FSA Track Changes and Transition Rules for 2023 – Corporate Finance and ERM (CFE)
Transition Rules
The changes and hour reductions are provided below. Candidates will complete the track by successfully passing all six elements required from either the current or the new requirements columns. For example, a candidate may complete the first three rows of the current requirements and the remaining rows from the new requirements. All combinations are acceptable as long as one requirement in each row is accomplished.
There is a one-to-one transition of exam/module credits. If a candidate has credit for items in the current requirements column, that candidate has transition credit for the items in the same row of the new requirements column.
The CFE track will reduce from 14 hours to 10 hours by removing material from the Foundations of CFE exam, Strategic Decision Making exam, and the ERM exam. The track-specific extensions will be removed from the ERM exam, but all content needed to meet the CERA Global Association syllabus is retained. The ERM module will not change, while the Introduction to CFE and Advanced Topics in CFE modules will gain some material from the current Strategic Decision Making exam. This is the only track for which candidates will continue to receive their CERA credential upon completion of their fellowship requirements without any further ERM exams.
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Summary of syllabus changes:
The CFE track includes three Fellowship exams: Foundations of CFE, Strategic Decision Making (SDM), and Enterprise Risk Management (ERM).
Foundations of CFE Exam - 5 hours to 3.5 hours
The number of topics was reduced from five to four. Five learning outcomes and the syllabus materials associated with them were eliminated. Other syllabus material considered to be less important or difficult to test was also removed. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.
Strategic Decision Making (SDM) Exam - 5 hours to 3.5 hours
The Communication and Organizational Behavior topic and associated syllabus material were removed from the exam and will now be covered on the Introduction to CFE and Advanced Topics in CFE modules. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.
Enterprise Risk Management (ERM) Exam - 4 hours to 3 hours
The track specific extensions and the associated syllabus material were removed. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.