Career on the Rise: How to Become a Forensic Accountant
As technology advances and fraud becomes more difficult to detect, forensic accountants will become increasingly important in preventing financial crime. It takes time, dedication, and professional licensure, but it is well worth it.
Step 1: Define Your Career Path
Internal auditors are committed to the prevention of financial crime, while consultants can use their forensic accounting skills in a variety of industries.
Step 2: Get a Specialized Undergrad Degree to Match
A Bachelor’s in Forensic Accounting takes your accounting knowledge “to a new level,” according to Dr. Charles Saunders.
Step 3: Earn Your CPA
Certified Public Accountant (CPA) and Certified Fraud Examiner (CFE) are the two primary licenses or certifications you can obtain to pursue a career in financial fraud prevention. The CPA exam is extremely rigorous, ensuring professionals meet the highest standards for both educational and ethical practices.
Step 4: Become a Certified Fraud Examiner (CFE)
The CFE Exam tests your knowledge and expertise in the four primary areas of fraud examination: Financial Transactions, Forensics, Cryptology, and Risk Management. CFEs are trained to understand complex financial transactions and are certified to prevent, detect, and deter fraud.
Step 5: Find a Job in an Environment You’ll Like
Forensic accountants work in the public, private, and nonprofit sectors, with government agencies such as the FBI, CIA, and IRS being some of the most common employers. Professional experience is a huge differentiator when it comes to hiring and salary expectations.
Start Your Journey to Becoming a Forensic Accountant Today
Choose a program that specializes in the intricate details of forensic accounting to give you a leg up on your career path. Franklin University offers an online Bachelor’s in Forensic Accounting that can give you job-ready skills without taking time away from your job.
What qualifications do you need for forensic accounting?
A bachelor’s degree in any subject can lead to a career in forensic accounting, and while an accounting degree isn’t required, it can help you get started.
Is there a high demand for forensic accountants?
Due to increased financial regulations, the Bureau of Labor Statistics (BLS) predicts 13% job growth for accountants and auditors by 2022, and the growth of all forensic accounting jobs should correspond to, if not exceed, this rate, with some estimates predicting a 20% increase in demand for investigative auditors.
Is forensic accounting a good career?
Job Opportunities, Career Path, and Compensation Forensic accounting is a well-paid profession, with an average annual salary of around $80,000 for entry-level professionals and $150,000 or more for seasoned professionals.
What jobs can you get with a forensic accounting degree?
Job titles in the field of forensic accounting include the following:
- Internal Auditing Manager.
- Operational Risk Consultant.
- Senior Forensic Accountant.
- Anti-Money Laundering Specialist.
- Fraud Investigator.
- Manager of Forensic Accounting.
- Financial Forensic Analyst.
- Senior Forensic Consultant.
- Senior Foren
How much does a forensic accountant cost?
How much does a forensic accountant cost? Most forensic accountants charge between $300 and $500 per hour on an hourly basis.
What colleges offer forensics?
Top 5 Bachelor’s Programs in Forensic Accounting in 2021
|2||Utica College||Utica, NY|
|3||Embry-Riddle Aeronautical University-Prescott||Prescott, AZ|
|4||Champlain College||Burlington, VT|
|5||Southern New Hampshire University||Manchester, NH|
What type of accountant makes the most money?
What are the highest-paying accounting jobs?
- Controller. Glassdoor Salary Range: $78,000 u2013 $155,000.
- Accounting Director. Glassdoor Salary Range: $88,000 u2013 $174,000.
- Finance Manager.
- Senior Accountant.
- Tax Accountant.
- Accounts Payable Specialist.
Do you need a CPA to be a forensic accountant?
A bachelor’s degree in forensic accounting or a related field is required, and some positions also require relevant professional experience and/or professional certifications, such as the CFE, CPA, or CA credentials. To work as a forensic accountant, you must first obtain your CPA license.
Is Forensic Accounting dangerous?
In forensic accounting work, just like in the movie The Accountant, there can be some excitement, thrills, and danger, and fraudsters may become violent to cover their tracks.
How much does an FBI forensic accountant make?
How much does a Forensic Accountant make at the Federal Bureau of Investigation ( FBI ) in the United States? The average annual pay for a Forensic Accountant at the Federal Bureau of Investigation ( FBI ) in the United States is $97,976, which is 23% higher than the national average.
Do Forensic accountants carry guns?
The forensic accountants work alongside the agents, according to Section Chief Timothy Gallagher of the Financial Crime Section. Timothy Gallagher: They do everything an agent does except execute arrest warrants and carry a gun. Gallagher: They are not only assigned to white-collar crime squads.
Is the CPA exam hard?
Why is the CPA Exam So Difficult? Each section has a four-hour time limit, for a total of 16 hours to complete the entire CPA Exam. To summarize, the CPA Exam is difficult because there is a large amount of information covered on the exam, and most review courses require a significant amount of study time.
Do Forensic accountants make good money?
According to online salary estimates, forensic accountants earn more than the industry average, with starting salaries ranging from $30,000 to $60,000 and forensic accountants working their way up to $125,000 to $150,000.
What is the future of forensic accounting?
Major firms will likely pursue growth opportunities in specialized, niche fields under the forensic accounting umbrella, as well as emerging markets overseas, as more finance and insurance companies choose to hire in-house forensic accountants. The industry’s major players are beginning to acquire smaller firms.
What is the difference between a CPA and a forensic accountant?
A CPA (certified public accountant) is a trusted financial adviser who has passed the rigorous CPA Exam and met the required work experience requirements before being licensed.