Career after Certified Fraud Examiner (CFE) | CFE Jobs

The designation of a Certified Fraud Examiner (CFE) represents a standard of excellence within the field of fraud examination. CFEs are experts in the prevention, detection, and investigation of fraud. This certification is awarded by the Association of Certified Fraud Examiners (ACFE) and is indicative of the holder’s expertise in forensic accounting, legal elements of fraud, and fraud investigation methodologies. In the US, the demand for CFEs is significant due to the complex financial landscape and the need for stringent fraud detection and prevention mechanisms across various sectors.

Forensic accountants play a crucial role in investigating financial discrepancies and providing support for legal cases in the United States. A Forensic Accountant is a specialized accounting professional who combines accounting, auditing, and investigative skills to analyze financial data that may be used in legal proceedings.

Key Responsibilities of Forensic Accountant:

• Forensic accountants are responsible for conducting thorough investigations into financial irregularities, such as fraud, embezzlement, or money laundering.
• They analyze financial records, transactions, and other relevant documents to identify discrepancies and potential evidence of wrongdoing.
• One of the primary responsibilities of forensic accountants is to detect and prevent fraud within organizations.
• They develop and implement internal controls and procedures to safeguard assets and mitigate the risk of fraud.
• They also provide training to employees on fraud awareness and prevention techniques.
• Forensic accountants often provide support for legal cases, including civil litigation, criminal investigations, and regulatory compliance matters.
• They assist attorneys by analyzing financial data, preparing reports, and providing expert testimony in court proceedings.

Average Salary: The average salary of forensic accountants in US is $84,090 per year.

Fraud Investigators directly engage in the detection and investigation of fraudulent activities. They may work in various sectors including banking, insurance, and corporate environments. Their role involves conducting interviews, analyzing documents and data, and collaborating with law enforcement when necessary.

Key Responsibilities of Fraud Investigator:

• Fraud investigators begin by developing a plan for their investigation. This involves identifying the scope of the investigation, gathering relevant information and evidence, and determining the appropriate investigative techniques to be used.
• Investigators gather evidence through various means, including interviews, document review, surveillance, and data analysis.
• They collect and preserve evidence in a manner that ensures its integrity and admissibility in legal proceedings.
• Investigators conduct interviews with individuals who may have knowledge of the fraudulent activity, including witnesses and suspects.
• They use effective interviewing techniques to elicit information and uncover leads that may assist in the investigation.
• Fraud investigators analyze financial records, transactional data, and other documents to identify patterns, discrepancies, and irregularities indicative of fraud.
• They may use forensic accounting techniques to trace transactions and uncover hidden assets.

Average Salary: The average salary of fraud investigator in US is $63,291 per year.

Internal Auditors are responsible for assessing the effectiveness of an organization’s internal controls, corporate governance, and risk management. They ensure compliance with laws, regulations, and internal policies. CFEs in this role often focus on fraud risk assessments and fraud prevention strategies.

Key Responsibilities of Internal Auditor:

• Internal auditors identify and assess the risks faced by the organization, including operational, financial, and compliance risks.
• They analyze internal controls and processes to determine the likelihood and impact of potential risks.
• Internal auditors develop a risk-based audit plan that outlines the scope, objectives, and timing of audit engagements.
• They prioritize audit activities based on the significance of risks and the needs of the organization.
• Internal auditors conduct audit procedures to evaluate the effectiveness of internal controls, assess compliance with policies and procedures, and verify the accuracy of financial information.
• This involves reviewing documentation, conducting interviews, and performing testing procedures.
• Internal auditors assess the design and operating effectiveness of internal controls across various business processes, such as financial reporting, procurement, and information technology.
• They identify control deficiencies and recommend improvements to mitigate risks.

Average Salary: The average salary of internal auditor in US is $88,422 per year.

Compliance Officers ensure that an organization adheres to external regulatory requirements and internal policies. This role is crucial for maintaining the integrity and reputation of the organization. CFEs in this role often focus on compliance related to financial and fraud-related regulations.

Key Responsibilities of Compliance Officer:

• Compliance officers monitor and assess the organization’s adherence to applicable laws, regulations, and industry standards.
• They stay informed about changes in regulatory requirements and assess the impact on the organization’s operations.
• Compliance officers develop and maintain policies and procedures that outline the organization’s expectations regarding compliance with legal and regulatory requirements.
• They ensure that policies are communicated effectively to employees and stakeholders.
• Compliance officers conduct risk assessments to identify potential compliance risks and vulnerabilities within the organization.
• They analyze internal processes, business activities, and external factors to determine areas of potential non-compliance.
• Compliance officers provide training and education to employees on compliance-related topics, such as anti-corruption laws, data privacy regulations, and ethical conduct.

Average Salary: The average salary of compliance officer in US is $74,763 per year.

Risk Management Specialists analyze and manage the risks that an organization faces, including financial, operational, and reputational risks. They develop strategies to mitigate these risks, and CFEs bring a specialized focus on fraud risk. Risk Management Specialists are essential in helping organizations identify, assess, and mitigate risks that could impact their operations, finances, and reputations.

Key Responsibilities of Risk Management Specialist:

• Risk management specialists identify potential risks that could affect the organization, including strategic, financial, operational, and compliance risks.
• They analyze internal and external factors that may pose threats or opportunities to the organization’s objectives.
• Risk management specialists assess the likelihood and potential impact of identified risks on the organization’s activities and objectives.
• Risk management specialists develop and implement risk mitigation plans to reduce the likelihood or impact of identified risks.
• Risk management specialists continuously monitor and track the status of identified risks to ensure that mitigation measures are implemented and effective.

Average Salary: The average salary of risk management specialist in US is $109,114 per year.

Litigation Support Analysts provide critical support to legal teams by analyzing financial data and producing reports that can be used in legal proceedings. Their work often involves fraud cases, and they must be adept at using various forensic tools and techniques. Litigation Support Analysts provide essential support to legal teams by analyzing complex data and managing information related to legal cases, especially those involving large amounts of electronic data.

Key Responsibilities of Litigation Support Analyst:

• Litigation support analysts collect, organize, and manage large volumes of electronic data relevant to legal proceedings.
• This involves retrieving documents, emails, and other electronic records from various sources, such as company servers, databases, and cloud storage platforms.
• Litigation support analysts oversee the eDiscovery process, which involves identifying, preserving, and reviewing electronic evidence for use in litigation.
• Litigation support analysts coordinate and conduct document review activities to identify relevant information and assess its significance to the case.
• Litigation support analysts perform data analysis and forensic examinations to uncover insights, patterns, and anomalies in electronic evidence.

Average Salary: The average salary of litigation support analyst in US is $55,344 per year.

CFEs play a pivotal role in safeguarding the financial integrity of organizations across various sectors in the US. Their specialized skills in fraud detection, prevention, and investigation are highly valued, and this is reflected in the competitive salaries and diverse job opportunities available to them. As financial transactions become increasingly complex and digitalized, the demand for CFEs is expected to continue growing.

How do I become a CFE?

To become a CFE, you must pass the CFE exam administered by the ACFE, have a minimum of two years of professional experience related to fraud, and meet the ACFE’s education and professional recommendations.

Are CFE jobs in high demand?

Yes, due to the increasing complexity of financial transactions and regulatory environments, the demand for CFEs is high and expected to grow.

Can a CFE work internationally?

Yes, the CFE certification is recognized globally, and many CFEs work in international settings or for global organizations.

Do CFEs only work in finance or accounting?

While many CFEs come from finance or accounting backgrounds, they can also be found in law enforcement, legal professions, and any industry that requires expertise in fraud prevention and investigation.