[Anonymous]

I am thinking of taking the CFE Exam in the next year or so. I work in Internal Audit and I’ve always been really interested in fraud, so my manager has given me all these great projects revolving around fraud. Anyways, I wanted to see how intense the test is (I’m assuming it’s not even comparable to the CPA Exam) and how long people prepare for it.

[Mary 2496]

Is this the one that's administered by the ACFE? If so, I can give you lots of insight. 🙂

[CPA50]

Hi Amanda,

Get on http://www.acfe.com and check out the requirements. I took it many years ago when the experience requirements were quite strict. I don't remember the actual exam being anywhere near what I'm experiencing now with the CPA exam.

Let me know if you have any questions I can help you with.

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[Uhartsoccer21]

I too am interested in the difficulty of this, some ppl do the 4 day class and then sit for the exam afterwards so can't be too tough.. I'm sure it is a lot easier depending on your exposure to the topic.

A - 89 10/23/2014
R - 90 2/27/2014
F - 75 5/25/2014
B - 83 8/28/2014

[Mary 2496]

Well … for those interested, I took it a few years ago. It was in 2011, if I am not mistaken. I purchased the course from the ACFE and followed their study instructions. They told me in the literature that once I started scoring something like 70% (may not be the right percentage), to email a certain person (which was also stated in the literature), because it meant I was ready for the exam.

Once I achieved the score that they said, I did just that. They email you a special code number which you type into your software in the appropriate place and you begin the exam (right in your home). I don't remember how long it took. A few hours, maybe? After I finished the exam, I then submitted it to them right through the software. A few days later, their representative emailed me to tell me that I had passed.

The exam was almost identical to the questions that I had been practicing on, in the study questions. There were maybe a few worded differently out of all of them. I then paid a fee and they sent me a wall certificate.

You are supposed to continue with CE credits to keep it active but quite honestly, I haven't.

As far as the difficulty, well, like I said, the actual test was almost word-for-word like the study questions that I had to pay around $500 – $600 for. I may be wrong on the price but I think it was in that area. This was quite some time ago, before I began on the CPA track.

– Hope this helps!

* Edit: I just checked. It was April, 2010. I then had to pay around $175 every year for CE and membership renewal. I stopped renewing it after a few years.

[Tripp11]

CPA Exam on a scale of 1 to 10, with 10 being the hardest, the CPA Exam is a 10.

The CFE Exam is a 2.

As others have done, I did the practice software and after doing all of the practice questions, I easily passed the CFE exam.

AUD - 93
BEC - 80
REG - 86
FAR - 83

[Mary 2496]

You're being generous. I'd go 1-2. The exam is really very easy after completing the multiple choice questions. Not trying to downplay the importance of it, to those thinking of pursuing it. Just relaying my experience, after having taken it just a few years back. 🙂

[leglock]

@mary and @ tripp

Do hou feel studying the materials would be sufficient to pass the cfe exam or is some real world accounting experience needed to pass? Obviously the cpa exam is purely studying the materials and i was interested in possibly getting the cfe also.

Thanks

[Mary 2496]

You study the materials including the multiple choice questions that come with the study materials. You then take the exam, which is almost exact to the multiple choice questions. You pay the fee for the materials, pay for the certificate, and then pay for the continuing education and annual renewal. If you only studied the multiple choice questions for a few evenings (if that), you could then take the quiz and pass, in my opinion. It was really easy. Nothing really to it, IMO.

I was actually really surprised at how easy it was. Also please note what we're saying — you don't go anywhere to take the test. It isn't a monitored exam. You take it on your computer right in your home.

[Anonymous]

thanks for the info, everyone!! It seems pretty easy but I wasn't sure. Did anyone do the at home study course? How long did you study before taking it?

From the website, it looks like the test is divided into 4 sections. Are each of the sections lengthy?

[Mary 2496]

I don't remember the length. I think I had everything done – from start to finish (study to exam passing) within a week. Yes, I did the at-home study course.

[Anonymous]

Thanks Mary!

Does anyone here do much with fraud in their career? I was in public for 2 years and I've been in IA for just about two years but what I'm really interested in is fraud. I'm trying to slant my career in that direction, as opposed to SOX testing, etc.

[Tripp11]

@leglock No real world experience is necessary. The practice software (reading the material and doing MC questions) will prepare you adequately. No problem at all.

AUD - 93
BEC - 80
REG - 86
FAR - 83

[Tripp11]

@amanda88 – I use my CFE (and my CPA) continually in our public accounting firm as I am primarily responsible for all fraud investigation engagements which are conducted. The fraud work is truly interesting, and every case seems to add a new twist or difference. It's also interesting working with law enforcement officials and attorneys who know little to nothing about financial fraud schemes.

AUD - 93
BEC - 80
REG - 86
FAR - 83

[leglock]

@ tripp

and

@mary

I've just passed the cpa exam after having been self employed in the construction industry so I'm not too up to date with all the designations of the accounting profession. In your opinion, is this CFE designation worth the money it costs to obtain it? Is it valued within the accounting industry or is it viewed as somewhat of a meaningless designation? I am going to be transitioning away from being self-employed and will be seeking employment and didn't know if this designation would add value and be a plus on my resume. Any insight is greatly appreciated.

[Mary 2496]

I really don't want to talk it down as that wouldn't be fair to those trying to achieve it and that's totally not my intention. Since you asked my opinion, though, let me put it this way.

In my position, I really don't encounter circumstances where I am continually using it. If I were, perhaps I'd feel different. This is one of the reasons why I stopped renewing mine.

To be perfectly and blatantly honest, I was disappointed at how easy it was to obtain. First, I never realized that I could take it right in my home while sitting next to my kid, who was watching TV. I don't even recall any disclosures or notices on it regarding exam integrity (it was a few years back, though).

Because of the ease of it and because of how often you pay (for the course, for the certificate, for every renewal, for every CE hour), I was just disappointed. I was expecting something more challenging only because I feel that when an exam is very easy, the standards are lower because basically it doesn't really take a great deal of effort to go over the material and then pass the exam. I really wanted to see something more challenging or at least semi-challenging (or even a hint of it) when I took the actual exam. Didn't even come close to it, IMO.

Would I do it again? No, I wouldn't. However, if you are in a career aimed at accounting fraud and forensics, it may be worth it. While it was active, I kept the designation after my name for a few years. No one ever questioned it or commented about it, not even once.

Not talking down on it, just giving you my opinion. 🙂

[Author]

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