Q&A with Stephanie Ziegler, CFE

Stephanie Ziegler of Oregon recently became a CFE after attending the CFE Exam Review Course. When Ziegler is not working, she loves to read and travel with her husband and has a passion for sports. A couple of months ago, she put aside some time to focus on accomplishing her goal of obtaining the CFE credential. Ziegler feels that the concepts she learned while studying to be a CFE are fundamental in her effort to create a fraud risk management program at the credit union where she works. She also feels that the information she learned has influenced her work as a fraud investigator and witness in legal cases.

Coach: When did you receive your CFE credential?

Ziegler: I received the CFE credential in November shortly after attending the in-person Review Course.

Coach: You attended the Review Course in New York and sat for the CFE Exam on-site. Please describe your experience of participating in the four-day course and then taking the CFE Exam immediately afterward.

Ziegler: Participating in the on-site course and then taking the CFE Exam afterward created a completely immersive atmosphere. I was able to spend each day reviewing a section and focus on areas that I wanted to improve in, and then I would study and test that new knowledge. I didn’t have to worry about forgetting to study a certain concept because the instructors covered all aspects of each section. And I like the way the course is structured; as you progress through the days, the concepts begin building off of one another, and you see how different areas of fraud are similar. This helps when taking the CFE Exam.

Coach: What did you like most about the Review Course?

Ziegler: I found the four-day course to be extremely helpful. I had been studying on my own using the CFE Exam Prep Course, but having the ability to ask questions and discuss concepts with other attendees increased my comfort level with some of the more difficult concepts. I saw an increase of at least 5% on my official scores over my Practice Exams, and I attribute that directly to my on-site experience.

Coach: In what ways do you feel that your new CFE credential will be beneficial to you in your current profession?

Ziegler: I work for a credit union and focus on fraud and the Bank Secrecy Act (BSA). We are currently building our fraud risk management program, and the concepts that I have learned while studying to be a CFE are fundamental in creating that program in our institution. Additionally, what I learned has influenced my work as a fraud investigator and witness in legal cases.

Coach: How did you prepare yourself to sit for the CFE Exam on-site? Did you spend any additional time studying after class each day?

Ziegler: I began by studying with the Prep Course, and I used that to become familiar with the concepts and format of the CFE Exam. Once I was in New York for the Review Course, I used the Prep Course to prepare myself for the section that was to be reviewed the following day. Each night I would take a Practice Exam for the next day’s section, and then I would take the Practice Exam again in the morning before class began. That was helpful because I could see what areas I was weaker in on the Practice Exams, and I knew to focus on those throughout the day when I had the opportunity to ask questions. If needed, I took another Practice Exam at lunch or reviewed topics with other attendees.

Coach: Would you recommend this Review Course to your colleagues?

Ziegler: I absolutely would recommend this course. I felt like the Prep Course gave me a great knowledge base for the exam, but the on-site Review Course took the learning experience to the next level. The benefits of in-person instruction were essential for me.

Coach: How did you become passionate about fighting fraud?

Ziegler: I have wanted to work in fraud since I began working for financial institutions over 15 years ago. It seemed like a fascinating and ever-evolving area to be in. I have been working fraud cases for almost six years now and still love it every day. I love the complexity of fraud and the challenge that it presents. I also love being able to help people who have been the victims of fraud. It is very rewarding to be someone they can trust and rely on while they are going through such a difficult time.

Coach: Now that we know what you do professionally, what do you like to do for fun and what do you find enjoyable about it?

Ziegler: I am a constant learner. I love to read and travel with my husband. I also love sports; I’ll watch almost anything, but I’m most passionate about NCAA football, women’s basketball, and Major League Baseball. Education and literacy are extremely important to me, so I spend time volunteering with local schools and organizations that focus on improving education and literacy in my community.

Coach: Do you have any study tips or suggestions for aspiring CFEs?

Ziegler: I don’t think one could over-prepare for the CFE Exam. I found it most important to set aside a specific amount of time to study throughout my day; otherwise, it was easy for me to tell myself that I’d just get to it later, but then that wouldn’t happen. Also, once you’re on-site taking the course, go for it and take the test even though it’s optional! The information is fresh in your mind, and there is no downside to trying!

Q&A with Yves Well, CFE

Yves Well of Texas recently became a CFE after attending an in-person CFE Exam Review Course in Austin this past fall. Well is in the audit field and feels that the knowledge he gained while working toward his CFE credential has improved his interviewing skills. Read more about Well’s experience below.

Coach: When did you receive your certification?

Well: I received my certification in April 2022.

Coach: Please describe your experience of attending the four-day CFE Exam Review Course in Austin, and what did you like most about the course?

Well: I remember seeing the email about the four-day Review Course, and I was like, “This must be a sign from above that it's my time to take the test.” I started studying for the CFE Exam in October 2020 by myself. I had ordered the studying manual, and every night I would read a few chapters after work. I kept pushing the dates on when I should take the exam until I saw there was a four-day Review Course right in my own backyard in Austin, Texas. When I signed up, I started taking the Practice Exams [in the CFE Exam Prep Course] that were included, testing my knowledge in each section and taking them over and over again. When the classes started, the instructors were very professional and very savvy when it came to the material they were sharing with us. The fact that they had real-life experience was a bonus. I enjoyed the fact that after the end of each day, we had an opportunity to take the exam for the section we had just reviewed. While taking the exam, I could remember all the lessons the instructors reviewed with us, and that made a great difference. I would definitely advise everyone to take the four-day Review Course before taking the CFE Exam.

Coach: Please describe your experience of taking the CFE Exam each day after class.

Well: My whole experience each day while taking the exam was very stress free. I had been studying for over a year and had taken the Practice Exams. With the Review Course, that was just the icing on the cake. I could still recall all the examples we reviewed in class and the advice our instructors gave us. They used a lot of visuals during their presentation, and that helped a lot with memory retention.

Coach: Did you review the Prep Course prior to attending the Review Course? If so, how often did you study?

Well: I did review the Prep Course material before the class. Once I registered, three months before the class I would study three hours every day. Once I finished covering a section, I would take the Practice Exam to see where I stood in terms of readiness.

Coach: In what ways do you feel that your new CFE credential will be beneficial to you in your current profession?

Well: As an auditor, I am always investigating and verifying transactions, and I have to interview individuals. With my CFE credential, I feel that my investigative and interviewing skills have greatly improved, based off what I have learned while preparing for the CFE Exam Review Course.

Coach: Would you recommend the Review Course to your colleagues? 

Well: I would most definitely recommend the Review Course to my colleagues, especially if they are passionate about fraud analysis.

Coach: How did you become passionate about fighting fraud?

Well: I remember when I was a freshman in college walking down the school halls, and I looked up at a poster that said, "Did you know that it was an accountant that put Al Capone in jail?" That fascinated me, so I decided I wanted to study accounting as my major. During my senior year I took a fraud examination course, and our professor invited a guest speaker that worked for the GBI [Georgia Bureau of Investigation] who introduced us to what a career as a CFE can look like and some of the cases the GBI had investigated. We even had a mock criminal case trial at the Marietta Court where the class had to pretend that we were expert witnesses for an insurance fraud scheme that involved arson. I even got to sit on the witness stand and was examined by a real state prosecutor. I had never been so nervous in my life.

Coach: Now that we know what you do professionally, what do you like to do for fun and what do you find enjoyable about it?

Well: I am a big soccer fan. I can't play like I used to but love watching the European leagues and the World Cup games. I do a lot of jogging at the park; it relaxes me. And I love watching Japanese anime during my spare time.

Coach: Do you have any study tips or suggestions for aspiring CFEs?

Well: The advice I would give anyone trying to take the CFE Exam is to purchase the prep manuals that come with the Practice Exam[s]. I felt more confident taking the CFE Exam after taking the Practice Exams and seeing how my scores improved every time.

Q&A with Larissa Rucks, CFE

Larissa Rucks of California became a CFE after attending an in-person CFE Exam Review Course. Rucks enjoys traveling, trying new restaurants, and outdoor activities. The knowledge that Rucks received from preparing for the CFE Exam has given her the foundation she needs in her current role to assess the adequacy of audit procedures and testing as it relates to internal controls. Read more about Rucks’s experience below.

Coach: When did you receive your CFE credential?

Rucks: I was certified in November 2021.

Coach: Please describe your experience of attending the four-day Review Course in Austin, and what did you like most about the course?

Rucks: After two years of not traveling for work, I mostly enjoyed traveling for the week and meeting other similarly situated people across a wide spectrum of industries and jobs. The instructors were also very knowledgeable and engaging. We were welcome to ask questions during and after our daily sessions. The facility was also nice—but bring a jacket—and the food provided was quite good.

Coach: Please describe your experience of taking the CFE Exam each day after class.

Rucks: It made for four long days; however, it was completely worth it. The fact that I could attend the course, take the exam, and be done with it alleviated the stress of a potentially long, drawn-out certification process.

Coach: Did you review the CFE Exam Prep Course prior to attending the Review Course? If so, how often did you study?

Rucks: Yes, I started studying approximately six weeks prior to the Review Course, mostly on weekends due to work. On average, I studied maybe eight hours a week during that six-week period.

Coach: In what ways do you feel that your new CFE credential will be beneficial to you in your current profession?

Rucks: As a bank examiner, my current role is to supervise internal audit(s) at a large bank from a regulatory capacity. Becoming a CFE further developed my fraud examination skills and advanced my understanding of fundamental internal controls related to fraud. This foundation will continue to serve me in my current role as I assess the adequacy of audit procedures and testing related to internal controls.

Coach: Would you recommend the Review Course to your colleagues?

Rucks: Yes, the course made becoming a CFE more accessible.

Coach: How did you become passionate about fighting fraud?

Rucks: My first college internship was at a major satellite TV provider and happened to be in its fraud department. I wasn’t necessarily seeking this, but it landed in my lap as that department was understaffed and needed interns. I quickly realized how pervasive fraud is and what a massive industry exists because of it.

Coach: Now that we know what you do professionally, what do you like to do for fun and what do you find enjoyable about it?

Rucks: I love exploring, whether that be hiking, trying new restaurants, or traveling to a city that I’ve never been to before. I love the sense of discovery and being outdoors when it’s warm.

Coach: Do you have any study tips or suggestions for aspiring CFEs?

Rucks: If you are limited on study time and can’t read through the entire Fraud Examiners Manual, focus your attention on the online Prep Course. The section that provides the rationale for the correct answer was the most beneficial to me.

Jason Addison, CFE

Jason Addison of Oklahoma recently became a CFE after attending an in-person CFE Exam Review Course in Austin this past fall. Addison is in the audit field and feels that the knowledge he gained while working toward his CFE credential has helped him develop test plans for fraud risks during audits. Read more about Addison’s experience below.

Coach: When did you receive your CFE credential?

Addison: I was certified on November 23, 2021.

Coach: Please describe your experience of attending the four-day Review Course in Austin. What did you like most about the course?

Addison: This was my first experience attending a live Review Course. Not knowing what to expect, I was surprised by how well coordinated the schedule was and how closely the instructors were able to keep on track. The facility was very nice as well. Oh, and the meals were top-notch! My favorite part was how well the daily schedule matched to the actual daily experience. The staff and instructors were all about making this a comfortable learning environment.

Coach: Please describe your experience of taking the CFE Exam each day after class.

Addison: We were highly encouraged to take the exams daily as they did not count against us; they did a good job putting us at ease in this sense. I pre-read the next day’s coursework and did the practice questions the night before. This helped me focus on the areas I did not understand well during the pre-read or in the practice questions. Once the daily coursework ended, I would take five to ten minutes to relax, gather my thoughts, and go straight to the exam. There was plenty of time allotted for us to take the exam, so that helped ease any concerns of running out of time. I felt that I could take my time, review each test question carefully, and then mark the appropriate answer.

Coach: Did you review the CFE Exam Prep Course prior to attending the Review Course? If so, how often did you study?

Addison: Yes, I spent about four hours each day during the week, prior to the course, reviewing the Fraud Examiners Manual and utilizing the Practice Exam questions.

Coach: In what ways do you feel that your new CFE credential will be beneficial to you in your current profession?

Addison: This CFE training allows me to be a point of contact within our company/audit department for fraud risk assessments and assist with investigations. Additionally, it helps me develop test plans for fraud risks during routine audits.

Coach: Would you recommend the Review Course to your colleagues?

Addison: Yes, I would absolutely recommend this course. My actual test scores were, on average, ten points higher than when I took the Practice Exams without having the course knowledge.

Coach: How did you become passionate about fighting fraud?

Addison: Growing up, I was intrigued by fraud; I would go to the library and check all the fraud videos (Enron, WorldCom, Tyco, etc.). I was fascinated about the psychology of fraudsters, the rationalization, and how most think they will get away with it. Listening to victims’ stories of losing life savings or the impact that frauds have on the economy (raising costs for all) is heartbreaking and lights the fire within me to help combat it.

Coach: Now that we know what you do professionally, what do you like to do for fun, and what do you find enjoyable about it?

Addison: I really enjoy attending auctions of all kinds  (i.e., estate, farm, and government auctions). It is the thrill of bidding and buying something at a discounted price and then driving across the country sometimes to pick it up. In 2020, I bought a 2006 Ford F-350 from the U.S. Department of Agriculture in Utah for about half the market price. It doesn’t get much better than that!

Coach: Do you have any study tips or suggestions for aspiring CFEs?

Addison: Get a familiarity with the subject areas prior to attending in person, or virtual, even if five to ten hours total is all you have; something is better than nothing. Do as many practice questions and tests as you can. During the course, I found that pre-reading helped with being able to correct any misunderstanding. I was able to improve my practice exam scores versus my actual exam scores by ten points because of the course.

Q&A with Cynthia Merchant, CFE

Cynthia Merchant of New Jersey recently became a CFE after attending a CFE Review Course in New York this past fall. Merchant is in the investigation field and she feels that now that she is a CFE, she’s properly trained and have an often required accreditation. Read more about Merchant below.

Coach: When did you receive your CFE credential? 

Merchant: I took the tests for the CFE certification on October 18-21, 2021. I received my physical certificate on December 4th.

Coach: Please describe your experience of attending the four-day CFE Exam Review Course and what did you like most about the course?

Merchant: I am a visual learner.  Having the instructors explain things and tell us what to focus on in our study guides was very helpful.  It also helped that I could ask the instructors questions on points I still had questions about or that were unclear. The instructors were very approachable.

Coach: Please describe your experience of taking the CFE Exam each day after class.

Merchant: Having done it this way, I wouldn’t do it any other way.  The material was fresh in my brain.

Coach: Did you review the Prep Course prior to attending the course? If so, how often did you study?

Merchant: Yes, I did review the Prep Course prior to attending the course.  Although I had the best of intentions to start studying months before, I was unable to do so due to my workload and other commitments.  I started focusing in earnest about 2-3 weeks before when I felt I had to cram for an exam, during that time, I studied a few hours per day during the week and 10-12 hours each day on Saturdays and Sundays.  I don’t recommend this. 

Coach: In what ways do you feel that your new CFE credential will be beneficial to you in your current profession?

Merchant: It provides me with the proper training and accreditation that is often required.  Although I’ve been doing investigations for a long time, the question about certifications is often asked.

Coach: Would you recommend this course to your colleagues? 

Merchant: Absolutely!  I highly recommend it.  I think the tests would’ve been much more difficult without the course.

Coach: How did you become passionate about fighting fraud?

Merchant: That’s an interesting question.  I “fell into it” and the more I learned, the more passionate I became. 

Coach: Now that we know what you do professionally, what do you like to do for fun and what do you find enjoyable about it?

Merchant: I love to scrapbook (the old-fashioned way, not digitally).  It’s relaxing and a way to relive memories while finding ways to creatively memorialize them.  It’s something completely different from my job.  I also enjoy reading and working out.

Coach: Do you have any study tips or suggestions for aspiring CFEs?

Merchant: Review the material often, take the Practice Exams as many time as you can and don’t be shy about approaching the instructors and classmates with questions.