Road to the CFE Credential: New Certified Fraud Examiners Share Their Journey

Every year, thousands of anti-fraud professionals from around the world take the next step in their career by becoming a Certified Fraud Examiner (CFE). Earning the CFE credential is a huge accomplishment — it opens the door to career advancement, the potential for increased earnings, continued learning on the evolution of fraud and so much more. 

But what motivates someone to pursue the CFE credential? What does the process really look like from a candidate’s perspective?  

We interviewed two new CFEs to hear about what led them to earning their credential, how the process of obtaining it went, what is next for their career now that they are a CFE and what advice they have for professionals aspiring to obtain their credential one day. 

Meet Antoinette Spencer, manager of anti-money laundering (AML) examinations at the Turks and Caicos Islands (TCI) Financial Services Commission, and Irina Temciuc, a senior civilian criminal investigator for the Integrated Market Enforcement Team at the Royal Canadian Mounted Police. 

What was your career trajectory before obtaining the CFE credential? 

Antoinette: I was engaged in the regulatory compliance space since 2020 before transitioning to AML regulations in 2023, primarily within the financial services sector as a senior AML analyst. Working within a regulatory body allowed me to engage with various sectors, including non-profit organizations (NPO), legal, real estate and corporate services, gaining insight into their unique AML challenges. Over time, I became increasingly interested in the intersection of fraud and money laundering, which led me to seek deeper knowledge in fraud prevention. 

Irina: With an international master’s degree in economics and finance, my career began in asset management, where I spent seven years honing my skills in client partnerships and portfolio management. Along the way, earning the CFA (Chartered Financial Analyst) charter deepened my understanding of the financial system and asset management, but more importantly, it sparked a keen interest [for me] in the intersection between finance and misconduct. That curiosity led me to the Royal Canadian Mounted Police’s (RCMP) Integrated Market Enforcement Team (IMET), where I saw an opportunity to apply my financial background in a more investigative and impactful way. Since 2023, I’ve been working as a senior investigator with IMET, contributing to crime investigations and continuing to build on my passion for uncovering the truth behind the numbers. 

Why did you decide to obtain your CFE credential?

Antoinette: Much of my work involved analyzing financial records for suspicious activity reporting and ensuring there was no misuse of NPO funds. One specific project I worked on sparked my interest in pursuing professional studies to formalize my research, analysis and reporting methods.  After conducting research on suitable certifications to broaden my knowledge, I found the CFE [credential] to be the ideal fit. The CFE credential provided a globally respected framework that aligned well with my role in regulation and offered an opportunity to build credibility in a constantly evolving field. 

Irina: As financial markets evolve, so does the sophistication and scope of fraud schemes and market manipulation. I saw the CFE credential as a strategic and necessary step to strengthen my investigative capabilities. The program's focus on forensic accounting, fraud detection, legal elements and investigative techniques closely aligned with my growing interest in financial misconduct. 

For someone transitioning from capital markets into financial crime enforcement, the CFE offers a powerful toolkit, bridging my financial expertise with the specialized knowledge required to identify, investigate and prevent complex fraud. It is a credential that not only complements my background but directly supports the impact I aim to make in my current role. 

What did your study method look like? 

Antoinette: I was determined to complete the course within a three-to-four-month period and was excited to discover the 90-Day CFE Exam Challenge, as I enjoy a good challenge. I used the CFE Exam Prep Course as my primary study tool and created a timeline for completion. I set specific goals to stay on track and took handwritten notes to reinforce my learning. The practice questions were particularly helpful — not only for retention but also for becoming familiar with the exam format.  I made sure to balance my study time with regular breaks, rewarding myself with a 15-minute break to browse social media after completing a section. This approach helped prevent burn-out and allowed me to stay consistent throughout my study period. 

Irina: I adopted a structured and balanced approach that allowed me to build both a strong conceptual foundation and practical exam readiness. For areas where I felt I needed a deeper understanding, I relied heavily on the study manual. These resources were invaluable in helping me grasp complex technical topics and refine my analytical thinking. 

I dedicated a significant amount of time to practicing online using the preparation packages provided. This helped me strengthen my application skills and become more comfortable with the format and expectations of the CFE Exam. 

What advice would you give to someone hoping to start the journey of obtaining their CFE credential? 

Antoinette: Start with a clear reason for why you want the credential. That motivation will carry you through the more challenging moments. Be patient with yourself, set a realistic study schedule and focus on understanding the concepts rather than memorizing them. The CFE Exam is designed to test your practical judgment, so your professional experience will be a valuable asset. Stay committed and take it one step at a time. 

Irina: Trust the process! I believe developing a study strategy that balances technical understanding with lots of practice is key. It's important to identify your weak areas early on and focus on understanding the content, practice consistently and be strategic with your study time. The more you practice under realistic conditions, the better you'll get at time management, identifying key issues and structuring your responses. 

Did you learn something new by studying for the exam?

Antoinette: Absolutely. While I had significant experience in AML, studying for the CFE Exam gave me a deeper understanding of areas such as financial statement fraud, occupational fraud schemes, insurance fraud and internal controls. It helped me see financial crime from a more holistic perspective and strengthened my ability to identify and assess fraud risks that may not be immediately obvious. 

Irina: Although I have a background in investment management, the CFE program still provided me with valuable new insights and knowledge. Fraud examination touches on areas such as forensic accounting, legal considerations, fraud prevention strategies and investigative techniques. 

What I found especially enriching was the exposure to real-world fraud scenarios and the structured approach to detecting and investigating fraud. The legal elements broadened my perspective and deepened my understanding of the broader implications of financial misconduct. 

What’s next in your career? How do you plan to use your CFE credential? 

Antoinette: I plan to continue advancing in the regulatory AML and compliance field, and I’m excited to share that I’ve been promoted since earning the CFE designation!  This credential has expanded my skill set and will enable me to make more meaningful contributions to financial investigations, institutional supervision and policy development. Additionally, the CFE credential will allow me to share valuable insights with the various sectors my organization oversees during our outreach sessions. In the long term, I aspire to help shape national and regional frameworks that enhance transparency and strengthen resilience in the financial sector. 

Irina: The CFE credential strengthens my credibility and equips me with a more structured, globally recognized framework for detecting, investigating and preventing fraud. Therefore, earning the CFE credential is both a natural progression and a strategic step forward. What’s next in my career is to continue deepening my expertise, take on more complex investigations and position myself for leadership opportunities within the financial crime and fraud space. 

Congratulations to all new CFEs! 

If you are ready to start your CFE journey, the ACFE can help you find the right study option for you, including those mentioned by our interviewees: 

• CFE Exam Review Courses: an instructor-led structured learning program offered in-person, virtually, for groups within your organization or through an Authorized Trainer program. 
• The CFE Exam Prep Course: an online self-study course with lessons, review questions, flashcards, assessments and more. 
• The 90-Day CFE Exam Challenge: This program is free for ACFE members, and it pairs the CFE Exam Prep Course with some added bonuses to walk you through passing your CFE Exam within just 90 days. You will receive a timeline for important tasks during the application process and study tips, weekly guided check-ins with ACFE staff and access to a private discussion forum where you can talk about the process with fellow participants.
• Online access to the Fraud Examiners Manual, which covers each of the sections tested on the CFE Exam. 

Explore your CFE Exam study options or contact ACFE Member Services to get started.