.

Utilize the Fraud Examiners Manual

If you wish to study at your own pace, consider the body of knowledge provided by the fraud examiners manual. The manual is 2,000 pages of comprehensive information and offers essential resources for anyone seeking to find a career in fraud prevention.

What Are the Responsibilities of a Certified Fraud Examiner?

CFEs have a variety of responsibilities relating to preventing fraud. Those choosing this career path should know that with years of professional experience responsibilities will include:

• imposing anti-fraud programs
• minimizing loss prevention
• recognizing fraud schemes
• managing fraud risks
• implementing risk management strategies

FAQs About Certified Fraud Examiners

There are a variety of frequently asked questions for CFEs. We've answered the most common ones below.

Is It Worth It To Become a Certified Fraud Examiner?

Those seeking a career as a CFE will enjoy the benefits of achieving this certification. With CFE certification, you gain useful skills which you can apply to your job.

Your specific skills will standout on a resume and can better prepare you for your career in fraud prevention. It is worth receiving a CFE certification and gaining knowledge that can provide you with an advantage when searching for a job.

Is It More Difficult To Become a CFE Than a CPA?

To become a CPA, a certified public accountant, you must have at least a bachelor's degree in accounting, at least one year of relevant experience in auditing or finance, and pass a CPA exam. To become a CFE, you must join ACFE, meet the point system with two years of fraud experience, and pass the CFE exam as well as a code of professional ethics.

An accounting degree is necessary to become a CPA; however, this isn't the case for a CFE. A CFE requires two years of fraud experience compared to the one year of experience for a CPA. A person's available skills will determine if it's more difficult to become a CFE than a CPA.

How Long Does It Take To Get CFE Certification?

It takes two years of fraud-related work experience to receive your CFE certification. Once you have achieved the 50-point minimum, you will be awarded CFE credentials.

How Much Does the CFE Certification Cost?

A CFE certification costs $450 according to the ACFE. This is a fee required to take the CFE certification exam.