In this blog, the Academy of Internal Audit will discuss the CFE Exam, its importance, the difficulties of studying for the CFE Exam while working full-time, and, yes, tips to help students study for the CFE exam while working full-time.
The Certified Fraud Examiner (CFE) exam is a professional certification exam offered by a ACFE. The exam is designed to test an individual’s knowledge and understanding of the principles and techniques of detecting, investigating, and preventing fraud.
The CFE exam consists of four sections:
- Fraudulent Financial Transactions
- Fraud Prevention and Deterrence
The exam is computer-based. The passing score for the exam is 75% in each subject. Candidates who pass the exam are awarded the CFE credential and are eligible to use the CFE designation after their name.
The CFE exam is widely recognized as a benchmark for fraud examination and is accepted by many organizations as a standard of proficiency in the field of fraud examination. Professionals who pass the CFE exam demonstrate a mastery of the skills and knowledge needed to detect, investigate and prevent financial fraud.
Passing the CFE exam can open up new career opportunities for professionals working in the field of fraud examination, as well as demonstrate their expertise to current and potential employers.
Overview of the importance of the CFE Exam:
The Certified Fraud Examiner (CFE) exam is a critical professional certification for individuals working in the field of fraud examination. The CFE exam is widely recognized as the benchmark for fraud examination and is accepted by many organizations as a standard of proficiency in the field.
Passing the exam demonstrates a mastery of the skills and knowledge needed to detect, investigate and prevent financial fraud, which can be crucial for advancing in one’s career or for obtaining new job opportunities.
The importance of the CFE exam also lies in the fact that it helps to protect organizations and their assets from fraud. Fraudulent activities are not only a financial loss but also a reputational one. CFEs are trained to identify vulnerabilities and implement preventive measures to protect the organization.
Additionally, the CFE exam is a way for professionals to stay current with the latest trends and best practices in the field of fraud examination. The exam is regularly updated to reflect the latest developments in the field, which allows CFEs to stay up-to-date with the latest fraud detection and prevention techniques.
Furthermore, the CFE credential is a lifetime certification, but the credential holders must fulfill the requirements of continuing professional education (CPE) to maintain their credentials. This ensures that CFEs are continually learning and staying current with the latest developments in the field.
Challenges of Studying for the CFE Exam While Working Full Time:
Studying for the Certified Fraud Examiner (CFE) exam while working full-time can present several challenges.
Here are some of the most common challenges that candidates may face:
- Time management:
One of the biggest challenges of studying for the CFE exam while working full-time is finding the time to study. Candidates may have to make sacrifices, such as giving up leisure time, to make time for studying.
- Stress and fatigue:
Balancing the demands of work and studying can be stressful and can lead to fatigue. Candidates need to take care of themselves and make sure to get enough sleep and exercise to maintain their energy levels.
The work environment can be full of distractions, making it difficult to focus on studying. Candidates may have to find a quiet place to study, such as a library or a coffee shop, to minimize distractions.
- Limited flexibility:
Many employers may not be willing to offer flexible scheduling or time off to allow employees to study for the CFE exam. This can make it difficult for candidates to schedule their studies around their work schedule.
- Lack of support:
Some candidates may not have the support of their employers or family members, which can make it more challenging to study for the CFE exam.
- Limited resources:
Candidates may have limited access to study materials and resources while working full-time, which can make it difficult to prepare for the exam.
- Financial burden:
The cost of the exam, study materials, and review courses can be a significant financial burden for candidates who are also working full-time.
Despite these challenges, it is still possible to successfully prepare for and pass the CFE exam while working full-time. By developing a study plan, utilizing online resources, and seeking support from family and friends, candidates can overcome these challenges and achieve their goal of becoming a CFE.
Tips to Help Students Study for the CFE Exam While Working Full Time:
Studying for the Certified Fraud Examiner (CFE) exam while working full-time can be a challenging task. However, with a bit of planning and dedication, it is possible to successfully prepare for and pass the exam.
The following tips can be helpful:
- Create a study schedule:
One of the most important things to do when studying for the CFE exam while working full-time is to create a study schedule. This should include specific times each day or week when you will dedicate time to studying. Make sure to stick to the schedule as much as possible, even if it means sacrificing some leisure time.
- Use your commute:
If you have a long commute to and from work, use this time to study. This can be done by listening to audio study materials or reviewing flashcards on your phone.
- Take advantage of lunch breaks:
Make the most of your lunch breaks by bringing study materials with you to work and using this time to review.
- Utilize online resources:
There are many online resources available to CFE exam candidates that can be used to supplement their studies. These include study guides, practice tests, and online forums where you can ask questions and receive feedback from other candidates.
- Seek support from your employer:
Many employers understand the value of professional development and may be willing to support your studies. Ask your employer if they offer tuition reimbursement or flexible scheduling to help you study for the CFE exam.
- Stay organized:
Keep track of your study materials and progress by organizing them in a binder or a folder. This will help you stay on track and ensure that you don’t miss any important information.
- Take care of yourself:
Studying for the CFE exam while working full-time can be stressful, so make sure to take care of yourself physically and mentally. Get enough rest, eat well, and take breaks as needed.
- Get a study partner:
Studying with someone else can help you stay motivated and on track. Make a study schedule with your partner, help each other out with questions, and discuss the material together.
You can successfully juggle the responsibilities of the job and study for the CFE exam by paying attention to the advice given here. You will soon be on your way to passing the test and receiving your CFE certification if you remain committed and focused. The ideal academy for CFE certificate advice and support is the Academy of Internal Audit.