In an era of rising financial crime, regulatory scrutiny, and global compliance standard. The demand for professionals trained in anti-money laundering (AML) is at an all-time high.
AML professionals and financial crime compliance experts widely recognize the CAMS certification (Certified Anti-Money Laundering Specialist) as the global gold standard.
Offered by ACAMS (Association of Certified Anti-Money Laundering Specialists), this credential equips you with the skills to detect, investigate, and prevent money laundering.
Whether you’re an AML analyst, compliance officer, banker, auditor, earning the CAMS certification can significantly boost your credibility and career opportunities.
But what does the CAMS certification actually involve? How much does it cost, who is eligible, and is it really worth the investment?
In this guide, we’ll break down everything you need to know about the CAMS certification including eligibility criteria, cost, global job prospects and their alternatives.
If you’re looking to elevate your career in financial crime compliance or gain an edge in the competitive world of AML, this is the one credential that opens doors around the world. Lets explore why CAMS is the go-to certification for AML professionals and how you can become one.
Why CAMS certification?
CAMS certification is a big career growth step for students who opt for it. Employers sponsor this certification, and it will likely help you get promoted to a better position with a higher pay scale. Having CAMS certification adds a lot of value in your resume you are definitely the top students or professionals of your industry with this certification in your hand. This certification works as a differentiator in hiring for AML KYC job roles.
This certifications gains you the knowledge of laws and regulations which makes you a candidate to be trusted by the company which in return is good for you, company will make sure to keep you happy and comfortable because you a important part of the company. CAMS certification is globally recognized which assures your competency in organizations.
This certification also enables you to connect globally with the ACAMS community they have a large network which indeed will help you land a better position and job role.
Eligibility for CAMS certification
ACAMS membership is necessary to apply for the exam, without being a member of the ACAMS exam is not allowed. Current membership fees is $275 per year that is 23,650 INR. If you want to opt for longer the fees for 2 years is $570 which is 49,020 INR, 3 year fee is $825 that converted to rupees is 70,950.
Candidate also needs 40 credits which is given by ACAMS itself. They are called “ACAMS credits” where each time you gain a relevant professional certification, one year of AML work experience or a degree adds up 10 credit points. Having a bachelors degree counts for 20 credit points and finally a masters degree counts for 30 credits. You see there is pattern of expectation ACAMS is having from their candidates. Last but not the least you need three professional references.
Cost of CAMS certification
Current fee scenario is $1,895 USD which is for private sector professionals and $1,445 for public sector applicants for CAMS exam.
This fee includes digital study guide and first exam attempt which is a whole package. Sometimes ACAMS bring in new discounts. These are just the exam fee membership fee is different.
Individual fees is mentioned below.
Public Sector
Exam retake fees are $299, you can try 3 attempts
Study from the material given by ACAMS for the exam. Practice identify the red flags and understand the case study as the exam scenario says an artice on LinkedIn.
The CAMS certification must be renewed every 3 years.
CAMS Certification vs other AML Certification
CAMS certification is a expensive certification in the world of AML as you can see so CAMS alternatives is something students or fresher professionals search for. There are alternatives of CAMS not exactly like CAMS but similar to it. One is CFE which is Certified Fraud Examiner. CAMS is a gold standard which is globally recognized.
AML KYC certification by mentor me careers, the course is 1.5 months which cost 40,000, the cost as compared to the ACAMS certification as though the CAMS is globally recognized to get started with your career in finance sector of AML KYC starting from this course is a good choice. If you aim for a dedicated AML KYC compliance career, this might be the best choice.
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Career Impact by CAMS certification
CAMS certification is globally known certification. It is hard to crack this exam and get a certification. You gotta have experience in the field need networking also money to achieve this that is one of the reason this course is not feasible for freshers. People with experience benefit because this certification gets them global recognition which in return gets them higher package with more benefits.
CAMS certification leads to promotions. CAMS makes you a strong candidate for in-demand compliance jobs in financial hubs worldwide. Make CAMS certified students report better job prospects and the ability to transtition into international roles.
CAMS certification doesn’t confirm you to have a higher pay it doesn’t directly lead to higher pay it also depends on the individual ability that a person holds. Totally depends person to person their ability, knowledge, interest also experience. To study and gain a globally recognition needs passion and hardwork which less people in industry are ready to put in.
Who should opt for CAMS Certification
Lets take current real world scenario, the people opting for CAMS certifications are people who already have experience in this field but freshers are searching for it more nowadays which is a good thing. Course also cost a lot of money which makes it hard for a fresher who just entered the industry to pay for it which is also the reason that your institution will sponsor your CAMS membership and certification if you pass the exam. CAMS adds value in your experience that you have gained a freshers might find it hard to earn what they expected will be after the certification although you see the certification doesn’t guarantee higher pay it leads to higher pay because of it recognition.
FAQ
Is CAMS exam difficult to pass?
ACAMS is a globally recognized certification exam. Although the difficulty level is high, consistent practice with questions and case studies can make it manageable, as most questions are based on real-life scenarios. Recommended is to study the guide provided by them.
What is CAMS passing rate?
ACAMS doesn’t reveal the information of passing but mostly the sources says 1 or 2nd attempt is enough. Recommended study time is 150 hours from their given study material. Referring to case studies is also very helpful. Above 80 in MCQ is passing in CAMS certification.
What is CAMS exam type and duration?
There are 120 questions in the exam which will multiple choice questions. Exam duration is 3.5 hours which is 210 minutes. Exam conducted will be in-person or online form.
How long does it take to get ACAMS Certification.?
When you take a year of membership of ACAMS you have register for the exam before the membership ends. In this whole one year of period of time you have to study the material given, if you study for 2 hours per day as a working professional 3 months of time is enough. Registration, approval process might take more time too. At the end it depends on your time.
