Secrets and Lies
5 things you should know about the intriguing field of Forensic Accounting
Putting away bad guys. Making sure that crime doesn’t pay. Maintaining order in the face of lawlessness.
It may sound like a superhero’s resumé, but it’s actually all in a day’s work for a forensic accountant.
Forensic accountants possess a unique combination of financial expertise and investigative abilities. In the wake of high-profile corporate accounting and finance scandals, forensic accounting has become a hot specialty in recent years.
In fact, in 2002, U.S. News & World Report named it a “career to count on” for its vast growth potential.
Got a hunch that this lucrative and intriguing career is for you? Here are five reasons to pursue a career in forensic accounting.
1. IT’S EXCITING
Instead of fighting crime and corruption face to face, forensic accountants do their detective work in the service of lawyers, insurance companies, and law enforcement with the possibility that their discoveries will end up used as evidence in a court proceeding. In fact, the term forensic literally means “for use in court.”
A new and popular practice among reputable companies is hiring a forensic accountant to ferret out or eliminate potential criminal or fraudulent activity before it spins out of control – essentially acting as a “watchdog”.
Forensic accountants can also be called upon to help fight criminal activities such as terrorism, which requires funding for the purchase of everything from airline tickets and hotel rooms to weapons and other supplies. A forensic accountant, often employed by government agencies like the CIA or FBI, might be in charge of tracing illegal financing through the international banking system.
2. IT’S GROWING STRONG
The accounting and auditing profession as a whole is expected to grow by 18 percent between 2006 and 2016, faster than the average for all occupations, according to The U.S. Department of Labor.
As for forensic accounting, a report from the Association of Certified Fraud Examiners (ACFE) found that organizations lost $652 billion to fraud in 2006 alone; and as perpetrators continue to find new and improved ways to cheat the system, the need for skilled accountants and auditors continues to grow.
3. IT’S WITHIN YOUR REACH
To prepare for your forensic accountant career, you need a bachelor’s degree in accounting. Related disciplines, including business administration and finance, can also be useful.
To give yourself the best job prospects, you’ll want to be sure to earn a college degree. If you have received state certification to practice accounting this can be helpful, as well. It is certainly beneficial to become a CPA (Certified Public Accountant), CFE (Certified Fraud Examiner) or a CrFA (Certified Forensic Accountant).
A Plus: If you already have an associate’s or bachelor’s degree from an accredited college or university, it’s possible to earn a bachelor of science in accounting in as little as two years.
4. IT PAYS
Most forensic accountants begin their career making between $30,000 and $60,000. From there, many can work their way up to salaries well into the six figures.
5. IT COULD BE FOR YOU IF…
Forensic accountants need to be tenacious and possess an eye for detail, strong accounting skills, and a solid understanding of legal concepts. Curiosity, problem-solving, research, and analytical skills – as well as a love of mystery, intrigue, and justice – are important, too.
Sound like you? Remember, even if you can’t leap tall buildings in a single bound or stop a speeding train with an outstretched hand, you can still bring down evil-doers the silent, stealthy way with a rewarding career as a forensic accountant.
By Debra Drucker
