Testing Information
New Testing Website
Beginning April 1, 2012 SOFE will be utilizing a new testing website. The link to the testing website will be located in the Members Only area. Members paying online do not register in advance for tests, but must arrange for a SOFE approved proctor for their test date. Non members who wish to take a test and pay online, please complete and submit a the non-member test account access form online here.
SOFE members AND non members paying by check, must use the pay by Check Registration Form.
Registering For AFE And CFE Examinations — You do not have to be a member of SOFE to take the examinations, however, it is less expensive to take the test if you are a member. If you plan to take more than one test per year, it will save you money if you are a member. If you are paying online, complete the non-member test account access form online here. If you are paying by check, then you must send your check with a test registration form for arrival at least two weeks prior to the date of your test. See "Paying by Check" below for more information.
Paying Online — If you are paying online for your test, you pay at the time you take the test, so there is no need to pre-register for your test. SOFE's testing site accepts online payment by credit card or by your PayPal account. If you pay online for your test, you may take your test at any time mutually convenient for you and the SOFE approved proctor who will be present for your test.
Paying by Check — There is additional time required to allow a test being paid for by check. If paying by check for your test, you must complete the test registration form and mail it to SOFE with your check at least two weeks prior to your test date. This same requirement applies for retests paid by check. If you wish to retake a test in less than two week's time, you must pay online for the retest. There are no exceptions to this requirement. When paying by check, you must designate on your test registration form which test and which date you will be taking the test. In addition, there will be a $25 change fee each time you reschedule your test.
Testing Dates SOFE Members paying online may take tests any day of the year mutually agreed upon by the test taker and the SOFE Approved Proctor (see "Approved Proctors" below) the test taker directly arranges for in advance of the desired test date. Non members who wish to take a test and pay online must complete and submit a the non-member test account access form online and must wait to hear from SOFE about their test site access before arranging their test dates and proctors. (see Registering For AFE And CFE Examinations above)
Tests not paid for online are not available the following days: Fridays, weekends, national holidays, during the week of the SOFE Career Development Seminar and the week immediately following it, and from mid December to the second week of January. The test date(s) can be no earlier than two weeks from the date the Pay by Check Form and the payment check are received by SOFE See form under "Paying by Check" above.
Test site user support — SOFE is available to assist you during the following business hours: Monday through Friday, 9:00 a.m. - 5:00 p.m. ET, excluding holidays and the week of the SOFE Career Development Seminar and the week immediately following it, and from mid December to the second week of January.
Approved Proctors — You must reserve your test date and time in advance directly with an approved proctor. All CFEs in good standing who have had the CFE designation for a month or more and have a suitable office space for testing are eligible to proctor the tests if they choose to do so. Click here for a list of individuals who have most recently proctored SOFE tests. To check for additional CFEs in your geographic area regarding their availability to proctor, SOFE members may consult the SOFE Member Directory located in the Members Only area.
Log In Information — The link for the testing website is in the Members Only area.
Test Format — Each examination has 50 randomly selected multiple choice questions. A limit of three hours is allowed for each test. The exams are proctored by volunteers from the SOFE membership and from the state insurance departments. Click here for instructions on accessing tests under the new testing delivery system.
Test Results — Test results are displayed on the screen at the conclusion of the test. An email indicating pass or fail will be emailed to the examinee, proctor and SOFE at the conclusion of the test. The actual score will not be included in this email. If the test was passed, then a certificated will be emailed as well. At any time, you can go into your history and view your prior results as well as the completion certificates.
Retests — You may re-take any test. There is a $75 retest fee. For retests, follow the above instructions regarding paying online or by check.
Conditional Credit Policy — Effective January 1, 2012, a candidate for Accredited Financial Examiner designation (AFE) and Certified Financial Examiner designation (CFE) will be subject to the conditional credit policy as stated below:
The passing grade for each of the tests of the Accredited Financial Examiner designation (AFE) is 60. A candidate who passes any test of the AFE will earn conditional credit for that test. This conditional credit expires 36 months after the testing date. If a candidate does not successfully pass the remaining tests within the 36 months, the test associated with the conditional credit must be retaken.
The passing grade for each of the tests of the Certified Financial Examiner designation (CFE) is 66. A candidate who passes any test of the CFE will earn conditional credit for that test. This conditional credit expires 36 months after the testing date. If a candidate does not successfully pass the remaining tests within the 36 months, the test associated with the conditional credit must be retaken.
Tests taken on and after 1/1/10 will expire 36 months after the date the test was passed. Tests passed prior to 1/1/10 will expire on 1/1/13.
Retests — Retests are allowed within the test month if the application and payment is received prior to the end of the test month. In addition, you must make arrangements for a proctor prior to signing up for the retest.
Change Fee — Beginning with the July 2011 testing cycle, there will be a $25 change fee anytime the date for a scheduled examination needs to be changed. If you need to postpone an exam, the credit will be available for 24 months from the date of the original exam. You can request a refund anytime within the 24 months and the refund will be subject to a $50 refund fee.
Failure To Show Up For An Exam — A retest fee of $75 for members and $100 for non-members will be charged when an examiner fails to show up on time for a test. Examiners who do not show up on time will forfeit the test and the testing fee already paid. In addition, the next test will be charged at the retest fee. Should an emergency arise, please call Society headquarters immediately and refer to the cancellations and refund policy below.
Refunds — Refunds, minus an administrative fee of $50 for members and $75 for non-members, will be given for canceled exams, provided written notice of inability to participate is sent via certified mail to the Society headquarters to be received by the first Friday of the month in which the test is to be administered. Include the course number and the city where you are scheduled to test along with your name and address and specify to whom the check should be issued. Failure to participate without such notice will cause forfeiture of the full testing fee and a current retest fee will be charged at the future registration for the same exam.
Study Materials Required For AFE and CFE Examinations
There are specific textbooks which must be used to study for the examinations. Below is a list of these textbooks and materials. They are:
AFE1: Life and Health Insurance; 13th Edition; Kenneth Black Jr., Harold Skipper Jr., Prentice-Hall, New Jersey; 2000
AFE2: Fundamentals of Risk and Insurance; 9th Edition, Emmett Vaughan, John Wiley and Sons, New York, 2002; Insurance Operations, Regulation & Statutory Accounting 2nd edition, Bernard Webb, Connor Harrison, James Markham, American Institute for Chartered Property Casualty Underwriters, Pennsylvania, 2002
AFE3: Intro to Life Insurance Co. Financial Statements (Study Note); Society of Actuaries, 1997; and Life and Accident & Health Insurance Accounting (with CD Rom), 2001, Insurance Accounting and Systems Association, North Carolina, 2001
AFE4: AICPA Audit and Accounting Guide: Audits of Property and Liability Insurance Companies; American Institute of Certified Public Accountants, New York, 2005; Property-Liability Insurance Accounting & Finance; 4th Edition, Terrie E. Troxel & George Bouchie, American Institute for Chartered Property Casualty Underwriters, 1995; NAIC Accounting Practices and Procedures Manuel as of March 2004
NOTE this version of the AFE4 Test will terminate December, 2012. The Updated AFE 4 test and Study Guide for the updated AFE4 test will replace the earlier version. The Updated AFE 4 Test is scheduled to be available in July 2012.
AFE 4 Updated Version- See Study Guide at http://www.sofe.org/testing/index.cfm
CFE1: 2008 Edition of the Financial Condition Examiners Handbook, National Association of Insurance Commissioners, Missouri, 2005;
CFE2: Property-Casualty Insurance Accounting; 8th Edition, 2003; Insurance Accounting and Systems Association, North Carolina
CFE3: Reinsurance; Edited by Robert W. Strain; Strain Publishing Company, New York, 1997, Reinsurance Practices;
CFE4: NAIC Financial Analysis Handbook - 2005 annual/2006 quarterly Propery Casualty Edition
Textbooks for the exams may be purchased from the Actuarial Bookstore (a mail-order bookstore), Amazon.com® or Booksamillion.com®(Internet-based bookstores).
Orders can be mailed, faxed or phones in. The actuarial Bookstore ships via UPS within two to three days. Or you can order on line using the link from SOFE's website or at http://www.actuarialbookstore.com/.
Amazon.com® (http://www.amazon.com) and Booksamillion.com® (http://www.booksamillion.com) take approximately three to six weeks for delivery. Not all books are available.
In addition, state insurance libraries and public libraries may lend these books.
Study Guides
In addition to the textbooks, the Society provides study guides as an aid for study. And please keep in mind that these are just tools to help you prepare; they are not all inclusive of the material upon which you will be tested. Click here to access the study guides.
Veterans Benefit for SOFE Exam Fee Reimbursement
The Department of Veterans Affairs has approved under Section 122 of PL 106-416 , SOFE's AFE and CFE exam fees for reimbursement retroactive to January 31, 2011. The VA's Licensing and Certification Reimbursement application form is here. You must apply for VA benefits before using this form. The VA benefits application forms links are here. Questions about eligibility or filing must be directed to the Veterans Administration. Information assistance on the GI Bill under which this funding is provided is here and here. Forms must be submitted to the VA address provided in the form instructions. Do not submit forms to SOFE. More information here.