Steps to Become a CFE
Becoming a Certified Fraud Examiner (CFE) represents a significant advancement for professionals in fields such as accounting, auditing, law enforcement, and legal services. CFEs are recognized for their expertise in fraud prevention, detection, and deterrence. This certification is awarded by the Association of Certified Fraud Examiners (ACFE) which opens doors to enhanced career opportunities, higher salaries, and greater professional recognition.
Step 1: Meet the Eligibility Requirements
To sit for the CFE Exam, candidates must have a bachelor’s degree from an accredited institution. Alternatively, applicants can substitute a degree with at least five years of professional experience in a relevant field, such as fraud detection, law enforcement, or financial auditing.
Step 2: Join the ACFE
Membership in the ACFE provides access to extensive resources that are crucial for both exam preparation and ongoing professional development. Members receive discounts on the CFE Exam Prep Course, access to seminars, webinars, and the latest research and publications in the field of fraud examination.
Step 3: Prepare for the CFE Exam
The CFE Exam Prep Course, offered by the ACFE, is highly recommended. It covers four main areas,
Topic |
Percentage of the Exam |
Description |
---|---|---|
Fraud Prevention and Deterrence |
25% of the exam |
|
Financial Transactions and Fraud Schemes |
25% of the exam |
|
Investigation Methods |
25% of the exam |
|
Legal Elements of Fraud |
25% of the exam |
|
Step 4: Apply for the CFE Exam
After completing the study and preparation phase, candidates must submit an application to take the CFE Exam. The application must include proof of education and professional experience, along with three professional recommendations.
Step 5: Pass the CFE Exam
The exam is administered online and can be taken at the candidate’s convenience. It consists of 500 questions divided into four sections, with a time limit for each section. Candidates must score at least 75% in each section to pass.
Step 6: Submit Your CFE Certification Application
Upon passing the exam, candidates need to submit a certification application along with documentation verifying their education and experience, and character recommendations. Upon approval, the candidate will be awarded the CFE credential.