How to Become a Fraud Risk Analyst

Learn how to become a fraud risk analyst. Research the requirements, job description, and duties, and read the step-by-step process to start a career in fraud risk analysis. View article »

View 10 Popular Schools »

An error occurred trying to load this video.

Try refreshing the page, or contact customer support.

94% college-bound high school students
…said it was important to communicate with colleges during the search process. (Source: Noel-Levitz 2012 trend study)

Select a school or program

    • MBA - Finance
    • MS in Accounting
    • MS in Accounting- Tax
    • MS in Accounting - Audit
    • MBA - Project Management
    • MS in Management - Project Management
    • BS in Business Administration - Financial Analysis
    • BS in Accounting - Managerial Accountancy
    • BSFIN in Accelerated MS Finance
    • BS in Finance
    • BSFIN in General Finance
    • Bachelor of Science in Business Administration, Investment Career Focus Area
    • AAS in Accounting
    • AAS in Business Administration
    • AAS in Business Admin-Office Management
    • Associate of Applied Science in Business Administration, Entrepreneurship Specialization
    • View all programs
    • BA: Accounting
    • BA: Business Administration - Project Management
    • BA: Business Administration - Management
    • BA: Business Administration - Logistics
    • BA: Business Administration - Marketing
    • AA: Business Administration
    • View all programs
View More Schools
Show Me Schools
 Replay
  • 0:00 Becoming a Fraud Risk Analyst
  • 0:37 Career Requirements
  • 1:31 Earn a Bachelor's Degree
  • 2:09 Consider an Advanced Degree
  • 2:53 Gain Professional Experience
  • 3:20 Gain Voluntary Certification

Find the perfect school

Video Transcript

Becoming a Fraud Risk Analyst

A fraud risk analyst looks for fraudulent or suspicious activity and monitors transactions for risks. They may work for banks or other financial business firms and use evidence, statements, and testimony to identify and analyze fraudulent activity and trends to help lower a company's or individual's risk.

Like financial analysts, fraud risk analysts typically work in a comfortable office environment, though they might also have to travel to visit their clients. Additionally, many average working more than 40 hours in a week.

Career Requirements

Degree Level Bachelor's degree; master's degree may be required
Degree Fields Risk management, mathematics, business, statistics, or a related field
Certification Voluntary and preferred
Experience 3-8 years of experience
Key Skills Investigative skills, written reports, evidence preparation, witness interviews, database maintenance, active-listening, critical thinking, telephone skills, familiarity with SAS, SQL, E-mail, telephone and retail banking systems
Salary $80,310 (median salary for all financial analysts)

Sources: O*Net Online, U.S. Bureau of Statistics, Monster.com job postings (October 2012).

So what are the career requirements to start a career as a fraud risk analyst? Employers look for someone with at least a bachelor's degree, and some may require a master's degree. The degree field should be risk management, mathematics, business, statistics, economics, or a related field. Voluntary certification is available and may be preferred by some employers. Most employers look for someone with 3-8 years of related experience.

The key skills you should have include investigative skills; written reports; evidence preparation; witness interviews; database maintenance; active listening; critical thinking; telephone skills; and familiarity with SAS, SQL, e-mail, telephone, and retail banking systems.

According to the U.S. Bureau of Labor Statics, the median salary for a financial analyst is $80,310.

Step 1: Earn a Bachelor's Degree

The majority of all fraud examiners, investigators, and analyst positions require a bachelor's degree from an accredited college or university. Some examples of related degrees include specializations in mathematics, economics, statistics, business, or accounting. These courses should be taken along with general education and liberal arts requirements.

Here Is a Tip for Success:

Search for industry-specific degree programs.

Bachelor's degree programs in areas like forensic accounting and fraudulent financial reporting can help you start a career as a fraud analyst.

Find schools that offer these popular programs

  • Actuarial Sciences
  • Business and Commerce, General
  • Business Statistics
  • Customer Service Management
  • eCommerce
  • Logistics, Distribution, and Materials Management
  • Management Science
  • Office Management
  • Operations Management
  • Public and Nonprofit Organizational Management
  • Purchases, Acquisitions, and Contracts Management
  • Transportation Management

Step 2: Consider an Advanced Degree

A bachelor's degree holder interested in a career as a fraud risk analyst can consider earning a graduate degree in areas like business ethics and compliance, fraud and forensics, economic crime management, or forensic accounting. These programs typically require 1-2 years of study to complete.

Here Is a Tip for Success:

Investigate jobs in your area to see if this is beneficial.

The U.S. Bureau of Labor Statistics reports that advanced study in areas like fraud and risk management could be highly beneficial, because competition for financial analyst positions can be intense (www.bls.gov). A master's degree should improve an applicant's prospects significantly.

Step 3: Obtain Professional Experience in Finance

Professional experience in fraud analysis and/or prevention is essential for career advancement. Although there are some entry-level positions available, most employers look for analyst candidates with at least 3-8 years' experience. Sometimes experience in a specific field, such as bank fraud risk, risk management, or bank operations, can be useful.

Step 4: Gain Voluntary Certification

The Association for Certified Fraud Examiners (ACFE) offers the Certified Fraud Examiner (CFE) certification, a credential that is required for many senior fraud risk analyst positions. To qualify to take the exam, a fraud analyst must have a bachelor's degree in any field and at least two years' experience with fraud detection or prevention. In addition to certification, ACFE offers members access to continuing education, networking opportunities, industry-related events, and other resources for professional growth and career advancement.

The Forensic Institute also offers certification in the field by assigning the Accredited Fraud Investigator designation. This certification is available after the completion of 24 hours of coursework, which is offered through the Forensic Institute and may be available at certain colleges that sponsor a certification program.

Obtaining a bachelor's degree and an advanced degree, gaining job experience, and getting certified are the steps to take to make the most of a career as a fraud risk analyst.

Next: View Schools

What is your highest level of education?

Some College
Complete your degree or find the graduate program that's right for you.
High School Diploma
Explore schools that offer bachelor and associate degrees.
Still in High School
Earn your diploma or GED. Plan your undergraduate education.

Schools you may like:

Popular Schools

The listings below may include sponsored content but are popular choices among our users.

    • MBA - Finance
    • MS in Accounting
    • MS in Accounting- Tax
    • MS in Accounting - Audit
    • MBA - Project Management
    • MS in Management - Project Management
    • BS in Business Administration - Financial Analysis
    • BS in Accounting - Managerial Accountancy
    • BSFIN in Accelerated MS Finance
    • BS in Finance
    • BSFIN in General Finance
    • Bachelor of Science in Business Administration, Investment Career Focus Area
    • AAS in Accounting
    • AAS in Business Administration
    • AAS in Business Admin-Office Management
    • Associate of Applied Science in Business Administration, Entrepreneurship Specialization

    What is your highest level of education completed?

    • BA: Accounting
    • BA: Business Administration - Project Management
    • BA: Business Administration - Management
    • BA: Business Administration - Logistics
    • BA: Business Administration - Marketing
    • AA: Business Administration

    What is your highest level of education completed?

    • Doctor of Business Administration - Management
    • Master of Science in Business Analytics
    • MBA: Accounting
    • MBA: Finance
    • M.B.A. with an Emphasis in Project Management
    • MBA
    • Bachelor of Science in Applied Business Analytics
    • Bachelor of Science in Business for Secondary Education

    What is your highest level of education?

  • What is your highest level of education?

  • What is your highest level of education?

    • Master of Professional Studies in Cybersecurity Management
    • Master of Professional Studies in Information Technology Management

    What is your highest level of education completed?

    • Master of Science in Finance
    • Master of Professional Studies in Real Estate
    • Masters of Professional Studies in Technology Management

    What is your highest level of education completed?

  • What is your highest level of education?

    • MBA in Insurance & Risk Management
    • MBA in Finance/Accounting
    • Master of Professional Studies in Cyber Policy and Risk Analysis
    • MS in Data Science: Financial Crime
    • MBA in General
    • Bachelor of Science in Fraud and Financial Crime Investigation
    • BS in Fraud and Financial Crime Investigation - Financial Investigation
    • BS in Fraud and Financial Crime Investigation - Fraud Prevention and Detection

    What is your highest level of education completed?

    • Master of Science in Agile Project Management
    • Master of Science in Measurement and Evaluation

    What is your highest level of education?

Find your perfect school

What is your highest level of education?