Forensic Accountants
SOC 13-2011-99
Forensic Accountants perform an orderly analysis, investigation, inquiry, test, inspection, or examination of business or banking records. They provide litigation support and conduct investigative accounting.
Wages and Benefits
| Hourly Wages | Range | Median |
|---|---|---|
| New Hires, No Experience | N/A | N/A |
| New Hires, with Experience | $14.42 - $28.84 | $38.45 |
| After Three Years with the Firm | N/A | N/A |
Average Weekly Hours:
Most Forensic Accountants work full time, 40 hours per week.
Shifts:
Almost all Forensic Accountants work regular day shifts, and may be subject to court schedules.
Duties:
Forensic Accountants utilize accounting, auditing and investigative skills when providing litigation support or conducting an investigation. They provide an expert opinion in matters of dispute, conduct audits in compliance with the law, provide criminological insight with investigative skills, and apply economic theories to determine the truth and accuracy of records.
INDUSTRY OUTLOOK
Opportunities for qualified Forensic Accountants abound in private companies and are anticipated to continue to increase since the passage of the Sarbanes-Oxley Act in 2002. The federal act was created to protect investors by improving the accuracy and reliability of corporate disclosures. Company CEOs must now certify that their company's financial statements are faithful representations of their financial position and must rely more heavily on internal controls to detect any misstatements that might otherwise be contained in their financial statements. Thus, publicly held companies are hiring Forensic Accounts as a part of a strong internal effort to comply with government requirements for accurate reporting.
EMPLOYER REQUIREMENTS
Education:
All employers require applicants for Forensic Accountants to have a bachelor's degree in accounting. The Forensic Accountant is different from other Accountants in that, by added education, training, or years of experience, they are closer to being investigators, economists, and appraisers.
Licensing:
All employers require applicants to possess the Certified Public Accountant (CPA) license. Some employers require their applicants to have the Certified Fraud Examination (CFE) credential, or a Certified Insolvency and Restructuring Advisor (CIRA) credential.
Training:
Most employers require extended training or education in other areas such as criminal justice or law enforcement.
Experience:
Most employers prefer applicants who have 5 years accounting experience and other investigative experience.
Skills rated "Very Important":
Ability to communicate effectively in writing and orally
Ability to provide expert testimony
Ability to exercise discretion and sound professional judgment
Ability to meet deadlines and work under pressure
Knowledge of auditing, internal controls, risk assessment, and fraud detection
Possession of problem-solving skills
Possession of critical thinking skills
Possession of logical reasoning
Possession of a strong accounting background
The preceding skills are generally required in addition to the following skills required for Accountants and Auditors.
Skills rated "Very Important":
Ability to apply accounting principles
Ability to evaluate, analyze and interpret data
Ability to interpret facts and figures quickly
Ability to meet deadlines and work under pressure
Ability to perform accurate work
Ability to prioritize multiple projects
Ability to use accounting software
Ability to work across teams
Ability to work independently
Ability to work on a team
Possession of accurate record keeping skills
Possession of effective communication skills
Possession of interpersonal skills
Possession of problem-solving skills
Willingness to work long hours
Where the Jobs Are:
Accounting Firms
Banks, Savings and Loan Associations and other Financial Institutions
Law Enforcement Agencies, including Federal Bureau of Investigation, Central Intelligence Agency, and Drug Enforcement Agency
Law Firms
Insurance Companies
Internal Revenue Service
OTHER INFORMATION
Career Ladder/Promotional Opportunities:
Promote from: Junior Forensic, Accountant, Forensic Accountant I.
Promote to: Forensic Accountant II & III, Senior Forensic Accountant, and Partner.
Alternate Job Titles:
Chief Investigator Accountant, Senior Forensic Accountant.
Data Collection Date:
Fall 2005
Profile Note:
This is an emerging occupation. The information used to generate the profile was gathered from a variety of sources including: interviews with employers, educators and training providers, State of California Occupational Guides, and the Occupational Outlook Handbook.