The International Factoring Association (IFA) announced they changed the name of the Certified Factoring Account Executive designation to Certified Account Executive in Factoring (CAEF), effective immediately. The change will help the IFA’s program differentiate itself and avoid confusion with the Chartered Financial Analyst (CFA) Institute. The IFA will directly notify those who have already received the Certified Factoring Account Executive designation regarding the change.
The program was launched in 2013 and is a professional certification program for account executives involved in factoring and receivables based finance. It is the first certification program of its kind for the receivable based finance industry.
“The certification stands as a seal of approval of sorts, an assurance that an individual has the deep knowledge base and competency required to work in our profession,” said Bert Goldberg, IFA Executive Director.
Certification applicants must sit for a 100 question exam that is administered in over 375 locations across the United States and Canada. The IFA CAEF exam measures a candidate’s competency and skill in the factoring profession. To pass the test an individual must be able to demonstrate that they possess, at a minimum, a basic level of competency among the subjects included in the exam. There are no academic qualifications required but each candidate must have a minimum of two years of job-related experience, adhere to the IFA’s code of ethics and receive a passing grade.
Certified Account Executives in Factoring are required to complete 15 units of continuing education every two calendar years to maintain an active credentialed status. Continuing education ensures that the CAEF stays current on developments in the factoring industry while improving individual knowledge and professional development.