Forensic accountants track financial transactions and interpret financial data in order to help authorities with a criminal investigation. While forensic accounting is usually used for white collar crime, obtaining financial information about a suspect can help investigators profile an unknown subject. Forensic accounts often hold a bachelor's degree with specialized training in forensics.
Forensic accountants use their skills in finance and accounting to help investigate white-collar crimes. People who steal money through work or their elected positions commit the types of crimes forensic accountants work on. Forensic accountants hold a bachelor's degree in accounting or a related subject and usually are Certified Public Accountants (CPAs). They also might qualify for professional credentials as accounting fraud examiners or forensic accountants.
|Required Education||Bachelor's degree in accounting or another relevant field|
|Certification||Hold CPA designation|
|Projected Job Growth (2014-2024)*||11% for accountants and auditors|
|Median Salary (2015)*||$67,190 for accountants and auditors|
Source: *U.S. Bureau of Labor Statistics (BLS).
Forensic accountants work with law enforcement officials and lawyers to determine whether illegal transactions have occurred. They investigate different crimes related to fraud, such as corporate, health care, mass marketing, hedge fund and securities fraud. Money laundering, contract disputes, embezzlement and bankruptcy are among other crimes explored.
In addition to understanding accounting techniques and financial transactions at corporate and government levels, forensic accountants must have a clear understanding as to what constitutes legal and illegal transactions. They must understand auditing in order to analyze financial, bank and credit statements. Forensic accountants also might need to understand computer technology to get into a suspect's related digital files.
Employment of accountants and auditors is anticipated to increase 11% from the years 2014-2024, per the U.S. Bureau of Labor Statistics (www.bls.gov). The BLS also indicated that these workers earned a median annual wage of $67,190 in May 2015.
Like all accountants, forensic accountants are required to hold a bachelor's degree in accounting or a related subject. The curriculum often consists of classes in business administration, finance, marketing, economics and statistics. Graduates who earn a graduate certificate or master's degree in forensic accounting can increase their employment and salary potential. Students who didn't major in accounting as undergraduates can also benefit from advanced education in the subject.
Forensic accountants generally are required to have their CPA certification. Graduates must complete a certain number of semester hours beyond a bachelor's degree. In most states, the required number is 30 semester hours. Some schools offer a combined 5-year program for those looking to become CPAs.
A forensic accountant can also become a Certified Fraud Examiner or Certified Forensic Accountant. Two years of experience is necessary to take the applicable exams.
Forensic accountants investigate financial data for the prosecution of crimes. They need a bachelor's degree in accounting or a relevant field, and most are required to hold CPA certification. Forensic accountants can earn Certified Fraud Examiner or Certified Forensic Accountant credentials through examinations and experience.