The term Certified Fraud Examiner (CFE) refers to a professional who has been formally trained and tested in the world of anti-fraud.
This is done through a special CFE exam. The exam tests the professional’s knowledge and skills to determine their knowledge in the anti-fraud processes.
Those who pass the examination are granted with the title of CFE. This means that they are qualified to detect, handle and eradicate fraud within organizations. This organization may include but are not limited to businesses, financial entities, as well as non-profits.
The examination is granted by the Association of Certified Fraud Examiners (ACFE).
What is the ACFE?
As its name would suggest, the ACFE is an organization of professional fraud examiners.
As the primary management body for fraud examiners, the ACFE holds worldwide recognition. It provides registration, examination and training services for fraud examiners. That is where it holds the potential CFE will membership and examinations.
Along with this, it also acts as a consortium for fraud examiners all over the world to come together and exchange notes and experiences from the field. The platform also uses its stature to communicate changes and updates to the core processes of fraud management.
Why the ACFE Manages the CFE Membership?
The ACFE was established in 1988. Its goal was to bring uniformity in processes and communications for professional fraud examiners all over the world.
Fraud examination is a very crucial process for any business, especially for financial entities. As such, the ACFE’s primary objective is to ensure that anyone acting as a professional in the industry understands the nuances and difficulties that come with the job.
That objective laid the foundation for the ACFE. The organization slowly yet gradually became the central entity to educate, train, and test those who wanted to carry the mantle of being a fraud examiner. The organization continues to fulfill the objective.
And granting CFE memberships is a big part of that.
Who Should Look Into Obtaining a CFE Membership?
Those who are interested in pursuing a career in compliance, specifically fraud management, should look into obtaining a CFE membership.
The CFE membership allows them to establish their authority and expertise in anti-fraud processes.
How to Become a CFE?
Anyone who is already a standing member of the ACFE could apply for the CFE credential. They need to meet the qualification criteria for the exam, which currently stands at having a Bachelor’s degree at the very least.
If someone does not have a Bachelor’s degree, then they could proceed in an alternate manner. They could substitute the degree for 2 years of professional experience for each year of academic study.
If you qualify, then go ahead and apply for your CFE credential application. The application costs $400 at the time of writing. If you want to go with an exam prep course, then there are additional charges for that by the ACFE.
But you could get the preparation done through another professional entity as well. For some, this is a better option, since it provides professionals with an even more targeted level of attention and training.
Once you pass the CFE exam, you could unlock new doors over your career path. You could earn a higher income, hold better and leadership positions, and be an asset to the organization you are working for.
All in all, holding the CFE credential could be a very beneficial step for you. Make sure to consider all of your options, and reach out to a professional if needed to train for the CFE exam.
Why the CFE?
As the world of finance progresses into the digital era at a rapid pace and governments continue to tighten laws around risk, compliance, fraud, and money laundering, credentials such as the CFE may provide individuals with more lucrative opportunities. CFE credentialed professionals may find opportunities within traditional banks and the emerging cryptocurrency institutions such as exchanges, and blockchain tracking firms.