Its no secret that the CAMS Exam is difficult to clear, after all good things are worth the effort. In our first blog in the series we looked at how to get CAMS certified and the eligibility criteria for the exam. In this blog, we will look at what sort of knowledge and essential skills you are required to have to have to become a effective anti-fraud and financial crime expert.
One of the key things that an anti-money laundering specialist needs to have is a strong analytical mind able to decern, arrange and analyse multiple data sets at once. On top of this, you need to have a very good understanding risk and risk management as limiting your organisations exposure is a key role that any good CAMS Certified specialist plays. Especially in a country like Dubai, where regulators constantly monitor the degrees and amount of risk various exchange houses, banks and other financial institutions are exposed to. A good AML officer needs to have decision making skills so that you can decide when to investigate, escalate and file suspicious transaction or activity reports. Besides this, you need to have good communication and teamwork skills as the work requires you deal with various business line and managerial departments to ensure a smooth flow of work.
Lastly, the will to learn and grow is very important as this is a role that will require constant knowledge revision and continuous education to meet the demands of regulators and keep up with the newest trends and typologies and prevent your organisation’s exposure to risk.
If you meet all of these requirements, then congratulations! You are now ready to move on to the actual exam preparation and learning.
Starting from the right step is always important when beginning something new. Future Target Institute’s CAMS qualified instructors recommend planning before taking the leap. Only working hard doesn’t do the trick anymore, you have to work smart. The goal here is obvious, getting certified and improving your career and learning opportunities. However, as it is often said, a goal without a plan is just a dream so setting smaller targets that are easy to achieve is key to success in preparing for the exam.
Keeping in mind that most individuals who are thinking of taking the certification examination are in full-time employment, the first step you should take is arranging your work/study hour balance to ensure you have enough hours on your hand to actually study rather than taking a glance at the material every now and then between work. Preparing for the CAMS exam usually takes around 2 hours of dedicated study time per day for a period of around 2 months.
Some of the key material that can help you in preparing for the exam include:
All this and more resources are available with Future Target Institute’s CAMS preparation course in Dubai. For more information and free material please call us at 042273992 or email [email protected]