Certified Fraud Examiner (CFE) Exam FAQs
What is a Certified Fraud Examiner (CFE) Exam?
The CFE classification is issued by the Association of Certified Fraud Examiners (ACFE). This is the world’s largest anti-fraud organization, based in Austin, Texas. So, A Certified Fraud Examiner (CFE) is a licensed certification accessible to fraud examiners. CFEs are subjected to periodic ongoing professional education qualifications (CPE) in the same manner as CPAs.
Is there any prerequisite for the Certified Fraud Examiner?
- Candidates for CFE certification must have a minimum of a bachelor’s degree or equivalent from an institution of higher education. They should have two years of professional experience related to fraud that can be substituted for each year of college.
- They must have at least two years of professional experience in a field either directly or indirectly related to the detection or deterrence of fraud at the time of certification.
How many questions will be there in CFE Exam?
The CFE exam comprises 500 questions divided into 4 sections.
What is the course outline for CFE Exam?
The main areas to focus on the CFE exam are – 1. Financial Transactions and Fraud Schemes 2: Law 3: Investigation 4: Fraud Prevention and Deterrence
How much the CFE exam will cost?
The exam will cost you $400 USD including the additional taxes.
What is the exam format of CFE exam?
The Certified Fraud Examiner consists of multiple choice questions.
What is passing score for Certified Fraud Examiner?
You have to score minimum of 75% to pass the certification exam.
How to prepare for the CFE exam?
It is important that you enough amount of time to prepare for the CFE Exam. There are many different ways you can prepare, but the following are the most common:
- Study using the Fraud Examiners Manual
- Study with the CFE Exam Prep Course
- Attend the CFE Exam Review Course
What is the technical requirement for the Certified Fraud Examiner (CFE) exam?
This includes system requirements: • Windows 7 (Service Pack 1), Windows 8.1, Windows 10, Mac OS X 10.6 (Snow Leopard) • Screen resolution of 1280×1024 or greater • High-speed Internet connection (minimum 2Mbps upload/2Mbps download) • Ability to download web browser extension • Web camera • Microphone And, browser requirements: • Google Chrome or Mozilla Firefox (latest version recommended) • Browser must be set to allow JavaScript, cookies, pop-ups, web camera access, and microphone access.
How do I schedule the CFE exam?
Candidates who wish to apply for the Certified Fraud Examiner (CFE) Exam must submit all of their documentation one month before they plan to take the CFE Exam. Candidates can schedule the exam at CFE official site.
Where can I take the CFE Exam?
Certified Fraud Examiner (CFE) exam is a computer-based program that you can take at any time. There are no testing centers and do not have designated times when we administer the CFE Exam.
What is the process of maintaining Certified Fraud Examiner (CFE) certification?
To maintain the CFE certification, candidates must hold a minimum of 20 hours of Continuing Professional Education (CPE) every 12-month period. Also, the candidates must pay annual membership dues to stay current in their professions.
How many attempts are there for the Certified Fraud Examiner (CFE) exam?
For this exam you have 3 attempts for each section.
I have been in the anti-fraud industry for many years, will this be a waiver of the CFE Exam?
No, your previous experience or previous certifications will not exempt you from taking any part of the exam.
I already hold other certifications. Does this qualify me as a CFE as well?
No. The CFE credential is a unique designation with its own requirements and standards.
Who sets the standards for CFE certification?
The standards are set by the ACFE’s Board of Regents, who are elected by CFEs and drawn from our most experienced members.
Is the CFE credential acknowledged globally?
Yes, the CFE credential is valid and accepted globally as the standard of professional excellence
Do other entities offer the CFE certification?
No. The CFE certification is a unique aspect of the ACFE
Is there any requirement to take the CFE Exam Prep Course?
No, the course is not required. However, applicant can take it as it is the the most comprehensive way to review for the exam.
What is the cost of the CFE Exam Prep Course?
The CFE Exam Prep Course will cost you $995. Associate members receive a discounted member price of $796)
How long is my CFE Exam application valid?
The application is kept valid for two years.
How long are my professional recommendation forms valid?
Professional recommendation forms are valid for a period of three years from the date signed.
How will I know if I pass or fail the exam?
CFE Exam results are not immediate; once all exam sections have been submitted for grading, please allow 3-5 business days to receive your results by email.
Am I exempt from certain sections of the CFE Exam based on my experience?
No. Candidates have to take and pass all four sections of the CFE Exam.
I have to retake an exam section, what will be the cost?
If you prepare for the exam using the CFE Exam Prep Course and do not pass, then you claim for Money-Back Pass Guarantee. If you qualify for the Money-Back Pass Guarantee you will receive a Retake Exam Key with your results. On the contrary, if you fail to qualify for the Money-Back Pass Guarantee or have studied without the Prep Course, you may retake the CFE Exam for $100 per section.
