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Job outlook for forensic accountants in the United States
Are forensic accountant jobs in demand?
Forensic accountant job and salary trends over time
Forensic accountant jobs over time
Forensic accountant job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 707 | 0.00% |
| 2020 | 684 | 0.00% |
| 2019 | 687 | 0.00% |
| 2018 | 676 | 0.00% |
| 2017 | 666 | 0.00% |
Average forensic accountant salary over time
Forensic accountant salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2026 | $66,833 | $32.13 | +2.8% |
| 2025 | $65,007 | $31.25 | +1.5% |
| 2024 | $64,053 | $30.79 | +1.7% |
| 2023 | $63,008 | $30.29 | +1.8% |
| 2022 | $61,918 | $29.77 | +1.4% |
Forensic accountant jobs by state
Most common states for forensic accountants
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 202 | 29% |
| 2 | Massachusetts | 6,859,819 | 637 | 9% |
| 3 | Minnesota | 5,576,606 | 488 | 9% |
| 4 | Colorado | 5,607,154 | 485 | 9% |
| 5 | Iowa | 3,145,711 | 273 | 9% |
| 6 | Delaware | 961,939 | 91 | 9% |
| 7 | Montana | 1,050,493 | 90 | 9% |
| 8 | Illinois | 12,802,023 | 1,043 | 8% |
| 9 | Virginia | 8,470,020 | 644 | 8% |
| 10 | Maryland | 6,052,177 | 514 | 8% |
| 11 | Connecticut | 3,588,184 | 277 | 8% |
| 12 | Utah | 3,101,833 | 241 | 8% |
| 13 | Rhode Island | 1,059,639 | 88 | 8% |
| 14 | Missouri | 6,113,532 | 438 | 7% |
| 15 | Nebraska | 1,920,076 | 126 | 7% |
| 16 | Wyoming | 579,315 | 38 | 7% |
| 17 | Texas | 28,304,596 | 1,573 | 6% |
| 18 | Georgia | 10,429,379 | 668 | 6% |
| 19 | Oregon | 4,142,776 | 259 | 6% |
| 20 | New Hampshire | 1,342,795 | 86 | 6% |
Most common cities for forensic accountants
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Frankfort | 1 | 4% | $62,210 |
| 2 | Annapolis | 1 | 3% | $81,159 |
| 3 | Dover | 1 | 3% | $81,285 |
| 4 | Hartford | 1 | 1% | $72,770 |
| 5 | Lansing | 1 | 1% | $76,125 |
| 6 | Little Rock | 1 | 1% | $59,493 |
| 7 | Newport Beach | 1 | 1% | $72,812 |
| 8 | Springfield | 1 | 1% | $69,972 |
| 9 | Springfield | 1 | 1% | $86,573 |
| 10 | Boston | 3 | 0% | $86,020 |
| 11 | Atlanta | 2 | 0% | $80,398 |
| 12 | Baton Rouge | 1 | 0% | $62,528 |
| 13 | Des Moines | 1 | 0% | $58,191 |
| 14 | Indianapolis | 1 | 0% | $67,659 |
| 15 | Montgomery | 1 | 0% | $54,925 |
| 16 | New Orleans | 1 | 0% | $62,241 |
| 17 | Phoenix | 1 | 0% | $60,111 |
| 18 | Sacramento | 1 | 0% | $80,582 |
Forensic Accountant job outlook: Expert opinions
Our panel of forensic accountant experts
University of Central Arkansas
Kent State University
Seattle University
University of Memphis
Washington and Lee University
SUNY College at Old Westbury
Methodist University
Angelo State University
Pace University
Henderson State University
Minnesota State University - Mankato
Skyline College
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Mollie Sweet Ph.D., CPA, CMA, SHRM-SCP: Accounting is an in-demand career with impressive salaries and job growth to match. Data from the Bureau of Labor Statistics (BLS) projects that the employment of accountants and auditors will grow 6% by 2031. Accounting job postings have experienced substantial growth as well.
What will help Forensic Accountants increase their earning potential?
Kaylee Zupancic: While it is hard to know what the future holds with constant advancements to technology and AI, I believe there will always be a need for the human experience in the professional world. Clients will be looking for personable individuals who are approachable and can answer questions simply. Thanks to AI’s ability to complete a lot of the accounting tasks that seem mundane and monotonous, accountants and CPAs have the opportunity to find creative solutions to bigger issues, create better accounting processes and help their clients’ grow their businesses.
What general advice would you give to a Forensic Accountant?
Dr. Stephanie Watson PhD, CPA: Distinguish yourself! There are a lot of ways to do this. First is with a professional certification. Earning a certification like a CPA, CMA, etc. is something that you do for yourself; it belongs to you and demonstrates your expertise. Certifications can help with promotions where you are or mobility if you choose to make a move. Another way to distinguish yourself is to make yourself useful and irreplaceable. Don't wait to be asked; volunteer to help. Make it your mission to produce quality work, not minimum acceptable product. Be the employee that your supervisors and clients can depend on and don't want to live without; the promotions and raises will follow.
What will help Forensic Accountants increase their earning potential?
Dr. Stephanie Watson PhD, CPA: Skills that are on the rise are those related to automation, data analytics, and artificial intelligence, some used by accountants, some used by our clients. As accountants, we don't need to be computer programmers to be successful, but we do need the ability to understand how tasks are completed without these technologies and with them, and how our role is different with these technologies in place. Because new applications are constantly being developed, accountants need to be open to and comfortable with learning new software. However, no technology in the next decade is going to be able to replace the skills that have always been important for accountants including communication skills (the ability to convey technical concepts and processes to someone who may not be as familiar with them as you are), critical thinking and professional skepticism (being able to think beyond what is presented to see the bigger picture), and Excel skills or related tools for data organization and analysis.
What general advice would you give to a Forensic Accountant?
Scott Miller CPA, CIA, CFE, MAcc: During school, Accounting students should aim to complete internships. Many Accounting firms now seek out underclassmen who have the potential to complete multiple internships with them prior to graduation. Students who complete multiple internships and build up their service time with a firm can reach their first promotion quicker than others. Accounting professionals should also strive to pass the CPA exam as early in their careers as possible. This is incentivized by Accounting firms providing bonuses to candidates who pass all 4 parts of the CPA exam within their first 1-2 years on the job. Additionally, masters programs in Accounting can serve the purpose of better preparing candidates to pass the CPA exam, as well as providing candidates with an additional qualification that could help boost salary potential. Other more specialized credentials like the CIA, CFE, and CISA can be differentiators for professionals looking to get ahead in their field.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Scott Miller CPA, CIA, CFE, MAcc: Be up-to-date; never out-of-date. As technological advances continue over time, Accountants will be expected to keep pace. The Accounting profession has successfully adapted to change throughout its history, and accountants will need to continue to adapt. It is critical for accountants to remain as trusted business advisors who are capable of understanding and auditing the latest technology that their own firms and clients implement. Traditionally important skills such as critical thinking, empathy, and effective communication are necessary skills today and will remain so in the future.
What will help Forensic Accountants increase their earning potential?
Scott Miller CPA, CIA, CFE, MAcc: Recent Accounting graduates should begin building their professional networks right away. Relationships are critical in all fields, but particularly in business. Joining local chapters of professional organizations is a great way to meet others in the industry and develop networking skills. These organizations also serve the purpose of keeping their members current on issues and trends in the industry, so that members can be more effective within their roles.
What general advice would you give to a Forensic Accountant?
Gabriel Saucedo PhD, CPA: Maximizing salary potential really does depend on what a young professional wants to do with their career. As such, a new accountant should not forego or overlook the importance of networking and finding a mentor or mentors to help them navigate these waters (sidenote: no young professional should be afraid of networking because most anyone likes to talk about themselves and/or their respective job). First, earning and maintaining a recognized certification in the field (e.g., CPA), while grueling, still carries long-term income potential. However, there are numerous other certifications rising in importance with long-term value (e.g., CFE, CMA, CIA, etc.). Second, some will argue that finding a niche job early on and specializing will maximize earning potential. Third, and conversely, riding the public accounting wave until reaching management-level responsibilities will also have a notable impact on future salaries. The ongoing training and education firms invest in their employees, along with the diverse client base, is something that is hard to price in the short-term but future employers will gladly pay a premium for in the long-term. Fourth, lean into your strengths. For some people this may be in technology. But for others, a recruit that can carefully articulate difficult information to constituents and stakeholders is no doubt executive material.
What will help Forensic Accountants increase their earning potential?
Gabriel Saucedo PhD, CPA: Funny enough, the core skills expected and/or desired of an accounting professional in the next 3-5 years are likely the same as today, which are the same as they were 20 years ago when I started at KPMG as an Audit Associate. Firms (i.e., the profession) need someone who can think critically with an analytical mindset, proactively problem-solve, brainstorm and prioritize alternative solutions, and professionally articulate across any number of communication channels to any number of constituents. Accounting firms and companies continue to ask their recruits about their ability to meet deadlines, manage conflict, multi-task, etc. But what has changed and will continue to change are the technologies with which professionals will be asked to do all this, and perhaps where it will be done. In some cases, this may continue to be done remotely (at home) and in some cases there will be the need to work more across borders with constituents in a global business sphere. A little more regarding the evolution of technology. Undoubtedly, Artificial Intelligence and ChatGPT are all the buzz and clearly something the profession needs to be in front of. Some may say these technologies and tools will make accounting absolute. But as history has shown, every time there has been an evolution in technology or tools (e.g., computers, spreadsheet software, data analytics) the demand for accountants has gone up. That is because these technologies have opened venues and processes for more risk, in addition to more informed decision-making. That said, graduates should also have, at minimum, a foundational knowledge of data analytics and technology to make sure they can identify the related risks, but also stay ahead of peers that may be studying other non-accounting degrees (e.g., computer science, data analytics, information technology.
Rita Green Ed.D.
Teaching Associate ProfessorUniversity of Memphis
Accounting And Related Services
What general advice would you give to a Forensic Accountant?
Rita Green Ed.D.: Current students should consider anchoring their education with a strong minor, which can be fulfilled with elective courses, which already make up a certain percentage of required credits for an undergraduate degree. It will also be important for accounting students to acquire and maintain competencies in data analytics. Accounting curriculums are being updated to respond to this necessary skillset.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Rita Green Ed.D.: To be competitive for the best opportunities in the field, accounting graduates should consider pursuing certifications, which include the certified public accountant (CPA) and certified management accountant (CMA), amongst several others. Sometimes, certification can be more valuable than a degree. However, accounting certifications already require specific numbers of accounting education credits in order to sit for certification exams.
What will help Forensic Accountants increase their earning potential?
Rita Green Ed.D.: I would advise graduates to seriously consider their desired area of specialty in the accounting profession. Hopefully, graduates have had internships with companies, as students, and are in a better position to identify their interests. Like the medical field, there are specialty areas of accounting: financial, managerial, tax, nonprofit, forensic, governmental, and auditing. And this is not an exhaustive list. Opportunities abound in the accounting field because every business, including nonprofits that receive money, will need to have at least one or many accountants, depending on a company’s size.
Colin Reid
Associate Professor of AccountingWashington and Lee University
Accounting And Related Services
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Colin Reid: Communication and critical thinking have always been important in accounting, but I believe the importance of these skills will increase. Professionals in accounting spend more time working in groups and with other people than many realize. Currently AI can assist with technical tasks and other repetitive work. I believe there will always be a role for accountants in terms of building relationships with clients, team members, and others with whom they work. Many problems that professionals face will involve multifaceted decisions that can be informed by data analysis but often will still need to be communicated clearly through a relationship built on trust. I believe that balancing a technical accounting education with the traditional liberal arts (e.g. humanities and social sciences) is critically important to help develop these critical thinking and communication skills.
What general advice would you give to a Forensic Accountant?
Patrick O'Brien: Currently, the demand for accountants is higher than the supply of accounting majors coming out of college. As a result, this is allowing students and other accounting professionals their pick of the type of firm, company, industry, etc. for which they would want to work. Additionally, the salaries in the profession are increasing because the talent pool is smaller than the number of jobs available.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Patrick O'Brien: There are a variety of fields in the accounting profession. Most accounting majors in college usually end up in public accounting working in either audit or tax. An audit professional will usually work for a public accounting firm, such as PwC or Deloitte, and will be assigned to various clients to perform audits of their client’s financial information. This could include tasks like reviewing the financial statements of the client he or she is working for, meeting with the client to discuss information and documentation needs, validating various transactions the company has recorded to ensure they are in compliance with Generally Accepted Accounting Principles (GAAP), etc. A tax professional working at a public accounting firm will usually be working with his or her client to prepare income tax returns for the corporation, partnership, etc., as well as determining tax withholdings and liabilities. Some large public accounting firms will even work with high net worth individuals to assist them with their taxes given the complexity. Medium-sized and smaller accounting firms would work with individuals to have their taxes done and filed annually. There are other fields of accounting, such as forensic accounting, which becomes necessary when there is potential financial fraud occurring within a business. Additionally, there are always needs for accountants within the government on the local, state, and federal levels. These accountants would be responsible for providing financial information to the taxpayers and the general public. There are also accountants that work within companies and other organizations that are responsible for gathering, recording, analyzing, and summarizing financial data both inside and outside of the organization.
What will help Forensic Accountants increase their earning potential?
Patrick O'Brien: No matter the field of accounting that one goes into, each one has its own type of “busy season”. These busy seasons generally require an accountant to work more hours than a typical 40-hour work week for a set period of time. While the hours can be intense, they are usually predictable, so the accountant can plan accordingly. In terms of what people usually like about being an accountant, there are a number of factors. The main one is that it is a career (rather than a job) with a clear path for advancement and promotion (generally, speaking). With this, there comes a level of career stability that many other professions and jobs cannot provide. Additionally, it has often been said that the accounting profession is “recession proof”. During poor economic periods, accountants tend to experience less career disturbances than other professions. Lastly, every business needs an accountant! This allows accountants the opportunity to break into any industry or company that they desire. Many professionals begin as accountants within an organization and have incredible upward mobility (whether as accountants or not). Accountants see most aspects and operations of an organization, so this knowledge and understanding makes them excellent top-level executives.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Amir Moeini Chaghervand PhD, CMA: In the next 3-5 years, I believe skills related to data analytics, technology proficiency, and communication will become more important in the accounting field. As technology advances, accountants will need to be proficient in data analysis and interpretation, as well as effective communication to convey complex financial information.
What general advice would you give to a Forensic Accountant?
Dr. Mfon Akpan CGMA: An accountant day-to-day can vary depending on the role, and accounting is a very broad field. So the way that I would answer this question is when you're thinking of getting into the accounting field, think about if you're the type of person that likes to sit at your desk, you don't like to interact with a lot of people or move around or have to travel, or if you're the person that likes to move around, you don't want to be sitting at your desk for a long period of time doing work at a computer. Also, so that could mean if you're the type of person that will be a tax associate. So if you're a tax associate during busy season, you may be in the office, you may be at your desk, you may be working 60 hours a week. If you work in internal audit, for example, you may be moving all around, speaking with people, performing your risk assessment, doing tests. So you may move around quite a bit and you may not be in your office as much. So I think one thing to consider is that accounting is a very broad field and you can work in various aspects of the field and in different industries, which can have drastically different day-to-days. The other thing to think about is as an accountant or entering the field, we're just talking about the field of accounting, which is very broad. You also have to think about adjacent fields. So if you work in finance, if you work as a financial advisor in the financial services field, you can work in banking, investment bank. So you can move into many of these adjacent fields as well. So that's also something to think of when entering the field of accounting or entering the profession. Very broad, very dynamic, very interesting, very flexible. Additionally, your role might mean being a tax associate. During the busy season, you could find yourself in the office, at your desk, working sixty hours a week. Conversely, if you work in internal audit, you might be moving around a lot, speaking with people, performing risk assessments, and conducting tests, which means you might not be in your office as much. It's important to recognize that accounting is a very broad field, offering various roles across different industries, each with drastically different day-to-days. When considering a career in accounting, also consider adjacent fields like finance. As a financial advisor or working in financial services, opportunities extend to banking and investment banking. This flexibility makes the field dynamic, interesting, and very broad, suitable for those looking for diverse career paths.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Dr. Mfon Akpan CGMA: What people like and dislike about being an accountant. I think from the education standpoint, being a professor, many of the students do not like the numbers and the jargon. So you've got to really learn the language of an accountant and you have to contend with the math. So I think those are things that many students do not like. The other thing that there's a dislike about could be that depending on what area you work in are the hours, so there could be issues with work-life balance, and then issues with pay.
What will help Forensic Accountants increase their earning potential?
Dr. Mfon Akpan CGMA: Accounting is a great field to enter right now because, number one, of the broad spectrum of areas in accounting. So you could work in tax, you can work in audit, you can work in fraud if you want to focus on financial reporting, managerial accounting. There's so many areas that you can move into with accounting as well as industries. So you can be an accountant, or let's say, for example, you could be an internal auditor in the healthcare industry or for government or for a university. So you can maneuver into different industries if you'd like. So there's that flexibility within the profession. The other thing that I think we don't talk about is the adjacent fields that you can enter into in accounting, working in finance, marketing, in other area of business with your accounting education. You can move into those easily because, again, accounting is the language of business.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Landri Ognowski MAcc, CPA: I believe people like the stability that an accounting degree provides in terms of job security and salary. There are also a vide variety of things that one can do with an accounting degree, from public accounting to forensic accounting. The opportunities that come from an accounting degree provide additional incentive for choosing it as a profession. One of the hardest things about being an accountant in public accounting specifically, is the hours that are required during peak season (January – April); however, public accounting firms have worked to smooth out demand during this peak season by performing more “interim” prep work in the fall to help reduce the hours in the winter and spring.
What general advice would you give to a Forensic Accountant?
Kristen Thompson PhD, CPA, CMA: From my experience as an external auditor for one of the big four accounting firms, the day to day involves a lot of talking with clients and looking through their accounting records to verify that everything has been recorded as it should have been. The ultimate goal of an auditor is to provide assurance to investors, lenders, or other external users that they can rely on the financial statements of a particular company. Auditors work in teams, oftentimes at the client site (which often entails travel), where each member of the team is assigned different tasks or sections of the company to audit. For example, while a lower level staff might be assigned the 'Cash' section or 'Inventory', a more senior staff member will likely be assigned to more complex areas such as 'Derivatives' or 'Financial Instruments'. Within their assigned area(s), auditors will select samples of transactions or some other unit from a population and proceed to verify that all supporting documents match and the correct number ultimately ends up in the financial statements. This can entail looking over documents such as invoices, shipping documents, and checks, meeting with clients to ask questions about various transactions or components of the business, working through spreadsheets, ensuring client calculations are justified, or coming up with expectations for account balances and comparing them to the client's. A day's activities likely include a number of these activities, along with collaboration with team members on how to handle more complex issues, and even helping clients out by identifying efficiencies that could be implemented to make their business run more smoothly. Public accounting is an incredibly diverse field, with each day bringing on a new set of challenges.
What will help Forensic Accountants increase their earning potential?
Kristen Thompson PhD, CPA, CMA: Depending on the type of accountant, the likes and dislikes can vary quite a bit. Returning to my experience in public accounting, the number one component individuals dislike is the hours required during 'busy season'. However, they often discuss how much they enjoy being surrounded by smart people, the variation in tasks, the daily challenges that encourage them to continue to grow, the social aspect of the job, including interactions with coworkers and clients, the upward mobility and opportunities these firms provide, and the generous PTO and flexibility that firms allow outside of busy season. In private industry accounting on the other hand, people tend to enjoy the consistency and normalcy of hours required, as this realm of accounting more closely follows a typical 8-5 schedule. These individuals often refer to the consistency and predictability of their days in the office and the job security the profession provides. Both realms of accounting provide secure careers working with smart, driven, and oftentimes, even fun individuals.
What general advice would you give to a Forensic Accountant?
Dr. Barbara Farrell CPA: Pass the CPA exam before you start working. That will almost certainly earn you a bonus and put you ahead of your peers.
Get additional certifications such as Microsoft Office certifications, Certified Fraud Examiner, and Certified Internal Auditor to name a few.
Be willing to volunteer for additional assignments.
Network within the firm and join professional organizations such as AICPA, State Society of CPAs etc
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Dr. Barbara Farrell CPA: The field of public accounting is changing rapidly. Technology has become an integral part of the profession in tax, audit and consulting. It would be my suggestion to all students to use any elective credits within their degree program to become familiar with technology. In addition, excellent communication skills (oral and written) are critical. Use your liberal arts class electives to take communications and public speaking classes.
Once you enter the profession, keep learning! Whenever you are offered the opportunity to take a course, learn a new skill, or enhance your knowledge, take advantage of it!
Whatever firm you join will likely have social events and get-togethers. Go! Go into the office as much as possible. Network! Get to know those you work with to make connections for your future.
Be careful what you post on any social media platform! Pictures and postings can have repercussions.
Finally, get your CPA license ASAP! DO not wait. Start taking the exam while you are in school. Once you start working, your time to study is limited!
What general advice would you give to a Forensic Accountant?
Amy Kass CPA, MBA: My advice to a graduate beginning a career in the accounting industry is to take advantage of as many new learning opportunities and work-related experiences as possible. The accounting industry offers accountants many specialized areas to choose a career path in, so using those learning opportunities and work-related experiences will help graduates choose which area in the accounting industry they'd like to work in while expanding their skills on their resume, their confidence, and ultimately their salaries. A great way to access a variety of work-related experiences is to work at a public accounting firm.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Amy Kass CPA, MBA: The three skills I think that will become more important and prevalent in the next three to five years in the accounting industry will include: technical skills, regulatory knowledge, and written and oral communication skills. The technical skills and the regulatory knowledge skills areas are constantly changing, so there's always something new to learn that will benefit your role in the industry.
What will help Forensic Accountants increase their earning potential?
Amy Kass CPA, MBA: The most important way you can maximize your salary potential when starting a career in the accounting industry is by sitting for the CPA exam as soon as possible. Passing the exam will provide you with a higher salary and more advanced career opportunities.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Kirsten Cook:
Ten years ago, I would've said "soft skills" like verbal and written communication. Five years ago, data analytics was all the rage. I don't believe these skills have become any less important; rather, we must continue to layer on new skills to match the changing professional environment. Today, I encourage students to be technologically agile. For example, if you learned to use Alteryx in a class, but your new employer uses PowerBI, recognize the similarities between these programs and build on your existing knowledge to master the new tool. Also, stay abreast of developments in accounting by not only reading the business press but also by connecting with experts on social media like LinkedIn.
What will help Forensic Accountants increase their earning potential?
Kirsten Cook:
Ten years ago, I would've said "soft skills" like verbal and written communication. Five years ago, data analytics was all the rage. I don't believe these skills have become any less important; rather, we must continue to layer on new skills to match the changing professional environment. Today, I encourage students to be technologically agile. For example, if you learned to use Alteryx in a class, but your new employer uses PowerBI, recognize the similarities between these programs and build on your existing knowledge to master the new tool. Also, stay abreast of developments in accounting by not only reading the business press but also by connecting with experts on social media like LinkedIn.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Lisa Bell MBA, CPA: If students are unsure what type of accounting they would like to pursue, I advise them to apply at small to mid-size public accounting firms. Usually, they will get exposure to various types of work such as tax, audit, and consulting. Also, they are more likely to work with a wide range of industries. The experience provides new accountants with opportunities to learn where they fit!
What will help Forensic Accountants increase their earning potential?
Lisa Bell MBA, CPA: Artificial Intelligence(AI) isn't changing accounting, but it is changing how accounting is performed. Organizations will need to learn how to leverage AI to decrease redundant data entry and increase data analysis. Effective use of AI can lead to significant increases in efficiencies which allow organizations to have a more competitive edge
Byron Pike Ph.D., CPA
Master of Accounting (MAcc) Program Director, Allen Lenzmeier Accounting Professor of External Partnerships, Professor of AccountingMinnesota State University - Mankato
Accounting And Related Services
What general advice would you give to a Forensic Accountant?
Byron Pike Ph.D., CPA: The number one way to maximize salary and future job prospects is through ensuring one is on a pathway towards and obtains their CPA license. Beyond this critical designation, networking is the next best way for individuals to set themselves up for success. The accounting profession is much smaller than anyone thinks. Technical expertise and a CPA license are important. Individuals, however, also need a network of peers, mentors, clients, and future employers to ensure they achieve their full potential.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Byron Pike Ph.D., CPA: Accounting is a technical discipline where one must be a knowledge expert and have the ability to utilize technology to enhance their proficiency. To be successful, one needs more than an expertise in a particular software, program, or technology. The profession has and will continue to utilize cutting edge tools/technology to be more efficient. Thus, one should develop a background and mindset that is willing and able to adapt, change, and learn/utilize new tools as they are developed. With that said, accountants are technical experts, trusted advisors, and those with the greatest knowable about the financial performance of an organization. None of this information is of value unless individuals can communicate this information to decision makers. The ability network, communicate, and articulate one’s knowledge in a way that is understandable to non-accountants is critical for success in this profession.
What will help Forensic Accountants increase their earning potential?
Byron Pike Ph.D., CPA: There is no better time to be joining the accounting profession. However, if this is a career that you are passionate about, you should be on an academic and professional track that leads to Certified Public Accountant (CPA) licensure. There are many certifications available to accountants. The CPA designation is largely considered the top credential for accountants. CPAs have more job prospects, receive higher compensation, and report greater job satisfaction compared to non-CPA accountants. The CPA profession was extremely popular for baby boomers. As these boomers continue to retire at high rates, there is a huge need for CPAs today and into the foreseeable future. If you enter the accounting profession and become a CPA, you will have unlimited opportunities across all functions of the business for the rest of your career. Accounting is the functional language of business, and a background in it will yield dividends throughout your entire career.
What will help Forensic Accountants increase their earning potential?
Ms. Leah Parker-Roth 15, CPA: Due to the broad nature of accounting, it is challenging to describe an accountant's typical day-to-day life accurately. However, this is a good thing because there are various specific areas within accounting, such as public accounting and governmental accounting. Accounting professionals generally expect to perform a standard set of tasks and utilize specific skills, including analytical skills and effective communication with colleagues and clients. While anyone can gather and organize data, accountants possess the expertise to analyze and communicate the data. Accountants perform specific tasks, including preparing financial statements and tax returns, payroll processing, maintaining accounting systems, and providing consulting services.
What will help Forensic Accountants increase their earning potential?
Abbie Daly PhD, CPA: Accounting has long been an excellent field to enter for those interested in any aspect of business - understanding a business requires speaking the language. However, now is an especially excellent time to enter the profession, as opportunities are plentiful with more accounting positions available than there are accountants. Further, rapid technological development is affecting the role of the accountant, with routine accounting tasks being automated as platforms such as artificial intelligence and blockchain become more widespread. This will increase accountants' efficiency so that accountants can spend their time on more value-added advisory and analytical tasks. Those entering the accounting profession with these skills will have boundless opportunities available to them. At UW-Whitewater, students acquire these skills by taking classes on accounting analytics, artificial intelligence, and blockchain.
What general advice would you give to a Forensic Accountant?
Abbie Daly PhD, CPA: Accounting is often referred to as the "language of business" because accountants communicate financial information. So communication is an integral part of an accountant's day. For example, auditors and tax preparers meet with their clients to understand their financial information, and accountants at organizations prepare and communicate financial information to guide strategic decisions. To facilitate these communications, accountants analyze and interpret many data points. For example, in auditing the revenue recognized by a company, an auditor would examine the underlying transactions, contracts, and supporting documentation.
What Forensic Accountant skills would you recommend for someone trying to advance their career?
Abbie Daly PhD, CPA: There are so many career options for those with an accounting degree, that there is something for everyone to like. Further, accountants are consistently in demand, so accountants enjoy job security and good income. Accounting is often stereotyped as being a dull profession, but that couldn't be further from the truth. Accountants work in different industries and have different specializations so that it is an incredibly interesting career. Every organization needs an accountant, so someone with an accounting degree could be an accountant for a professional sports franchise or investigate business crimes as a forensic accountant for the FBI. Further, accounting is a noble career path for anyone wanting a career with purpose - ensuring that financial information is communicated with integrity supports a prosperous society.
Tony Viertel
Accounting Dept. CoordinatorSkyline College
Accounting And Related Services
What general advice would you give to a Forensic Accountant?
Tony Viertel: This answer to this question depends on if an account is
working in public accounting or private industry. Public accountants perform the following
tasks:
a. Client communication: Public accountants frequently communicate with clients,
either in person, via phone calls, or through email. They discuss financial
matters, provide project updates, address client concerns, and gather necessary
information to complete tasks.
b. Auditing: For clients requiring audit services, public accountants conduct audits
to verify the accuracy and completeness of financial records. This involves
examining documents, conducting interviews, testing internal controls, and
assessing compliance with relevant regulations and accounting standards.
c. Tax preparation and planning: Public accountants assist clients with tax planning
strategies to minimize tax liabilities while ensuring compliance with tax laws and
regulations. They prepare and file tax returns for individuals, businesses, and
organizations.
d. Consulting Services: Public accountants offer consulting services to clients
seeking advice on various financial matters, such as budgeting, forecasting,
mergers and acquisitions, risk management, and internal controls improvement.
Accountants in private industry perform the following tasks:
a. Financial reporting: Private industry accountants are responsible for preparing
financial statements such as balance sheets, income statements, and cash flow
statements. These reports provide a snapshot of the company's financial health
and performance over a specific period.
b. Budgeting and forecasting: Accountants collaborate with management to develop
annual budgets and forecasts for revenue, expenses, and cash flow. They
monitor actual performance against budgeted figures, analyze variances, and
recommend adjustments to achieve financial goals.
c. Cost accounting: Accountants in private industry analyze the costs associated
with producing goods or services. They calculate product costs, track inventory
levels, and identify opportunities to reduce costs and improve efficiency.
d. Internal controls: Accountants design, implement, and monitor internal control
procedures to safeguard company assets, prevent fraud, and ensure compliance
with regulations and company policies. They may conduct internal audits to
assess control measures' effectiveness and identify improvement areas.
What will help Forensic Accountants increase their earning potential?
Tony Viertel: We are looking for insights into what Accounting majors can expect at their jobs.