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CFE Certification Guide

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Aspiring CFE Certification can boost your career to the next level in the cyber world. The ppt file contains a comprehensive preparatory guide includes a CFE exam manual, and valuable resources are discussed that will surely benefit you to become a Certified Certified Fraud Examiner. Follow to know detail about it. – PowerPoint PPT presentation

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Date added: 20 August 2022
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Title: CFE Certification Guide


1
CFE Certification Guide
2
OVERVIEW
  • Since our lives have moved online, the number of
    fraud instances and significant fraud events has
    increased quickly. According to recent estimates,
    fraud costs the economy 600 billion a year. As a
    result, there is a greater need for risk
    watchdogs to make sure that both public and
    private enterprises are protected against
    dishonest people.
  • Accountants have a method to distinguish
    themselves as authorities in the field of fraud
    examination thanks to the ACFE accreditation.
    Fraud experts concentrate on preventing,
    detecting, and discouraging fraud as well as a
    variety of minor activities that help them
    achieve these objectives. The certificate makes a
    number of employment opportunities available.
  • In both the public and commercial sectors, CFE
    Certification can be found in positions such as
    compliance officer, forensic accountant,
    internal/external auditor, private investigator,
    and even in law. With their skills and
    professional experience, they deal with a range
    of fraud types and seek to reduce total fraud
    risk by enhancing loss prevention, preventing
    identity theft, offering security services,
    safeguarding intellectual property, and
    protecting intellectual property. For individuals
    with experience as fraud examiners, there are
    even high-level executive job opportunities, such
    as chief compliance officer, chief risk officer,
    and audit executive.

3
What is a CFE Certification?
  • A fraud examiner is a type of accountant that
    specializes in finding and exposing fraud and the
    criminals who commit it. They can identify fraud,
    conduct investigations, and wrap up cases of
    fraud since they have received specialized
    training and certification. Their work aids in
    preventing individuals and businesses from losing
    valuable money and financial transaction data to
    local, national, or international scammers.
    Additionally, they cooperate with law enforcement
    to ensure that they have the proof necessary to
    bring the criminals before a judge and jury.

4
What Does a Fraud Examiner Do?
  • A certified fraud examiner is a professional with
    experience in the detection, investigation, and
    resolution of fraud situations. They are
    white-collar office workers. They can be found
    working for many different businesses, and some
    even do it on their own. In reality, CFEs may be
    found working for the U.S. government as well as
    for the police, businesses, and private
    investigators.
  • CFEs who work with the police or another
    comparable group may spend the most of their day
    in an office using computers. However, they could
    also be tasked with leading investigations where
    they are required to gather evidence from a
    scene, question suspects, brief covert
    operatives, and carry out other detective-like
    tasks. CFEs occasionally conduct covert
    operations to gather data and identify fraud
    suspicions. All branches of law enforcement,
    including those at the federal, state, and local
    levels, use CFEs. To work in this industry,
    though, you'll need more than just your fraud
    examiner training you'll also need to have a lot
    of fraud experience, have completed the right
    degree programme, and be able to uphold strict
    ethical standards and a code of ethics.
  • In the business setting, CFEs frequently examine
    their employer's finances to look for any
    indications of suspected theft or embezzlement.
    CFEs are frequently referred to as auditors in
    these roles. Many fraud investigators are also
    forensic accountants who use financial data
    analysis to look into potential cases of
    embezzlement, insurance fraud, and money
    laundering.
  • CFEs are frequently used by investigators and
    lawyers to determine if their clients may have
    been the victims of financial mismanagement. For
    instance, many divorce proceedings demand that a
    CFE Certification locate any potential missing
    assets and stock. In reality, a CFE Certification
    may get a second certification to run a private
    investigative business with a focus on forensic
    accounting and fraud investigations.

5
Education Requirements to Become a CFE
  • Degree required
  • Test takers must first be in good standing with
    the anti-fraud organization, have earned a
    bachelor's degree, or have similar work
    experience before they can register for the fraud
    examiner exam and get certified as a fraud
    examiner. In other words, applicants are not
    required to have a college degree.
  • Each year of a four-year degree that is not
    completed while a student counts as two years of
    experience toward this criterion. As a result, an
    applicant who has never attended college should
    plan to accumulate eight years of professional
    experience in order to apply without fulfilling
    the academic criteria. Therefore, earning a
    degree is more practical for aspirant CFEs than
    gaining experience. In reality, a lot of schools
    provide specific training in criminology,
    forensic accounting, and related fields.

6
  • Subject Focus
  • The fraud examiner exam covers the four primary
    areas of a CFE's professional life
  • Transactions involving money and fraud schemes
  • This part of the exam will cover auditing and
    accounting foundations, fraud schemes, procedures
    to combat fraud schemes, and accounting concepts
    and theories.
  • Law
  • Candidates must comprehend the rules of evidence,
    applicable civil and criminal law, the rights of
    the accused and accuser, and the significance of
    expert witness testimony to be effective as fraud
    examiners.
  • Investigation
  • Fraud examiners should be able to show that they
    have a working understanding of how to conduct an
    investigation, including how to gather
    information from witnesses and suspects, how to
    conduct effective interviews, and how to look for
    telltale signs of fraud, and more.
  • Fraud detection and aversion
  • CFEs need to comprehend what drives people to
    commit fraud, as well as the fundamentals of
    fraud detection and how to avoid it. The causes
    and circumstances of white-collar crime, how to
    perform a risk assessment, and the ACFE Code of
    Professional Ethics are all covered in this
    section of the test.

7
How is the CFE Certification Exam Scored?
  • The certified fraud examiner test has four
    components, each of which must be passed with a
    score of 75 or above to pass. Within 3-5
    business days of the exam, applicants receive
    their computer-generated results, which reflect
    their test-day performance. Participants in
    review courses also get their scores within this
    time limit. Every applicant has three
    opportunities to pass each section of the test
    and get certified as a fraud examiner.
  • Examinees should allot a whole day for the test
    because it takes two hours to finish each of the
    four segments. Candidates can request a new exam
    if a retake is required, and they will get a key
    for the new test in 3-5 business days

8
Study Resources and Preparation for the Fraud
Examiner Exam
  • Any member of the ACFE has access to a wealth of
    tools to help them get ready for the
    certification exam. The computer-based CFE Exam
    Prep Course is arguably the most popular exam
    preparation technique. This course may be done at
    the candidate's convenience and does not call for
    extra travel or unscheduled time. Another choice
    is to buy the premium CFE Certification Prep
    Toolkit, which comes with the prep course in
    addition to additional materials including the
    Fraud Examiners Manual, a test-prep flashcard
    software, and the CFE Certification Exam Study
    Guide to help you identify your test-taking
    strengths and weaknesses.
  • The AFCE provides four-day training programs with
    the option to take the test with a live proctor
    for individuals who prefer the structure and
    focus of an in-person event. Only a few cities in
    the United States host official AFCE sessions.
    Three sessions were planned in a recent year, one
    in each of Austin, Texas, New York City, and
    Washington, D.C. Candidates from outside the US
    can enroll in the course through reputable,
    independent third parties in international hub
    cities. The test may be taken by interested
    participants on the first day of class.
  • For those who prefer the structure and
    concentration of an in-person event, the AFCE
    offers four-day training courses with the option
    to take the exam with a live proctor. Official
    AFCE seminars are only held in a select few
    American cities. A recent year saw the scheduling
    of three sessions, one each in Austin, Texas, New
    York City, and Washington, D.C. Through
    trustworthy, impartial third parties in global
    hub cities, candidates from outside the US can
    enroll in the course. On the first day of class,
    interested individuals may take the exam.

9
ACFE-CFE Certification Cost
  • The cost of becoming a CFE Certification may not
    be low. To join the ACFE, aspirants must first
    pay their dues. Future examiners must spend a
    significant amount of money on a bachelor's
    degree or get employment in fraud examinations to
    meet the experience or educational requirements.
    Candidates will wish to buy study materials or
    enroll in a conventional classroom course before
    taking the test.
  • The following costs apply to these choices
  • CFE Exam Prep Course - 796 for members 995 for
    non-members
  • CFE Exam Review Course (with live instructor) -
    Fees TBA by the association
  • CFE Exam Prep Toolkit 956 for members 1,195
    for non-members
  • CFE Examination Cost 400 or 300 with purchase
    of the CFE Exam Prep Course

10
CFE Online Training and Certification
Get CFE Online Training and Certification from
Pass Your Cert and become a Certified
professional all over the globe. Visit
www.passyourcert.net and choose your course.
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