The Full Form of CFE is Certified Fraud Examiner. A Certified Fraud Examiner (CFE) is a professional certification available to fraud 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 organization, based in Austin, Texas.
What is a Certified Fraud Examiner?
CFEs are qualified to perform specific investigative functions to assess and prevent fraud in an organization and maintain general competence to perform particular fraud investigation duties. The work done by the CFE is supervised by a supervisor who is a certified fraud examiner. The CFE has extensive knowledge and training in the field of fraud investigation. The CFE is qualified to perform specific functions with supervisors, investigators, personnel, and other investigators and may work with law enforcement, internal auditors, regulators, and other designated government entities. Why Does an Appointee to a Committee Need to Be Qualified to do the job?
In 1792, the first fraud occurred in the United States. The secretary of the Treasury, Alexander Hamilton, rebuilt the finance industry by replacing outstanding bonds with bonds from the U.S. bank. The assistant secretary of the Treasury, William Duer, was given access to classified Treasury information. He alerted his friends about classified information before unveiling it to the public, and he knew it would increase the bond prices. Then, Duer sold the bonds for a profit. Hamilton spared the bond market by buying up bonds and acting as a lender. The 1792 bond crisis and the large volume of bond trading were the sparks for the Buttonwood Agreement, which started the New York Stock Exchange (NYSE).
Why Become a CFE?
Your ability to see the world from a different perspective (fraud) will open up exciting possibilities for you in the world of fraud investigation. How will you find work? One way to quickly find employment with CFEs is to become an IABC Fraud Examiner Apprentice. Once you have achieved the apprenticeship, there are many opportunities for employment with certified fraud examiners around the world. Why have a CFE License? Certified Fraud Examiners (CFE) ensure the integrity of the investment marketplace by providing independent verification of claims made by investment professionals, financial advisors, and broker-dealers. Their integrity safeguards the well-being of both investors and the financial services industry as a whole.
The Rewards of Being A CFE
Certified Fraud Examiners gain significant expertise in addressing fraud. These professionals also hold themselves to the highest ethical standards in fraud investigation and are the most equipped to assess corporate or individual risk. Certified Fraud Examiners are compensated on a set salary basis and do not need to pay to get their credentials. Furthermore, they often earn a substantial portion of their income by speaking at conferences and other functions. Their knowledge and passion for the field of fraud go a long way in explaining their high retention rates among their clients. The Benefits of Becoming A Certified Fraud Examiner Being a Certified Fraud Examiner is a two-fold, three-year journey.
The Responsibility of Being A CFE
The professional designation for the Certified Fraud Examiner is an elite professional designation. Fraud examiners are specialized in the identification, investigation, and, when necessary, prosecution of fraud cases. There is no minimum qualifying score to obtain a CFE credential. It is available to individuals without specific law enforcement experience, but CFEs must undergo a rigorous process to receive this certification. A law enforcement background or law enforcement experience is not a prerequisite to becoming a CFE.
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Requirements for Becoming a CFE
According to the ACFE, prospective CFEs must complete three core certification requirements, pass an exam and receive an exemplary evaluation. The exam covers four aspects of fraud detection and is recognized by 20 states. In addition to passing the exam, CFE candidates must also complete 12 years of law enforcement or fraud investigation experience and complete an apprenticeship program. An applicant must not have a felony conviction and must not have been dismissed from any FBI or law enforcement agency. A bachelor’s degree or higher is required, or equivalent experience is required. Becoming an ACFE CFE requires a five-year application process, and examiners are graded on five separate areas.
Certified Fraud Examiners (or as I like to call it, Fraud Exacters) can be found in every industry across the globe, from retail to social media, public relations and consulting, in the entertainment industry, and even in educational institutes. But what is the training required of a Fraud Examiner to become certified? Is it easy? It is! However, it is also very complex, as it involves many studies, a rigorous process, and hands-on experience. It is not a glamourous and cushy job, but it can be gratifying. Know someone who can use a certified fraud examiner? Visit Certified Fraud Examiners. If you liked this article and are concerned about the future of the Western world, check out Roosh’s book Free Speech Isn’t Free.
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A Quick FAQ to CFE
What Is the Full Form of CFE?
CFE Full Form stands for Certified Fraud Examiner.
What is the role of a CFE?
The Certified Fraud Examiner (CFE) credential denotes proven expertise in fraud prevention, detection and deterrence. CFEs are trained to identify the warning signs and red flags that indicate evidence of fraud and fraud risk.
What is CFE in college?
Professionals who enter the accounting and finance field can pursue many different career opportunities, but those wanting to become involved in the investigation and resolution of potential fraud, or its prevention, may want to consider a career as a Certified Fraud Examiner (CFE).
Which is better CFE or CFF?
Most consider the CFE the gold standard in the fraud field, but the CFF is comparable. The association website has a bunch of fraud resources available that definitely made it worth it (mentor program, case studies, forums, sample documents, etc.).
Does CFE certification expire?
To maintain your CFE Credential, you are required to earn at least 20 hours of Continuing Professional Education (CPE) every 12-month period. If your membership expires you are not allowed to use the CFE credential.
Who can give CFE?
Minimum of a Bachelor’s degree (or equivalent) Minimum of 2 years of relevant professional experiences, such as accountancy, auditing, criminology, investigation, loss prevention, law enforcement or legal experience related to fraud.