The Association of Certified Fraud Examiners is responsible for the certification of Certified Fraud Examiners. This is the largest anti-fraud organization in the world, with headquarters in Austin, Texas. A Certified Fraud Examiner is a license that is available to fraud examiners. CFEs must undergo CPE (continuing professional education) every two years, just like CPAs. The ACFE also recognizes the following areas of qualified professional experience as CFEs:
First, Accounting and Auditing
Secondly, sociology and criminology (sociology is only acceptable if it concerns fraud).
Third, Fraud investigation
Also, loss prevention (experience as security guards or equivalent is not acceptable).
Then, Law relating fraud
Final note: Other experiences may be eligible, but must still be evaluated for their applicability.
CFE Exam Requirements
To sit for the exam, you must meet the following eligibility criteria
Candidates for CFE certification must first have a minimum of an undergraduate degree or equivalent from a higher education institution. They must have at least two years of experience in fraud related work that can be substituted for each academic year.
They must also have at least two years’ experience in a field directly or indirectly related with the detection or prevention of fraud at certification.
Certified Fraud Examiner (CFE) Exam Study Guide
Preparations for the Certified Fraud Examiner exam are difficult due to the extensive CFE syllabus. It is difficult to grasp every concept. Consistency is key to success in your preparations. Follow the steps to pass the exam.
Step 1: Understanding the Exam Objectives
The objectives are the most important part of any exam, such as the Certified Fraud Examiner exam (CFE). It is essential to have a clear understanding of the exam course. These course objectives will help you plan for your exam and improve your preparations. To learn more about exam policies and concepts, visit the Official Exam Guide. There are four main domains in the CFE exam sections:
Domain 1: Fraud Schemes and Financial Transactions
It measures the candidate’s understanding of the various fraudulent financial activities that can be found in accounting records.
Domain 2: Law
This domain provides access to the various legal divisions responsible for managing fraud examinations, including rules and evidence, criminal and civil, and expert witness concerns.
Domain 3: Investigation
The Fraud investigation domain also includes questions about taking statements, interviewing and collecting information from public records. It also covers investigating illicit transactions and assessing deceit and report writing.
Domain 4: Fraud Prevention & Deterrence
Finally, this domain tests the candidate’s perception of fraud and approaches to preventing it.
Step 2: Explore Study Resources
There are many learning resources available for the Certified Fraud Examiner exam. You must make wise choices and only use the resources that are most suitable for your preparations. These are some recommended study resources.
Fraud Examiner Manual
The Fraud Examiners Manual is an outstanding reference guide for practicing while taking the Certified Fraud Examiner Exam Preparation course.