How the CFE Exam Can Advance Your Career And Help You Earn More This Year

How the CFE Exam Can Advance Your Career And Help You Earn More This Year

The Association of Certified Fraud Examiners or ACFE was founded in 1988 and is a professional organization which is responsible for reducing the number of fraud incidents and provide assistance for its members in its advocate to detect and deter and form of fraud. In its overall mission to achieve its objective, ACFE also conducts various tests and training in order to improve the profession and to produce competitive and high caliber Certified Fraud Examiners (CFE)

In order to become a CFE, it is important to comply to the following requirements. First, they must be a member of the ACFE in good standing; second, they must have an undergrad degree with a master’s degree or a professional designation with professional experience; third, they must have good moral character; fourth, they must abide with the professional code of ethics; and finally, they must pass the CFE exam. One may be able to know more about the CFE exam here.

Is the CFE exam really difficult? I am planning to take one.

In order to better assess as to whether this exam is difficult or not, it is important to know the very nature of this exam which has already been provided from this introduction and what is the process involved in taking it which will be provided here:

The first step here is to register as a member of the ACFE. There are different types of membership here. For starters, you may use the Student membership which has some reasonable benefits which allows you, among others, to gain access to the fraud examination journals. Registration here can be done online. The second step is to identify the qualifications for CFE so you would be able to meet them should you lack it. Finally, for the actual CFE exam, one must be able to prepare enough time and study references needed which may include the Fraud Examiners Manual and the CFE course.

Thus, one may say it is a fairly difficult exam. However, you can pass this test given you are fully knowledgeable of the exam dynamics and you are mentally prepared for it.

I am part working and also studying for the CFE course. How long should I prepare for the exam?

It can be quite intimidating to know but on an average statistic, it should take you 60 days for you to really gain sufficient knowledge about the CFE course and ultimately take the CFE exam. This may mean that you have to sacrifice 8-10 hours of your time in a weekly basis. Of course, this means that you have to choose the most appropriate time and place for you to study so you may be able to do so in a consistent manner.

Considering I pass the CFE exam, what are the ideal careers that will be available for me?

It is true that passing the CFE exam and ultimately earn a CFE Certification should open a lot of professional and career opportunities for you. In fact, you will turn out to be a good and viable candidate for the following careers:

  • Special agents
  • Risk managers
  • Private investigators
  • Fraud analysts
  • Forensic accountants
  • Financial analysts
  • External auditors
  • Internal auditors
  • Compliance officers
  • Audit consultants

What are some of the most important and usual tips I can use for me to pass the CFE exam?

It is important to avoid losing precious time and be quick to answer each question as there is a time limit on each question. It is also worthwhile to note that all of the questions are found during the review sessions so just follow these tips below. One clever trick that you can have is that there are certain questions where the answers may be found by making cross references with other areas throughout the exam. It helps to read two or more sections to other sections as there could be some overlapping topics.

Depending on your lifestyle and availability, one may be able to make use of certain tips which is proven to be very effective especially in taking the CFE exam:

  1. Establish a consistent stud schedule
  2. For those who are working, it is important to have balance between work and studying.
  3. Taking practice or mock exams helps a lot.
  4. It is also important to check your answers and compare them to the solution. This is where you assess yourself as to how far you have really learned.
  5. Always have that reliable list of study materials.
  6. Read every day.

What is the exam type and coverage for the whole CFE exam?

The first thing to know about it is that it can be taken from any computer with internet connection. Should there may be internet interruption, one may still be able to continue answering the exam and upload your answers the soonest the internet connection is restored.

There are four main sections when taking the CFE exam. Each section has 100 questions where each question has a time frame of 75 seconds to answer only. Remember that once you have exceeded the 75 second limit on a question, that question is already blocked and you are no longer allowed to answer or make changes on the answer.

You are required finish all the sections for within 30 days of once you are permitted to take the exam. Overall, it is a 500 multiple choice question type of exam with 125 questions per sections.

All in all, the entire coverage of the exam is the following:

  1. Financial Transactions and Fraud Schemes

This section tests your basic knowledge and understating on the different kinds of fraudulent acts and practices.

  1. Fraud prevention and deterrence

In this section, you will be evaluated as to how well you know and understand the very rationale as to why fraudulent practices are increasing especially in the corporate world. It also allows you to better avoid or deter these kinds of activities.

  1. Investigation

In this section, your investigative proficiency is tested and tests you on how to better detect illicit transactions and what to do with them.

  1. Law

Of course, it is important to be familiar and knowledgeable with the legal systems that are involved in handling fraudulent acts and practices.

  1. Other relevant topics:
  • Identity Theft
  • Accounting Theories
  • Bribery and Corruption
  • Sources of Information
  • Covert Examinations
  • Procurement Fraud
  • Finance Organizational Fraud
  • Commercial Document Fraud
  • Beneficial Skills required
  • Analytical Skill
  • Effective Written and Oral Communication Skill
  • An Exceptional Eye for Details
  • Assertiveness
  • Expert Skepticism

How much is the exam fee?

The entire CFE exam costs around $400.00. However, if you are already an ACFE member and have already completed the preparation course, you can only pay $300.00.  If you retake, each section may cost you $25.

How do I know if I have passed the CFE exam?

In order to pass the said exam, you must be able to have at least a rating of 75% and this should apply on a per section basis as there are 4 sections in the CFE exam. To put it more concretely, you must be able to have at least 94 points correct out of the 12 question per section.

Surely, no one would even dare to deceive or swindle you! And what is the best thing of it all, because of the certification that you will earn here, you can better make use of it as a powerful credential for your promising future career.

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Anthony K. Shepherd

Anthony is the Senior Exam Consultant in CFEExam