Breaking Down Certified Fraud Exam (CFE) Certification Cost & Salary in 2024

CFE Certification Cost & Salary

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Are you going to take the Certified Fraud Exam this year and worry about how much cost is applied to the preparation process? If yes, then you are at the right place. This credential is in demand.  In this blog, we are going to discuss the price incurred for CFE certification in detail, which includes exam costs, multiple training options, career prospects, and predictable investment returns.

CFE certification acts as a valuable asset for the corporate landscape. It opens doors for career growth in the fraud examination field. Attaining this certification requires mastering expertise in fraud examination, investigation, and prevention techniques for monitoring fraudulent activities. Moreover, it also improves defense skills and optimizes the financial performance of an organization.

Overview of Certified Fraud Examiner (CFE) Credentials

The Certified Fraud Examiner (CFE) is the most demanding and prestigious certification for performing anti-fraud activities. Association of Certified Fraud Examiners (ACFE) introduced this exam for professionals, who are handling different investigation cases regarding fraud and white-collar crime. This certification ultimately upgrades the knowledge of practitioners about examining financial misconduct by conducting legal aspects of fraud activities and implementing existing prevention and investigation methods. 

Moreover, professionals holding CFEs have to follow a specifically ACFE-designed code of ethics and requirements. Enrolling in specially designed training exams serves as a valuable possession for a successful professional in a more challenging field.

Click here: A Complete Comprehensive Roadmap to Fraud Examiner Certification

Exams Details

Main Domain
Fraud Transaction & Schemes, Investigation Techniques, Law Code, Fraud Prevention & Deterrence
Total Questions per Section
100 MCQs
Time Required
2 hours
Passing Criteria
75%
Negative Marking
Unanswered questions marked as Incorrect
Testing Methods
In person at CFE Exam Review course In-person at Prometric Testing Center Online with a Remote Proctor
Target Audience
One who has prior experience as an auditor, accountant, controller, and fraud manager
Timing Required for Preparation
60 days (Almost two Months)

Prerequisite for exam

One should have a graduation degree and two years of prior experience in fraud to obtain CFE certification. If one does not have a graduation degree, he should have four years of experience along with a college degree. 

Eligibility Criteria for becoming a Certified Fraud Examiner

Below are some necessary steps that need to be followed before becoming a successful CFE Certifier:

  • One needs to have a bachelor’s degree from an accredited university. If practitioners do not have a graduation degree, they should have two years of relevant experience with one year of specific academic record. 
  • Applicants should be part of ACFE members.
  • Must follow four requirements, including being an associate member of ACFE, having some appropriate educational degree and experience, demonstrating high moral values, and acknowledging legal and ethical code.
  • Almost sixty to eighty hours applicants should invest for the exam and can also use ACFE-recommended preparation resources. 
  • Must spend almost $450 to cover almost four different sections of fraud examination. If you pass the exam, your application will be analyzed and approved by the ACFE committee. 
  • Once a person clears the exam in 12 months, he will spend twenty more hours getting professional education and at the same time they can clear membership dues.

Cost for Certified Fraud Examiner (CFE) Certification

The cost incurred for taking exams from Certified Fraud Examiners (CFE) is almost $450 (USD)

If you want to start your journey as a CFE, you need to get enrolled as an ACFE member. There are three different associate membership categories appear, the following are the real demonstration of fee structure.

Associate Membership Type
Renewal Type
General
Educator
Auto Renew
$190
$55
Manual
$210
$75

The amount for printed and paperless resources for both General and Educator Associate membership categories are the same as mentioned above.

For students or Beginners as Associate membership category

The category of beginners or students membership is categorized among paperless and printed resources.

Students (Associate Membership Category)
Paperless
Printed
$25
$210

Advanced Career Opportunities for CFEs

There are many different career opportunities for qualified examiners, some of them are mentioned in the table.

Accounting Department
Forensic Accountant
Government Accountant
Public Accountant
Auditing
External Auditor
Internal Auditor
Governance, Risk Management, & Compliance
Compliance Professional
Risk Management Professional
Investigation
Investigation
Public-Sector Investigator

Potential Outcome for CFE Certifiers

When one gets the CFE Certification, the following are the benefits they will attain in the organization:

  • The earning prospects of CFE have increased by 17% as compared to those who do not attain any certification. 
  • They easily detect organizational fraud activities by 40%.
  • Get a chance to exhibit anti-fraud advanced knowledge and proficiencies in front of organizational clients, managers, and co-workers.

Supporting Tips and Resources for CFE Exams

Practitioners can employ Exam Preparation courses, join different study groups, and prepare detailed notes, and practice dumps or questions to achieve CFE credentials. Following are some techniques for preparing for CFE Exams

i) Take help from CFE exam preparation study materials

One can solve pre-assessment practice questions to get authentic feedback. Practitioners can obtain a soft copy of the fraud examiner’s manual from the ACFE platform. If one continuously practices these manuals then there are a lot of chances that candidates will qualify for the exam.

ii) Create a detailed study plan

Most of the professionals prepare detailed schedules for setting time to prepare and score ace in the CFE exam.

iii) Associated with expert study groups

Most professionals network on social media to share helping material with other professionals

iv) Effective notes making

Professionals can make regular notes on confusing and difficult topics.

v) Participate in the 90-Days CFE Exam Challenge

For scoring aces in the exam, CFE practitioners take part in a 90-day exam challenge. This will keep professionals motivated till the exam date.

How to Prepare with the different study materials offered by ACFE

ACFE has developed three different study materials to meet learning requirements;

Self-Paced, Online Learning
Prepare for CFE Certification by using specifically designed course packages, including lessons, flashcards, and review questions.
Learn in Real Time
This is a four-days instruction course that is arranged online or through live classes to help you chase an ace in the CFE Exam.
Study On Your Own
If you want to complete your preparation on your own, you can use the Fraud Examiners Manual. This course consists of 2000 pages in which each topic is explained extensively.

Free Online Training Courses

ACFE offered online training resources for CFE Exam preparation:

  1. ACFE conducts diverse webinar sessions to keep professionals updated about anti-fraud techniques. You can attend them online or ask for their support for schedules and the timing of webinars.
  2. The official website facilitates a diverse collection of industry-related topics and expert opinions. These courses are in the form of PDF files, a nano learning course pack, and online to assist you in acing exams. They are offered in three different ranges, including Silver, Gold, and Platinum Packages. 
  3. Virtual conferences are offered in which almost 90+ educational sessions were conducted and also give online chatting options to ask questions regarding anti-fraud training sessions.
  4. One can get online and industry-related training, in which experts share updated information regarding different fraud techniques and experience in fraud-fighting.

Benefits of specially designed group training

ACFE introduces fraud awareness training for upgrading knowledge regarding the anti-fraud field. Below are some advantages of group training: 

  • These customized training are available online and onsite campus that will align with the timing of employees of your organization and your allocated budget.
  • Create a learning environment through vast library options and interactive seminars/workshops.
  • Offer extensive courses, such as upgrading interview skills, auditing, fraud and risk management, legal codes, and much more to practitioners so they can meet the requirements of the organization.

Salary Offered to CFE Credentials

According to ZipRecruiter, the average salary for a CFE certifier per year is almost $147,203 which is expected to increase up to $151,500

According to different locations in USA, the CFE Certifier will earn:

Location
Salary (USD)
Berkeley, CA
$191,771
Bailey's Crossroads, VA
$182,353
Daly City, CA
$181,489
San Mateo, CA
$175,818
Richmond, CA
$174,315
Bellevue, WA
$171,686

Conclusion

The Certified Fraud Examiner is one of the best credentials for professionals who are serving in the fraud department. They get a chance to demonstrate their proficiency and industry knowledge in their profession. By spending little on the certification you can entertain yourself with significant benefits. Always remember this investment can lead to a successful career and bright future as a Fraud Examiner.

Frequently Asked Questions (FAQs)

Attaining CFE credentials acts as a helping aid for professionals. This ensures a prospective future, career growth, and increased earning opportunities. Moreover, according to ACFE, fraud examiners’ certifiers receive 34% more salaries than their colleagues.

It will take almost 60 days to get yourself fully prepared for exams.

CFE requires prior experience of almost two years with a solid graduate degree. But if you don’t have a graduation degree then you need four years of experience with a college degree. With this, you need experience in the fraud examination department.

Almost $450 is required to obtain CFE certification but to get the CFE certification one needs to be a member of ACFE platform.

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