CFE Exam Requirements (Exam Structure)
1. Understanding the CFE Exam
The CFE Exam is a comprehensive assessment divided into four sections, each containing 100 multiple-choice questions. Each section has a time limit of two hours, and the exam is designed to evaluate your knowledge of distinct aspects of fraud examination. Prepare thoroughly to excel in all the four sections.
2. Exam Format and Content
a. Closed-Book Format: The CFE Exam is a closed-book and closed-notes test, meaning candidates cannot refer to any external materials during the exam. It ensures fairness and integrity in the assessment process. Candidates must rely solely on their understanding of the subject matter.
b. Four Major Areas of Fraud Examination: The CFE exam will cover four major areas of fraud examination. These four topics will correspond to the sections of the Fraud Examiners Manual, which serves as the efficient source of knowledge for the exam content. The four pivotal sections are:
- Financial Transactions and Fraud Schemes: This part will evaluate a candidate’s understanding of distinct fraudulent financial transactions found in accounting records. It assesses your knowledge of basic accounting and auditing theory, fraud schemes, internal controls to deter fraud, and other related auditing and accounting matters.
- Law: This segment focuses on understanding the legal framework involved in prosecuting fraudsters. It covers statutes and common law principles, criminal and civil law, rules of evidence, rights of the accused and accuser, and expert witness matters.
- Investigations: This part assesses your grasp of essential tools and techniques for gathering information and evidence during a fraud examination. It includes questions on statement-taking, interviewing, tracing illicit transactions, getting information from public records, assessing deception, and report writing.
- Fraud Prevention and Deterrence: This section examines your understanding of the motives behind fraud and strategies to prevent it. Topics include crime causation, white-collar crime, occupational fraud, fraud prevention methods, fraud risk assessment, and adherence to the ACFE Code of Professional Ethics.
3. Unique Exam Generation
Each exam is generated from a master database, ensuring that no two exams are identical. This randomization process maintains the integrity and security of the exam. Candidates can expect a diverse range of questions to test their understanding.
4. Exam Format Options
- In-Person Options: Candidates have the option to take the exam in person either at a CFE Exam Review Course or at a Prometric Testing Center. In-person testing provides a traditional exam setting for those who prefer it. Opt for the option that best suits your choices and needs.
- Online Option with Remote Proctoring: Alternatively, candidates can opt for digital testing using Prometric’s ProProctor platform. This option permits candidates to take the exam remotely from the comfort of their own homes, offering flexibility and convenience. Ensure you have a suitable testing environment and meet the technical requirements for remote proctoring.
5. Taking the Exam
- Scheduling Process: Upon approval of the CFE Exam Application, candidates need to schedule their exam appointments through Prometric. It’s essential to schedule appointments at least 30 days in advance to secure preferred time slots. Plan your exam schedule carefully to accommodate your study needs.
- Step-by-Step Scheduling: Candidates can log in to the Certification Portal to activate their eligibility and obtain an eligibility number. They then use this number to schedule exam appointments through Prometric’s website.
- Taking the Exam and Receiving Results: Candidates must complete each section of the exam in one sitting, but they are not required to finish all four sections at once. It’s recommended to take one or two sections at a time. After completing a section, candidates receive their score report from Prometric within 24 hours. Review your results and use them to guide your study efforts for future sections.
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