There are actually a number of benefits to doing the Challenge exams rather than doing the modules. Firstly, there is a large cost savings. The cost of doing all 4 modules is over $5,000 whereas the cost of writing the Challenge Exams is under $2,000.
Secondly, the modules require a major time commitment as students must submit assignments (e.g. cases) throughout the modules. This can be challenging for students who are balancing PEP with work.
Thirdly, it normally takes 2 years to get through all of the modules; if one does the Challenge Exams one can write the CFE and be completely finished in only one year. Also if the CFE is written within one year of starting the program there is less time for students to forget important knowledge required for the CFE.