[RopinC]

Just curious if studying for my CFE exam will help when I go to take my AUD section of the CPA. Anyone had any experience with both?

Here we go......?

REG - April 06, 2013 PASSED
AUD
FAR
BEC

[Anonymous]

Ropin C,

I have been hearing of this CFE exam for a while now and I am really interested for it. I am giving my 4th CPA exam soon and I will have nothing to do after this. I was thinking of doing CMA first. But when I think about it now, I want to go for the CFE and then the CMA. I believe that CFE does not take that time to complete. How do you prepare for the CFE exam? Which is the best and the cheapest material I can get to get prepared? Could you also give me some idea of how much time would I be looking at to complete this certification if I give it lets say 4 hours a day for the preparation. I have a lot of questions about it. Would really love to hear from you since you are giving one right now. Thanks in advance..Also what would be my total cost for the whole process, which is my biggest concern. I may end up being a CPA, CMA and CFE but also I will have a bankrupcy filed in my record so no point doing it since no one would hire me…

[KERI0323]

Here is a link to another forum on this topic. I am also quoting from an email I sent to another member on here previously with info on *my* experience with the exam.

https://www.another71.com/cpa-exam-forum/topic/certified-fraud-examiner

I ordered the prep course while I was still a student so I think it was $350 and that included the cost of the exam. The website is https://www.acfe.com/membership/details-of-cfe-exam.asp?copy=exam-content. I did not find the prep course and exam to be difficult. Once you go through the prep course 1500 multiple choice you are pretty much ready for the exam. The exam is 4 parts, each part is 125 muliple choice and you don't have to complete all four parts in one sitting, although I did because it was easier than I thought it was going to be. You get to take the exam at your house and I think you have 30 days to finish all four parts. Alot of the questions on the prep course are redundant but it does help you for the exam because it's pretty much the same questions. I think I went through the prep course twice, once to get through all of the questions and another run through just to see how well I still remembered. After that, the exam went pretty quick since the questions were pretty much the same. Some questions on the exam might have 1 word changed that would make a different answer correct but it's still the same questions and answer choices.

Hope this helps!

BEC 10/11/2010 77
AUD 11/30/2010 81
REG 02/25/2011 78
FAR 11/28/2011 74,68, 83 and DONE!!! NTS LA #460

[Anonymous]

So…I could get my CFE before I finish all of my CPA testing? I've been waiting to do the CFE after I'm a CPA but if I don't have to wait I'll do that one. I also want the CFA (forensics) but for that I believe you do have to have the CPA designation first.

[Anonymous]

Thanks for the info KERI0323. I am sure then I am sitting for this exam..

[herbert7890]

I want to do the CFE and some management accounting certification, after my CPA. This week the AICPA and CIMA announced a joint project to promote a new international license in the management accounting field, which would have worldwide recognition. This could impact my decision to pursue the CMA, since this new designation is aimed to replace/compete with the CMA certification. I wonder why the AICPA couldn't just affiliate with the IMA (Institute of Management Accountants, to market the CMA around the world, instead of attacking them by making a new designation.

FAR 88 - BEC 86 - AUD 90 - REG 85

[KERI0323]

No, you do not have to wait until after your CPA. It would be a great way to pass the time while you wait for a CPA score and you would probably know that you passed the CFE way before you ever even receive a score from AICPA/NASBA 😉

BEC 10/11/2010 77
AUD 11/30/2010 81
REG 02/25/2011 78
FAR 11/28/2011 74,68, 83 and DONE!!! NTS LA #460

[Michelle]

CPAGuru,

The Prep course for 2011 has been totally revamped and is very user friendly. It is the best way to prepare for the exam. Preparing for the CFE Exam is self paced and you are given 12 months to complete the Prep Course. Most candidates can complete it in 6 months and then sit for the CFE exam within 90 days of the Prep's completion. The Prep Course is over $700 but if you are a full-time student, you can qualify to get it and the Exam fee for $350.00. I recommend the CFE designation since those with a CFE can earn 22% more than those without it. Check out the ACFE's website at http://www.ACFE.com for more information.

[Anonymous]

Thanks for the info Michelle.

[JWS]

I'm a CFE. The prep course the ACFE sells you is the best and honestly you can do it quick. It took me 6 weeks total. It's basically like studying for one CPA exam but the exam is easier since you get the exact same questions in the prep course. They are very fast too. I took the test and a week later I was a CFE. I knew I passed the exam in 2 days.

[RopinC]

Thank you all for the great information, you have saved me a ton of money! 😉 The link directly to the student package is https://www.acfe.com/Stu-Pkg.asp

I am still curious if studying for your CFE did help you with the AUD section of the CPA, not that one will really affect the other for me but just curious.

Thanks again!

Here we go......?

REG - April 06, 2013 PASSED
AUD
FAR
BEC

[JWS]

It will likely only help you marginally on Audit if at all.

[Author]

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