There are five types of requirements for obtaining the AFE designation. They are:
Be a member in good standing in the Society of Financial Examiners
Be an insurance department employee or self-employed with a contract for services directly with an insurance department and have two years of continuous, responsible insurance department experience as a financial examiner, financial analyst or rating analyst.
Have a bachelor’s degree in accounting from an accredited college or university;
or
Have a bachelor’s degree from an accredited college or university consisting of the following AFE First Tier requirements which are the successful completion of college level courses or its demonstrable equivalent in Accounting Fundamentals (6 semester hours), Finance or Economics (3 semester hours), Business Law (3 semester hours), and Accounting/Finance/Business Law or Actuarial (9 semester hours). The three (3) semester hours of Business Law, acquired through the successful completion of the college level law courses offered by LOMA, CPCU, or CLU, may be substituted for the three (3) required semester hours;
In addition, the applicant must receive a passing grade in the following examinations:
(AFE1) Life and Health Insurance Fundamentals
(AFE2) Property and Liability Insurance Fundamentals
(AFE3) Life and Health Insurance Accounting
(AFE4) Property and Liability Insurance Accounting
Be approved by the Admissions Committee and the Board of Governors or Executive Committee of the Society of Financial Examiners as meeting all the requirements to be eligible to hold the designation.
There are six types of requirements for obtaining the CFE designation. They are:
To qualify for the CFE designation, you must have obtained the AFE designation or be applying for the AFE designation concurrently with the application for the CFE designation. A CFE designation will not be granted will not be granted until the AFE designation is obtained. This may occur on the same day, but the AFE designation requirements must be met before the CFE can be obtained.
Be an Accredited (AFE) member in good standing in the Society of Financial Examiners
Be an insurance department employee or self-employed with a contract for services directly with an insurance department and have three years of continuous, responsible insurance department experience as a financial examiner, financial analyst or rating analyst.
To qualify for the CFE designation, you must have:
Successfully completed three semester hours of a Management course from an accredited college or university or its demonstrable equivalent, and you must provide evidence of the successful completion of this course by either a certificate of completion or a college transcript.
Note that the Management courses offered by CPCU, LOMA, and CLU will satisfy this requirement. For more information about their courses in Management, visit their websites at www.aicpcu.org, www.loma.rg, and www.theamericancollege.edu.
In addition, an applicant must receive a passing grade in the following examinations:
(CFE2) Analysis and Evaluation Procedures
(CFE3) Reinsurance
(CFE4) Financial Analysis
Be approved by the Admissions Committee and the Board of Governors or Executive Committee of the Society of Financial Examiners as meeting all the requirements to be eligible to hold the designation.
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.
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.
Upon receipt of this application by Headquarters, 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.
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.