In today’s career field, it is essential that you make a strong career choice. Many jobs have been phased out of today’s job market. A number of job fields have been saturated, resulting in a lack of adequate jobs for recent graduates. If you want an exciting career that is growing fast and in high demand, consider a career as a forensic accountant.
What Is a Forensic Accountant?
Accounting is known for its direct correlation to numbers. However, this exciting field is about much more than just numbers. Forensic accountants are investigators. They are researchers. They are even witnesses in a court room. Not just about crunching numbers; forensic accountants are detectives.
Forensic accountants have worked diligently since the 9/11 terrorist acts in tracking down and pinpointing national terrorists. They use their logical and investigative skills to detect fraudulent activities in multi-million dollar companies. They also play a vital role in the court room when criminal fraud is detected.
About the Job
Forensic accountants perform many tasks within their scope of practice. They provide litigation support, investigate, and perform dispute resolution. Each task can be interrelated or carried out individually.
Investigations are often performed by forensic accountants when criminal matters, relating to money, have occurred within a business. Investigations can relate to money laundering, falsification of financial statements, bribery, internal theft, insurance fraud, and securities fraud. These investigations are generally referred to as “white collared crimes” because they occur within the business world. After the investigation, evidence may be submitted to an attorney. This can lead to criminal prosecution or law suit if deemed necessary by the attorney.
In litigation support, forensic accountants present factual information to the court. This information can include the amount of damages experienced by a particular party. Information and damages are submitted to an attorney in an effort to gain evidence before a case is presented to the court.
During a dispute, a forensic accountant can provide an expert witness testimony. This can occur in both federal and civil court systems in favor of either the defendant or the prosecution. They explain and submit pertinent information and evidence to the court. This information is used to find a resolution to the financial dispute.
Exciting Career Opportunities
Forensic accountants have exciting career opportunities throughout the entire country. This growing field is in great demand and there are a number of career possibilities. Some forensic accountants choose to open their own accounting firm. Others choose to work in one of the many professional opportunities available. This includes working for lawyers, insurance companies, banks, and other large companies. Career opportunities are also available working with the government, police department, and civil or federal court systems.
Job opportunities aren’t the only thing exciting about becoming a forensic accountant. Earning potential for forensic accountants is over $100,000 per year. It is said to be one of the “ten hottest jobs” in America by SmartMoney Magazine. Accounting Web USA stated that forensic accounting is one of the eight most secure career tracks in the U.S.
Education and Special Skills You Will Need
A number of skills are required for forensic accountants. Because of the nature of the profession, great attention to detail is a must. Forensic accountants must also be able to organize a great deal of information and be able to use logic and numbers to process this information into useable evidence. They must also be able to relay this information in a way that is understandable to others that do not have basic knowledge in accounting principles. Persistence, ambition, and investigative skills are also needed in order to proficiently perform job duties.
To pursue a career in forensic accounting, you must first obtain a bachelor’s or master’s degree in accounting. Additional courses in forensic accounting will also be required. Because of the growth of this exciting career opportunity, many schools are adding additional courses for those that wish to pursue a career as a forensic accountant. These courses are tailored to individuals that wish to pursue a specific avenue in forensic accounting such as insurance claims, fraud, or money laundering.
Licensing is also required for many forensic accountants. Forensic accountants that are Certified Public Accountants must meet state licensing requirements and successfully complete the Uniform Certified Public Account Examination. Forensic accountants that are Certified Fraud Examiners must be a member of the Association of Certified Fraud Examiners and complete this organization’s certification requirements.
In a time where jobs are hard to come by, pursuing a new career in a growing field that is in high demand can help to curb the risk of unemployment and layoffs. It can also be a new and exciting opportunity to use your special skills in the work force. If you are looking for a new career path or just starting out in the work force, pursuing a career in forensic accounting can be exciting and rewarding.