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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Topics, Blueprint and Syllabus

Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam

Last Update November 22, 2024
Total Questions : 186

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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Overview :

Exam Name Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam
Exam Code CFE-Financial-Transactions-and-Fraud-Schemes
Actual Exam Duration The duration of the ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam is four hours.
What exam is all about The ACFE CFE-Financial-Transactions-and-Fraud-Schemes exam is a certification exam offered by the Association of Certified Fraud Examiners (ACFE). This exam is designed to test the knowledge and skills of individuals who are interested in becoming certified fraud examiners and who have a background in financial transactions and fraud schemes. The exam covers topics such as financial statement fraud, asset misappropriation, corruption, and money laundering. The exam consists of multiple-choice questions and is designed to be completed within four hours. Passing the exam is a requirement for becoming a Certified Fraud Examiner (CFE).
Passing Score required The passing score required in the ACFE CFE-Financial-Transactions-and-Fraud-Schemes exam is 75%.
Competency Level required The ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam requires a high level of competency in the field of financial transactions and fraud schemes. Candidates should have a strong understanding of accounting principles, financial analysis, and fraud detection techniques. They should also be familiar with various types of fraud schemes, including asset misappropriation, corruption, and financial statement fraud. Additionally, candidates should have experience in investigating financial crimes and be able to apply their knowledge to real-world scenarios. Overall, the ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam requires a high level of expertise and experience in the field of fraud examination.
Questions Format The ACFE CFE-Financial-Transactions-and-Fraud-Schemes exam consists of multiple-choice questions.
Delivery of Exam According to the ACFE website, the exam is offered in both online and paper-based formats. The online exam can be taken from anywhere with an internet connection, while the paper-based exam is administered at designated testing centers. The exam consists of multiple-choice questions and is timed.
Language offered The language offered for the ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam is English.
Cost of exam It is best to check the official ACFE website or contact their customer service for the most up-to-date pricing information.
Target Audience The ACFE CFE-Financial-Transactions-and-Fraud-Schemes certification is designed for professionals who are involved in detecting, preventing, and investigating financial fraud. The target audience for this certification includes: 1. Fraud examiners 2. Internal auditors 3. Forensic accountants 4. Risk management professionals 5. Compliance officers 6. Law enforcement officials 7. Attorneys 8. Financial analysts 9. Investigators 10. Security professionals The certification is suitable for individuals who work in various industries, including banking, insurance, healthcare, government, and non-profit organizations. It is also beneficial for individuals who are interested in pursuing a career in fraud examination or forensic accounting.
Average Salary in Market The ACFE's 2020 Compensation Guide for Anti-Fraud Professionals, the median salary for Certified Fraud Examiners (CFEs) in the United States was $100,000. This figure can vary depending on factors such as location, industry, and experience.
Testing Provider You can visit the official website of the Association of Certified Fraud Examiners (ACFE) to register for the exam and obtain study materials.
Recommended Experience According to the ACFE website, the recommended experience for the CFE-Financial-Transactions-and-Fraud-Schemes exam includes: - A minimum of two years of professional experience in a field related to fraud examination or financial transactions - A bachelor's degree or equivalent from an accredited institution - Completion of the CFE Exam Prep Course or equivalent self-study - Familiarity with the ACFE Code of Professional Ethics and the Fraud Examiners Manual It is important to note that these are only recommendations and not strict requirements. Candidates with different backgrounds and experiences may still be eligible to take the exam.
Prerequisite To be eligible to take the ACFE CFE-Financial-Transactions-and-Fraud-Schemes exam, candidates must meet the following prerequisites: 1. Be an ACFE member in good standing. 2. Have a bachelor's degree or equivalent from an accredited institution. 3. Have at least two years of professional experience in a field related to fraud examination, financial transactions, or forensic accounting. 4. Agree to abide by the ACFE Code of Professional Ethics and the Bylaws and Policies of the ACFE. 5. Submit two professional references. 6. Pass a background check.
Retirement (If Applicable) It is recommended to check with the ACFE or their official website for the latest updates on the exam.
Certification Track (RoadMap): The certification track or roadmap for the ACFE CFE (Certified Fraud Examiner) Financial Transactions and Fraud Schemes exam includes the following steps: 1. Meet the eligibility requirements: Candidates must have a bachelor's degree or equivalent, two years of professional experience in fraud examination or related field, and be of high moral character. 2. Register for the exam: Candidates must register for the CFE exam and pay the exam fee. 3. Study for the exam: Candidates must study the exam materials, which cover topics such as financial transactions, fraud schemes, and investigation techniques. 4. Pass the exam: Candidates must pass the CFE exam, which consists of four sections: Financial Transactions and Fraud Schemes, Fraud Prevention and Deterrence, Legal Elements of Fraud, and Investigation. 5. Obtain certification: Candidates who pass the exam and meet the other requirements will be awarded the CFE certification. 6. Maintain certification: Certified Fraud Examiners must maintain their certification by completing continuing education requirements and adhering to the ACFE Code of Ethics.
Official Information https://www.acfe.com/financial-transactions-and-fraud-schemes.aspx
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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Topics :

Section Weight Objectives
Section I: Financial Transactions and Fraud Schemes:  
  • Describes hundreds of fraud schemes, including red flags and prevention and detection mechanisms. This section also provides information about basic accounting concepts.
Section II: Law:  
  • Focuses on the statutes and common law principles involved in prosecuting fraudsters through both the criminal and civil systems, as well as legal pitfalls you might encounter while conducting an investigation.
Section III: Investigation:  
  • Provides the basic tools and techniques necessary to gather information and evidence when conducting a fraud examination and identifying perpetrators. The appendices contain a sample fraud examination report, a fraud examination checklist and sample engagement and advisory letters.
Section IV: Fraud Prevention and Deterrence:  
  • Explores why people commit fraud and what can be done to prevent it. Topics covered in this section include developing corporate governance practices, fraud prevention programs, fraud risk assessment and management and managers' and auditors' fraud-related responsibilities.