The Certified Fraud Examiner (CFE) credential from the ACFE (Association of Certified Fraud Examiners) is the best-known anti-fraud qualification. It is popular with auditors, forensic accountants and investigators, and increasingly with financial crime teams in banks that handle fraud and money laundering side by side.
On 2 June 2026 the ACFE changed the exam. This guide explains the new format and how to prepare.
The new format
| Section | Questions | Time |
|---|---|---|
| Fraud Schemes and Financial Crimes | 120 | 2.5 hours |
| Fraud Investigations and Legal Issues | 120 | 2.5 hours |
| Fraud Prevention and Deterrence | 70 | 1.5 hours |
That is 310 questions and 6.5 hours in total, but you do not sit them in one go. Each section is booked separately with Prometric (test centre or online), and you need 75% in each section. Once your application is approved, you have 60 days to take all of them.
The old exam had four sections of 100 questions: Financial Transactions and Fraud Schemes, Law, Investigation, and Fraud Prevention and Deterrence. Law and Investigation are now one section. If you passed sections of the old exam, they carry over to the matching new section.
What each section tests
Fraud Schemes and Financial Crimes is about recognising frauds: the ACFE fraud tree (asset misappropriation, corruption, financial statement fraud), fraud against banks and lenders, cyber and consumer fraud, and other financial crimes such as money laundering, tax, insurance and health care fraud. Expect classification questions where every option is a real scheme type.
Fraud Investigations and Legal Issues is about running a case: predication and planning, evidence and chain of custody, sources of information, data analysis and tracing funds, interviewing, report writing, and the legal framework, including employee rights, rules of evidence and testifying.
Fraud Prevention and Deterrence is about why fraud happens and how organisations stop it: the fraud triangle and other theories, corporate governance, the role of management and auditors, fraud risk assessment and ethics.
Our CFE syllabus guide lists the topics in more detail.
CFE, CAMS or CFCS?
| CFE | CAMS | CFCS | |
|---|---|---|---|
| Issuer | ACFE | ACAMS | ACFCS |
| Focus | Fraud: schemes, investigations, prevention | Money laundering and AML programmes | All financial crime |
| Exam | 3 sections, 310 questions, 75% per section | 120 questions, 3.5 hours | 135 questions, 4 hours |
| Typical holders | Auditors, forensic accountants, investigators | AML, KYC and compliance staff | Generalists and investigators |
If your job is mainly fraud, the CFE is the natural choice. If it is mainly AML, start with CAMS. Many bank investigators end up holding both, because fraud proceeds are laundered.
How to prepare
- Take the free CFE practice test to see which section is weakest.
- Study and sit one section at a time. Most people start with Fraud Schemes, because it gives you the vocabulary for the other two.
- Learn the fraud tree precisely. Skimming vs cash larceny, billing vs payroll schemes and bribery vs illegal gratuities are classic traps.
- Give the legal topics real time if you are not a lawyer: hearsay, privilege, burdens of proof and employee rights in interviews.
- Practise at exam pace, about 75 seconds per question, and take a timed mock for each section.
For a week-by-week plan, see how to prepare for the CFE exam.