Establishing A Career As A Forensic Accountant: What You Need To Know
Forensic accountants are called upon to examine financial transactions to determine
whether illegal transactions have been made or fraudulent activity has taken place within businesses and companies. Lets explore the career of a forensic accountant in detail.
Where do forensic accountants work?
Forensic accountants are hired by a number of industries. Their services are called upon for assignments from settling divorce disputes to helping the FBI. Here are a few examples of the potential places where forensic accountants can find employment:
Financial services industries such as insurance companies, banks, brokers, etc.
Nonprofit companies
Major corporations
Businesses (small and big)
State government
Local government (including government agencies such as the FBI, CIA, Department of Defense, Internal Revenue Service, and the Government Accountability Office
Accounting firms
Law enforcement agencies
What are the job functions of a forensic accountant?
At the entry level, forensic accountants can earn yearly salaries of $56,000, depending on location, education, and experience.1Theyare experienced, qualified accountants and auditors who investigate fraudulent activity within a company. Some companies hire forensic accountants to prevent fraud from occurring as well. Here are some of the functions of a forensic accountant:
Advising companies on their financial transactions, including venture capital investments, purchase of stocks, bonds and commercial paper, mergers and acquisitions, and bankruptcy proceedings
Investigating to uncover concealment of debt and assets, money laundering, fraud, and embezzlement
Testifying in court or appearing in pretrial meetings
Accounting and general consulting, valuation, damage analysis, antitrust, insurance claims, personal injury claims, and even royalty audits.
What skills must you possess in order to become a forensic accountant?
Besides being competent in accountancy, a successful forensic accountant should possess the following skills:
Keen, inquisitive mind
Ability to pay close attention to detail
Excellent written and communication skills
Ability to think analytically and critically
Ability to work well under pressure
Persistent, confident, and discreet
How to become a forensic accountant
In order to become a forensic accountant, a student must have a bachelors degree in accounting or forensic accounting from an accredited college, after which you can take the certification exam to become a Certified Public Accountant (CPA). To increase your employability, students can also take the Certified Fraud Examiner Exam administered by the Association of Certified Fraud Examiners (ACFE).
Note to students: Research your colleges thoroughly before applying. Reading reviews and testimonials about a college that discuss student experiences, accreditation, and student services will prove to be helpful. For instance, California College San Diego is a college that offers bachelors programs in accounting and forensic accounting. Reading
California College San Diego testimonials will give you an insight into everything the college has going for it. Similarly, reading
California College San Diego complaints will give you an idea about where the college may be lacking and need improvement.
With the right education and skills, you could find forensic accounting to be an exciting career option.
by: Carlos Ewers
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