Forensic Accounting Careers: Salary and Job Outlook

A "forensic" discipline has applications to legal and justice systems. The word is most often associated with "forensic sciences"--biology, chemistry, and physics--used in solving crimes, but there are also forensic branches of psychology, anthropology, computer science, and accounting.

A forensic accountant, auditor, or financial investigator combines his knowledge of accounting and the law to investigate financial crimes. The FBI, police, and insuance companies hire forensic accountants to uncover money laundering, embezzlement, securities fraud, and shady bookkeeping practices. According to the US Bureau of Labor Stats, employment in accounting and forensic specialties will continue to grow in the coming years.

Education and Training for Forensic Accounting

Financial auditors who work with law enforcement agencies need solid training in business accounting, tax law, contract law, and general law. Most forensic accountants are CPAs (certified public accountants) and many hold a JDs as well. Others may have MBA degrees or PhDs in law and finance. The more schooling in finance and law you have, the more job opportunities are available to you.

Some graduate schools may offer specialized courses in forensic accounting as part of a Master's in Accountancy or business administration program. Law school students can also take courses that will prepare them for a career in financial investigation.

The ACFE (Association of Certified Fraud Examiners) offers training courses and seminars in preparation for the CFE (Certified Fraud Examiner) test. You do not need to be a CPA to qualify for the credential. This credential isn't necessary to become a forensic accountant, but it is a valuable asset to have on a resume, and can give you an edge over other job applicants.

Likewise, the AICPA (American Institute of Certified Public Accountants) offers the CFF (Certified Financial Forensics) credential for accountants with a valid CPA license.

Who Hires Financial Investigators

Law Enforcement Agencies
Law Firms
Insurance Companies
Private Investigation Firms
Banks
Financial Services Companies
Auditing Companies

Like CPAs, forensic accountants can be self-employed or run their own consulting and investigation businesses.

Forensic Accounting Salary

According to the US Bureau of Labor Statistics, the median salary for all types of accountants and auditors is approximately $62,000 per year. Annual salaries for financial and investment investigators are around $73,000.

A forensic accounant's salary is proportional to the amount of work experience and number of professional certifications she has, and also depends on where she lives. Financial investigators in New York and California can make six-figure salaries between $100,000 and $150,000 per year, while those working in the South make mid to high five-figure salaries.

Use the Indeed.com search bar above to view open positions and their pay.