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https://www.accounting-education.org/degree/forensic-accounting/

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The two primary areas a forensic account will specialize in are litigation support and investigation.

When you think of the day in the life of an accountant you would be right to assume it involves a lot of numbers, paperwork and data entry. However, over the last ten years, many new jobs and opportunities have opened up for a different type of accountant. This kind of accountant still uses numbers, analytics and auditing but they are also crime-fighting, business saving, investigative double agents. This job is the life of a forensic accountant, and this career can be yours with a forensic accounting degree.

Forensic Accounting Job Description

A general job description consists of an accountant who investigates financial irregularities and value businesses or economic loss. The ability to provide testimony as an expert witness in criminal and civil cases. A forensic accountant does not determine if fraud was committed; they are responsible for providing the information necessary for a court of law to make that decision.

The two primary areas a forensic account will specialize in are litigation support and investigation. A typical day for a forensic accountant varies. Most days are typical of any accountant job-you'll examine financial statements and ensure records are accurate. On other days, you may be fighting white collar crimes and asked to appear in court as an expert witness. Providing testimony about financial irregularities, procurement, head executives "cooking the books" and industrial espionage.

Accountants providing litigation support prepare details of financial statements regarding losses from misdeeds, along with potential judgments and awards due as a result of the lawsuit and wrongdoing. They work closely with attorneys to decide what damages to seek in the private and public sectors.

Investigative accountants provide expertise and information regarding tax law and accounting practices. They are often the first to identify fraudulent bookkeeping; money laundering, tax evasion, and embezzlement. Occasionally their expertise may be called upon to assist in the investigation of crimes related to securities fraud and the location of financiers of terrorism and criminal acts.

Famous white collar crimes or famous court cases when a forensic account testimony was used to determine guilt or divorce settlements are:

Sir Paul McCartney and Heather Mills' divorce

Al Capone's taxes

The Enron scandal

Martha Stewart Living Omni media

Forensic Accounting Job Outlook and Salary:

U.S. News lists accounting as one of their top 100 careers for 2021, with big growth, great pay, and satisfying work. The U.S. Bureau of Labor Statistics 2020 Occupational Outlook Handbook reported a median annual salary for a forensic accountant to be $73,560 in the United States.

The expected job growth over the next 10 years for all accountant/auditor position is 4% according to the BLS, who say. "Stricter laws and regulations, particularly in the financial sector, will likely increase the demand for accounting services as organizations seek to comply with new standards."

Most popular industries for careers are:

Regulatory agency: FDIC, FED, FTC, NLRB, SEC

Law Enforcement: FBI, Police Officer, Military Officer

Government: U.S. Treasury Department, Local, City and State agencies.

Family Law, Private Practice

Some similar job titles are:

Forensic Accountant

Investigative Auditors

Fraud Investigators

Forensic Auditors.

Typical qualifications needed to apply for this type of position are:

Minimum of a Bachelor's Degree in Accounting or Business

On Average 5+ years of accounting or auditing experience

Typically licensed or working on license as a CPA/ABV/ASA/CVA/CBA/CFE/CFA

Superior verbal and written communication skills.

Possess strong analytical and problem-solving skills

CFE vs. Traditional Accounting

Becoming a CFE (Certified Fraud Examiner) is a great way to become a niche specialist within the field of accounting. According to the Association of Certified Fraud Examiners, CFEs earn 23 percent more than their non-certified counterparts. You can visit their website and learn even more about the world of fraud examination.

Attributes that can help sweeten your resume and get the job:

Minor in Criminal Justice or Business Law

Master's degree in accounting

Able to obtain a Top Secret-SCI clearance

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Forensic Accounting Degree | What is a Forensic Accountant?

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The two primary areas a forensic account will specialize in are litigation support and investigation. When you think of the day in the life of an accountant you would be right to assume it involves a lot of numbers, paperwork and data entry.

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FAU School of Accounting Executive Programs

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Forensic accounting has a rich and varied history in the United States and beyond, serving in valuable roles within local and federal law enforcement, in corporate finance, and even with private investigators. From analyzing and reviewing records to assisting in court once a case has been built, the forensic

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An Overview of Forensic Accounting

In a 2012 report, the Association of Certified Fraud Examiners estimated that approximately 5% of annual revenue around the world is lost to fraud. Globally, this translates to $3.5 trillion in potential losses. Fraud is notoriously difficult to detect and counteract; the typical perpetrator is intelligent, well educated and in a position that allows them to easily cover their tracks. It is the job of a forensic accountant to uncover evidence of illicit activity and help bring the fraudster to justice.

Also known as forensic auditors or investigative auditors, these professionals are generally employed in the occurrence of a dispute or impending litigation. Potential cases range from insurance claims, personal injury suits and royalty audits to insolvency, divorce or breach of contract issues. A modern investigative auditor must be methodical, detail-oriented and analytical, while possessing advanced computing skills and the ability to translate their findings into easily understood language. The 2012 Report to the Nations on Occupational Fraud & Abuse found that the median amount of damage caused by organization owners or executives was $573,000 and that 20% of cases dealt with losses in excess of $1 million. The majority of these incidents go undiscovered until the authorities are tipped off, so a forensic accountant must always be suspicious and scrutinizing in their efforts.

While forensic accountants themselves rarely make headlines, the cases they work do, as was made evident with the fall of Enron in the early 2000s. The job can be exciting, but it requires a level of attention that few people can master. To further explore the roles and responsibilities of this unique position, we have detailed the different offices held by those in the forensic accounting field.

Forensic Accounting Careers

Forensic accountants are fortunate in having a diverse range of entry-level options available to them. Unlike other career paths in the accounting world, forensic auditors tend to perform the same functions throughout their career and move up from analyst, to manager, to supervisor/senior consultant over the course of their employment. Compensation generally begins around $50,000 and increases with professional certification, education and years of experience, with senior level auditors earning a salary upwards of $150,000.

There are many certification options open to forensic accountants, but the two most widely recognized are the Association of Certified Fraud Examiner (ACFE) Certified Fraud Examiner (CFE) and the American Institute of Certified Public Accountant (AICPA) Certified in Financial Forensics Credential (CFF). Many fraud examiner positions will require one of these credentials, and even if they do not, certified forensic accountants earn on average 25% more than their uncertified colleagues.

The Bureau of Labor Statistics (BLS) predicts 13% job growth for accountants and auditors by 2022. The growth of all forensic accounting jobs should correspond with this rate, if not exceed it due increasing financial regulations, with some estimates predicting a 20% growth in demand for investigative auditors. Below, we have broken down some of the most common career paths and included potential salary data sourced from the Association of Certified Fraud Examiners. It is not uncommon to jump between these types of employment as someone progresses in their career and hones in on an area of interest.

Specializations

Governmental Departments (FBI, CIA, IRS)

Accounting Firms

Corporate Security & Risk Management

Law Firms

Financial Consulting Firms

Frequently Asked Questions

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Forensic Accounting Careers - Accounting.com

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In a 2012 report, the Association of Certified Fraud Examiners estimated that approximately 5% of annual revenue around the world is lost to fraud. Globally, this translates to $3.5 trillion in potential losses. Fraud is notoriously difficult to detect and counteract; the typical perpetrator is intelligent, well educated and in a position that allows them to easily cover their tracks.

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If you enjoy crunching numbers, but also like solving the mysteries behind fraudulent transactions or dirty financial dealings, becoming a forensic accountant might be the right career path for you.

In recent years, this specialization gained notoriety thanks to forensic accounting and financial fraud investigator Harry Markopolos. It was Markopolos that discovered Bernie Madoff's wealth management endeavor was actually one of the largest Ponzi schemes in U.S. history.

Forensic accountants have also worked with the federal government using their expertise to flag transactions that have led to bringing white collar criminals - and even drug lords - to justice.

Learn more about this fascinating career path and how to become a forensic accountant.

What Is a Forensic Accountant?

A forensic accountant uses accounting and analytical skills to investigate financial transactions of a person or business. They are often relied upon as experts in legal cases that deal with financial fraud or embezzlement. Due to their training that combines accounting alongside the ability to see the story numbers may tell, they are able to use their skills to uncover what those numbers are trying to hide.

What Do Forensic Accountants Do?

Forensic accountants have a number of duties. They can work in either a civil or criminal capacity to uncover evidence of fraud based on transactions. In addition to looking at financial statements, some forensic accountants also help connect the dots by looking at public information (such as Facebook or Instagram photos of a person at a specific location or with an extravagant purchase) that may back up the numbers that don't add up.

One of the most high profile aspects of forensic accounting as a career is the work these professionals do in criminal cases. They use their skills to read financial statements and even look into personal activity that could tip off instances of money laundering, false tax returns, or embezzlement. If a person is involved in illegal or criminal activities, such as selling drugs or other illicit behaviors, forensic accountants track patterns and look to see why a person's income may have increased dramatically within a short span of time, as well as how and why they're dividing it among different bank accounts.

In terms of civil cases, forensic accountants may work with lawyers to lend their expertise to uncover or support evidence in personal and/or corporate matters. They may be called upon in cases such as car accidents or medical malpractice disputes where a party may need to assign an exact number to damages to determine compensation. They can also be brought in to assist with divorce settlements, bankruptcy proceedings, or disputes surrounding corporate acquisitions. In these types of cases, they use their skills to search for hidden assets or for breaches of contract.

Where Do Forensic Accountants Work?

Forensic accountants can work within more traditional financial sector businesses, such as public accounting firms, insurance companies, or banks. Due to their unique skill set, forensic accountants can also be called upon to testify in court as expert witnesses in cases of fraud or embezzlement. However, they can also work with law enforcement, working alongside the police or government agencies. In some instances, forensic accountants are employed directly by the Federal Bureau of Investigation (FBI).

Forensic Accounting Careers: What is a Certified Fraud Examiner?

Much like more general accounting fields have a designation for certified public accountants (CPAs), forensic accountants also have their own distinction. This distinction is known as a certified fraud examiner (CFE). The CFE accounting field also has its own professional organization, the Association of Certified Fraud Examiners, which offers career advice and preparation for the CFE exam.

Forensic Accounting Qualifications & Requirements

In order to become a forensic accountant, you'll need to earn a bachelor's or master's degree in an accredited accounting or financial degree program, or a forensic accounting degree program. No formal licensing is required to become a forensic accountant.

However, in order to become a CFE, not only will you need to earn at least a bachelor's degree in accounting or finance, you'll also need to pass a test that demonstrates your proficiency in four key areas. To earn the CFE designation, you'll be tested to show your expertise in areas such as:

Fraud prevention and deterrence

Financial transactions and fraud schemes

Law

Investigation techniques.

Many forensic accountants also consider earning a CPA designation, which requires holding a state license. While it's not required to become a CPA in order to become a forensic accountant or CFE, this additional distinction helps you increase your earning potential and stand out among your peers.

In order to earn a CPA designation, you'll need to earn a total of 150 credits from an accredited college or university, as well as pass the CPA exam offered by the American Institute of CPAs (AICPA). To give you an idea of the amount of educational investment it takes to become a CPA, it typically takes 120 credits to complete a bachelor's degree, while a master's degree often requires an additional 36-54 credits to complete.

Forensic Accounting Salary

The average national salary for forensic accounting is approximately $62,000 per year, although forensic accountants can command up to as much as $91,500 annually later in their career. Forensic accountants who are employed by the FBI are reported to earn approximately $77,217 per year. Like other types of accountants, forensic accountants are in high demand throughout the country.

According to the Bureau of Labor Statistics, it's anticipated that accounting occupations will see approximately 6% of new job growth. The government agency also notes that the employment rate of accountants and auditors is directly tied to the growth of the economy, requiring more professionals with the ability to examine and review financial records.

Becoming a Forensic Accountant

In order to become a forensic accountant, you'll first need to earn either a bachelor's or master's degree in accounting or finance. While some schools offer a formal forensic accounting degree, students can also customize their course load, majoring in accounting or finance, while rounding out their education with courses in criminal justice.

Although no specific licensing is required to become a forensic accountant, you may also plan to take the CFE exam to earn the CFE credential designation. While this is not a necessary requirement to becoming a forensic accountant, it does help individuals stand out, having demonstrated a high degree of expertise in this niche area. A CFE designation can earn you approximately 30% more salary than those without the certification. Certified forensic accountants are also expected to periodically take continuing education courses to keep their credentials.

If you're thinking of becoming a forensic accountant, National University's College of Professional Studies can help you earn your bachelor's or master's degree in an accredited accounting or financial program, as well as give you options for additional certification within the criminal justice field. Contact our admissions team to learn more about the programs we offer and how they can help you get started in a rewarding career path.

Additional Sources
https://www.franklin.edu/blog/how-to-become-a-forensic-accountant https://www.marketplace.org/2018/09/14/how-forensic-accountants-help-bring-down-white-collar-criminals-drug-kingpins/ https://en.wikipedia.org/wiki/Harry_Markopolos https://www.bls.gov/ooh/business-and-financial/accountants-and-Auditors.htm https://www.indeed.com/cmp/Federal-Bureau-of-Investigation-%28fbi%29/salaries/Forensic-Accountant https://www.investopedia.com/terms/f/forensicaccounting.asp https://www.acfe.com/career-path-forensic-accountant.aspx#:~:text=A%20bachelor's%20or%20master's%20degree,law%20enforcement%20is%20a%20plus. https://www.acfe.com/ https://www.accounting.com/careers/forensic-accountant/how-to-become/ https://www.acfeinsights.com/acfe-insights/2013/4/2/the-drug-dealers-accountant.html

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How to Become a Forensic Accountant | National University

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If you enjoy crunching numbers, but also like solving the mysteries behind fraudulent transactions or dirty financial dealings, becoming a forensic accountant might be the right career path for you. In recent years, this specialization gained notoriety thanks to forensic accounting and financial fraud investigator Harry Markopolos.

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Accounting, Computer, Applications, Economics, Entrepreneurship, and Introduction to Business

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To be a forensic accountant it does require a degree. A lot of advanced training specifically for investigation and auditing. the degree you would need is a bachelor's or master's degree in an accredited accounting or financial degree program

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Towson is a good school. Courses to take would be fraud examination, interviewing techniques. Most of the time training after the degree is received isn't necessary.

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Examine financial statements and ensure records are accurate,   fighting white collar crimes and asked to appear in court as an expert witness, providing testimony about financial irregularities, procurement, head executives “cooking the books” and industrial espionage. Accountants providing litigation support prepare details of financial statements regarding losses from misdeeds, along with potential judgments and awards due as a result of the lawsuit and wrong doing. They work closely with attorneys to decide what damages to seek in the private and public sectors

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Bookkeeping and accounting software, computer forensic tools like data-mining applications, and statistical principles like Benford's Law.

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Experience from a bachelor's degree in forensic accounting, accounting, finance, criminal justice, or a related field.

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60k-100k a year

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Public accounting firms, insurance companies, or banks and they can also be called upon to testify in court as expert witnesses in cases of fraud

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Do they work with other forensic scientists?

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Do they work with other forensic scientists?

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They usually don't work with other forensic scientist unless its on the scene of the crime.

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Expected job growth is 13%

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The Enron Scandal took place in mid-1980s and 2001 in an american energy company based in Houston, Texas.

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CEO and COO Jeff Skilling, and Former CEO Kenneth and Enron’s accounting team worked in conjunction with executives to hide millions of dollars in failed projects and debt. Enron was hiding debt in partnerships, inflating stock price and debt rating, and misrepresentation of financial record.

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CEO and COO Jeff Skilling was convicted of numerous felony charges and is serving 14 years in prison.  Former CEO Kenneth Lay originally was found guilty on 10 counts of securities fraud and other related charges, but passed away before his imprisonment.

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I would like to have this job because it is a combination of my two favorite subjects. I love both math and science so this job would be fun for me. I also want to work in the science field but I also want to be an accountant so this would be perfect. I think being on the scene of the crime or going to testify in court would be fun. And it also involves deep analysis which is one of my good skills.

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https://m.youtube.com/watch?v=mij5cf_vRgQ

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A day in the life of... a forensic accountant

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https://learn.neumann.edu/neuperspectives/what-is-forensic-accounting

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In today's competitive and rapidly-evolving professional landscape, forensic accounting remains a complex discipline - providing training in recognizing occupational fraud, white-collar crime, and financial statement misrepresentation, which is critical to the advancement and success of countless organizations and businesses.

But what is forensic accounting?

What is forensic accounting?

According to Investopedia , "forensic accounting utilizes accounting, auditing, and investigative skills to conduct an examination into the finances of an individual or business. Forensic accounting provides an accounting analysis suitable to be used in legal proceedings. Forensic accountants are trained to look beyond the numbers and deal with the business reality of a situation. Forensic accounting is frequently used in fraud and embezzlement cases to explain the nature of a financial crime in court."

Depending on the industry or business, forensic accountants may be responsible for addressing the following :

Financial statement misrepresentation

Employee theft

Identity theft

Insurance fraud

Securities fraud

Asset recovery

Tracing funds

Litigation support

Financial statement analysis for fraud detection

Breach of contract

Breach of nondisclosure

Falsification of statement

Patent infringements

Compensation disputes

Searching for hidden assets

Product liability claims

Today, forensic accountants are needed in order to address and combat a variety of challenges like these and many more related to fraud detection and forensics.

Understanding the Growing Field of Forensic Accounting:

With the growing complexity of organizational environments and as technology continues to advance, the need for forensic accountants has greatly increased. In fact, forensic accounting is one of the fastest growing fields in law enforcement.

Research from the Bureau of Labor Statistics details why the job outlook for forensic accounting is bright - attributing the growth to an evolving economy, more initial public offerings, globalization, and technological advancement.

Here's a look at the growth rate for the field of forensic accounting in Pennsylvania and beyond.

Pennsylvania

According to ZipRecruiter.com, forensic accountants who obtain Certified Public Accountant (CPA) status and who work in Pennsylvania make an average of $68,766 - with annual salaries as high as $108,179. Further, "Pennsylvania ranks number 23 out of 50 states nationwide for CPA salaries," making Pennsylvania a strategic choice for CPAs looking to work in forensic accounting.

Nationally

According to the Bureau of Labor Statistics , "the median annual wage for accountants and auditors was $71,550 in May 2019" for accountants and auditors at the national level. BLS also predicts that employment for accountants in the United States will increase 6 percent by 2028.

Learn more about getting a master's in accounting online or in person at Neumann University:

Neumann University offers a Master of Science in Accounting with an Emphasis on Forensics and Fraud Detection - a graduate degree that is dedicated to preparing students to secure a lifelong career in forensic accounting.

In Neumann University's MS in Accounting , you will learn how to:

Collect and examine evidence

Demonstrate knowledge of transaction reconstruction

Apply the science of forensics to financial statement analysis

Investigate tax fraud

Follow the money with IBM Analyst Notebook

Demonstrate the theoretical and practical perspectives of digital forensics and cyber crime

Gain knowledge of the civil and criminal legal system

Click below to watch a short video on NU's Accounting program:
Neumann University's master's in Accounting program adopts a flexible and accessible completion format, and it is specifically designed for professionals who are looking to get a master's in forensic accounting online or in person and who are seeking an accelerated online master's in accounting.

Neumann University's graduate Accounting program

adheres to a specific completion format:

Total of 10 courses (30 credit hours)

Can be completed in 18 months

Combines in-class and hybrid instruction

Online option available starting fall 2020

Reach your highest potential at Neumann University:

The forensic accounting field is growing, and for this reason, this particular industry is in dire need of skilled forensic accountants who can impact positive change in a variety of organizations. You have the valuable opportunity to obtain a graduate degree in accounting that will prepare you to do exactly that.

By fostering a community of collaboration and compassion, we are dedicated to preparing driven professionals to secure meaningful careers. If you're interested in joining a community of forensic accountants at Neumann University, we encourage you to connect with us today.

Ready to secure a career in forensic accounting? Download Neumann University's Forensic Accounting Guide today!

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In today's competitive and rapidly-evolving professional landscape, forensic accounting remains a complex discipline - providing training in recognizing occupational fraud, white-collar crime, and financial statement misrepresentation, which is critical to the advancement and success of countless organizations and businesses. But what is forensic accounting?