CFE EXAM Coach Newsletter
February 2014

 

Dear John Smith,

 

The City of Toronto - Risk Management and Information Security Department and The New York City Sheriff’s Office recently both recognized the CFE credential for hiring and promotional purposes. They have plans to work toward having all current agents achieve this valuable credential. These two agencies are part of the Association of Certified Fraud Examiner’s (ACFE) Law Enforcement and Government Partnership . These agencies join the ranks of government agencies such as the FBI, the U.S. Postal Inspection Service, the Government Accountability Office, the Department of Defense, and the Criminal Investigations Division of the Internal Revenue Service.

 

Employers around the world know the value of the CFE credential, and they seek out the expertise that comes with it. Becoming a CFE provides you with a strong foundation for a variety of career choices by equipping you with the tools you need to excel in the fight against fraud. Become a CFE!

 

Join the ranks of your colleagues who have already earned the CFE credential. The ACFE is here to help you along the way. Please feel free to contact me anytime.

 

 

CFE EXAM Coach Newsletter

Good luck,
CFE EXAM Coach NewsletterAngela R. Archie, CFE

CFE Exam Coach

Study Tips

 

TIP #1 - How do I begin studying with the CFE Exam Prep Course? First, we recommend you begin the Prep Course by answering all questions in the database correctly at least once. If you incorrectly answer a question, it will return to the question pool and you will be asked it again at a future time.

 

TIP #2 - Is it true or is it false?

If any part of the question is false, then the entire statement is false. However, if part of a statement is true, the entire statement is not necessarily true. Read through each statement carefully and pay attention to the qualifiers and keywords.

  • Qualifiers like never, always, and every mean that the statement must be true all of the time. Usually these qualifiers lead to a false answer.
  • Qualifiers like usually, sometimes, and generally mean that the statement can be considered true or false depending on the circumstances. Usually these qualifiers lead to an answer of true.
  • Pay close attention to words like NOT, FALSE, and INCORRECT in questions. One word can change the entire meaning of the sentence.

Tip #3 - Do I have to purchase any additional reference books? Not necessarily; the Fraud Examiners Manual gives you a detailed explanation of the answer to each study question.

 

In this videoACFE Vice President - Education, John D. Gill, J.D., CFE, offers advice on how to take advantage of the Fraud Examiners Manual, which is included with your CFE Exam Prep Course.


Congratulations to all members who became Certified Fraud Examiners in the last 60 days. More

Upcoming CFE Exam Review Courses

 

Washington, DC

March 17 20, 2014

Phoenix, AZ

April 28 – May 1, 2014

New York, NY

July 14 17, 2014

Chicago, IL

August 18 21, 2014

Washington, DC

September 2225, 2014

Nashville, TN

October 27 30, 2014

 

Austin, TX
November 3 6, 2014

 

CFE Highlight

This month we highlight CFE Exam Review Course participant Lila Ang. Ms. Ang shares her experience of how she prepared for the CFE Exam.

 

Study Tips

Did You Know?

Practice exams are designed to test your knowledge in each of the four sections and simulate the experience of taking the CFE Exam. Each practice exam contains 125 questions. Like the CFE Exam, the practice exams are timed and you are allotted 75 seconds to answer each question. You may go back and change an answer for a previously completed question as long as there is time left on the question timer.

 

 

 

CFE EXAM Coach Newsletter
Prep Forum

Visit the CFE Exam/Prep Discussion Group to exchange ideas about studying for the CFE Exam. Log in to reply or post your own question. Take a look at recent posts:

Topic: I passed! Definitely buy the Prep Course!

Post: I submitted my CFE Exam this morning and found out I passed at 2:30 pm!

I took about a week off from work to do this since I work full-time and am a mom of 3! I began studying with the Prep Course about two years ago, but wasn't completely committed, so I only got through about 150 questions.

On January 4, 2014, I began going through it one sub-section at a time. I'd answer all the questions in that sub-section, then study them over again, especially those I missed. I would then answer the questions in that sub-section again until I answered all of them correctly. If I didn't completely understand, I referred to the Fraud Examiners Manual; I did this for every section. I spent a total of 10 days of steady studying and testing! Without the Prep Course, it would have taken much, much longer to prepare! It is very well designed and the Practice Exams are just like the real thing!

If you are like I was and have doubts or questions about this exam, just go for it! I wish I would have committed to this sooner!

Response: Congratulations ASoles for passing the CFE Examination. I also passed my CFE Examination on my second attempt. I agree with you that the Prep Course is really a valuable resource to prepare for the examination.

Submitting Your CFE Application

1. Fill out the certification application. You may also apply online by using the following link: Apply Online.

2. Include proof of your education.

3. Include three Candidate Recommendation Forms.

4. Submit application and documents to the Certification Department at ACFE Headquarters.

5. Attach a passport-size photo of yourself to the application form.

Click here for more information about the application process.

FAQ

Get answers to the most frequently asked questions about the CFE Exam Prep Course, including tips on installing the program, exporting files, and more.

Contact the Coach

Ask questions or make suggestions. As your dedicated CFE Coach, I am available to answer all of your questions about the CFE Exam. You may send me an email or call me at (800) 245-3321 / +1 (512) 478-9000.

CFE EXAM Coach Newsletter
Fraud IQ Test

IQ #1 - Under certain conditions, the Office of the Comptroller of the Currency (OCC) requires national banks to submit which type of report if there is a known or suspected criminal violation committed against the bank?

A. IRS Form 190
B. Currency Transaction Report

C. Suspicious Activity Report
D. Bank fraud Report

 

IQ #2 - ABC Bank recently acquired a new portfolio of consumer loans. Because this particular loan portfolio is experiencing a higher than normal default rate, management has asked B.J., a Certified Fraud Examiner, to evaluate the portfolio. B.J. notices that the loan package was sold without recourse to the broker, the brokerage fee was high relative to other purchases, and the broker is no longer in business. What type of scheme might B.J. have uncovered?


A. Brokered loan fraud
B. Money transfer fraud

C. Letter of credit fraud
D. Daisy chain fraud

 

IQ #3 - In investigating whether financial statements have been manipulated to make a company appear more profitable, a Certified Fraud Examiner should look for liabilities that have been overstated.

 

A. True
B. False

 

 

Online Courses

Now available in a convenient online format. Expand your anti-fraud knowledge with our comprehensive self-study CPE courses written by the ACFE Research Team and other anti-fraud experts.

These self-paced courses allow you the flexibility to study at anytime from anywhere you have Internet access.

Visit us online: ACFE.com/Shop

Bookstore Feature

 

Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports

ACFE Member Price: US $29 Non-Member Price: US $35

Member Resources

Local Chapters
ACFE chapters are organized by members who reside in a particular geographic region (i.e., a city or country) and share an interest in the detection and deterrence of fraud.

Study Tip Archives
Click Here to view previous editions of the CFE Exam Coach Newsletter.

Share This Resource

Search ACFE's online resource for fraud articles and information. Click here.

CFE EXAM Coach Newsletter

The Association of Certified Fraud Examiners is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 70,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. 
Visit ACFE.com for more details.

The CFE Exam Coach Newsletter is published once a month by the Association of Certified Fraud Examiners. Click here to be removed from the ACFE's CFE Exam Coach mailing list. Please allow five business days for unsubscribe requests to be processed. To begin receiving your own copy of the CFE Exam Coach Newsletter, please click here to subscribe..

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