Those seeking a forensic accounting degree must complete a program that includes college coursework, formal exams, and certifications. A bachelor’s degree in a financial discipline, such as accounting, finance, or economics, is required of financial accountants. If your school does not offer forensic accounting as a major, you can earn a master’s degree in the field.
Before obtaining a forensic accounting degree, many forensic accountants choose to become Certified Public Accountants (CPAs). To become a CPA, you’ll need 150 college credit hours, or about five years of education at both the undergraduate and graduate levels. After completing the program, aspiring forensic accountants must pass the four-part Uniform CPA Exam. Those pursuing a forensic accounting degree must also have at least two years of general accounting experience. This is why many forensic accountants begin their careers as general accountants before pursuing the additional education and certifications required for a forensic accounting degree.
The Certified Fraud Examiner (CFE) and the Certified Financial Forensic Accountant are two other certificates recommended for forensic accountants (CFFA). Additional four-part tests, the CFE and CFFA exams, are required for these licenses. A bachelor’s degree and two years of experience in the field are required before taking these. After passing the CFE exam, the forensic accountant can apply for the Forensic Examiner Diplomate, which is an additional industry certification (FED).
The forensic accountant can join organizations like the American College of Forensic Examiners after completing the courses, examinations, and licenses required for a forensic accounting degree. Membership in such a group, combined with certifications, indicates a high level of expertise in forensic accounting. Because forensic accountants investigate financial crimes using accounting and auditing procedures, a forensic accounting degree indicates that the accountant has a high level of knowledge in financial crime. In addition, this type of accountant assists clients with contract disputes, bankruptcy, and acts as a witness in litigation cases.
Because forensic accountants deal with clients on a regular basis, they should have excellent communication skills. Good analytical thinking skills, as well as a solid understanding of accounting, finances, and budgets, are also required. Curious nature, forensic accountants should be able to juggle numbers and statistics. Due to their interaction with the law, these accountants must be able to organize materials, present data and facts in a clear, coherent manner, and make them understandable to those without a financial background.
Because of the legal work involved, those with a forensic accounting degree can expect to earn a higher salary than regular accountants. Internal auditors, IRS auditors, bankruptcy specialists, bank examiners, and chief financial officers are all examples of forensic accountants who work in firms or as consultants. Because of widespread financial fraud, forensic accounting is a rapidly growing industry.