Salaries For Certified Fraud Examiner

In the USA, a Certified Fraud Examiner often gets a salary up to $70 K, while the maximum may range between $38 K and $113 K. usually, they get $67 K, i. e. 60% and the one at the top gets 80%, earning $113 K. When the 22% rate of federal tax was rolled back, the Certified Fraud Examiners had to pay less tax, save $59 K/year, and earn more. The previous year a Certified Fraud Examiner could easily earn $50 K annually, but the take-home amount was nearly $5 K/month. The CFEs could afford a luxurious life of living in a comfortable apartment worth $3 K/month. They were able to pay 52% of the monthly salary they earned for living. Here we will see about Salaries For Certified Fraud Examiner.

The job of a Certified Fraud Examiner is to design programs that can avert or stop fraudulent activities and recover the losses. It becomes possible by investigating illegal actions committed either by customers or employees. A Fraud Examiner becomes certified after graduating and the work experience of approximately 4-7 years. A Fraud Examiner reports to the manager about his findings. His actions primarily are to, focus on solving the works and projects of financial value, and moderately complex. He usually works independently, but sometimes he needs to work in collaboration. The diploma course for the Certified Fraud Examiner (CFE) got initiated in 1989. The job of a Certified Fraud Examiner is very challenging, and hence, his salary should also be even.

Salaries For Certified Fraud Examiner

 Let us find out how much a Certified Fraud Examiner earns in the USA

On average, a Fraud Examiner in the United States earned $64 K till the last month of 2022. His usual salary ranges between $56 K and $75 K which varies extensively on several factors. Their educational qualification, certificates, experience or skills, and the time consumed in their profession. At the starting, they get $32 K annually. After the experience of a few years, they earn $119 K/year. They earn $62 K annually, which is $30/hour. The lowest one is $32 K/year, and the highest is $119 K. It is largely dependent on the location or the area where he works. They are highly paid in Rhode Island: approximately $62 K/yearly, $30 K/hour. In the starting, they get a salary of $32 K/year. In the states of Pennsylvania, Delaware, New York, and New Jersey, the CFEs get more or less the same amount as their salary.

 A comparative salary of the Certified Fraud Examiners in various states of the US

Pennsylvania $90 K/year, or $44/hour, Delaware $90 K/year, or $43/hour, New York $84 K/year, or 41/hour, District of Columbia $86 K/year, or $42/hour, New Jersey $79 K/year, or $40/hour, Illinois $77 K/year, or $37/hour, Maine $72 K/year, or $35/hour, Massachusetts $78 K, or $38/hour, Rhode Island $95 K/year, or $46/hour, Maryland $72 K/year, or $35/hour, Alabama $72 K/year, or $35/hour, Virginia $69 K/year, or $33/hour, Connecticut $78 K/year, or $38/hour, Ohio $69 K/year, or $33/hour, Vermont $73 K/year, or $36/hour, New Hampshire $76 K/year, or $37/hour, Kansas $69/year, or $34/hour, West Virginia $68 K/year, or $33/hour, Michigan $65 K/year, or $33/hour, Wisconsin $65 K/year, or $32/hour, North Dakota $67 K/year, or $32/hour, Alaska $74 K/year, or $36/hour, California $69 K/year, or $33/hour, North Carolina $63 K/year, or $31/hour, Texas $60 K/year, or $29/hour, Missouri $61 K/year, or $30/hour, South Carolina $62K/year, or $30/hour, Kentucky $63 K/year, or $30/hour, Indiana $62 K/year, or $30/hour, Nebraska $60 K/year, or $29/hour, Iowa $60 K/year, or $29/hour, Arizona $59 K/year, or $28/hour, Georgia $58 K/year, or $28/hour, Nevada $58 K/year, or $28/hour, Louisiana $60 K/year, or $29/hour, Mississippi $62 K/year, or $30/hour, Hawaii $62 K/year, or $30/hour, Minnesota $61 K/year, or $30/hour, Montana $55 K/year, or $27/hour, New Mexico $59 K/year, or $29/hour, Oregon $60 K/year, or $29/hour, Tennessee $58 K/year, or $28/hour, Wyoming $51 K/year, or $25/hour, South Dakota $59 K/year, or $29/hour, Colorado $55 K/year, or $27/hour, Florida $52 K/year, or $25/hour, Utah $55 K/year, or $27/hour, Oklahoma $56 K/year, or $27/hour, Washington $56/year, or $27/hour, Arkansas $55 K/year, or $27/hour and Idaho $51 K/year, or $25/hour. Believably, it’s a tentative record of the salary of the Certified Fraud Examiners.

Most Organizations need CFEs, due to the security reasons

The organizations appoint CFEs for their expertise to disclose fraud sooner than others and thus, save losses caused by fraud. On the other hand, if an organization does not have CFEs, the chances of losses there by fraud are higher than 60%. Since the Certified Fraud Examiners are more skilled, they get more salaries than their non-certified counterparts by almost 35%. In all probability, the CFEs of the middle level get $96 K/year, whereas a non-CFE gets $72 K/year as a salary. It includes cash and other benefits a CFE receives for the services he renders to his employer. In the USA, it’s also known as cash compensation, salary, or wage inclusive of commissions, bonus, retirement plan benefits, health, life, or disability insurance, vacations, and stock ownership plans for employees.

The compensation can either be fixed or flexible or both. A flexible salary is performance-based, consisting of commissions, incentives, and bonuses. Holidays, vacations, and some other perks get paid by the organization, while some others are, usually in parts, paid by the employees themselves. Same as in the other countries, in the US also, the compensation is designed by the law and policy on tax. In the US, the government doesn’t give any national health insurance, yet the premiums get deducted with the personal income tax. The organization provides health insurance as employee benefits to its workers.

 Fair Labor Standards Act 

Fair Labor Standards Act has made rules in the US for the periodic salaries as per the hours worked in an organization, but the hourly salaries are paid for meeting a minimum wage test and working some extra hours as overtime. The salary categories comprise executive, administrative, professional, computer, and outside sales employees because these are the five categories exempted from the minimum salary and overtime protections. These employees should get a salary upper than a dignified level, and that is $456/week. Some professions, other than salespersons, like teachers, law professionals, and medical practitioners, don’t fall under this.

Conclusion:

From the facts and figures mentioned above, I can conclude that in the present day the CFEs have become a necessity for an organization. The organization is readily paying them handsomely. A study shows that Ernst & Young and Lone Star National Bancshares Texas Inc. pay the highest salary to Certified Fraud Examiners. In 2018, the average salary of a CFE was $58 K, an increase of over 4.0%. In 2019 and 2020, the increase in the salary percentage of CFEs, was not very encouraging. In the years 2021 and 2022, there was only an increase of 3%, and the salary reached a hike of 62%. Through this article we have learned about Salaries For Certified Fraud Examiner.

FAQs
  • What can be considered a fair salary for a Fraud Examiner?

If the salary of a Fraud Examiner is compatible with the average pay for the state he lives in, then his salary can be considered fair. For example, in Pennsylvania, a CFE must earn approximately $ 90 K per year.

  • What are the other qualities a CFE should possess?

A CFE must possess high moral character, ready to abide by the Bylaws, and Code of Professional Ethics of the ACFE. At the time of the certification, direct or indirect professional experience of at least two years in the field of detection or deterrence of fraud is also a requisite.

  • What are the professional experiences, the Association of Certified Fraud Examiners (ACFE) approve?

The professional experiences that the ACFE recognizes are- Accounting and Auditing, Criminology and Sociology, Fraud Investigation, and the Loss prevention Law relating to fraud.

  • Which cities pay the highest salary to the Certified Fraud Examiners?

Some of the cities paying the highest salary to the CFEs are: Washington DC $ 86 K annually, or $ 42/hour, San Francisco $ 70 K annually, or $ 34/hour, Roanoke $ 65 K annually, or $ 32/hour, New York $ 84 K annually, $ 41/hour, Chicago $ 77 K annually, or $ 37/hour, Boston $ 78 K annually, or $ 38/hour, Austin $ 61 annually, or $ 30/hour.

Salaries For Certified Fraud Examiner

Leave a Reply

Your email address will not be published. Required fields are marked *

Scroll to top