Forensic Accountant

How to Become a Forensic Accountant

Forensic accounting can be a very interesting, stable, and financially rewarding career. A blend of traditional accounting and time-honored detective work, forensic accounting has become an important part of our criminal justice system.

Forensic accountants are experts at gathering information. They use their auditing, accounting, and detective skills to assist in criminal investigation, dispute resolution, and litigation support. Forensic accountants are often called in to determine if a criminal offense such as identity theft, employee theft, money laundering, insurance fraud, or securities fraud has occurred.

Forensic accountants fill an important role in the private sector, public accounting, and the various branches of government.

They might be needed to:

  • Recommend steps that should be taken to prevent financial loss
  • Investigate civil matters such as the validity of a will
  • Deal with professional negligence claims
  • Deal with divorce cases
  • Investigate tax matters, mergers and acquisitions
  • Perform specialized audits
  • Provide civil litigation support
  • Conduct terrorist investigations

Forensic Accountant Education Requirements

Forensic accounting is a highly specialized career, so education and proper training are crucial to employment. A bachelor’s degree is required for most positions. Typically, forensic accountants have a basic accounting degree and then go on to become a Certified Public Accountant or a Certified Fraud Examiner. As is the case in most fields, a forensic accountant’s earning potential and chances for career advancements are based on their qualifications and experience. Many forensic accountants go on to earn a master’s degree.

Job Outlook for Forensic Accountants

Because the United States is shifting toward an information-based economy, forensic accounting is considered to be a very secure career for the foreseeable future. It has also become the “hottest” area in the field of accounting with a high earning potential. Forensic accountants, on average, earn starting salaries of $48,796 to 66,927. Forensic accountants often earn a salary well into six figures as experience and education advance.

Sources: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2008-2009 Edition, and Payscale.com