People who choose to become accounting professionals have chosen a career bath with a variety of opportunities. From your standard office accountant to financial advisors and analysts, the list just continues to grow. For those who have been in the accounting workforce for a while, may find themselves seeking after new opportunities to advance their career. One field that they might consider is forensic accounting. Over the next few minutes, we will look at what the role of a forensic accountant is as well as how to become a forensic accountant.
What is a Forensic Accountant?
You have plenty career options in accounting, such as working exclusively in forensic accounting services. Forensic accountants are almost like a specialized police force. The main duties include monitoring for white-collar crime, business fraud, and even investigating businesses that are on trial for illegal activity. Who knew that accountants could be so cool? By becoming a forensic accountant, you will find yourself working alongside lawyers and prosecutors to help solve various financial crimes. Another facet of this particular job is being able to analyze, interpret, and present information to various places at a fast-paced rate. Alongside the ability to uncover and report suspicious activity, an ability to clearly communicate those findings in a courtroom setting is also necessary.
Another question is where do forensic accountants work, rather, who do they see as their employer? Often times, forensic accountants will work for large insurance companies, banking firms, police forces, and various government agencies. There will often be instances where some forensic accountants will run their own independent practices.
When it comes to the salaries of forensic accountants, you can expect an average starting wage of around $67,000. You can also expect a share of profit earnings, and yearly bonuses as well. Now that a general understanding of what a forensic accountant is, it is now time to see how to become one.
How to Become a Forensic Accountant
The first step is deciding that becoming a forensic accountant is right for you. Next, it is time to look at the schooling that is required to enter this field. The biggest requirement is to hold The Forensic Certified Public Accountant designation, also known as the CPA. The CPA is a very specific title that is given to accountants who pass a certification course and test. When you hold a CPA, it shows future employers that you have a variety of accounting and financial skills. However, in order to receive a CPA, it is vital to enter into a Master’s of Accounting program or a MAC. While earning your MAC, you will become prepared for the CPA exam, as well as the tasks that are associated with having a new accounting role.
With business constantly taking advantage of the ever-changing world of technology, forensic accountants are needed now more than ever. If you can think quickly, solve problems, and are good with numbers, then maybe this is the career choice for you. Take the first step in becoming a forensic accountant, and watch your career take off.
