CFE Certification: Benefits, Educational Requirements, Exam Structure & Scoring for 2025

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

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What is CFE certification?

CFE certification stands for Certified Fraud Examiner, a globally recognized professional credential awarded by the Association of Certified Fraud Examiners (ACFE). It is designed for individuals who specialize in identifying, preventing, and investigating financial fraud in both corporate and public sectors. Holding the CFE designation signals credibility, professional integrity, and a high level of expertise in fraud risk management.

The credential demonstrates mastery across multiple domains of fraud examination. These include analyzing complex financial transactions, applying investigative techniques to uncover fraudulent activity, understanding relevant legal considerations, and designing effective anti-fraud controls and prevention programs.

Because of this broad expertise, CFEs are employed in diverse fields such as forensic accounting, internal and external auditing, law enforcement, regulatory compliance, and corporate security. Professionals in related disciplines—such as those pursuing best criminology jobs—often view the CFE as a natural complement to their career paths.

To earn the CFE, candidates must meet academic and professional experience requirements and successfully pass a rigorous four-part exam. The exam covers Financial Transactions and Fraud Schemes, Law, Investigation, and Fraud Prevention & Deterrence, ensuring that credentialed professionals are well-rounded and equipped to address fraud from multiple angles.

With fraud cases on the rise globally, the CFE credential continues to grow in demand, offering strong career prospects and advancement opportunities.

How is the CFE different from a CPA or other accounting certifications?

The CFE is fundamentally different from a Certified Public Accountant (CPA) and other accounting certifications because of its specialized, anti-fraud focus. While a CPA is a broad, foundational license for accounting, a CFE is a highly specific credential for professionals who detect, investigate, and deter fraud.

CFE vs. CPA

The main distinction lies in their purpose, scope, and required knowledge base. It's a common question to ask, “What's the difference between an accountant and a CPA?”

The core distinction is that a CPA is a licensed professional who has met specific educational, examination, and experience requirements to gain their certification, while an accountant is a professional who may or may not be certified. In a similar vein, the CFE certification carves out its own distinct niche.

Focus and Purpose

The CPA is the gold standard for public accounting. It's a broad-based license that covers a wide range of accounting functions, including auditing, tax preparation, financial reporting, and compliance with generally accepted accounting principles (GAAP). The CPA license is often a legal requirement for certain roles, such as signing off on public company audit reports.

In contrast, the CFE focuses on a specific niche within accounting and business—the prevention and investigation of fraud. A CFE's work is more investigative and legal in nature, combining accounting skills with criminology and law.

Knowledge Base

The CPA exam is a four-part, comprehensive test on auditing, financial accounting and reporting, regulation, and business environment and concepts. It requires a deep understanding of financial statement preparation, taxation, and auditing standards. The CFE exam is also a four-part test, but its sections are tailored to fraud examination. It tests knowledge of fraud schemes, investigative techniques, and legal elements of fraud cases.

Experience Requirements

To become a CPA, most states require a minimum of 150 college credit hours (which is more than a standard bachelor's degree) and a certain number of hours of work experience verified by a licensed CPA. For the CFE, the requirements are more flexible, often based on a points system that credits a combination of education and professional experience in fields related to fraud.

CFE vs. Other Certifications

Other accounting certifications are also distinct from the CFE, each with its own specialized focus.

• Certified Management Accountant (CMA): The CMA is for accountants who work within an organization. Its focus is on internal financial management, strategic planning, budgeting, and performance analysis. While a CMA might identify internal control weaknesses that could lead to fraud, their primary role is not to investigate it.
• Certified Internal Auditor (CIA): The CIA is a global certification for internal auditors. CIA's work to evaluate and improve an organization's risk management, control, and governance processes. While the CIA's duties can include detecting fraud, the scope is broader, focusing on all internal risks and controls, not just fraud. A CFE, on the other hand, specializes exclusively in fraud.
• Certified in Financial Forensics (CFF): The CFF is a certification offered by the AICPA specifically to CPAs. It's similar to the CFE in that it deals with forensic accounting, but it's a specialty for an existing CPA. This means you must first be a licensed CPA to pursue a CFF. A CFE doesn't require a CPA license.

Meanwhile, the chart below shows the most in-demand skills for certified fraud examiners:

Why do I need to get certified as a CFE?

Getting certified as a CFE is important because it increases professional credibility, opens up better career opportunities, and demonstrates specialized expertise in fraud detection and prevention, making CFEs sought-after in various industries.

Career Advancement and Credibility

Obtaining the CFE credential signifies mastery in anti-fraud techniques and best practices, making professionals highly trusted by employers and clients across industries. Recognition as a CFE shows a commitment to high ethical standards and positions individuals within an esteemed community of anti-fraud experts.

Increased Earning Potential

According to the Association of Certified Fraud Examiners, CFEs can earn up to 32% more than non-certified colleagues. This financial benefit mirrors other professional advantages found in fields like healthcare, where credentials such as ACNP salary benchmarks highlight the value of advanced certification.

Specialized Skills and Organizational Impact

Certification ensures professionals acquire up-to-date knowledge and techniques to investigate, detect, and deter fraudulent activities, contributing to more effective internal controls and reduced fraud losses for their organizations. Organizations with CFEs on staff uncover fraud sooner and suffer fewer losses, highlighting the importance of this credential.

Networking and Professional Development

CFE certification also provides access to ongoing training, networking, and exclusive resources through membership with the ACFE, helping practitioners remain at the forefront of industry developments.

Lifelong Professional Growth

Certified Fraud Examiners are required to continually update their skills and knowledge, ensuring they remain effective in combating sophisticated financial crimes and adapting to evolving anti-fraud strategies.

What are the CFE educational requirements to qualify for the exam?

To qualify for the CFE exam, candidates generally need to meet specific educational requirements as part of the ACFE’s eligibility points system. Most applicants hold a minimum of a bachelor’s degree (or equivalent) from an accredited institution, which typically earns them 40 qualifying points.

No specific major is required, although degrees in accounting, finance, business, criminal justice, or related fields are common. Candidates from other backgrounds—such as science or pre-med—may ask, why is biology a good major for medical school, but for CFE eligibility the subject matter is flexible as long as professional fraud-related experience supports it.

Suppose a candidate does not have a bachelor’s degree. In that case, they may still qualify by substituting fraud-related professional experience for each year of academic study. Typically, two years of relevant experience count as the equivalent of one academic year. Along with education, candidates must have at least two years of professional experience in fields related to fraud detection, deterrence, or investigation before becoming certified. 

While it is possible to pass the exam with 40 points (from education and/or experience), full CFE certification requires a minimum of 50 points, plus relevant work experience. Candidates must also be members of the ACFE to take the exam and must agree to abide by the ACFE Code of Professional Ethics.

Knowing the educational and experience requirements is one thing, but understanding the specific knowledge areas is another; here is a breakdown of the most common academic backgrounds for CFE candidates.

What are the four sections of the CFE Exam?

The CFE exam is divided into four sections. Each section has 100 multiple-choice questions, and candidates must pass each section with at least 75% to earn the CFE credential.

Financial Transactions and Fraud Schemes

This section covers accounting concepts, financial statement fraud, asset misappropriation, corruption, identity theft, financial institution fraud, payment fraud, insurance fraud, healthcare fraud, consumer fraud, cyberfraud, and contract and procurement fraud. It tests knowledge of how financial transactions relate to various fraud schemes.

Law

This section focuses on the legal system and laws related to fraud, including criminal and civil law, bankruptcy fraud, securities fraud, money laundering, tax fraud, rights during examinations, criminal prosecutions, civil actions, evidentiary principles, and testifying as an expert witness.

Investigation

This part tests knowledge about planning and conducting fraud examinations, collecting evidence, interview theory and application, interviewing suspects and obtaining signed statements, covert operations, sources of information, data analysis, digital forensics, tracing illicit transactions, and report writing.

Fraud Prevention and Deterrence

This section addresses understanding criminal behavior, white-collar crime, corporate governance, management's and auditors' fraud-related responsibilities, fraud prevention programs, risk assessment and management, and ethics for fraud examiners.

For those looking to quickly enhance their legal expertise in the business world, pursuing a CFE certification can be a great option, though it's worth noting that some individuals may also explore the fastest online master's degrees in business law to gain a broader legal education that complements their fraud examination skills.

What is the ACFE point system for CFE eligibility?

​​The ACFE point system for CFE eligibility requires candidates to accumulate points based on education and fraud-related professional experience. To be eligible to take the CFE Exam, a candidate must have at least 40 points.

To earn the CFE credential after passing the exam, the candidate must have at least 50 points and a minimum of two years of fraud-related professional experience.

Education Points

• A bachelor's degree or equivalent earns 40 points.
• Suppose a candidate does not have a bachelor's degree. In that case, they can substitute two years of fraud-related professional experience for each year of academic study (e.g., two years of college = 20 points).
• Advanced degrees earn additional points: master's degree (5 points), Ph.D. or J.D. (10 points).
• Professional certifications approved by the ACFE can add points (typically 10 points per certification, up to a certain limit).

Experience Points

• Fraud-related experience is full-time work contributing to the prevention, detection, or deterrence of fraud.
• Candidates earn 5 points for each full year of fraud-related professional experience.
• At least two years of such experience are required to become certified.

Some candidates strengthen their eligibility with professional credentials. For example, educators often pursue BCBA CEU requirements or other specialized certifications that demonstrate ongoing professional learning—similar to how ACFE awards extra points for additional recognized credentials.

What is the overall pass rate for the CFE certification exam?

The overall pass rate for the Certified Fraud Examiner (CFE) certification exam is generally around 50–60%. The exam is known to be challenging, and the ACFE, which administers the exam, does not officially publish exact pass rate statistics.

This lack of official data is why reported rates often vary. Regardless of the exact percentage, the CFE exam is widely considered a challenging and rigorous test that requires significant preparation and a strong understanding of fraud examination principles.

Factors Influencing the Pass Rate

Several factors contribute to the CFE exam's difficulty and influence a candidate's likelihood of passing. The exam is divided into four distinct sections, and candidates must pass each section with a minimum score of 75%. 

Many candidates choose to tackle the sections individually, which allows them to focus on one subject at a time. The comprehensive nature of the exam's content, which spans a wide range of topics from accounting and auditing to legal and investigative procedures, is what makes it so challenging. 

Many successful test-takers emphasize the importance of using official ACFE study materials, such as the Fraud Examiners Manual and the CFE Exam Prep Course, and dedicating a significant amount of time to preparation, with some sources suggesting 60-80 hours of study are needed.

The CFE exam is a closed-book, closed-notes exam with a two-hour time limit for each of the four sections, which also adds to the pressure.

How long does it take to get my CFE Exam results?

The preliminary results for each section of the CFE exam are typically received within 24 hours after completing that section. After passing all four sections, the final review and certification process by the ACFE's Certification Committee usually takes up to three weeks.

During this period, your application, exam results, and supporting documents are thoroughly reviewed before you are officially certified and notified by email.

Should CFEs get multiple certifications? 

CFEs can benefit from obtaining multiple certifications. Additional certifications, such as CPA or Certified Internal Auditor (CIA), can broaden career opportunities, enhance expertise, and strengthen professional credibility. These certifications complement the CFE by expanding knowledge in accounting, auditing, and fraud examination-related skills, making CFEs more versatile and marketable in diverse roles. 

However, pursuing multiple certifications requires effort in studying, paying fees, and meeting continuing education requirements. Many CFEs also use other certifications to fulfill continuing professional education requirements for the CFE.

Holding dual certifications, like combining CFE with a Polygraph Examiner certification, can further enhance fraud detection abilities, build credibility, expand career prospects, and improve collaboration within investigative teams, creating unique advantages in complex fraud investigations.

For those aiming to improve their leadership skills in addition to their technical expertise, exploring the shortest online bachelor's programs in organizational leadership could be a worthwhile consideration to help them excel in management roles.

What jobs can I get with a CFE certification?

With CFE certification, a wide range of job opportunities becomes available across various industries, including private corporations, financial institutions, law enforcement, government agencies, and consulting firms. Common roles CFEs can pursue include:

• Fraud Examiner or Investigator: Investigate and detect fraudulent activities within organizations or cases.
• Internal Auditor: Assess internal controls and compliance, identify fraud risks, and improve governance.
• Forensic Accountant: Analyze financial records for fraud detection and provide expert testimony.
• Compliance Officer: Develop and enforce policies to ensure regulatory compliance and prevent fraud.
• Risk Manager or Consultant: Evaluate and mitigate financial risks, including fraud risks, for organizations.
• Insurance Fraud Investigator: Examine suspicious insurance claims to detect fraud.
• Fraud Analyst or Data Analyst: Use data analysis tools to detect patterns of fraudulent activity.
• Corporate Security Manager: Implement security measures to protect against fraud and theft.

For those looking to expand their skills in a specific area, particularly in data analysis, there are many educational options, from traditional degree programs to focused certifications. For example, some professionals may consider exploring the shortest graduate certificate programs in data analytics online to gain a more specialized skill set that complements their fraud examination expertise.

Now that you understand the variety of roles a CFE certification can unlock, it's helpful to see how these specialized positions fit into the broader employment landscape for accounting and finance professionals. In 2024, about 1.6 million jobs were held by accountants and auditors.

The largest employers of these professionals were as follows: 

What is the average CFE salary in the United States?

The average salary for a Certified Fraud Examiner (CFE) in the United States in 2025 is approximately $147,203 per year, which equates to about $71 per hour. Salaries generally range between $144,500 and $150,000 annually, with top earners making around $151,500. 

For comparison, a typical stenographer salary in the U.S. is significantly lower, averaging around $44,635 per year, highlighting the premium placed on specialized fraud examination skills.

The salary range does not vary significantly by location, although some states, like Washington, and cities like Berkeley, San Francisco, and Santa Clara report slightly higher salaries. Overall, CFE holders earn competitive salaries reflecting their specialized skills in fraud examination and prevention.

Here's what certified fraud examiners have to say about their certification:

Other Things You Should Know About CFE Certification 

Is the CFE exam difficult?

Yes, the CFE exam is considered difficult due to its comprehensive coverage of fraud-related topics and its requirement for a strong understanding of multiple disciplines such as fraud prevention, investigation, law, and financial transactions. Candidates must pass four rigorous sections, and many find the exam challenging without adequate preparation and study.

The difficulty level contributes to a pass rate of around 50-60%, reflecting the exam’s high standards to ensure certified professionals possess the necessary expertise to detect and prevent fraud effectively.

How much does the CFE exam cost?

The CFE exam costs $475 in 2025, which covers the application fee and the first attempt at each of the four exam sections. If a candidate needs to retake any section, the retake fee is $110 per part. This fee includes access to the online or in-person exam option through Prometric testing centers.

Additional costs may include ACFE membership fees, study materials, and potential training courses, but the exam fee itself remains $475 for the initial full exam attempt.

What are some common mistakes to avoid on CFE exam day?

Common mistakes to avoid on CFE exam day include poor time management, writing overly long or vague answers, and failing to answer every question. Many candidates also make the error of trying to give perfect answers rather than focusing on clear, concise, and relevant responses. It's important not to burn out before the exam by overstudying without breaks, and to avoid rushing through questions without proper understanding.

Lastly, failing to review or mark answers during practice can lead to lost points. Effective preparation and strategic answering can significantly improve performance.

How often do I need to renew my CFE certification?

The CFE certification must be renewed annually by maintaining an active ACFE membership. CFEs are required to earn at least 20 Continuing Professional Education (CPE) credits annually, with a minimum of 10 hours directly related to fraud detection and deterrence, including two hours of ethics. They must also pay annual membership dues and adhere to professional ethics.

If a CFE's membership lapses, different recertification requirements apply depending on the length of time the credential has been expired.