ASSOCIATION OF CERTIFIED FRAUD EXAMINERS

SOUTH AFRICAN CHAPTER

CFE Exam

The CFE Exam Application


Before you take the CFE Exam, your application and supporting documentation need to be processed. This includes your CFE Exam application, three CFE Candidate Recommendation Forms, proof of your education, a recent photo and the exam fee. The cost to take the CFE Exam is US $400*. If you have purchased the CFE Exam Prep Course, you will receive a US $100 credit on the cost of the CFE Exam fee, the CFE Exam fee will be US $300.
The CFE Exam application is non-refundable. We will keep your application on file for two years. If, after two years you have not completed the CFE Program, your application will be canceled and a new application, fee and supporting documentation must be submitted.

*Please note that all fees are subject to change, and you are advised to confirm the latest fee structure at www.acfe.com.

The CFE Exam Application FAQ


What proof of education is required?

A photocopy of transcripts or certificates for any degrees earned and professional certifications acquired must be sent in along with your application. Translations will be required for any documentation not originally provided in English.

Why are CFE Candidate Recommendation Forms required with the application?

In order to maintain the high standards held by the ACFE and to ensure the integrity of the CFE credential, it is important to certify all candidates are of good moral character and a strong addition to the anti-fraud profession. Pick three individuals to complete these forms on your behalf. These individuals need to have worked with you professionally. For example, a past or current co-worker or supervisor.

CFE Exam Content


The CFE Exam covers the following four areas:

  • Fraud Prevention and Deterrence: Tests your knowledge of why people commit fraud and what can be done to prevent it. Topics covered in this section include crime causation, white-collar crime, occupational fraud, fraud prevention, fraud risk assessment, and the ACFE Code of Professional Ethics.
  • Financial Transactions: This section tests your knowledge of the types of fraudulent financial transactions incurred in accounting records. To pass this section, you will be required to demonstrate knowledge of these concepts: basic accounting and auditing theory, fraud schemes, internal controls to deter fraud and other auditing and accounting matters.
  • Fraud Investigation: This section includes questions in the following areas: interviewing, taking statements, obtaining information from public records, tracing illicit transactions, evaluating deception and report writing.
  • Legal Elements of Fraud: This section ensures that you are familiar with the many legal ramifications of conducting fraud examinations, including criminal and civil law, rules of evidence, rights of the accused and accuser and expert witness matters.

Details of the CFE Exam:

The CFE Examination contains 500 objective and true/false questions that tests your knowledge and expertise in the four primary areas of fraud investigation: Fraudulent Financial Transactions, Legal Elements of Fraud, Fraud Investigation, and Criminology and Ethics.

The CFE Exam is administered via computer so it can be taken at a time convenient to you. The CFE Exam is a Windows-based application in CD-ROM format. The exam has a number of sophisticated controls to ensure integrity and each exam is generated from a master database. No two tests are alike.

Taking the CFE Exam


The CFE Exam is a Windows-based application in CD-ROM format. The exam has a number of sophisticated controls to ensure integrity and each exam is generated from a master database. No two tests are alike.
To install, you will need a computer with these capabilities:

  • Processor: Pentium or better
  • Operating System: Windows 98 or later
  • Disk Space: 100 MB of available disk space
  • Memory: 32 MB

Taking the CFE Exam FAQ:


When can I take the CFE Exam?

You may take the CFE Exam any time during the year. When you have submitted your complete CFE Exam application and are prepared to take the CFE Exam you may request the exam. Your request for the CFE Exam will be fulfilled within 3-5 business days.

  • If you studied with the Fraud Examiners Manual, simply request the exam via email at Exam@ACFE.com.
  • If you have studied with the CFE Exam Prep Course, you already have the exam that corresponds to your Prep Course installed on your computer, submit your completed CFE Exam Prep Course progress file to exam@ACFE.com and we will send you the code to access your CFE Exam on your computer

How much time will I need to take the CFE Exam?

It will take approximately 10 hours to complete the CFE Exam. Each section is allocated a maximum of 2.6 hours to complete. Each of the four exam sections has 125 questions and you will have a maximum of 75 seconds to answer each question.
You have 30 days to complete all four sections of the CFE Exam and return it to the ACFE for grading. You must complete each section in one sitting, but you do not have to complete all four sections at once.

Submitting the CFE Exam


You will need to submit your completed exam to the ACFE for review. To send exam results, go to the “Utilities” menu of the CFE Exam program and choose “Export Results.” Save this file to your computer and email a copy to exam@ACFE.com. Alternatively, you may mail a copy by diskette to:

Association of Certified Fraud Examiners

Attn: Certification Department
716 West Avenue
Austin, TX 78701 USA
Phone: (800) 245-3321
+1 (512) 478-9000
Fax: +1 (512) 478-9297


Please remember to mail or fax your examinee affidavit verifying your completion of the exam; you will receive a link to the examinee affidavit from the ACFE with your CFE Exam access code and CFE Exam results email.  To avoid certification delays, ensure your CFE Exam application is complete, including your CFE Exam application, three CFE Candidate Recommendation Forms, proof of education and professional certifications, and a recent photo.

Submitting the CFE Exam FAQ:


How will I know if I passed the CFE Exam?

You will receive a notification on whether you passed or failed via email within 3-5 business days. In order to pass the exam, you must score at least 75% correct on each and every part. Exam scores are only released when you have not achieved the 75% pass rate. This procedure ensures the integrity of the testing process. The ACFE Board of Regents oversees the exam process. If you have studied using the CFE Exam Prep Course and do not pass, you might qualify for the Money-Back Pass Guarantee. If you do not qualify for the Money-Back Pass Guarantee or have studied on your own and do not pass, you may retake one section of the CFE Exam for $40, two sections for $75, three to four sections for $100. Failed exam sections may be paid for and retaken as many times as necessary, with one limitation: members must pass all four sections in three consecutive attempts. Once you pass the CFE Exam, your complete CFE Exam application will be reviewed by the ACFE Certification Committee. You should receive email notification of your CFE certification status within 5-7 business days of passing your exam and completing the CFE Exam application process. Your CFE certificate will be mailed to you within 4 to 6 weeks of your approved CFE certification notification.

Please note:

  • The ACFE’s Money-Back Pass Guarantee assures that any applicant who prepares for the CFE Exam with the CFE Exam Prep Course and fails the exam will be offered either free retakes of the exam or a refund of the cost of the CFE Exam Prep Course. In order to qualify for the Money-Back Pass Guarantee, you must meet certain conditions.

CFE Exam Prep Course FAQ


Why is the CFE Exam Prep Course recommended?

Without the CFE Exam Prep Course, fewer than one in five candidates pass all sections of the exam on the first attempt. We are so confident of the CFE Exam Prep Course’s ability to prepare you for the CFE Exam that the ACFE guarantees you will pass on your first attempt or we will refund your money or let you retake sections of the CFE Exam at no charge (Money-Back Pass Guarantee).

Do I need to take the CFE Exam Prep Course?

No. The CFE Exam Prep Course is recommended to all exam applicants as the most comprehensive way to review for the exam; however, the course is not required. The CFE Exam Prep Course is offered in the following versions: US, Canadian, International, Japanese and UK.

How does the CFE Exam Prep Course work?

The CFE Exam Prep Course focuses on four testing areas significant to the CFE Exam: Legal Elements of Fraud, Fraud Prevention and Deterrence, Financial Transactions, and Investigation Techniques. By providing typical exam questions, the program informs you whether your answer is correct and provides an explanation and study reference. The CFE Exam Prep Course contains 1,500 questions answers, and explanations.  When you have answered all questions correctly and consistently scored at least 85% or more on the practice test for each section, you will be ready for the exam.

What is included in the CFE Exam Prep Toolkit?

The toolkit includes the CFE Exam Prep Course, Fraud Examiners Manual (printed), Encyclopedia of Fraud (CD-ROM), and Corporate Fraud Handbook for $815 plus shipping and handling. Members also have the option of paying for the CFE Exam Prep Toolkit with our Members-Only Installment Plan with a total cost of $870 paying six monthly payments of $145 each (credit card payments only).

What is the ACFE’s Money-Back Pass Guarantee?

The ACFE’s Money-Back Pass Guarantee assures that any applicant who prepares for the CFE Exam with the CFE Exam Prep Course and fails the exam will be offered either free retakes of the exam or a refund of the cost of the CFE Exam Prep Course.

If I have been studying an old version of the CFE Exam Prep Course and just recently registered to take the exam, will the test correspond with my study materials?

Not necessarily. Please contact Member Services for details.

Can I purchase a printed version of the CFE Exam Prep Course?

No. The CFE Exam Prep Course is a computer program only offered on CD-ROM.

Can I share my CFE Exam Prep Course with anyone?

No. The CFE Exam Prep Course is designed for a single user, not for transfer or resale.

Can I load the CFE Exam Prep Course on more than one computer?

Yes. Your “Exam Prep Summary” will reflect all of your work done on multiple computers if you follow these directions.

  • Choose “export progress file” from the Utilities menu.
  • Save a copy to your hard drive. Save a copy to a floppy disk.
  • Install the prep course on the second computer using the CD-Rom and the unlocking code.
  • Go to the Utilities menu and choose “import progress file.”
  • Choose the saved file from the floppy disk.
  • Repeat this process every time you switch computers

Once I have completed my CFE Exam Prep Course, what do I do next?

Make sure that you have completed all your paperwork (submitted your three CFE Candidate Recommendation Forms, proof of education and experience and are an Associate Member of the ACFE).

  • If you have studied using the CFE Exam Prep Course software, send your progress file to exam@ACFE.com. To export this file, go to the Utilities menu in the CFE Exam Prep program. Choose “Export Progress File” in this menu. Save a copy on your computer and email a copy to the ACFE at exam@ACFE.com. We will send you the exam code to unlock the exam that was included in the prep course software. It will take 3-5 business days for us to verify your completion of the CFE Exam Prep Course and send you the code via email.
  • If you studied on your own, using the Fraud Examiners Manual, please contact us at exam@ACFE.com to request your CFE Exam. We will mail you a CD-ROM of the exam.

If I decide not to study with the CFE Exam Prep Course, what are my other study options?

You can study on your own using the Fraud Examiners Manual and other additional reference materials. Approximately 90% of the CFE Exam’s questions are derived from material contained in the Fraud Examiners Manual while the remainder compiled from the Corporate Fraud Handbook, Second Edition.

ACFE, Association of Certified Fraud Examiners, CFE, Certified Fraud Examiner, the ACFE Seal and the ACFE Logo are trade marks exclusively owned by the Association of Certified Fraud Examiners, Inc.

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