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An anti-fraud professional who specializes in detecting and deterring white-collar crime in a variety of settings goes by the title Certified Fraud Examiner (CFE). The primary duty of a CFE is to examine evidence of fraudulent activity in commercial transactions but someone who is certified can do much more than that.
In addition to examining evidence, CFE’s may be asked to testify in course for fraud and embezzlement cases. They could also provide litigation support to attorneys who are actively trying cases. Lastly, experienced Certified Fraud Examiners will look at current procedures and be asked to make improvements in policies that will reduce fraud cases. Here’s how fraud examiners get certified:
Minimum Qualifications
Anyone can have a genuine interest in fraud deterrence and detection but not anyone can get certified. The Association of Certified Fraud Examiners is in charge of administering tests to credential professionals and all prospective applicants must meet the minimum qualification criteria. Currently, all prospective CFE’s must have:
- a Bachelor’s from an accredited college
- two or more years of professional work experience
- proof of completion of the CFE Uniform Test
A Prospects Must Join
If an applicant has met the professional and academic requirements, they should them join the Association of Certified Fraud Examiners to get the ball rolling. The ACFE is a professional organization that offers members all types of services to advance their careers. To be an Associate Member, you must pay a fee and have an interest in fraud detection. All applicants for the CFE must start off as Associate Members.
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Study For the Exam
The uniform CFE examination through the ACFE is comprised of four different sections: Fraudulent Financial Transactions, Legal Elements of Fraud, Fraud Investigation, Criminology, and Ethics. All testers should examine each topic independently using tools and resources available from the ACFE. There are Review Courses, self-study preparation programs, and manuals to use to brush up on all of the content that will be on the exam.
Submit an Application
Anyone who is ready to take the CFE examination can apply to do so online. The application requires the applicant to enter their qualifications, experience, a disclosure statement signature, and payment. Supporting documents must be attached to the digital application. Anyone who takes the exam must pay $400 in the Certification Portal. The cost will be reduced to $300 for applications who paid for the CFE Exam Prep Course that is offered to Associate Members of the ACFE.
Passing the Exam
Anyone who takes the CFE exam must get at least 75 percent of their questions correct in each of the four sections to pass, according to the ACFE Board of Regents. Results are given to the tester via email within 5 days of uploading the exam into the portal. The actual score isn’t released unless the tester didn’t pass a section of the exam.
Anti-fraud professionals save corporations, financial institutions, taxpayers, and government agencies billions of dollars every year. Since the demand for fraud examiners and forensic accountants is extremely high, now is a good time for professionals to specialize in fraud and risk management. Anyone who feels like they would make a great Certified Fraud Examiner can get started right away.