Short answer: since 2 June 2026 the CFE exam has three sections instead of four. Fraud Schemes and Financial Crimes (120 questions) covers how frauds work and how to spot them. Fraud Investigations and Legal Issues (120 questions) covers evidence, data analysis, interviewing, reports and the legal system. Fraud Prevention and Deterrence (70 questions) covers why people commit fraud, governance, auditors and fraud risk management. You need 75% in each section.
Sources. The section names, question counts and topic descriptions come from the ACFE's 2026 CFE Exam update. The detailed topic list in the tables below is our summary of those descriptions; the authoritative version is the CFE Exam Content Outline on acfe.com.
Syllabus at a glance
| Section | Questions | Time | Core knowledge | Typical question style |
|---|---|---|---|---|
| Fraud Schemes and Financial Crimes | 120 | 2.5 h | Fraud tree, financial statement fraud, external and financial institution fraud, other financial crimes | Classify a scheme; pick the best red flag or detection method |
| Fraud Investigations and Legal Issues | 120 | 2.5 h | Evidence, sources of information, data analysis, interviewing, report writing, law and courts | Choose the right next step; is this evidence admissible |
| Fraud Prevention and Deterrence | 70 | 1.5 h | Criminology, governance, auditors, fraud risk assessment, ethics | Which control or theory applies; what deters best |
Fraud Schemes and Financial Crimes
According to the ACFE, this section covers the types of fraud schemes and financial crimes committed against organisations and individuals, and the measures examiners can take to prevent and detect them.
| Topic | What to know |
|---|---|
| Asset misappropriation | Skimming, cash larceny, billing, payroll, expense reimbursement, check and payment tampering, register schemes, inventory and other assets |
| Corruption | Bribery, kickbacks, bid rigging, illegal gratuities, economic extortion, conflicts of interest |
| Financial statement fraud | Fictitious revenue, timing differences, concealed liabilities, improper valuation and disclosure; analytical detection |
| Financial institution fraud | Loan and mortgage fraud, new-account fraud, check fraud and kiting, card and wire fraud, insider fraud |
| External, cyber and consumer fraud | Business email compromise, phishing, account takeover, identity theft, investment and romance scams, Ponzi and pyramid schemes |
| Other financial crimes | Money laundering, tax fraud, securities fraud, insurance and health care fraud, bankruptcy fraud, contract and procurement fraud |
Fraud Investigations and Legal Issues
The ACFE lists employee rights during investigations, rules and procedures for collecting evidence, gathering and analysing data, conducting interviews, report writing and navigating the legal system.
| Topic | What to know |
|---|---|
| Planning and evidence | Predication, the fraud theory approach, documentary evidence, chain of custody, public and non-public sources, covert operations |
| Data analysis and tracing | Data analytics tests, Benford's law, link analysis, net worth, expenditures and bank deposit methods, digital evidence |
| Interviewing | Question types, the order of interviews, admission-seeking interviews, signed statements |
| Legal | Elements of fraud, criminal and civil law, burdens of proof, employee rights, rules of evidence (hearsay, privilege), expert witnesses |
| Reporting and testifying | Objective, fact-based reports with no opinion on guilt; direct and cross-examination |
Fraud Prevention and Deterrence
The ACFE lists why people commit fraud and ways to prevent it, corporate governance, the role of managers and auditors, fraud risk assessment, managing fraud risk and building a prevention programme, and ethical considerations.
| Topic | What to know |
|---|---|
| Why people commit fraud | Cressey's fraud triangle, the fraud scale, the Hollinger-Clark study, differential association, behavioural red flags |
| Governance and auditors | Tone at the top, the board and audit committee, COSO internal control, management and auditor responsibilities, Sarbanes-Oxley basics |
| Fraud risk management | Fraud risk assessment, preventive and detective controls, hotlines, background checks, perception of detection, prevention programmes |
| Ethics | The ACFE Code of Professional Ethics and ethical decision making |
What changed from the old exam
The old exam had four sections of 100 questions each: Financial Transactions and Fraud Schemes, Law, Investigation, and Fraud Prevention and Deterrence. The ACFE merged Law and Investigation into one section and changed the question counts and times. Passed old sections carry over: Financial Transactions and Fraud Schemes counts for the new Schemes section, Law plus Investigation (both passed) counts for the new Investigations and Legal Issues section, and Fraud Prevention and Deterrence counts for the section of the same name.
How to use the syllabus
- Take the free CFE test to see which section is weakest.
- Study one section at a time and sit it when your section mock scores are steady at 80% or more.
- Use the CFE flashcards for the fraud tree, legal terms and theories.
- See how to prepare for the CFE exam for a week-by-week plan.
Find out where you stand
Free 10-question CFE test, scored by exam domain. No account needed.
Independent guide, not affiliated with ACFE. Facts checked November 2026; always confirm on the official website. How we check facts.