Q: How long does it take to prepare for the CFCS Exam?
A: ACFCS typically recommends about 25 – 30 hours of self-guided study, which includes thoroughly reviewing the CFCS Study Manual and the external documents referenced in the Study Manual. Additionally, candidates should join or watch the recordings of the seven-hour CFCS Online Prep, and take the 34-question practice exam, which can be completed in a an hour and a half at a moderate pace. In total, this consists of 35 – 40 hours of preparation. We usually recommend spacing this out over a period of 4 – 6 weeks, but there’s no hard and fast rule on this – some candidates have condensed their studying into two weeks, others have spaced it out over several months.
Q: Why should you become a Certified Financial Crime Specialist?
A: The certification responds to one of the most critical and timely trends in the field – the need for professionals with a broader, more unified understanding of financial crime that is not limited to one specific area, like fraud, money laundering or corruption. Increasingly, financial institutions, government agencies and other organizations are moving away from a “siloed” approach and seeking to leverage shared tools, techniques and expertise between different financial crime disciplines. The CFCS credential helps verify knowledge and skill across the financial crime spectrum and prepare professionals for this emerging best practice.
Q: How much of an advantage is it to be CFCS-certified?
A: The CFCS credential is increasingly sought and obtained by professionals at some of the world’s largest financial institutions, as well as government agencies, law enforcement, and service providers in the US and globally. By becoming certified, individuals demonstrate they are prepared to address a wide range of financial crime threats, and organizations demonstrate a commitment to a higher standard in financial crime detection and prevention.
Q: What’s included in the CFCS Certification Package?
A: Candidates receive in-depth learning materials that cover the diverse financial crime landscape, from more established areas like fraud and money laundering to more recent hot topics like cybersecurity, anti-corruption and tax evasion and enforcement. Online tools like recorded prep courses, practice tests and live webinars allow candidates to study at their own pace and their own schedule. Candidates have said that prep materials not only have helped them prepare for the test, but have provided useful training and awareness.
The CFCS Certification Package includes the following: CFCS exam, CFCS Exam Study Manual, Online CFCS Exam Prep Webinar. CFCS Exam Practice Test, and ACFCS 1-Year Membership.
Q: How much does the CFCS Certification Package cost?
A: The CFCS Certification costs $1,295 ($995 for government). CFCS Certification for ACFCS members costs $995 ($795 for government).
Q: How many questions are on the CFCS exam?
A: There are 145 scenario based, multiple choice questions on the CFCS exam.
Q: How long does the CFCS exam take?
A: Candidates have 4 hours allotted to take the CFCS exam.
Q: What is the passing score for the CFCS exam?
A: The passing score for the CFCS exam is about 66%.