CFE - Certified Fraud Examiner

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libor.plus1

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Does anyone have this designation? Hadn’t heard until it started popping up recently. Any comments on it?
 
In order to get the CFE certification, you have to 1) be an Associate member of the ACFE, which is a simple application; 2) pass the exam; 3) have a Bachelor’s degree in any field; and 4) have at least two years of experience in a field either directly or indirectly related to fraud. The following link explains what counts as fraud-related experience: http://www.acfe.com/membership/qualifications.asp

There’s a point system by which you must have a certain number of points to qualify to become a CFE based on education, experience, etc. There’s a link to information about the point system via the link above.

The exam is made up of 4 parts, which you take at home on your own computer (but you have to sign a form saying you didn’t use anything to help you). You can get the review course from the ACFE, which is pricey but worth it, since they say the questions on the exam come directly from the study software. Overall, it’s a pretty easy exam. You have to take all four parts within 30 days, if I remember correctly, but no one I have talked to who took the exam struggled with it. I started studying at the end of July and took the exam at the end of October, and then became certified literally the next business day after taking the exam. Studying would have gone faster if I wasn’t so busy with work in August and September. I really think someone could study for and finish the exam within just a couple of months if they worked a normal person’s job without ridiculous hours. The application doesn’t require much–just copies of transcripts, a form to fill out, and three forms from references that require very little information from the reference. You send in the application about a month before taking the exam, and then once you take the exam, you e-mail the exam file to the ACFE and they grade it right away.

Once you are a CFE, you have to obtain 20 hours of CPE each year, 10 of which must be directly related to fraud. They can overlap with CPE for the CPA certification or other certifications. You don’t actually have to submit proof of CPE unless the ACFE randomly picks you for a CPE audit.

I guess I can’t think of anything else at the moment. The ACFE website is a good place to find out more about the exam and certification. If you have any questions, let me know!
 
I’m one. Very interesting and easy exam. Studying wise, all the parts on the exam = one section of the CPA exam.
It’s a useful designation since it can apply to anyone that is in the fraud / forensic business. I have seen it on job postings before.
 
I’ve got my previous employer to pay for all the materials and membership, but never took the exam. I left public accounting before taking it. I studied a bit and did a good chunk of the software questions. My wife put all the materials for sale on our garage sale a couple weeks ago, but I believe there were no takers, but honestly I have not even checked :-)
I agree with the previous posts. This is a really easy designation to obtain. I am not sure why people in auditing do not get it sooner if they have their CPA.
My only suggestion is to get it as soon as possible if that is something you want to do. I can see how they could change the exam and make it a lot more difficult. It would add credibility to the certification + obviously fraud is becoming a really hot topic.
I never looked at it, but CISA is another certification that did not appear too difficult by comments from holders and the value of it in public accounting was pretty high.
My comments about difficulty for both CFE and CISA are based on comparisons with the CPA and CFA.
 
My goal in life is to have more letters after my name than are in my name.
So far I have BBA, MS. Hopefully I’ll add CFA.
My full name is 15 letters. I have 7 more letters to go … maybe I’ll go for CAIA and CIPM.
 
^Do you put BBA or MS after your name?
What’s the rule of thumb for M.S. or M.A.?
I personally am not listing mine since it’s going to make me look like a tool. I read that for some MA’s it’s more acceptable, and have seen them listed but… I’m still very hesitant.
 
CPierce Wrote:
——————————————————-
> My goal in life is to have more letters after my
> name than are in my name.
>
> So far I have BBA, MS. Hopefully I’ll add CFA.
>
> My full name is 15 letters. I have 7 more letters
> to go … maybe I’ll go for CAIA and CIPM.
Become a realtor, sorry Realtor®
 
For the record, I don’t put BBA or MS behind my name. I was totally kidding.
 
^I’m in the field and CDFA doesn’t mean anything (as of yet). CPA gives more weight. IMHO, CFE > CDFA. I don’t think CDFA will take flight anytime soon.
 
Don’t you think that all these new designations (CME, CDFA, CFE etc.) are ridiculous and take away from the CFA designation? For somebody outside of the finance arena, all these designations seem to say the same thing. How does somebody outside the industry, reconcile or make sense of this alphabet soup of finance designations? The more designations with the letters, C, F and A, the more the value of the charter is being eroded in my opinion. Joe Smith, Certified Fraud Examiner (CFE), Chartered Managerial Accountant (CMA), CDFA, Certified Retirement Plan Expert, the list goes on….
Or, do all these new cooked up designations increase the value of the CFA designation because not many people have the letters CFA?
 
Some of these are dedicated to specialized fields, and thus, are justified. However, it becomes ridiculous if it’s in the same field.
Believe it or not, the CFA isn’t as comprehensive as it seems. It’s comprehensive in the finance sector, but… you’re not going to have a CFA do your taxes or anything in accounting. (Sizable chunk of these are dedicated to accounting too.)
I do think some designations take away from the CFA, such as the CFP, PRM, etc. etc. All these designations are geared towards being a marketing tool to make you look more competent at your job for clients. It gives some standard to base your work upon.
I can tell you this much - I get treated with much more respect with the letters behind my name than previous.
I also think it depends on your field. A lot of finance people I’ve met hate degree / designation hoarders and think they’re tools. However, in some fields (i.e. consulting, litigation), multiple designations and licensure are expected and utilized as a measure of competence.
Short answer: yes, I think it’s legit to a certain point.
 
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