Forensic Accounting Careers

With increase in the rate of white-collar crimes like security frauds and banking and investments embezzlement, the demand for professionals who are experts in financial procedures and have strong analytical and investigative skills is on the rise. In several researches, forensic accounting careers have been ranked among the most secured careers in future.

Forensic accounting is a field wherein a professional estimates the damages and assists in settling various financial disputes before the cases step into the courtroom. People who are professionals in this field are known as 'forensic accountants' or 'investigative accountants'.

These experts are responsible for using technology and implementing investigative techniques to disclose fraudulent and illegal practices in the fields of accounting, banking, financial laundering, etc. They carry out elaborated audits, verify records, gather proof of financial malpractice, and question people related to the misconduct.

Investigative accountants may also perform the role of an expert witness for a specific case in court. In an investigation, they usually evaluate the situation and put forward a course of action, aid in the recovery of assets and possessions, and work with private detectives and consultants.

Their job also includes recommending certain actions and measures that need to be taken for precluding or denigrating financial risks in the future. They also play an important role in investigating civil matters, such as exposing hidden possessions in a divorce case.

Many people have a misconception that forensic accounting is only limited to a particular field. However, there are many industries that employ investigative accountants and use their expertise for the purpose of detecting financial crime.

A majority of cases which these professionals deal with are divorce disputes, business carelessness investigation claims, and personal injury claims. They are primarily employed by accounting companies, and provide their expertise in looking into amalgamations and acquisitions, tax investigations, and economic criminal offense investigations.

They even provide their services to all authorities of the government like the FBI, IRS, CIA, and local government offices. Public organizations are likely to increase the recruitment of forensic accounting experts in the future, due to the need for strong internal control to abide by government rules and regulations, regarding precise financial reporting.

Companies have started realizing that the services of these professionals are also essential in detecting and avoiding any abuse of the organization's resources.

A majority of investigative accountants generally hold a bachelor's degree, but some may also possess additional academic qualifications and degrees in fields like law enforcement and criminal justice.

To become a forensic accountant, you would be required to possess a CPA designation. Moreover, to increase your earning possibilities, you have the alternative to take the 'Certified Fraud Examiner Exam' which is administered by the Association of Certified Fraud Examiners (ACFE).

If you are working on an average entry-level designation in the forensic accounting field, you may get an average annual salary of about $69,806. After gaining a significant amount of experience in the field, you can easily earn a six-figure salary. Experienced professionals earning an annual salary of over $150,000 is very common.

People considering forensic accounting careers are certainly en route to making some good money. However, they also need to have strong logical thinking skills, qualities of a financial detective, presence of mind, and good communications skills.