Career Definition for a Fraud Examiner
Fraud examiners compile and examine evidence to be used in fraud investigations. In accordance with legal search regulations, their activities include analyzing financial information, collecting evidence and interviewing witnesses and suspects. Examiners determine whether a fraud has been committed and establish the case to prove it.
|Job Skills||Data analysis; deductive reasoning; knowledge of criminology, sociology and related fields|
|Median Salary (2019)*||$66,790 (all claims examiners, investigators and adjusters)|
|Job Growth (2019-2029)*||-6% (all claims examiners, investigators and adjusters)|
Fraud examiners must be certified by the Association of Certified Fraud Examiners, and requirements include a bachelor's degree in any subject and two years of experience in the field (www.acfe.com). Two additional years of experience may also serve as a substitute for an incomplete bachelor's program. To become certified, a fraud examiner must pass tests in criminology and ethics, financial transactions, fraud investigation and the legal elements of fraud.
Fraud examiners must have experience in criminology, sociology or another related field, which can help them understand the motivating factors associated with illegal activities. They also should be able to handle large amounts of data analysis and have excellent deductive reasoning skills.
Career and Salary Outlook
According to the BLS, claims examiners, investigators and adjusters are expected to see a 6% decrease in jobs nationwide from 2019 to 2029. Individuals who were employed as claims examiners, investigators or adjusters in 2019 earned a median wage of $66,790.
Alternate Career Options
Related occupation fields, such as fire inspection and law enforcement, may interest individuals with education in fraud examination.
Fire Inspectors and Investigators
Fire inspectors and investigators conduct on-site assessments of buildings, identify potential fire hazards and verify compliance with local, state and federal regulations. They also conduct investigations into the causes of explosions or fires. Minimum employment requirements include a high school diploma and previous experience as a fire or police worker; candidates with associate or bachelor's degrees in chemistry, engineering or fire science may be preferred. Nationwide, job growth from 2019-2029 is projected to increase by an average amount of 6% for fire inspectors and investigators, who earned a median yearly salary of $61,660 in May 2019, according to the U.S Bureau of Labor Statistics (BLS).
Police and Detectives
Detectives and criminal investigators, who may specialize in fraud, are responsible for collecting crime-related evidence, interviewing relevant parties, observing suspicious activities and making arrests. Entry-level requirements include a high school diploma and completion of an academy training program; college coursework or a degree in a related field of study may also be necessary. In addition, candidates must be 21 years of age or older and citizens of the United States; proof of physical fitness and a valid driver's license are also required. The BLS notes that employment opportunities nationwide from 2019-2029 are expected to grow by 5% for police and detectives, who earned a median annual wage of $65,170 in May 2019.