CGSS Exam: Everything You Need To Know About It And How To Pass It The ACAM’s credential certification The Association of Certified Anti-Money Laundering Specialists (ACAMS)
What Is CAMS Exam And Everything You Need To Know About It
What are ACAMS and CAMS?
Is CAMS appropriate and relevant to my country and industry?
The CAMS certification is recognized worldwide and is not focused on a single country. The course content is relevant to all countries of the world. To take the exam, you must have experience relevant to AML in the real world.
Table of Contents
What are the prerequisites of the CAMS exam?
What is the application process for the CAMS exam?
Why do I need professional references?
Professional references are mandatory for all candidates. They are individuals who can vouch for your AML knowledge and experience. Your relatives and ACAMS staff cannot be your professional references.
How difficult is the exam?
How to prepare for the exam?
Here is an effective way to study for the CAMS exam:
- Make a study plan
- Use official study guides of the ACAMS
- Study each chapter carefully. ACAMS combines multiple concepts from different chapters into a single question to test if the concepts are fully understood.
- Do not take the exam without sufficient preparation. Your work experience is not enough to take the exam.
How long do I have to study for?
For preparation, time is not a constraint. You should give at least two to three hours per day while preparing for the exam if you are aware of the AML frameworks. For a person who is new to the AML domain, it can be much more than two to three hours.
Do I have to memorize content for the CAMS exams?
You have to memorize a lot of factual content for the exam. Candidates who appear in the exam report that 20-30% of the questions require the memorization of content.
Is there a penalty for picking out the wrong answer?
There is no negative marking in the CAMS exam.
What is the format of the exam?
• There are 120 multiple choice questions in the exam.
• The time limit to solve these questions is 3.5 hours (210 minutes).
• There is no negative marking in the exam therefore you should not leave any question unanswered.
• The test is MCQs based and for every question, you are given four to five options.
• There are some questions with single answers and some with multiple answers. For questions with multiple answers, you have to select all the correct answers to score a point.
English is not my mother tongue, can I take the exam in a language other than English?
Yes, you can take the exam in the following languages:
- Bahasa Indonesia
What is the course outline of the CAMS exam?
The official study guide provided by the ACAMS consists of eight chapters. Chapter 1-6 has all the study material while chapter 7 has practice questions for the examination. Chapter 8 has guidance material and other documents. It is important that you study some additional topics which are mentioned below in the article.
Is external reading required for the exam?
The official ACAMS study guide does not cover all the questions that appear in the CAMS exam. It is very important that you read information from online sources of important topics. These include:
- Wolfsberg anti-money-laundering principles for private and correspondent banking
- European Union’s money laundering directives
- Notes and recommendations of the FATF (Financial Action Task Force)
- Wolfberg’s guide on Anti-Corruption
- 100 sanitized cases from the Egmont group
- Are the guides and resources available on the internet helpful?
- Yes, the resources available online are quite helpful. You can practice the concepts you studied in the ACAMS guide by taking mock tests online. These practice tests will make you fully prepared for the actual exam. It is also recommended to talk to people online on forums where people who have previously taken the test share their experiences. Their tips will help you ace the exam.
What are the tips and tricks for taking the exam?
Following tips will be helpful while taking the exam:
- The questions of a CAMS exam are lengthy and confusing. Read every question carefully to make sure you do not miss any important detail.
- There are many distractors in questions and answers both. It is important to identify and eliminate unnecessary information that does not have an impact on the answers.
- There is no negative marking in the exam. Make sure you do not leave any questions that you are not sure about.
- The questions are confusing and tricky. Do not panic, it will only make things worse.
- You have 210 minutes to solve 120 questions, which makes it approximately 1.5 minutes for each question. Try to solve every question in 1.5 minutes and do not spend too much time on confusing questions.
What is the passing score of the exam?
To obtain the CAMS certification, you need to earn at least 75 points (out of 120) in the exam.
What do I have to bring on the day of the exam?
On the day of the exam, you have to bring a valid form of identification. You can bring your passport, driver’s license, or any form of government-issued ID.
Can I retake the exam?
If you fail the exam, you can retake it after two months. After attempting for the third time, the waiting period becomes six months.
Does the CAMS certification expire?
The CAMS certification expires in three years. CAMS professionals can recertify after three years.
How much does recertification cost?
The recertification costs between $200 – $250 before the deadline. If you miss the deadline, you must pay $300 to recertify.
Can I reschedule my exam?
Rescheduling costs $100. You can reschedule up to 72 hours before an exam. This can be done by visiting the official center in person or via the phone. Rescheduling your exam by phone costs an additional $20.
What are the career opportunities for a certified AML specialist?
A CAMS certified is an expert in anti-money-laundering techniques and is aware of the market trends. Having this certification ensures improved work prospects and better salaries. A CAMS professional can work in the public and private sector as:
- AML Officer
- Fraud Investigator
- Compliance Officer
How much does a certified AML earn?
CAMS certification is a vital component of a successful AML career. Nowadays, large financial institutions have made CAMS a mandatory requirement for positions in the AML and CTF.
Is CAMS worth it?
It is observed that a certified AML earns much more than a non-certified professional. On average, a CAMS professional earns $17 per hour or $80K per annum while the salary of non-certified professional ranges from $50K-$60K per year.
Is there an alternative to the CAMS certification?
Yes, there are many alternatives to the CAMS certification:
- CFCs (Certification in Financial Crime)
- CFE (Certified Fraud Examiner)
- CAFP (Certified AML and Fraud Professional)
Is CAMS the best AML certification?
CFCS is a new certification and is not globally recognized. CFE is beneficial for those who want to pursue their career as fraud investigators. CAMS is the only certification that is widely recognized as the standard in the anti-money-laundering certifications.
In the AML domain, the CAMS certification is by far the most prestigious credential. It is an effective tool in fighting crime and terrorism. A certified individual can easily identify how and where threats originate. Even though it requires a big investment but it is a valuable contribution to your career and will open many doors for success in financial institutions. Preparing for the exam will not be easy but you will certainly reap the benefits of the time you put into studying.
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