An accounting degree can lead to many different rewarding careers in the business world. According to the Bureau of Labor Statistics (BLS), accountants and auditors make up nearly 1.5 million professionals of the workforce, and those professionals earn a mean annual wage that equates to nearly double the national average.
Accounting graduates enjoy a diverse selection of careers and industries, and they can influence their career path by choosing a concentration. This guide information explores forensic accounting, a discipline that uses investigative techniques to uncover financial crimes and damages. Continue reading for details on the forensic accounting degree, career potential, and other helpful resources.
The forensic accounting concentration combines accounting skills with investigative techniques.
Professionals in the field bring attention to, solve, prevent, and limit the damage caused by financial crimes. Professionals learn to identify signs of malicious activity and help organizations resist it.
Compared to general accounting, this discipline focuses more on criminal acts and behaviors within finances. While auditors may investigate financial errors and identify problem areas, forensic accountants often engage with law enforcement and the legal system. Students typically learn the same fundamental skills in their early years of education before branching off into career-focused training during their later years.
Forensic accountants work in many of the same industries as other accountants. They find employment in forensic divisions of public accounting firms, financial institutions, and government agencies. These professionals also work for lawyers, risk consultants, and law enforcement agencies.
Students can pursue this specialization at many levels. Many bachelor's and master's programs offer concentrations, but some learners simply choose electives to complement their desired career path.
At the bachelor's level, forensic accounting programs differ from other programs in the discipline by focusing on fraud detection, business law, and the legal aspects of accounting. All graduates with accounting bachelor's degrees can access similar career fields, but forensic accounting graduates may have an advantage in finding work within the government, law enforcement agencies, and law firms.
Forensic accounting concentrations appear under several different names, such as fraud examination. Schools may offer the following degrees in the field:
Compared to bachelor's degrees, master's-level forensic accounting programs differ much more from other accounting disciplines. Most of the courses in these programs emphasize the forensic aspects of accounting training, such as financial statement fraud and advanced accounting systems auditing.
Forensic accounting master's graduates can typically access more advanced and specialized positions in the field. Some of the possible degrees available in this discipline include:
Earning a forensic accounting degree can lead to many different positive outcomes. Some graduates may find their employment more meaningful, financially rewarding, or promising for advancement. The following list details some of the major benefits that many professionals experience in this field.
Completing a forensic accounting concentration provides several advantages over a traditional accounting degree. Concentrations can open the door to specialized credentials like a CFE, which can result in significant wage increases. The concentration can also grant easier entry into investigative accounting careers. Students should note that the training emphasizes forensic accounting, but it does not limit graduates to only this field.
A forensic accounting degree offers great benefits, but certain students may prefer a general accounting degree. Learners who have not yet decided on a career path may not want to focus in one specific area. An individual who has set their sights on a particular accounting discipline but cannot find a degree specialization in the field may also prefer a general accounting degree.
With so many different concentrations available to accounting students, choosing just one can present a significant challenge. Read through the information in the following links for help with this decision.
Each program features a unique curriculum with different offerings within the forensic accounting concentration. In general, most programs feature courses in core accounting training, electives, and concentration classes. Additionally, students can focus their capstone projects, theses, and internships in areas of their choosing.
At the bachelor's level, core training delivers the fundamentals of accounting, whereas only concentration courses delve into forensic accounting. Master's programs, however, typically deliver a more unified approach to forensic accounting. While students typically encounter courses like cost accounting, auditing principles, and taxation in all types of accounting programs, the following classes appear more often in forensic accounting concentrations.
Forensic accounting concentrations can lead to many different accounting careers. Positions that focus on fraud detection, compliance, or financial security may prefer candidates with forensic accounting training.
According to BLS occupational data, the median annual wage for accountants reached over $70,000 in 2019. The top 10% of earners, usually those with experience and specialized training and credentials, earn more than $124,000 per year. ACFE employment data indicates that CFE-certified forensic accountants in the 75th percentile earn about $147,000 per year.
While a forensic accounting specialization at any level can improve employment prospects, some employers may require additional training, experience, degrees, or credentials. Candidates should contact companies and organizations to identify their specific employment requirements. Continue reading for more detailed information on some of the possible career options for forensic accounting graduates.
Forensic accountants identify and protect against financial crimes. They investigate and analyze suspicious and criminal activity, working with various organizations within the legal system to bring perpetrators to justice. These professionals may also take part in investigations or litigations.
Annual Median Salary: $68,530
These professionals work within government organizations to ensure that outside individuals and companies adhere to rules and regulations as set out by the government. These workers may find employment within federal or state governments, along with law enforcement agencies.
Annual Median Salary: $70,180
Compliance officers work to ensure that their employer follows all laws and regulations. They may conduct regular checks and audits on their organization to detect any incorrect, suspicious, or criminal activity. These professionals typically find work in regulated industries.
Annual Mean Salary: $72,520
Internal auditors ensure that all documents and procedures follow the laws and regulations of their respective states and industries. They may perform audits regularly or in response to suspicious or criminal activity. Auditors with forensic accounting training may qualify for more law-focused positions.
Annual Median Salary: $58,840
Tax consultants work for individuals or organizations to provide advice for filing taxes properly and legally. Professionals with forensic accounting training and certifications may qualify for consulting positions within the government and law enforcement agencies to identify tax-related criminal activities.
Annual Median Salary: $60,390
When choosing an accounting program, several factors may affect students' decision. First, each learner should seek an accredited program in the location and delivery format that best suits them. Students can typically only receive federal financial aid and transferable credits at regionally accredited schools.
Programmatic accreditation can improve employment opportunities. Accounting program accreditation may come from the Association for Advancing Collegiate Schools of Business, the Association of Collegiate Business Schools and Programs, and the International Assembly for Collegiate Business Education. These organizations certify that a particular department or program prepares learners for a future career in business.
Online learning can expand the range of available programs for students by allowing them to attend schools outside of their immediate vicinity without moving. However, online programs may still feature some on-campus requirements.
Aspiring forensic accountants should consider other program-specific factors, including coursework, program length, admission requirements, and faculty experience. School-specific conditions, such as tuition cost, alumni network, and available student and career resources should also play a part in the decision.
Students should identify their most important factors, then prioritize them and rank their potential programs. Learners can access the Database for Accredited Postsecondary Institutions and Programs for up-to-date information on accreditation.
Professional organizations provide many benefits for members and visitors at all levels, including students, new graduates, and experienced professionals. These groups offer access to industry news and publications, educational and career development resources, and networking events. The list below highlights just a few of the many organizations available to forensic accountants.