Becoming a Certified Fraud Examiner: Is it Worth It?
The pros and cons of getting certified as a fraud examiner
One of the most popular questions I get on LinkedIn is about becoming a Certified Fraud Examiner (CFE). People are usually curious about the complexity of the exam preparation and if it’s worth getting the certification in general. I was certified in 2019, and it took me about three months to prepare and pass the exam. I have always found it extremely useful for my career development and network opportunities. I wrote down the biggest pros and cons of becoming a CFE to help people who consider getting the certification.
Pros
A network of professionals: a CFE has access to local chapter meetings, the big annual ACFE conference, and many online communities and forums.
Compensation and earnings: the ACFE reports that investigators with the certification earn 17% more than people without it. Their latest report showed that the average salary for a CFE is $106,000 globally and $120,000 in the Pacific region of the US.
Ample resources for continuing education: every CFE has access to a big library of training, webinars, books, and in-person meetings.
Great recognition and credibility: ACFE is a well-known brand and they have more than 90,000 members globally.
Mentorship: the program is available for every member every year. I was a mentor and I hope to become a mentee at some point.
A sense of belonging: every time I meet another CFE, I feel that we share a lot in common. On a minimal level, we attended the same training, hold the same ethical standards, and are interested in the anti-fraud occupation.
Cons
The cost of obtaining and keeping the certification: It costs a lot to prepare for the exam and pass it, pay for annual membership, go to the annual ACFE conference, and keep up with CPE requirements. I had employers who were ready to pay for additional professional education, but some people will have to cover it from their pocket.
The time cost: the exam preparation and maintaining CPE requirements take time and add additional complexity to our busy lives.
The use outside of the U.S.: recognition of the certification is a bit lower in countries outside of the U.S. and the depth of exam preparation is different as well. The exam prep course is available for the U.S. specifically or in the international edition which can’t cover local specifics.
