Why Choose A Career As A Forensic Accountant?

Posted on 7 December, 2012

Why Choose A Career As A Forensic Accountant?

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What is a Forensic Accountant?

A forensic accountant is an accountant who investigates rather than provides accountancy services. He or she is effectively looking into the accounting activities carried out by others and reporting on anything that might be wrong or inappropriate.

Forensic accountancy is used to assist the law enforcement authorities to understand and deal with fraud and it is also used to help parties to any dispute involving arguments over amounts of money, profits or valuations to come to agreement either by negotiations or through the courts.

By far the biggest area that a forensic accountant will deal with is fraud. They will either work for the victims of fraud, for the fraud regulators or solicitors and lawyers dealing with fraud cases.

A forensic accountant operates in a very specialised area of accountancy and is often considered to be an "expert" in the field of accountancy. As such they are allowed to attend court to give evidence that is of an opinion nature, whereas all other witnesses in court must speak to facts that they believe to be true.

How can You Become a Forensic Accountant?

To become a forensic accountant you must first become an ordinary aaccountant. Unfortunately the glamorous job of a fraud accountant starts with the boring necessity to be a good ordinary accountant!

However, accountancy is a good career and not quite as boring as the jokes would make out. If truth be told, all jobs are boring if you are at a junior level and don't really understand what you are doing. Once you are experienced, as an accountant as well as any other career, the job becomes more interesting - and in the case of forensic accountancy it can be quite exciting also.

An old saying by the Chinese philosaopher Confucious goes as follows:

"Choose a job that you enjoy and you will never need to work a day"

Accountancy training can commence with an academic qualification such as a University degree or it can begin with professional qualifications and on the job training. Whichever route you take will involve moving on to both professional and on the job training so if you have a subject that you would like to study and would enjoy at university or college, such as engineering or zoology, you will not be at a disadvantage if you pursue this prior to commencing your accountancy training. In fact this would help you with your experience and potentially give you a broader understanding of a number of business and other areas that you will encounter in your working career.

Getting your professional training is made easier if you join a firm - this can either be within the accountancy service practice or it can be within a large industrial or commercial company. However, if you are intending to pursue a career in forensic accountancy you would be best to choose a practicing firm.

You will not be guaranteed forensic accountancy training from the start when you join an accountancy firm. Most forensic accountancy teams expect some accountancy experience before you start but you do not have to wait until you are fully qualified. Forensic accountancy work can form part of your professional training towards your professional qualifications.

What Can You Expect From a Forensic Accountancy Career?

A successful forensic accountant is a highly regarded professional leading teams of investigators often around the world pursuing multi billion frauds. A successful forensic accountant is also a business leader, a partner in a firm or a sole consultant that is sought after.

Salaries of senior accountants can even match those of lawyers! A good forensic accountant will easily reach $100,000 per year within? a few years and the sky is almost the limit. You ca work in your own neighborhood or you can travel internationally - it is your choice and will depend on how hard you work.

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