Certification
SOFE offers three professional designations, which may be earned by completing extensive requirements including the successful completion of a series of examinations administered by the Society. The designations are Accredited Financial Examiner, Certified Financial Examiner, and Automated Examination Specialist.
Designation Requirements:
Accredited Financial Examiner
Accredited Financial Examiner — Financial/Rating Analyst
Certified Financial Examiner
Certified Financial Examiner — Financial/Rating Analyst
Automated Examination Specialist
Test Registration
CRE Program Requirements
CRE Credit Hours Requirement
AES Designees
Three Year Periods
Grace Period
Course Approval and Credit
Record-Keeping
Course Approval
Test Registration
Everyone registering to take a test must complete the Test Registration Form. To complete the form, click on the link and then print the form out. If this is the first time you are registering to take a test, you will receive a permanent username. This username will be your username for all future SOFE exams. If you experience any problems with your username when registering for future exams, please contact SOFE Headquarters at (800) 787-7633 (SOFE), or info@sofe.org and we will assist you.
At this time, we are not accepting payments online. You must either mail in a check or call SOFE Headquarters at (800) 787-7633 (SOFE) with your credit card information. If you are paying by check, you will need to send a copy of the registration form with your check.
CRE Program Requirements
After a member earns the AFE or AES designation awarded by SOFE, they must begin to earn Continuing Regulatory Education (CRE) credits effective the first day of the month following the month in which they receive the designation. If the member goes on to earn the CFE designation after earning the AFE designation, the reporting requirements do not change.
Section 1. Purpose
By continuing their professional education, members of the Society of Financial Examiners can better fulfill their obligation to serve competently the public interest. Accordingly, the Society of Financial Examiners maintains the following continuing education program in order to assist its members in remaining current with the technical advancements and fundamental changes occurring in the operations and management of the respective financial institutions they regulate.
Section 2. Scope
All Accredited and Certified Financial Examiners and Automated Examination Specialists who have attained their designations and have been authorized to use the same should commence this continuing education program beginning the first of the month, following that in which authorization to use a
designation was granted, except members of the Society who have been granted retired or inactive status. The credits required will be pro-rated based on the authorized date for the first evaluation year.
Section 3. Required Credits
Members will be required to earn a minimum of 120 continuing regulatory education (CRE) credit hours, as defined herein, during the three-year reporting period with a prorating provision for those who become AFEs/CFEs/AESes after the first month of the three year reporting period. A minimum of 20 CREs must be earned each year within the three year reporting period. AFEs/CFEs/AESes who have left regulation will need to obtain one-half (60 CREs) of the total requirement for AFEs/CFEs/AESes who work in regulation. Individuals receiving their AFE, CFE or AES designation during the three-year evaluation period need only attain continuing education credit from the first day of the month following the date they receive their designation until December 31th of the third year of the three year reporting period.
Upon application, members may be granted a six-month extension in which to accrue continuing education credits. Credits earned during such a grace period are applicable to the preceding reporting period and may not be used in subsequent reporting periods.
Section 4. Reports by Members and Audits of Reports
The accounting for continuing education credits shall be maintained annually by each member on a CRE Reporting Form to be furnished by the Society and will be based on contact hours of instruction or other valid continuing educational activity. Any CRE reporting forms not postmarked by March 31 of the calendar year following the reporting year will receive zero credits for the reporting year unless a $25 late fee is paid.
Examiners selected for audit will be notified by the end of the previous calendar year. Each examiner has an equal chance of being included in the 20 percent randomly selected for audit. If an examiner claims 30 hours on his CRE form and, when audited, can only show documentation for 20 hours, the hours recorded for the reporting year will be adjusted to reflect only those hours for which the Society has proof of actual completion of courses or educational activities. All members of the Board of Governors will be audited each year in which they serve on the Board.
After each CRE form has been evaluated, the credit hours will be recorded and their hours will be posted to the Members section of the SOFE website in a password protected area accessible only by the individual.
Section 5. Recommended Programs and Credits
One hour of attendance of participation will equal one hour of CRE credit. Hours will not be given for introductory remarks, breaks, business meetings (e.g., elections, approval of minutes, financial statements, etc.), meals, or speakers of a general, non-financial nature. Seminars, classes, and sessions must meet at least 50 minutes in order to receive one hour of credit. Half hours will be granted if the session exceeds 25 minutes after the hour. Speakers and course instructor credit hours will be determined by doubling participation credit hours. The following continuing education activities are approved for credit based on the number of instructional contact hours:
- Attendance at a meeting of a state chapter of the Society with an organized educational program featuring at least one speaker recognized in his field, designed to provide knowledge beneficial to the examiner in representing his agency. State chairs, as well as examiners, will be responsible for maintaining records of attendance and the exact amount of actual instruction hours for state chapter meetings.
- Attendance at a seminar organized by a state chapter of the Society or by a regulatory agency, where video-tapes recorded at educational seminars sponsored by the Society are viewed, followed by at least a thirty (30) minute discussion period for each subject.
- Serving as a speaker at an educational program referred to in subsection (a) or (d) herein. (limit of one credit per topic per year.)
- Attendance at the annual Career Development Seminar (CDS) of the Society.
- Authorship of a technical article which is published in the Society’s EXAMINER magazine (6 CREs per article; 10 CREs for article receiving "Editor's Choice Award").
- Attendance at seminars sponsored by the Society.
- For members holding an AFE designation only: Any CFE-level courses of the Insurance Education Program of the Society. (45 CREs for successful completion of the exam) NOTE: Any such credits earned in the interval between the time a member becomes subject to the provisions of this Program will be attributable to the first calendar year following that in which the credits were earned.
- One CRE credit will be earned for the successful completion of any one quarterly CRE Reading Program Test on the SOFE website prior to January 1, 2009 and two CRE credits will be earned for those successfully completed after January 1, 2009.
- Other courses as approved under the provisions of Section 6.
Section 6. Approval of Courses and Programs
Programs and courses for continuing education, other than those denominated herein, shall be directly related to the management, operation, or regulation of banks, savings and loan associations, credit unions, insurance companies, or related to the financial reporting of the operations thereof and have a correlation to the discipline in which an examiner has earned a professional designation. Prior to granting credit for additional programs and courses, the same will be reviewed by the Board of Governors or a duly authorized committee thereof to determine that the programs and courses are contributory to the examiner’s professional competence and pre-approved by individuals qualified in the subject matter. Approved Sponsors
Section 7. Failure to Maintain Required Hours
Members who fail to maintain the required number of continuing education credits will be ineligible to hold or display the designation Accredited Financial Examiner (AFE), or Certified Financial Examiner (CFE), or Automated Examination Specialist (AES). Such members will be eligible to retain their general membership at the prescribed fee for general membership. Members who are otherwise eligible to hold the designation of Accredited Financial Examiner, Certified Financial Examiner, or Automated Examination Specialist except for the failure to maintain required continuing education credits, may apply for reinstatement of their designation within five years of losing said designation by showing that they have earned the necessary continuing education credits and by paying the difference, if any, between the applicable dues payable and the general membership dues paid during the period the member was not eligible to hold a designation and payment of a $100 processing fee. Any reinstated member will also be required to meet all normal ongoing continuing educational requirements of members in good standing.
CRE Credit Hours Requirement
Credits must be earned in a three year period. The three year periods are the same for all designees, therefore, an individual earning their designation during a three year period, must pro-rate the number of credits required for that period, which will be explained below.
The amount of total CRE credit hours required by each examiner will be a total of 120 CREs over the three-year period effective from January 1st of year 1 to December 31st of year 3.
The minimum CREs an examiner MUST earn in any one year are as follows:
| First year | 20 CREs |
| Second year | 20 CREs |
| Third year | 20 CREs |
Individuals receiving their AFE, CFE or AES designation during the three-year evaluation period need only attain continuing education credit from the first day of the month following the date they receive their designation. For example, an examiner becoming an AFE in April 2012 would be required to have a minimum of 66.5 CRE hours by December 31, 2013 (20/36 months = 55 percent x 120 hours = 66.5 hours) in order to maintain his/her AFE. CRE Proration Guide.
There is no limit on how many credits an AFE/CFE/AES can earn each year and the aforementioned amounts of CREs are considered only the minimum necessary to earn for any AFE/CFE/AES member of SOFE to remain in good professional standing. The program recognizes some members need flexibility in their personal CRE program and to meet this requirement the program provides that extra credits earned will be applied to the next three-year period as follows: if an AFE/CFE/AES has earned excess credits during the three-year period ending December 31, 2010, the member may roll these credits forward into the next three year reporting period up to a maximum of 40 CREs.
AES Designees
Members who have attained the AES designation must earn a total of 36 CRE credits in IT subjects for the three year reporting period. They must earn a minimum of 6 CRE credits in IT subjects per year during each three year reporting period. They may carry forward to the next reporting period no more than 12 CRE credits in IT subjects if they are in excess of the 36 CRE credit requirement. If they have only the AES designation, this is their only requirement. If they also have an AFE or CFE designation, then the 36 hours requirement is part of their total requirement.
For example, if a member holds the AFE, AES designations, they must have a 120 CRE credits in total for the three year reporting period, 36 of which must be in IT subjects. They must have a minimum of 20 CRE credits per year, but 6 of those must be in IT topics. And they may carry forward up to 40 CRE credits into the following three year reporting period, but only 12 of those may relate to IT subjects.
AFE/CFE/AES Designees Who Have Left Regulation
Non-regulatory AFEs/CFEs/AES designees will need to obtain one-half (60 CREs) of the total requirement for AFE/CFE/AES designees in regulation required by the program (120 CREs). Non-regulatory members who return to regulation may continue to use their AFE, CFE or AES provided they meet additional CRE requirements that will be defined as appropriate by SOFE at the time an application for a change in membership category is approved.
Retired status AFE, CFE and AES designees who are not gainfully employed directly or indirectly in regulation may continue to use their designation without meeting any CRE requirements. Retired members who return to regulatory employment must apply to become reinstated as active and will be required to obtain additional CREs.
Three Year Periods
The three year period just ending and the next two three year periods are:
January 1, 2008 to December 31, 2010
January 1, 2011 to December 31, 2013
January 1, 2014 to December 31, 2016
Grace Period
Examiners who have failed to meet the minimum of 120 CRE credits during the three year reporting period (or the required proportional amounts for new designations earned during the three-year period) may do the following: submit to the SOFE Continuing Education Committee for review and approval a written explanation, postmarked or e-mailed no later than January 31 of the current year, of why their minimum requirement was not met and what the examiner’s plan will be to meet the requirement by July 31st that the current year. Those required credits earned during an approved six-month grace period (February 1 to July 31) will be applicable for the prior reporting year only. Failure to earn the required credits will cause an examiner to lose the right to use the designation.
Course Approval and Credit
All CFE courses in the SOFE Education Programs will now earn 45 CREs upon passing each exam, if you already have your AFE designation. The earning of continuing education credits through the use of self-study for courses such as LOMA, FLMI, CPCU, CLU or State CPA Chapters’ CPE programs or other CPE programs will carry full credit in all cases. This means that a member will also be awarded 45 CRE hours for the completion of this type of approved courses equivalent to a college level course credit. The program provides access to educational credits. The type of courses that can be taken include supervision and management courses. Training related to the financial examiner’s profession will most likely be determined as acceptable by SOFE. Programs and courses that are directly related to the management, operations, or regulation of banks, savings and loan associations, credit unions, insurance companies or related to the financial reporting of operations thereof and have a correlation with the discipline to which the examiner has earned a professional designation will be approved for credit. The member also can enroll in financial educational courses at an accredited college or university in accounting, actuarial science, computer science, economics, finance, general business administration, insurance, management, math or statistics and any of the financial courses that are required major subjects for the graduation in such academic programs. Accounting, auditing, financial, data processing, management, and other courses required to obtain degrees in these majors will continue to be considered appropriate for credit under the program.
Record-Keeping
In preparing for annual CRE report filing it is suggested that AFE/CFE/AES members should prepare a professional file containing all documents, course material, and certificates of completion for ready reference. This file should also include a draft of the form to be filed at the end of the year so that it can be kept up-to-date during the year and so that the form actually filed can be readily completed at the year-end.
Course Approval
Prior approval before attending college courses, staff training, and seminars is always recommended as the best and most appropriate way to determine in advance the number of credits that will be allowed for the training activity. These applications are submitted on the forms provided by SOFE and are reviewed and approved by the Continuing Education Committee and the Executive Committee. When a course is taken without prior approval, the member risks not receiving approval or full credit. However, if the member believes the training completed is one that is most likely to be accepted, then it still may be filed after the training session as long as it is done in time to have it approved before the cut-off date of March 15 of the year subsequent to the annual filing date. These subsequent training requests are to be filed on the same forms used for prior approval and will be handled in the same manner as those that are preapproved by SOFE.
Finally, if you have any questions or need additional information contact SOFE’s headquarters for assistance. Difficult questions or issues that cannot be readily answered will be referred to the Vice President of Continuing Education for review and response. SOFE’s Continuing Education Program has been established to enhance your professional standing and assist you to remain qualified as an Accredited or Certified Financial Examiner or Automated Examination Specialist. Efforts by you to comply with the requirements of the program will be fully supported by your SOFE officers and state chairs through their assistance and positive reinforcement of the program on both a state and national level.