What are the Qualifications for a Forensic Accountant?

Forensic accounting is a specialty within the accounting field. Forensic accountants deal with situations where a dispute or litigation exists or is anticipated. In many cases they are examining the books to see if fraud occurred, but they may also be involved in establishing financial assets during a bankruptcy case, valuing businesses, and calculating economic damages. They might also determine child support or alimony levels. Because of this, it is common for a forensic accountant to be called into court as an expert witness during litigation or even a criminal trial.

Forensic accountants may work for accounting firms, the government, or even the police. The Bureau of Labor Statistics (BLS) has no specific data available for forensic accountants, but states that the median salary for all accountants and auditors is $67,190 per year.

What Does it Take to Become a Forensic Accountant?

Needless to say you have to have an interest in math and numbers and a desire to solve problems and mysteries. The job combines working with numbers with detective work. It is a highly skilled position that involves training as an accountant as well as in fraud detection and criminal justice.

In general, you need one to three years accounting experience, usually as a general accountant. You have to be a Certified Public Accountant (CPA), but there is no required certification for forensic accounting specifically. However, such certification does exist.

Membership in the American College of Forensic Examiners, which requires a CPA license, three professional references, and an exam, can be valuable. Alternatively, you can get certification as a CFE - Certified Fraud Examiner. For this, a Bachelor's degree is preferred and two years’ experience is required in accounting, fraud investigation, or a couple of other areas. The best route to becoming a forensic accountant is to start as a general accountant, and train in fraud detection.

Is a Bachelor’s Degree Required to be a Forensic Accountant?

Some companies require a Bachelor's degree for accountants, some do not. If you are considering the CFE route, you should definitely consider getting a Bachelor's in Business Administration or Accounting. A BBA with an Accounting focus could give you the education needed to become a forensic accountant.

This will position you to obtain that first accounting job and then you can start to focus on fraud detection and investigative skills to leverage a forensic accountant position. You might also want to take some courses in criminal justice and learn how court procedure and rules of evidence work.

Forensic accountants are often charged with uncovering evidence for litigation or even a criminal trial. They need to know how to make sure that evidence will stand up in court and how to avoid breaching rules that could cause a judge to throw out all of their hard work.

What else Should I Know about Becoming a Forensic Accountant?

Most important, though, is to develop the skills needed to find mistakes in accounting records and develop your instinct for when something is wrong. As this cannot be taught in a classroom, real world experience is absolutely vital. Because forensic accountants often have to go to court, the ability to maintain a high standard of professionalism in behavior and dress is also important. A good forensic accountant also has to have an extremely high level of ethics and the ability to remain impartial, especially if doing police work.

ECPI University offers a Bachelor of Science in Business Administration with a concentration in Accounting. This degree could prepare you to work with fraud detection and develop the skills needed to become a forensic accountant. If you’re interested in this career path, contact an ECPI University admissions advisor today to discuss your options.

It could be the Best Decision You Ever Make!

DISCLAIMER – ECPI University makes no claim, warranty, or guarantee as to actual employability or earning potential to current, past or future students or graduates of any educational program we offer. The ECPI University website is published for informational purposes only. Every effort is made to ensure the accuracy of information contained on the ECPI.edu domain; however, no warranty of accuracy is made. No contractual rights, either expressed or implied, are created by its content.

Gainful Employment Information – Accounting - Bachelor’s

For more information about ECPI University or any of our programs click here: http://www.ecpi.edu/ or http://ow.ly/Ca1ya.