Business forensics is a fitting career path for those who have a knack for attention to detail, organization, insight, and a sense of justice. The field is well-suited for anybody who has a real affinity for examining crucial information that can be found in complex databases and spreadsheets. What forensics accountants find in their examinations can have big implications about the case that specialists in other fields may not have the right training to understand a glance.
In business forensics, honoring protocol is key. Strict regulations must be met under all circumstances, and so people who have the discipline to consistently meet regulations are highly valuable in the field. With the great amount of data that can be amassed in the process of forensic research, being able to pick out small, easily unnoticed details is extremely important; for this reason, those who pursue a career in business forensics are specially trained to cover all of their bases and leave no stone unturned in the process of their research.
Professionals in business forensics don’t just carry out their examinations in a bubble, but are also depended upon to share their findings in expert witness testimonies as well. The following are some of the most important things to understand about forensic accounting and responsibilities demanded by the job, according to the Association of Certified Fraud Examiners.
Skills and Responsibilities
In order to begin a career as a forensic accountant, aspiring accountants will first need to acquire a bachelors degree in accounting and/or business. If students really wish to double down on the specialization of their education, there are specific degrees that are specially targeted at preparation for forensic accounting careers.
In addition to having the minimum of a bachelor’s degree, it’s also advisable to have some form of certification. A Certified Public Accountant (CPA) and Certified Fraud Examiner (CFE) are both appropriate certifications; of course, having more than one certification is advisable for having the maximum competitive edge.
Forensic accountants need not only be skilled at identifying any discrepancies in financial data collected from both private and public institutions, but must also be effective communicators as well. Forensic accountants don’t just prepare their examinations in a bubble, but are also counted on to share the findings in expert witness testimonies that can have a very great impact on the outcome of this case.
Rarely working alone, forensic accountants will often collaborate with one another to review statements produced by any number of companies that may or may not be within legal compliance. By working with one another and sharing their insights, they can maximize the likelihood that any potential discrepancies can be picked up on and ironed out.
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Forensics accounting is one of the most swiftly-developing industries in the nation. According to the Bureau of Labor Statistics, accountants and auditors earn a median pay of about $68,000 per year. There were approximately 1,300,000 jobs in accounting and auditing in the year 2014, and the job outlook by 2024 is projected to be at about 11%.