February 25, 2016 at 8:07 am #200347
Anyone have any experience taking the Certified Anti-Money Laundering Specialist (CAMS) exam? There are thousands of jobs nationwide when you search on indeed.com for AML (anti-money laundering) or CAMS (the certification described above). It seems like it would be an easy test compared to the CPA exam, especially when using the prep materials provided by the sponsoring organization, ACAMS.
I have tried staff accounting, bookkeeping, taxation, and auditing; I don't really want to do those again. I am hoping to find a job in anti-money laundering where I can do more detective work. If I am lucky I hope to find a job with a firm doing counter terrorism AML work. How cool would that be! Thanks for any advice on AML.February 25, 2016 at 5:09 pm #759470TncincyParticipant
Are you looking for a Federal Job? It sounds exciting, maybe related to banking or Auditing, or Governmental in relation. Where can we find information on such a certification.February 26, 2016 at 12:44 am #759471
A federal job would be great fit but they are hard to come by.
Any company in banking or wire transactions (like Western Union) is required to have people trained in Anti-Money Laundering (AML) compliance. I am hoping to find an AML position within a international bank that involves counter terrorism.March 3, 2016 at 6:24 pm #759472AnonymousInactive
I am taking the CAMS exam tomorrow morning for the first time. I will post another reply in a few days about how I studied, etc.March 3, 2016 at 11:59 pm #759473SkynetParticipant
I Laundered Money once when I left my wallet in one of my pants pocket.
It came out of the Dryer smelling like Sunshine and Spring time though : )March 4, 2016 at 4:57 am #759474NessieParticipant
Skynet, I have to say you are hilarious. You have a great sense of humor!March 7, 2016 at 8:36 pm #759475AnonymousInactive
I took and passed the CAMS exam on Friday. Below is a summary of everything you need to know. If you go to the ACAMS website and download the Candidate Handbook, you can also find most of what I have summarized. I found the experience to be fairly easy and straightforward but Iâ€™ve had the benefit of already studying for and taking many similar exams. You definitely canâ€™t just show up and pass it without studying but if you read the book and go through all the other prep materials once and have a little bit of relevant experience, you should be able to succeed.
Like a lot of other certifications, there is a points system to determine eligibility. To take the exam you need 40 points. Points are earned as follows:
Highest level of education; 10 points for Associateâ€™s, 20 for Bachelorâ€™s, or 30 for a Masterâ€™s Degree/PhD/JD or equivalent
10 points for every year of professional experience
10 points for every other relevant certification you have (CPA, CFE, FINRA Series, etc.)
Basically if you have a CPA license and one year of work experience, youâ€™re eligible to take the exam.
$1,790 (thankfully paid by my employer) which included one year of membership in ACAMS ($295) and $1,495 for the standard prep course/ exam fee. There is a higher-end prep course that includes live instruction for an additional $385. There is also a discount for government employees ($195 membership + $1,145 prep/exam fee). If you fail the exam, you have to wait 2 months to re-take it and pay a $290 fee ($190 for government employees).
You canâ€™t pay for the exam by itself unless youâ€™re re-taking it after failing. You must buy a package that includes the exam fee and a prep course. I chose the cheaper package that does not include live instruction. The package I chose includes a textbook (referred to as the Study Guide) which is 435 pages, 11.5 hours of recorded lectures (the textbook being read word-for-word) that you can download to your phone/ other mobile device, 115 flash cards, and a set of 238 online-only interactive PowerPoint-type slides that summarize whatâ€™s covered in the textbook. One of the chapters of the book (54 of the 435 pages) is a set of 100 practice questions. After reading the textbook, listening to the lectures, and going through all the slides, I did all of the practice questions and got 90% correct. On the actual exam I got 92% correct. I did have the benefit of recently completing an internal AML compliance audit at work so that helped me pick up a lot of the concepts that were on the exam.
The exam consists of 120 multiple choice questions and you have 3.5 hours to complete it. I finished more than an hour early and found I had plenty of time to read each question and possible answer multiple times to make sure I wasnâ€™t missing a word or two that would change the answer. The exam questions were not super easy but not nearly as hard as the CPA exam. I would say the questions were comparable in difficulty to the CFE exam.
Feel free to let me know if you have any other questions.March 18, 2016 at 9:26 pm #759476How many letters do you needParticipant
Interesting! This could be a fun expertise to add, and it goes well in the line of CFF/CFE…definitely something to add to the list of possibilities….March 19, 2016 at 12:15 am #759477SkynetParticipant
I need a consensus on Money Laundering.
Is it best o presoak for 30 minutes or put in on the Delicate Cycle?March 25, 2016 at 1:10 am #759478nadrojParticipant
Neither. It's best to let your Auntie do it.April 19, 2016 at 2:06 pm #759479fabien71Member
Is CAMS certification better than the CFE one ? Or is it just two different things ? What are the pros and cons for CFE and CAMS ?April 20, 2016 at 11:32 pm #759480
The CAMS certification is specialized. Unless you want to work in Anti Money Laundering (AML), the CFE might be a better choice.February 5, 2017 at 3:41 pm #1454466kenixpinkyParticipant
i want to take cams exam, but so afraid about the test.Any advise about learning process, study tips suggestion . I truly appreciate your help!. Thanks!February 24, 2018 at 1:56 am #1718771mandywilsonParticipant
I personally failed Cams twice before passing this exam.
It’s apparently taking more time than what I expect it should be
Main reason is because the exam is too board and requires some certain degree of memorising content
do expect that the practice questions in their study material is very much different from the real examination.
I do recommend you to know how the real exam format is before taking the exam, otherwise you won’t be able to prepare how to practice the exam and waste time flipping on the study materials
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