CFE Certification Guide

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CFE Certification Guide
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OVERVIEW

• Since our lives have moved online, the number of
  fraud instances and significant fraud events has
  increased quickly. According to recent estimates,
  fraud costs the economy 600 billion a year. As a
  result, there is a greater need for risk
  watchdogs to make sure that both public and
  private enterprises are protected against
  dishonest people.
• Accountants have a method to distinguish
  themselves as authorities in the field of fraud
  examination thanks to the ACFE accreditation.
  Fraud experts concentrate on preventing,
  detecting, and discouraging fraud as well as a
  variety of minor activities that help them
  achieve these objectives. The certificate makes a
  number of employment opportunities available.
• In both the public and commercial sectors, CFE
  Certification can be found in positions such as
  compliance officer, forensic accountant,
  internal/external auditor, private investigator,
  and even in law. With their skills and
  professional experience, they deal with a range
  of fraud types and seek to reduce total fraud
  risk by enhancing loss prevention, preventing
  identity theft, offering security services,
  safeguarding intellectual property, and
  protecting intellectual property. For individuals
  with experience as fraud examiners, there are
  even high-level executive job opportunities, such
  as chief compliance officer, chief risk officer,
  and audit executive.

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What is a CFE Certification?

• A fraud examiner is a type of accountant that
  specializes in finding and exposing fraud and the
  criminals who commit it. They can identify fraud,
  conduct investigations, and wrap up cases of
  fraud since they have received specialized
  training and certification. Their work aids in
  preventing individuals and businesses from losing
  valuable money and financial transaction data to
  local, national, or international scammers.
  Additionally, they cooperate with law enforcement
  to ensure that they have the proof necessary to
  bring the criminals before a judge and jury.

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What Does a Fraud Examiner Do?

• A certified fraud examiner is a professional with
  experience in the detection, investigation, and
  resolution of fraud situations. They are
  white-collar office workers. They can be found
  working for many different businesses, and some
  even do it on their own. In reality, CFEs may be
  found working for the U.S. government as well as
  for the police, businesses, and private
  investigators.
• CFEs who work with the police or another
  comparable group may spend the most of their day
  in an office using computers. However, they could
  also be tasked with leading investigations where
  they are required to gather evidence from a
  scene, question suspects, brief covert
  operatives, and carry out other detective-like
  tasks. CFEs occasionally conduct covert
  operations to gather data and identify fraud
  suspicions. All branches of law enforcement,
  including those at the federal, state, and local
  levels, use CFEs. To work in this industry,
  though, you'll need more than just your fraud
  examiner training you'll also need to have a lot
  of fraud experience, have completed the right
  degree programme, and be able to uphold strict
  ethical standards and a code of ethics.
• In the business setting, CFEs frequently examine
  their employer's finances to look for any
  indications of suspected theft or embezzlement.
  CFEs are frequently referred to as auditors in
  these roles. Many fraud investigators are also
  forensic accountants who use financial data
  analysis to look into potential cases of
  embezzlement, insurance fraud, and money
  laundering.
• CFEs are frequently used by investigators and
  lawyers to determine if their clients may have
  been the victims of financial mismanagement. For
  instance, many divorce proceedings demand that a
  CFE Certification locate any potential missing
  assets and stock. In reality, a CFE Certification
  may get a second certification to run a private
  investigative business with a focus on forensic
  accounting and fraud investigations.

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Education Requirements to Become a CFE

• Degree required
• Test takers must first be in good standing with
  the anti-fraud organization, have earned a
  bachelor's degree, or have similar work
  experience before they can register for the fraud
  examiner exam and get certified as a fraud
  examiner. In other words, applicants are not
  required to have a college degree.
• Each year of a four-year degree that is not
  completed while a student counts as two years of
  experience toward this criterion. As a result, an
  applicant who has never attended college should
  plan to accumulate eight years of professional
  experience in order to apply without fulfilling
  the academic criteria. Therefore, earning a
  degree is more practical for aspirant CFEs than
  gaining experience. In reality, a lot of schools
  provide specific training in criminology,
  forensic accounting, and related fields.

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• Subject Focus
• The fraud examiner exam covers the four primary
  areas of a CFE's professional life
• Transactions involving money and fraud schemes
• This part of the exam will cover auditing and
  accounting foundations, fraud schemes, procedures
  to combat fraud schemes, and accounting concepts
  and theories.
• Law
• Candidates must comprehend the rules of evidence,
  applicable civil and criminal law, the rights of
  the accused and accuser, and the significance of
  expert witness testimony to be effective as fraud
  examiners.
• Investigation
• Fraud examiners should be able to show that they
  have a working understanding of how to conduct an
  investigation, including how to gather
  information from witnesses and suspects, how to
  conduct effective interviews, and how to look for
  telltale signs of fraud, and more.
• Fraud detection and aversion
• CFEs need to comprehend what drives people to
  commit fraud, as well as the fundamentals of
  fraud detection and how to avoid it. The causes
  and circumstances of white-collar crime, how to
  perform a risk assessment, and the ACFE Code of
  Professional Ethics are all covered in this
  section of the test.

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How is the CFE Certification Exam Scored?

• The certified fraud examiner test has four
  components, each of which must be passed with a
  score of 75 or above to pass. Within 3-5
  business days of the exam, applicants receive
  their computer-generated results, which reflect
  their test-day performance. Participants in
  review courses also get their scores within this
  time limit. Every applicant has three
  opportunities to pass each section of the test
  and get certified as a fraud examiner.
• Examinees should allot a whole day for the test
  because it takes two hours to finish each of the
  four segments. Candidates can request a new exam
  if a retake is required, and they will get a key
  for the new test in 3-5 business days

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Study Resources and Preparation for the Fraud
Examiner Exam

• Any member of the ACFE has access to a wealth of
  tools to help them get ready for the
  certification exam. The computer-based CFE Exam
  Prep Course is arguably the most popular exam
  preparation technique. This course may be done at
  the candidate's convenience and does not call for
  extra travel or unscheduled time. Another choice
  is to buy the premium CFE Certification Prep
  Toolkit, which comes with the prep course in
  addition to additional materials including the
  Fraud Examiners Manual, a test-prep flashcard
  software, and the CFE Certification Exam Study
  Guide to help you identify your test-taking
  strengths and weaknesses.
• The AFCE provides four-day training programs with
  the option to take the test with a live proctor
  for individuals who prefer the structure and
  focus of an in-person event. Only a few cities in
  the United States host official AFCE sessions.
  Three sessions were planned in a recent year, one
  in each of Austin, Texas, New York City, and
  Washington, D.C. Candidates from outside the US
  can enroll in the course through reputable,
  independent third parties in international hub
  cities. The test may be taken by interested
  participants on the first day of class.
• For those who prefer the structure and
  concentration of an in-person event, the AFCE
  offers four-day training courses with the option
  to take the exam with a live proctor. Official
  AFCE seminars are only held in a select few
  American cities. A recent year saw the scheduling
  of three sessions, one each in Austin, Texas, New
  York City, and Washington, D.C. Through
  trustworthy, impartial third parties in global
  hub cities, candidates from outside the US can
  enroll in the course. On the first day of class,
  interested individuals may take the exam.

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ACFE-CFE Certification Cost

• The cost of becoming a CFE Certification may not
  be low. To join the ACFE, aspirants must first
  pay their dues. Future examiners must spend a
  significant amount of money on a bachelor's
  degree or get employment in fraud examinations to
  meet the experience or educational requirements.
  Candidates will wish to buy study materials or
  enroll in a conventional classroom course before
  taking the test.
• The following costs apply to these choices
• CFE Exam Prep Course - 796 for members 995 for
  non-members
• CFE Exam Review Course (with live instructor) -
  Fees TBA by the association
• CFE Exam Prep Toolkit 956 for members 1,195
  for non-members
• CFE Examination Cost 400 or 300 with purchase
  of the CFE Exam Prep Course

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