ACAMS exam

I am studying for the exam and was wondering, for those who have taken it, any advice? Does the practice test in the study guide represent the actual questions? Anything you would focus on more or less? Any tricks or tools you found helpful.

Stressin' out here!

Does the practice test in the study guide represent the actual questions? yes

If you are fully versed in US BSA study on the international part that is not part of your daily routine.

Know about FATF and their recommendations.

On the multiple choice questions, if you are not sure, do process of elimination.

Don't think too much on your personal opinion/experience on some of the Money Laundering questions... think more global.

..and Good Luck!
You'll do fine.

Thanks! I have a feeling I am anticipating it being more difficult than it is. I took the practice test in the study guide and scored 98% so I am hoping it is similar.

I am also studying for the CAMS. Thanks for the tips, everyone!

Do any of you have any ammunition/back up that I could use to justify my bank agreeing to pay for the ACAMS? Or am I the lone ranger and every other bank out there is happy to pay for all sorts of training and certifications for its employees?

I put together a Powerpoint Presentation explaining what ACAMS was, the general benefits of ACAMS, the specific benefits to the Bank, specific benefits for analysts, how much it would cost, and how much other banks have paid in fines for not having adequate AML controls.

That worked for me.

I would quote the four pillar of BSA.

Thanks for the input.

it is a small price to pay to prove to examiners that the bank is dedicated to BSA compliance and has adequately trained professionals performing the monitoring.

Personal experience is that the CAMS certificate in my office eliminates many regulator/auditor questions about my credentials for being the BSA Officer.

Examiners love this certification. It's well known within the industry. ACAMS also offers some really good free and paid online courses.

Employers covering the cost for certifications which add value to the company is a standard business practice (At least, in NYC). If my employer wouldn't cover the cost, I wouldn't get the certification.

I PASSED!!!!!

Congratulations!!

Congrats CC Gem!!

I take mine Dec 20th.

Congrats welcome to the club

There is a club? Does it serve booze?

Yes that is what the regulators use on us.

Thanks everyone!

Any nuggets of wisdom for those of us studying, now that you have passed the exam, CC Gem? What to focus on in particular and whatnot?

I was easily making high 90 scores on my practice exams and found the test more difficult and nuanced than I expected. I passed just fine, but was glad I 'over-prepared'. No need to lose points on basic facts.

I found the same as tracytracy. I aced the practice exams and then the "real" test seemed much more difficult. Maybe it was the pressure of actually passing. I'm certain I was overthinking every question.

Hi guys,

I was wondering if you could tell me how long you studied for prior to taking the exam.

I understand it would vary between each person depending on what history you have in the field etc but would like to know the differing timelines.

Thanks

I am also curious. I have my test on the 21st and have always done horribly on multiple choice questions (due to overthinking).

Also, for those who have taken the test, would you say the time limit is more than enough?

I spent a few months (reading on the train and taking practice on test on train)

There was enough time and for goodness sake do not over think the questions.

There was plenty of time.

Thanks EdAudit.

Did you mainly read the study guide provided by cams?

Thanks,
Dave.

The study guide was helpful but I also used the FATF site for additional information.
http://www.fatf-gafi.org/

I also attended a 1 day class provided by ACAMS.

Well this is the week for me. I take my exam on Friday. I'm pretty sure I will not sleep at all Thursday night. Wish me luck!!

best of luck

Good luck! Please update on your experience and what you thought of the exam and whatnot when you're done. I got nervous and moved mine back to late next month to give myself some more time. I'm just such a horrible test-taker.

Thanks!

I am too, so that's why I'm starting to freak out a bit. My bf keeps telling me that it'll be fine and I'll pass, but I always seem to blank when a test is in front of me.

I told him this weekend that there will be wine in the apartment when he gets home. I will either be celebrating my passing or drowning my sorrows of my failure. Either way, there will be wine!

I'll have to agree with others, the practice test are easy. However, when you take the test its hard!.. I have taken it twice and failed both times. There is no way of really knowing what you missed on it either in order to work more on that area of weakness.

I just signed up for the prep class, wish me luck!

You're a shoo-in, Boss! When is the test?

When I schedule it... after I take the online class. ♥

Good Luck DeeQ - I think you got this!

Thanks guys.

I passed!

My only words of advice is study everything! I felt prepared going in, but of course got super nervous when I sat in front of that computer.

Good luck to all that are studying!!

Congratulations!

When you say "study everything", do you mean things like FATF 40 Recommendations and the other groups that have put together procedures and whatnot? General money laundering and terrorist financing stuff I feel like I have down no problem. It's the things like "what year was the <fill in the blank> recommendation modified for the 3rd time?" or "what does recommendation #22 deal with?"

Were there a lot of questions along those lines?

You will not have to match the recommendation number with the content, but you will need to understand the concepts. You may get a question such as "All but which of the following is part of the FATF recommendations".

It looks like the only 2014 conference before an exam is in Key West in March. Is there another course you can take before you take the exam or do I have to wait until 2015 to do both?

I did have a couple of match number with content, though. The prep course highlighted the ones I needed to know.

I also had more questions on Terrorism Financing than I had anticipated; definitely read the source material on that.

And there were quite a few questions on insurance companies and securities broker / dealers.

Hello Everyone,

I hope someone can help me. I'm taking the CAMS exam tomorrow. I've been studying for months now and I do feel somewhat ready. I've taken practice tests and I've scored about 85% correct so I should be fine. But I still have concerns. Come someone give me some advice?

Do i need to know the recommendations and what each is? for example will it ask what is recommendation 8?

I've noticed some questions in the practice exam provided by ACAMS had questions that were not even covered in the study guide. Kind of bizarre.

I'd appreaciate any comments/tips/advise/maybe something that you missed or felt confused abou when taking the test.

I will post tomorrow my feedback and hopefully i do well.

thanks so much

Pamela

I was wondering how "experienced" those who have taken the test were before they started the preparation process (prep courses, taking the test itself, etc.). I'm what you'd consider a "rookie" in the BSA world (started the job in May-ish of 2014), and I feel as though I'd like to give it a shot. Am I being overzealous about this, or does the background not matter as much?

Hi all,


I took the exam last week and I have to admit I thought it was a bit hard. I have been studying for a while though and luckily I passed.

You don't get asked what is recommendation 5 but you do get asked questions like what does recommendation 5-8 say in regards to terrorism. So you don't need to memorize what each recommendation is and their numbers but at least a background of what they are.
I had questions on broker dealers/insurance industry.
A lot of scenarios.
A lot of questions on the investigation process.

I hope this helps.

Thanks

I am looking forward to doing the exams too. Is there anyone in the Fort Lauderdale area taking it in the next few months? Anxious to meet someone.