CFE Course Overview
The Certified Fraud Examiner (CFE) credential is recognized and accepted worldwide as the standard of professional excellence in the anti-fraud profession. Credential earners must pass a rigorous four-part examination covering the major disciplines that comprise the fraud examination body of knowledge: Financial Transactions and Fraud Schemes, Law, Investigation and Fraud Prevention and Deterrence. The CFE credential is documented evidence of expertise and experience, representing a high level of skill, knowledge and professionalism. ACFE research indicates that organizations with CFEs on staff uncover fraud 50% sooner and experience fraud losses that are significantly smaller than organizations that do not have CFEs on staff.
CFE Course Content
The Certified Fraud Examiner (CFE) examination consists four module. Below you will find the test objectives for each of the module.
1MODULE-I: FINANCIAL TRANSACTIONS AND FRAUD SCHEMES
This module starts with accounting basics and then moves to various fraud schemes around various functions and industries as well. By going through the concepts of this module, one will learn how do fraudsters are actually perpetrating the various fraud schemes; different prevention and detection techniques.
Chapter Wise Curriculum
- Accounting Concepts
- Financial Statement Fraud
- Asset Misappropriation: Cash Receipts
- Fraudulent Disbursements
- Inventory and Other Assets
- Bribery and Corruption
- Theft of Data and Intellectual Property
- Identity Theft
- Financial Institution Fraud
- Payment Fraud
- Insurance Fraud
- Health Care Fraud
- Consumer Fraud
- Computer and Internet Fraud
- Contract and Procurement Fraud
2MODULE-II: LAW
This module talks about the basic legal system and various legal rules and regulations which a fraud examiner must be aware of before, during and after the execution of an assignment. It also complements the Civil & Criminal Justice System. Don’t worry! You don’t need to remember the bare acts’ language and various sections under this module verbatim.
Chapter Wise Curriculum
- Overview of The Legal System
- The Law Related to Fraud
- Bankruptcy (Insolvency) Fraud
- Securities Fraud
- Money Laundering
- Tax Fraud
- Individual Rights During Examinations
- The Criminal Justice System
- The Civil Justice System
- Basic Principles of Evidence
- Testifying
3MODULE-III: INVESTIGATION
This section enriches you with the tools and techniques necessary to develop information and evidence while conducting a fraud examination and identifying the perpetrators. Also best interviewing approach as well as report writing practices have been explained. By understanding all this, one can demonstrate excellence in investigation process.
Chapter Wise Curriculum
- Planning and Conducting a Fraud Examination
- Analyzing Documents
- Interview Theory and Application
- Interviewing Suspects and Signed Statements
- Covert Examinations
- Sources of Information
- Data Analysis and Reporting Tools
- Digital Forensics
- Tracing Illicit Transactions
- Report Writing
4MODULE-IV: FRAUD PREVENTION & DETERRENCE
This section presents a concrete approach towards prevention and deterrence of fraudulent activities in an organization. It further includes fraud risk assessment and management techniques along with understanding of various frameworks like COSO, ERM etc. This section also includes detailed principles under ACFE Code of Professional Ethics.
Chapter Wise Curriculum
- Understanding Criminal Behaviour
- White-collar Crime
- Corporate Governance
- Management’s Fraud – Related Responsibilities
- Auditors’ Fraud Related Responsibilities
- Fraud Prevention Programs
- Fraud Risk Assessment
- Fraud Risk Management
- Professional code of Ethics
Most Valued For
Forensic Auditor
Internal Auditor
Statutory Auditor
Risk/GRC Analyst
Finance and Accounts
Professional Investigator
What You Will Learn
Fraud Investigation
Legal Challenges
Interview Skills
Criminology
Global Best Practices
Industry Specific Fraud Risks
Know Your Trainer
Puneet Garg
18+ Years Experience
CA, CS, CIA, CFE, CAMS
Puneet Garg is a qualified Chartered Accountant (CA), Company Secretary (CS), Certified Internal Auditor (CIA), Certified Anti money Laundering Specialist (CAMS) and Certified Fraud Examiner (CFE) with more than 18 years of experience in diverse areas of Internal Audit, Compliance, Risk Management, Forensics and Finance.
He has been associated with Alchemist Group of companies, Hyundai Motors, Samsung Electronics India, Panasonic India and DCM Shriram Industries. He has in-depth experience of performing internal audit assignments and conducting fraud examination as a team member and team leader. Puneet has lead various assignments across the globe including Dubai, Saudi and UK to name a few.
Apart from a successful Corporate career, he has taught thousands of aspirants academically and help them enrich their skills in the field of audit and fraud examination.
CFE Exam Format
Multiple Choice Questions
No Negative Marking
Passing Score (75 Marks)
Two Hours (Exam Time)
One Exam Per Module (4 Modules)
100 Questions (One Mark Each)
Why Earn CFE
CFE certification helps you to earn more than your non-certified colleagues.
CFE certified can protect organization from fraud and help impact bottom line.
Demonstrate your anti-fraud knowledge and expertise to your clients, employer and peers.
Build your anti-fraud expertise and professionalism with world-class training and resources.
Grab domestic as well as global job opportunities.
The study material, video lectures and practice tests are all tailored perfectly and cover the CFE syllabus completely and prepare the aspirant in the best possible way for the exam. AIA has distinguished faculty who are knowledgeable and helpful in all aspects of preparation, from registering for the exam till the completion. AIA admin team deserves special appreciation for being so helpful and prompt in their response. I am indebted to AIA for my success.
Rajesh Sinha, CFE
Fraud Risk Manager
AiA support and guidance were valuable in helping me reach this milestone. Special thanks goes to Puneet Sir's Teaching , motivation and guidance. Requesting Sir to start certification courses as well.
Noufal Ummer, CFE
Internal Audit Manager
Hats off to AiA for making crisp and to the point Study Notes. Exactly what is needed to gain knowledge, understand the concept as well as to prepare well for the exam. Support System - Great. Professionalism to another level. Prompt response and solutions to all the problems. Lectures - Key for concept clarity and retention. The examples which Sir gave for each concept helped me to recollect and retain better.
Parag Kate, CFE
Consultant
The material was covering every single topic of CFE Exam. The response regarding each and every query was cleared on priority basis and study material really helped to understand the course. Cherry on the cake was Puneet sir's way of teaching which helped me to clear the course.
Naman Gupta, CFE
Deputy manager
Overall all notes are very good and almost covering 98% topics from exam point of view. Classes also good with required explanation in each topic covered. Staff also proactive and responding timely for every query.
Tushar Rangnath Sakore, CFE
Finance Manager
Why Academy of Internal Audit
CFE Qualified Instructor
Training Support
Access to Recorded Sessions
Flexible Schedule
Best CFE Study Material
Why you should choose AIA only for CFE Prep Course
What all AIA CFE LMS include
Customized Study Material
Academy of Internal Audit provides short customized study material which is more than sufficient to pass the exam.
Practice Questions
We provide more than thousands of practice questions. Along with correct answers and explanation.
Training Sessions
We provide Training sessions (more than 60 Hrs) to clear each and every concept to pass the exam in first attempt.
Live Query Session
Every weekend there is online live query session by our qualified and experienced faculty in which you can ask your doubts.
Time Frame
Ideally it takes around one week to study one module (subject to time devoted to study), hence you can become CFE in Just 30 days.
Mock Test
Once you are done with all above, CFE Mock Tests will also be conducted.
Cost
Everything mentioned above (Customized Study Material, Practice Question, Video Lectures, Query Session and Mock Tests) are provided at a nominal charge.
REGULAR UPDATES
Kindly note, all of our material are updated as per latest syllabus.
CFE FAQs
About the CFE Certification
1.1What is CFE Certification?
CFE certification is issued by Association of Certified Fraud Examiners, US. It enriches you in the field of fraud prevention, detection and deterrence.
1.2Whether this certification is limited to US or recognised globally?
CFE certification is issued by ACFE, US but it doesn't mean that it is acceptable in US only. CFE certification is very well recognised and highly in demand across the globe.
1.3What will be the job opportunities after obtaining CFE Certification ?
CFE certification is not only a study, actually it opens our mind to see the unseen. It will get your professional doors opened for various profiles / departments. You can secure jobs in Internal Audit, Statutory Audit, Forensic Audit, Compliance, AML, Finance, FP&A, Business Excellence, Security, Vigilance etc.
1.4What is the eligibility criteria for CFE course ?
One must be graduate. It can be in any field ( Commerce, Science, Art, etc.)
1.5How much time it will take to complete the certification?
You can complete it in 2-3 months if you study 4-5 hours a week. It can be completed in lesser period as well if you study for higher number of hours per week.
1.6If I don’t have any commerce background, can I pursue it and How difficult it will be for me ?
Don't worry at all. You will be happy to know that this certification study will be as new to you as to a Chartered Accountant. Hardly 5 % of the syllabus pertains to commerce study, hence you can easily understand and complete it.
1.7Do I need to carry any experience to sit into the exams ?
Yes, you are supposed to have 2 years of experience into fraud related areas. It is not necessarily to be as a fraud examiner or investigator. Experience in Audit, Finance, Accounts will also suffice.
1.8What is the curriculum of CFE Certification ?
CFE Certification consists of four modules.
- Module-1 Financial Transactions and Fraud Schemes
- Module-2 Law
- Module-3 Investigation
- Module-4 Fraud Prevention and Deterrence
About the CFE Study
2.1What all are included in AIA CFE Prep Course ?
Academy of Internal Audit provides complete preperation course for CFE Certification. The Prep course is proven, complete and updated. For more detials, click here.
2.2How the Prep-Course will be provided?
You can access the Prep Course by the comfort of your home (Anytime , Anywhere ). Prep course an be accessed on Mobile / PC / Both.
2.3Where all access and books will be provided ?
On payment of fees, we will share an online application form with you in which you have to share basic details like name, address etc. Hard copy of books will be dispatched on the same day . All access will also be provided immediately.
2.4What will be the validity of prep course ?
Ideally course is designed in such a way that you can complete the same in 2-3 months. However, the validity of the prep course will be 6 months. Also we will be happy to extend our support for a couple of months more, if there is reasonable cause of request for extension.
2.5What will be the language of video lectures ?
Video lectures are available in 100% English and Hindi+English version. You can opt as per your convenience .
2.6Can I view the video lectures multiple times or is their any restrictions?
It is recommended to watch video lectures once but with full attention. You don't need to watch it again. However two times access is provided.
2.7Even I will get pre recorded lectures. How I will clear my doubt if any?
We understand that no study is complete without direct interaction with your faculty / mentor. Their by, every weekend there is live session with faculty over MS teams / Zoom. You can ask your doubt in that sessions. Even if you don't have any doubt we suggest you to attend the session. Because the doubt asked by other students will also give a lot of information to you.
2.8How I will be getting the link to join the live weekend session?
Once you registered with us you will be added into a WhatsApp group. Link to join the class will be shared on that group just before the class. You can simply click on the link and join the class. No application needs to be pre-installed.
2.9Do I need to spend on any other study materials apart from AIA ?
AIA CFE Prep Course will be more than sufficient to pass the exam in first attempt itself. You will not need to spend anywhere else.
2.10What is the surety of passing the exam after studying prep course provide by AIA ?
We believe, figures speaks louder than words. We are happy in maintaining our passing percentage more than 99% consistently.
2.11I still not getting confidence that AIA CFE prep course will help me in achieving CFE certification ?
We value your thoughts and suggest you to visit our YouTube channel @academyofia. There is a playlist in the name of Success Stories. These are the interviews of some of our passed students.
You may also visit our LinkedIn page @academyofinternalaudit. You fill find 100s of posts of our recent passed students along with their profiles. You can be in touch with any of these students and obtain the feedback.
Please, feel free to be in touch with us, we will be happy to connect you with faculty as well directly.
About the CFE Exam
3.1What all documents will be required to register for exam ?
Only copy of graduation marksheet/ certificate will be required.
3.2Will AIA assist in exam enrolment as well ?
Yes definitely, we will guide you step by step procedure of registration. Faculty will also review your exam application before submission to ACFE.
3.3I came to know that three recommendation letters are also required . How can I arrange those ?
You can get the recommendation letters from your (existing/ past) peers/supervisors/teachers or from a CFE. We will also assist you in obtaining the recommendations. As we have 100s of CFE passed from AIA, we may request them to issue Recommendations for you.
3.4What are the fees payable to ACFE ?
You have to make two payments. One is membership fees of US$60. Second is registration and examination fees i.e. US $ 450, so the total amount payable will be US$510.
3.5When the exams are held ?
CFE exams are held throughout the year. It means that you can give exams at any point of time comfortable to you .
3.6Where the exam are conducted ?
Exams are conducted online only. You can give exam from the comfort of your home. If you have any limitation of computer, mic , camera ,internet etc, you an give exam from examination centre as well. Examination centres are available in most of the big cities across the globe.
3.7What is the format of exam and passing percentage ?
All questions will be objective type ( MCQ) only and 75 % is the passing criteria. Each exam contains 100 questions and allowed time is 2 hours.
3.8How the result are declared ?
Results are declared immediately on submission of each exam.
3.9Is it mandatory to give the exam in sequence ?
Any of the module can be given as per your convenience. Hence it is not mandatory to follow the sequence of module 1,2,3,4.
3.10What is the maximum time period allowed for exams after paying the exam fees?
One you register for exam with ACFE, you will have 2 years to activate your exam window. But once you activate it, you have to appear int o all four modules within 60 days.
3.11What if I fail in any Module ? Do I need to appear in all 4 module again ?
Only failed module to be given again. All passed papers will be considered as passed. Re-examination fees are US$100 per paper. There will be three attempts allowed for each paper.
3.12In case of reattempt ,when it can be ?
Reattempt of failed module can be done immediately. After failing in one exam, reattempt fees to be paid and then you can schedule your exam any time. It means no break is required.
3.13What is the points system to sit into the exam and obtain the CFE certification after passing the exam?
One must accumulate 40 points to sit into exam and 50 points to obtain the certification. Please, Click here to know the point system and check your points.
3.14Can I refer book/study material during the exams?
No, dear. Its completely a closed book exam.Even your audio and video will be captured throughout the exam and will be screened before announcement of final result.
About the CFE Award
4.1How I will be getting CFE Certificate from ACFE after passing all four modules.
Once you passed all four modules. Just wait for a couple of days, you will be getting a final confirmation mail from ACFE. Also within 30 days, you will be getting hardcopy of your CFE certificate. ACFE will post it your registered address.
4.2Do I need to do any other formality to get the CFE Certificate delivered?
As mentioned, ACFE will itself deliver the CFE Certificate at your address. You just need to ensure that address mentioned in your ACFE portal is complete and accurate.