Forensic Accounting – What Are The Qualifications?

The responsibilities of a forensic accountant encompass investigation, resolution of dispute and providing support for litigation. Investigation means finding out whether indeed a particular fraud has occurred and what evidences point to it. The resolution of dispute entails coming out with workable solutions so that risk is minimized and there are no chances of something similar happening in future. Litigation support refers to the proper presentation of evidence gathered so that the court can take a decision based on objectivity.

Forensic Accountant

Forensic Accountant

The career of forensic accounting is a well paying one and if you possess good accounting as well auditing skills, you should be able to aspire for a profitable career in this field. However, let us look at the other qualifications that are required.

a) The first one is a basic degree in accounting and this can be gained from a university or through an online learning course.
b) You then have to clear the Public Accountant hurdle to get the qualification of a Certified Public Accountant.
c) In addition to academics, you also need to get yourself enrolled in some law enforcement firm so that you get adequate exposure to real life cases and are able to appreciate the happenings in the real world.
d) Finally, you need to clear the CFA or Certified Forensic Accountant exam so that you have the edge over others and your value in the forensic accounting domain increases.

In addition to the qualifications, a forensic accountant needs to be very analytical and should be able to think quickly on his feet. Ability to look at records in detail and identify any loopholes in the manner financial details are prepared within the company are also aspects of the job that are important.

Forensic accounting is a very exciting career and as compared to normal accounting offers more opportunities for a person to grow rapidly in the organization. However, there is a need to constantly upgrade qualifications and keep abreast of the developments in this field through regular interaction with other professionals.

There are some limitations too. The job may involve you to be present at court hearings as an expert witness and this may present some amount of danger to your life since the culprits would not want you to expose them. The other disadvantage is that the company may not want you to expose any mistake that they have committed due to their image getting sullied and you could be targeted for that as well.