What Is a Certified Fraud Examiner (CFE)?

A Certified Fraud Examiner (CFE) is a professional certification available to fraꦬud examiners. CFEs are subject to periodic❀ continuing professional education requirements (CPE) in the same manner as CPAs.

The CFE designation is issued by the Association of Certified Fraud Examiners (ACFE), the world's largest anti-fraud organizat🔯ion,🎀 based in Austin, Texas. 

Understanding the Certified Fraud Examiner (CFE) Cert𒀰ificate

Certified fraud examiners are required to have a bachelor's degree (or equivalent)—no specific field is required—and at least two years of "professional experience in a field related to the detection or deterrence of fraud." Acceptable fields include auditing, loss prevention, law, and accounting. Qualifying is done according to a points system that awards credit for education, professional affiliations, and experience. Applicants must have 50 points and pass a certification exam to receive the CFE designation. 

CFEs are subject to a 澳洲幸运5官方开奖结果体彩网:code of ethics. For example, Harry Markopolos, the outside investigator who repeatedly warned the 澳洲🌄幸运5𒉰官方开奖结果体彩网:Securities and Exchange Commission (SEC) about Bernie Madoff's Ponzi scheme—to no avail—was a CFE. So is whistleblower David P. Weber, the former SEC assistant inspector general who stated that former SEC Inspector General David Kotz had personal relationships that tainted the SEC investigation of that scandal.

Steps to Becoming a Certified Fraud Examiner

In order to qualify, candidates must also meet the following five criteria:

• must be an Associate Member of the ACFE
• have a minimum of 40 points in the eligibility points system to take the CFE Exam and a minimum of 50 points to be certified
• have at least two years of professional experience in a field related to the detection or deterrence of fraud
• pass the CFE Exam
• agree to abide by the ACFE’s bylaws and Code of Professional Ethics
  

The CFE Exam

The CFE Exam is taken on a proctored computer system, and consist♔s of four sections: Financial Transactions and Fraud Schemes, Law, Investigation and Fraud Prevention and Deterrenc✤e.

Test takers have two hours to complete each section of the CFE Exam. Although the total exam time is therefore eight hours, each section of the exam can be taken separately as long as all sections are completed within 60 days.

 Maintaining Your CFE Credential

CFEs are also required to complete continuing education. According to the ACFE website, "Certified Fraud Examiners (CFEs) need to stay current in the profession by completing Continuing Professional Education (CPE). CFEs must obtain a minimum of 20 CPE credits each year; at least 10 of these must relate directly to the detection and deterrence of fraud and two must relate directly to ethics." The ACFE will allow an extension if a CFE is unable to meet their deadline.

CFE Career Outlook

CFEs have a wide range of career options. Typical jobs include forensic accountant, internal/external auditor, compliance officer, state or private investigator, and law enforcement. A CFE can move into an executive position, such as a special agent, an inspector general, a chief compliance officer, a 澳洲幸运5官方开奖结果体彩网:chief risk officer, or a chief audit executive. 

The ACFE estimates that occupational fraud cost organizations worldwide over $4.7 trillion a year. New and changing regulations—and the development of the ♒澳洲幸运♎5官方开奖结果体彩网:Consumer Financial Protection Bureau (CFPB)—have increased the employment of fraud examiners. The 澳洲幸运5官方开奖结果体彩网:Bureau of Labor Statistics projects the , which involves the type of work done by CFEs ("ensure compliance with laws that govern institutions handling monetary transactions."), to increase 18% from 2020 to 2030.