Certified Fraud Examiner Programs

Professionals who enter accounting and finance can pursue many career opportunities. Still, those wanting to become involved in investigating and resolving potential fraud or its prevention may wish to consider a career as a Certified Fraud Examiner (CFE).

With the proper training and experience, CFEs combine law, criminology, and investigation with accounting, according to the Association of Certified Fraud Examiners (ACFE), which offers the CFE credential. CFEs are responsible for sifting through accounting books and financial records, looking for patterns that could indicate fraud. Then, they interview potential suspects, write final reports, or even testify in court. In addition, CFEs may be employed as audit specialists, internal or external auditors, or forensic accountants.

Having this CFE credential can provide an advantage when competing for a job against someone not similarly certified. Most commonly, companies and organizations will select the CFE job candidate over someone who does not have the certification, and their salary may be more than 17 percent higher than those without certification. In addition, the BLS projects financial examiner careers to grow at a rate of 20 percent in the coming decade, with a current median salary of $84,300 annually (BLS 2024).

As for education requirements, most entry-level fraud examiners have a bachelor’s degree. According to O*NET OnLine (2024), which sources its information from the U.S. Bureau of Labor Statistics (BLS), 75 percent of fraud examiners, investigators, and analysts have a bachelor’s degree. By comparison, 8 percent hold a master’s degree, and 8 percent have a post-baccalaureate certificate in a fraud examination or forensic accounting.

For more detailed salary projections and a step-by-step guide to joining this career, please see our Forensic Accountant Salary & Career Outlook.

Read on to learn about prerequisites, common courses, sample programs, CFE exam details, and accrediting bodies for this profession.

Prerequisites for Becoming a Certified Fraud Examiner

Prospective CFEs must typically have a bachelor’s degree or at least two years of fraud-related experience. Background education will vary for those who wish to become CFEs. Of course, applicants can be forensic accountants, but they also have experience in roles such as external auditors or IRS agents.

As such, CFE applicants typically have training in finance and accounting, and some may have a bachelor’s or master’s degree in one of these fields. Others have academic and professional backgrounds in criminology and sociology, loss prevention, political science, law, and fraud investigation.

At the heart of CFE training is an understanding of recognizing potential fraud acts. The science of numbers and accounting is essential, but professionals also must be aware of patterns that can appear in accounting records or simply through observing specific behaviors. Aspiring CFEs can earn this experience through professional experience in various forensic accounting and fraud examination positions.

Common Courses and Specializations For CFEs

All fraud examination programs have a unique set of courses that may or may not align with the four CFE exam areas set forth by the Association of Certified Fraud Examiners (ACFE). The four areas are financial transactions and fraud schemes; law; investigation; and fraud prevention and deterrence.

Common courses in fraud examiner degree and certificate programs include:

• Ethics in business and accounting
• Advanced auditing and professional practice
• Cyber security studies
• Digital forensic investigation techniques
• Fraud and the law
• Business valuation
• Governance and ethics
• Financial transactions and schemes

Degree programs offer specializations to help students tailor their bachelor’s and master’s degree programs to their career interests. Some common specializations for CFE programs are fraud investigation, forensic accounting, and cybercrime.

On-Campus Certified Fraud Examiner Programs

Fraud examination programs are offered in person at college campuses in several states. Some programs offer certificate programs that can be completed within one year or applied toward a master’s degree program. Other programs are undergraduate certificates designed to give bachelor’s degree holders extra qualifications when looking for entry-level fraud examination positions. Keep reading to learn more about on-campus programs for aspiring certified fraud examiners.

American University

The Kogod School of Business at American University in Washington D.C. offers a graduate forensic accounting certificate. This 12-credit program gives financial fraud examination professionals knowledge and training to work in operational risk consultant, financial forensic analyst, and anti-money laundering specialist roles.

The certificate can be earned independently or applied as elective credit to an MBA or MS graduate degree program. The student-to-faculty ratio is 19:1, and students must complete the program within four years.

The curriculum includes courses such as forensic accounting: fraud examination and litigation support; financial statement analysis; advanced forensic accounting and fraud investigation; and accounting information systems.

• Location: Washington, D.C.
• Accreditation: Middle States Commission on Higher Education (MSCHE)
• Expected Time to Completion: 12 to 24 months

Embry-Riddle Aeronautical University

The School of Business at Embry-Riddle Aeronautical University in Prescott, Arizona, offers a bachelor of science in forensic accounting and fraud examination.

This 120-credit program is designed to help students meet the federal requirements listed by the FBI, CIA, DEA, IRS, and other government agencies. Additionally, this program is a designated ACFE program, and the coursework covers the four major sections of the CFE exam.

The curriculum includes courses such as financial accounting; managerial and organizational behavior; forensic psychology; forensic accounting and fraud examination; criminality; fraud auditing and examination; and detecting & preventing financial statement fraud.

• Location: Prescott, AZ
• Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACSCOC); Association of Collegiate Business Schools and Programs (ACBSP)
• Expected Time to Completion: Four years

Preparing for the CFE Exam

Students wanting to take the certified fraud examiner (CFE) exam offered by the Association of Certified Fraud Examiners (ACFE) must meet several requirements before being eligible to sit for the exam. Application requirements include:

• Having an associate’s degree and four years of professional experience or
• Having a bachelor’s degree
• Official transcripts or photocopies of degree certificates
• A recent photograph
• Current ACFE membership
• Having at least two years of experience related to fraud detection or deterrence or a related field
• Three professional recommendations
• Maintaining strict adherence to the ACFE’s Code of Professional Ethics

The CFE exam is rigorous and takes approximately ten hours to complete. It covers four primary areas of fraud examination:

• Financial transactions and fraud schemes
• Law
• Investigation
• Fraud prevention and deterrence

To pass the 100-question CFE exam, test-takers must answer at least 75 percent of the questions correctly. In addition, it is recommended that up to two of the four exam sections be taken in one sitting. The CFE Exam fee costs $450 or $350 for those who enroll in the CFE Exam Prep Course.

The ACFE offers some ways to help students prepare for the exam. It includes a CFE Exam Prep Course and a 3.5-day CFE Exam Review Course. The CFE Exam Prep Course costs $899 for ACFE members and $1,124 for non-members.