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2008 Compensation Guide for Anti-Fraud Professionals
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For Certified Fraud Examiners (CFEs), having the “gold standard” of fraud examination credentials translates to earning, on average, nearly 22 percent more in salary than their non-certified colleagues, according to new research conducted by professional research firm Industry Insights, Inc. for the ACFE.
The research is published in the ACFE’s 2008 Compensation Guide for Anti-Fraud Professionals and is based on the survey responses of more than 3,000 ACFE members in May through June 2008. The report allows anti-fraud professionals to easily compare their compensation levels and benefits with those of their peers.
Results of the study reinforce the global stature of the CFE as the foremost credential for professionals whose job duties involve the detection, prevention and/or deterrence of fraud in any capacity. A recent study by Robert Half International, a leading specialist in financial staffing, identified the CFE as “in-demand” and listed it as one of the most marketable credentials today, while executive search firm A.E. Feldman recently referred to the CFE as the “gold standard” in the area of fraud.
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Compensation: CFE vs. Non-CFE
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2008 Compensation Guide findings include:
- Certified Fraud Examiners (CFEs) earn nearly 22 percent more than their non-certified colleagues. The survey showed that CFEs earn a median total compensation of $90,300, while the median total compensation for non-CFEs is $74,111. This represents a CFE premium of 21.8 percent.
- More executive-level professionals are certified. Greater than 80 percent of those surveyed who are a partner or principal in their firm are CFEs. Similarly, more than 70 percent of the respondents who are C-level executives and directors have the credential, while CFEs make up more than two-thirds of survey respondents who are managers and supervisors/senior consultants.
- The CFE adds value for auditing and accounting professionals. Among respondents who are external auditors, CFEs earn a median salary 27.6 percent higher than non-CFEs, while internal auditors who are CFEs earn a median salary 18.3 percent higher than non-CFEs. Among respondents whose job function is CPA, CA or equivalent, those who also are CFEs earn a median salary 25.1 percent higher than non-CFEs.
- There are gender differences. The research shows a significant difference in compensation levels based on gender, though some of this difference may be attributed to other factors such as experience, level of responsibility and industry of focus. Among CFEs, the median total annual compensation among women is $84,013 versus $95,000 for men.
Download the 2008 Compensation Guide
for Anti-Fraud Professionals
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In addition, the report contains compensation information relating to job function, primary industry of focus, level of education completed, age, years of fraud-related experience, level of responsibility and geographic region; and also compares respondents’ benefits and retirement plans.
About Certified Fraud Examiners
Nearly 25,000 CFEs are actively fighting fraud worldwide, making a huge impact in business and government. To become a CFE, one must pass a rigorous examination administered by the ACFE and meet specific education and professional requirements. As experts in the four major areas of fraud (fraudulent financial transactions, criminology & ethics, legal elements of fraud and fraud Investigation), CFEs are trained to see the warning signs and red flags that indicate not just actual fraud, but fraud risk – potentially saving organizations thousands of dollars in losses through prevention and detection before it’s too late.
About Industry Insights
Industry Insights is an independent, third-party research firm headquartered in Columbus, Ohio that has specialized in conducting operating benchmarking surveys, compensation studies, customer satisfaction research, educational programs and other forms of customized research since 1980.
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