90-Day CFE Exam Challenge Story: Monica Gutierrez-Altenhof

Monica Gutierrez-Altenhof joined the last 90-Day CFE Exam Challenge right after she had her first baby. Her goal was to return from maternity leave with her CFE.

But before that, she’d seen some ups and down. Gutierrez-Altenhof worked for Wachovia when they were bought out by Wells Fargo. Her entire department was laid off, so she accepted a position at Stride Rite, a children’s footwear store, and worked her way up to a multistore manager. In this position, she was involved with investigating several fraud schemes.

After two years, Gutierrez-Altenhof realized she wanted to make a career out of fighting fraud and decided to earn a master’s of accounting from UNC Charlotte. After graduation, she started her new career with Teachers Insurance and Annuity Association (TIAA). She spent four years doing the SOX testing and has spent the last year as an internal auditor. Now, she is only one semester away from finishing her MBA, with the goal of continuing to progress in her career with TIAA. Here’s how the 90-Day CFE Exam Challenge helped her pass the exam and come back to work as a CFE.

Why did you join the 90-Day CFE Exam Challenge?

After receiving my CPA certification, I was looking for my next challenge. My coworker recommended becoming a CFE. I purchased the CFE Exam Prep Course and then found out I was pregnant. After having my son, I realized I only had six months left before the software license expired. I joined the 90-Day CFE Exam Challenge because I needed a push to get it done before I returned to work from maternity leave.

What did your study method look like?

First, I took the Pre-Assessment included in the Prep Course to figure out my strengths and weaknesses. I started with the Financial Transactions and Fraud Schemes section. My goal was to hit 50 correct answers per day. Sometimes it took me one hour, and sometimes it took me two depending on how well I knew the material. I had learned from my CPA studies to not put a time goal on my studying but rather aim for a specific number of questions. If I got distracted on my phone, one hour could go by with only having done 10 questions.

Once I got all the questions correct for that first section, I took the corresponding Practice Exam. The next day I took the real test, which meant I was now on the clock — 30 days to take the next three exams. By completing 65 correct questions per day, I was able to complete the Fraud Prevention and Deterrence section in five days. I then took the Practice Exam one day and the real exam the next. I did the same with Investigation and completed it in a week. I was least familiar with the Law section, so I took two weeks at 40 correct answers per day. I then took the Practice Exam one day and real exam the next. I made it with two days to spare!

How did the challenge help you accomplish your goal of passing the CFE Exam?

I am very competitive and love challenges. I do Spartan Races and Triathlons for fun. Winning a challenge was enough to light my fire to get it done within the 90 days. I really enjoyed the forum. Knowing others were going through the same thing at the same time was so encouraging.

What did it feel like when you got the email saying you'd passed? How did you celebrate?

I completed my last exam on a Sunday. The next day I went back in to print off the affidavit to take to my coworker and I noticed the status on my ACFE account: exam passed. I was confused because I had not received a confirmation email, so I used the chat feature to ask if I had really passed. The representative assured me that I had and I would be receiving an email shortly. I kept it to myself, afraid to jinx it for nine days. When I returned to work, I received my confirmation email, and when I got to my desk, my certificate was sitting in my chair. I was so happy that I had accomplished my goal of finishing before I came back to work from maternity leave. When I got home, my son had my favorite cookies in his car seat with a note congratulating me for passing, as well as my favorite dinner sitting on the table.

What advice do you have for challenge participants who are preparing for the CFE Exam?

If I can complete the challenge with a newborn sitting on my lap, anyone can! I read in several places that a number of questions goal is much better than an amount of time goal. In some sections, 50 questions took me 45 minutes and in others it took me two hours, but I made sure to always finish 50 questions. With an amount of time goal, it's easy to get distracted and answer a quick email/text and before you know it, one hour is done and you've only finished 10 questions. A number of questions goal keeps you on track because you want to finish and get on with your life. Also, when I was studying for my CPA, I found my most productive times were waking up an hour early, lunch hour and staying an hour after work. Staying an hour after work was particularly productive for me because I wanted to go home so I didn't let myself get distracted with texts and emails.

The 90-Day CFE Exam Challenge provides participants with study tips and peer support to help them stay motivated and on track to reach their goal of passing the CFE Exam. The upcoming challenge begins April 1 and ends on June 30.