This article provides a comprehensive overview of the Certified Fraud Examiner (CFE) designation, also referred to as the Fraud Investigator Certification. We aim to help you assess whether the Certified Fraud Examiner certification is worth the risk.
The digital age brings many benefits, like faster and easier transactions, but it also creates new opportunities for fraud. Because so much business happens online and remotely, fraudsters have more ways to exploit people through tactics like identity theft, phishing, and other cyberattacks.
According to recent data from the Federal Trade Commission (FTC), consumers reported losing over $12.5 billion to fraud in 2024. This is a 25% increase compared to the previous year.
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What’s surprising is that the increase isn’t due to more people reporting fraud; those numbers stayed pretty steady. Instead, a bigger percentage of people who did report fraud actually lost money. In 2023, about 27% of fraud reports involved a financial loss, but that number jumped to 38% in 2024.
Given this rise in fraud, organizations are placing greater emphasis on fraud prevention and detection. More and more companies are hiring talented Certified Fraud Examiners.
But earning the CFE certification requires a significant commitment. Candidates must meet strict educational and professional experience requirements, pass a challenging exam, and adhere to a strict code of ethics. This investment leads many to wonder: Is the CFE certification worth it?
What Is a Certified Fraud Examiner (CFE)?
Getting the CFE certification shows that a person understands how to prevent fraud, handle complicated financial matters, and investigate suspicious activity. It also means they have met certain education and work requirements and follow a clear code of ethics. This makes CFEs valuable to any organization.
The Association of Certified Fraud Examiners (ACFE) reports that companies usually lose about 5% of their yearly revenue to fraud, which works out to around $117,000 on average before the fraud is caught. CFEs are trained to spot these problems early and help prevent bigger losses.
Some of the main tasks of a CFE include:
- Creating and putting fraud prevention plans in place to reduce risks
- Acting as an expert witness in court cases involving fraud and white-collar crime
- Reviewing financial records to find signs of fraud and fraud schemes
- Using forensic accounting to investigate fraud cases involving people or companies
Being a CFE takes dedication, attention to detail, and a strong commitment to ethical standards. Anyone can go for it, but it’s not really the right fit for everyone. The CFE certification is ideal for people who:
- Enjoys digging into details, solving problems, and uncovering the truth behind financial transactions.
- Have a strong sense of ethics and a passion for protecting organizations from fraud.
- Are working in fields like accounting, auditing, law enforcement, compliance, risk management, and investigations.
- Wants to build a career focused on fraud detection and prevention.
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How Do You Become a Certified Fraud Examiner?
Here’s a full guide on how to become a Certified Fraud Examiner
1. Make sure you qualify.
Before you dive in, you have to meet a few CFE exam requirements.
- Join the ACFE: First, you have to be a member of the Association of Certified Fraud Examiners (ACFE).
- Meet Education and Experience Requirements: The ACFE uses a points system to decide if you’re eligible. You need 40 points to take the exam and 50 points to earn your certification. Points come from your education and work experience.
Most people have a bachelor’s degree, which automatically earns them the 40 points needed. It doesn’t have to be in a specific subject, but degrees in accounting or forensic accounting are especially helpful. If you have a master’s degree, you get a few extra points.
If you don’t have a degree, don’t worry! You can still earn points based on other education or training.
For work experience, you’ll need at least two years of fraud-related work. This could be in fields like accounting, auditing, criminology, fraud investigation, or loss prevention. Your experience here also counts toward those eligibility points.
2. Register for the exam.
Once you’re sure you qualify, it’s time to apply.
- Submit your application to the ACFE so they can verify your membership, education, and experience.
- After your application is approved, you’ll get an eligibility number.
- Then, you can start scheduling your exam sections.
- You don’t have to take all four parts at once. You have up to 60 days to finish them all. Just try to space them out by at least 30 days to give yourself enough study time.
3. Know what’s on the exam.
The Certified Fraud Examiner certification exam covers four main areas:
- Financial transactions and fraud schemes
- Law
- Investigation
- Fraud prevention and deterrence
Each part has 100 multiple-choice questions, and you’ll have two hours for each section.
You can take the exam online with a remote proctor or in person at a testing center or during a review course.
The exam gets updated every 5 to 7 years to keep up with changes in the field.
4. Understand the scoring.
To pass each section, you need at least a 75% score; that’s 75 correct answers out of 100 questions.
After finishing each section, you’ll get a preliminary score report within 24 hours that tells you if you passed and shows your strengths and weaknesses.
Your exam scores stay valid for five years, so you have time to finish all parts.
5. Know the costs.
The exam fee is $475 total, covering your first attempt at all four parts.
If you need to retake any section, it costs $110 per section.
You can reschedule or cancel exams, but watch out for fees if you do it last minute.
6. Prepare smartly.
Start studying early and give yourself plenty of time. Here are some tips:
- Use the official exam blueprint. It shows exactly what topics you’ll be tested on.
- Make a study schedule. Plan your time around your work or school commitments.
- Take practice tests. These help you get comfortable with the format and find areas you need to work on.
- Join a study group. Studying with others can keep you motivated.
- Try the 90-Day Exam Challenge. The ACFE offers a structured program to keep you on track with study plans and networking.
7. Use available resources.
There are great resources to help you prepare:
- CFE Exam Prep Course: A self-study program with lessons and practice tests.
- CFE Exam Review Course: An instructor-led, interactive course with a paper-based exam option.
- Fraud Examiners Manual: The go-to guide for fraud examiners, updated regularly with the latest info.
By following these steps and putting in the work, you’ll be ready to earn your Certified Fraud Examiner certification!
What Are the Benefits of a CFE Certification?
The financial upside
On average, CFEs tend to earn about 32% more than their peers who don’t have the certification. Whether you’re negotiating a raise or applying for a new role, having the CFE credential shows that you bring extra value to the table.
Making a difference
Companies that employ CFEs catch fraud much faster (around 40% sooner) than those without. That early detection can save businesses millions because the losses from fraud are, on average, 54% smaller when CFEs are involved. Simply put, having the CFE credential means you’re better equipped to protect your organization from costly financial crime, and that’s a responsibility that matters.
Credibility
Clients, employers, and colleagues recognize the certification as a sign that you are really skilled, trustworthy, and dedicated to fighting fraud. Robert Half International, a major player in staffing and recruitment, calls it “in-demand” and “one of the most marketable credentials today.” Nearly 90% of Fortune 500® companies have at least one CFE on their team, which tells you just how valuable this certification is in the business world.
The benefits of CFE certification don’t stop once you earn the credential. The ACFE offers world-class training and ongoing resources to help you keep your knowledge fresh and your skills sharp. This means you’re always growing, learning about the latest fraud schemes, and staying ahead of new challenges, which is key to advancing your career over time.
Is the CFE Certification Worth It?
So, is a CFE certification worth the cost? Let’s take a deeper look at the ROI to help you decide if it’s the right move for you.
Career Opportunities
One of the biggest benefits of becoming a CFE is the expanded career opportunities it opens up. Here are some of the common jobs with a CFE certification:
- Forensic Accountant
- Internal Auditor
- Risk Manager
- Compliance Officer
- Fraud Investigator
- Law Enforcement Agent (specializing in financial crimes)
- Corporate Security Specialist
- Loss Prevention Analyst
- Anti-Money Laundering (AML) Specialist
- Financial Analyst (with a focus on fraud detection)
- Regulatory Investigator
- Consultant in Fraud Prevention and Detection
Because fraud is a concern across many industries, the CFE credential gives you flexibility and a wide range of career paths to explore, like:
- Finance and Banking
- Healthcare
- Government Agencies
- Insurance
- Retail
- Technology
- Non-Profit Organizations
Job Salary
According to ZipRecruiter, the average Certified Fraud Examiner salary is around $147,203 per year. Compare that to a typical fraud analyst, who earns about $63,822 annually. That’s a pretty big gap.
Even if you’re just starting, the CFE can set you apart from others competing for the same jobs. And for those who’ve been in the field a while, it can be the key to unlocking higher-level roles with better compensation.
Growth Rate
As fraud schemes get more sophisticated, organizations need experts who can keep up. According to labor data and industry reports, jobs related to fraud examination and forensic accounting are expected to grow 21 percent from 2023 to 2033. This means more job openings, more opportunities for advancement, and a greater chance of job security.
CFE vs. Other Credentials: CFE vs CPA vs CIA
| Credential | Primary Focus | Best For | Common Roles | Average Salary (US) |
| CFE (Certified Fraud Examiner) | Fraud prevention, detection, and investigation | Professionals focused on identifying and preventing fraud in organizations | Fraud Investigator, Forensic Accountant, Compliance Analyst, AML Specialist | $147,000 |
| CPA (Certified Public Accountant) | Accounting, financial reporting, taxation, and auditing | Those working in accounting, audit, tax, or public accounting firms | Auditor, Tax Accountant, Financial Analyst, Controller, CFO | $120,000 |
| CIA (Certified Internal Auditor) | Internal auditing, risk management, governance, and internal controls | Internal audit professionals in corporate or government roles | Internal Auditor, Risk Manager, Audit Director, Compliance Officer | $106,000 |
Financial Aid and Support for CFE Certification
Worried about the cost? You are not alone. Luckily, there is financial aid for certification programs.
Scholarships
The ACFE Foundation offers scholarships to students studying fraud examination, criminal justice, and related fields. Worth checking out if you’re in school or have just graduated.
Employer Reimbursement
Tons of employers, especially in banking, insurance, and government, will pay for or reimburse your certification costs. It never hurts to ask HR!
Tips for Reducing Costs
Here are a few money-saving options and tips:
- Use employer funds. Ask your boss if they offer certification reimbursements.
- Learn about ACFE student discounts. If you’re in college, take advantage of the big discount.
- Use group discounts to your advantage. Some organizations buy prep packages in bulk.
- Skip the prep course, but only if you’re confident you won’t need it. The prep course is helpful, but not required.
- Look for used materials. Past CFEs sometimes sell books and resources on LinkedIn or forums.
Final Thoughts: Should You Pursue a CFE Certification?
So, is a Certified Fraud Examiner certification worth it? Considering it boosts your salary, opens up more career paths, and builds your credibility, our take is yes, it’s worth it. But in the end, it’s your call.
If you’re unsure, try connecting with people who’ve already taken the leap. Reach out on LinkedIn, join discussions in ACFE forums, or sit in on a local chapter event. Hearing firsthand experiences can give you a better feel for whether this path makes sense for your goals.