Requirements For Obtaining The Financial Rating / Analyst Designation

In order to qualify for a designation of Accredited Financial Examiner (AFE) or Certified Financial Examiner (CFE) in the Financial Institutions discipline, the following requirements must be met:

  1. Membership in good standing in the Society of Financial Examiners.
  2. Present employment as a financial examiner in a governmental regulatory body in the discipline in which the designation is sought.
  3. Satisfaction of minimum experience requirements in the respective discipline. (Effective July 1, 1994, examiners must hold the AFE designation prior to pursuing the CFE designation.)
    • AFE - two years
    • CFE - four years
  4. Successful completion of the written examination(s) given by the Society of Financial Examiners, which are designed to test the candidate’s knowledge of the discipline and financial examination techniques.

Testing

In order to apply for the exam, the applicant must be within three (3) months of completing their work experience as noted in #3 above. The AFE test is an objective, fifty-question examination given at a proctored testing location.

The CFE tests are two comprehensive 8-hour examinations. The first exam is dedicated to credit analysis and the second exam is dedicated to advanced examination topics. These tests may be taken on the same day, on two (2) consecutive days or up to two (2) years apart, but both must be completed with a passing grade to qualify for the designation.

Locations Where Tests Are Given

All tests are given in a proctored environment. Every effort is made to keep this location as convenient to the candidate as is possible. See this list of cities for the city nearest you.

Procedures

Upon headquarters’ receipt of this application, the candidate will receive a notice containing information about the date, site, and the procedures to follow during testing, This is called the Examiner’s Code of Conduct. A study guide is available to aid you in preparing for either the AFE or CFE exams; if you have not received your copy, contact the Education Director at headquarters.

Grading

Please allow 90 days from the examination date for grading, processing and reply. If the candidate fails to achieve a passing grade, the exam is automatically regraded by a second person, if it is within the parameters established by the grading committee. The names of candidates who receive passing scores will be submitted to the executive committee for ratification at the next regularly scheduled meeting. Upon approval, the appropriate AFE or CFE letters, certificate, and membership pin will be sent.