Career Path for Forensic Accountants
The world of finance and accounting always fascinated me but I was on the poor side with calculations, in theory and concept I love talking about finance . Thus I have done thorough research to advice/encourage finance major and students to pursue this rewarding career path.
"The Bright Future of Forensic Accountants"
Forensic accounting has emerged as an increasingly popular field of accountancy as more and more forensic accountants are needed in the workplace. Many traditional bookkeeper roles have evolved into more than just general ledger entries. Firms require individuals to have a keen eye for managing and mitigating the risk of internal theft, and the demand for forensic accountants is steadily increasing.
Many schools offering masters-level accounting programs will now have a stream for forensic accounting. In fact, Dr. Bob Hoogenboom, one of the leading professors at the prestigious London School of Economics, has an extensive background in forensic accounting and other schools like Warwick and Strathclyde are following suit by offering forensic accountant courses.
A promising career
The career path for a forensic accountant out of school is quite similar to any other specialized accounting stream - the first (and most important) step is to apply the knowledge gained in school to real life experiences. For those who have studied taxation, they will likely spend several years as a junior in an accounting firm practicing both personal and corporate tax, learning the business. Forensic accountants are no different, as many will join either a small business or a larger accounting firm to put in hours and gain the experience necessary to become a good forensic accountant. Pay scale will vary depending on your firm as well as location (urban versus rural locations), but more often than not forensic accountants are compensated quite well. Industry will be a factor as well, as non-profit organizations may offer a broader experience but will often pay a lesser amount. Typical employers include banks and insurance brokers, as well as any larger corporation requiring an audit on internal processes.
Keep your cake and eat it too
In order to to stay on top of your career as a forensic accountant, you should stay abreast of the latest news and changes in your profession. For example, the new Sarbanes-Oxley Act legislation has created many more requirements for firms, which has opened the door for many forensic accountant jobs. Faster career advancement is possible for those who desire to pursue higher education by obtaining a masters degree, many of which are offered throughout some of the UK's best schools. You should continue to seek to learn more and keep doors open for future opportunities for promotion or advancement.
Forensic accounting is an exciting field and will continue to be both a highly demanded and well respected profession.