Forensic Accounting: A Career Overview

This branch of general accounting focuses on the review and assessment of financial documents, and sometimes the investigation of the people behind those documents. 

In short, forensic accounting is investigative accounting. As the use of the word “forensic” implies, this area of the accounting profession is utilized in conjunction with criminal investigations of fraud, embezzlement or civil litigation, requiring forensic accountants to prepare documents that will be used in court.

The field involves meticulous record-keeping and a range of investigative techniques. While other accountants or CPAs may be engaged primarily in the practice of preparing and filing financial reports and tax returns for their clients, forensic accountants examine financial information to try to uncover wrongdoing. 

Forensic accountants may work for insurance companies, accounting firms, financial institutions, law firms or law enforcement agencies conducting fraud investigations to uncover evidence of financial misconduct and crimes such as embezzlement, money laundering, employee theft, identity theft or insurance fraud. Their findings are typically used in court in criminal prosecution or civil litigation, in a trial or as the basis of bringing criminal charges against a company or individual.
 

The duties and responsibilities of these professionals will vary depending on the type of engagement they are hired for. Here are a few examples:
 

Individuals in this branch of accounting must have foundational knowledge of accounting and a familiarity with the principles, standards and laws regarding the review and auditing of financial records. The hard accounting skills that enable them to accurately audit financial records in civil or criminal cases include:
 

To be successful, forensic accountants and auditors need to possess interpersonal abilities, or soft skills, aside from their technical knowledge. Examples of soft skills that are useful in forensic accounting include:
 

Careers for these accounting industry professionals can be found in various public and private-sector organizations, including:
 

If you want to prepare to pursue this career, it’s important to know the minimum education requirements. Since this occupation is not considered an entry-level position, you may need to pursue an advanced degree and industry-recognized certifications or gain several years of industry experience.
 

The U.S. Bureau of Labor Statistics (BLS) states that accountants and auditors typically need a bachelor’s degree to pursue this occupation, but some employers may prefer candidates for forensic accounting roles have a graduate degree, such as a master’s degree in accounting or a business administration degree with an accounting concentration.

At DeVry, our Bachelor’s Degree in Accounting program can help you build a strong foundation in accounting and economics. Our knowledgeable professors will help you gain an understanding of business technology, laws and government regulations, as well as business management and administration skills that will support your work in this occupation. Coursework in this program includes financial accounting, auditing, accounting information systems, critical thinking, federal income taxation and more. 

If you’re considering earning a higher-level degree, our online Master’s Degree in Accounting program revolves around accounting theory and practices, regulations and standards, advanced accounting studies, material needed to pursue professional licensure and more. Taught by faculty who are professionals in the accounting field, this program is designed to build on the skills you learned in your undergraduate program.

As a student enrolled in this program, you can choose to take a deeper dive into the procedures used in financial examination by choosing to take our Forensic Accounting: Ethics and the Legal Environment (ACCT574) course as part of your degree. In this course, you’ll explore detection and investigation of specific types of fraud, fraud prevention measures and how allegations of financial fraud must be investigated to meet the criteria for civil litigation or criminal prosecution.

Both our Bachelor of Science in Accounting and our Master of Science in Accounting have received specialized accounting accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) https://acbsp.org.¹
 

Your path towards a career as a forensic accountant typically involves pursuing certification as a Certified Public Accountant (CPA), which entails both certification and licensing. At DeVry, our Master’s Degree in Accounting has Becker Professional Education’s CPA Exam preparation built right into the curriculum, so you can study for the CPA Exam² while earning your degree.

CPAs are licensed by their states’ Board of Accountancy, and candidates must pass a national exam, meet other state-mandated requirements, and complete at least 150 semester hours of college coursework. All states use the 4-part Uniform CPA Examination from the American Institute of Certified Public Accountants (AICPA).

Other certifications that are available to professionals specializing in this field include:
 

If you’re thinking about pursuing this career path, it’s important to learn and understand some of the steps you will need to take in areas that can include education, professional certifications, networking and how you approach your job search.
 

The first step you’ll need to take is to earn your undergraduate degree in accounting or a related field, such as business. At DeVry, we can help you get started by earning a Bachelor’s Degree in Accounting.
 

If you wish to continue pursuing your education in accounting to deepen your knowledge of the discipline, prepare to pursue more advanced-level career opportunities or qualify to take the CPA Exam, consider pursuing a graduate degree in accounting or a Master of Business Administration (MBA) with a Specialization in Accounting. Our online Master’s Degree in Accounting at DeVry and its Keller Graduate School of Management can help you gain hands-on experience with accounting concepts and, because our curriculum integrates elements of Becker Professional Education’s CPA Exam Review, help you to prepare for the CPA Exam.²

In addition to passing the CPA Exam and obtaining licensure in your state, a forensic accounting career may require specialized professional certifications, as detailed earlier, that verify your skills in areas such as financial forensics and fraud investigation.
 

Networking is an important component of any job search, especially in business or professional occupations. Developing contacts in the accounting profession can be beneficial toward pursuing opportunities for internships or entry-level employment. Informational interviews with faculty, alumni or friends or acquaintances with accounting experience can uncover opportunities and help you gain insights that are relevant to this specialty. Professional networking websites can help you develop contacts and discover opportunities. 
 

After earning the necessary education to prepare to pursue this career, and while pursuing professional certifications, you may feel prepared to apply for accounting jobs. Begin by updating your resume to include your formal education, professional experience and certifications. Review job descriptions for the positions that best match your career goals and refine your resume to match those descriptions.

Employment websites can help you find job openings that match your desired position, location and salary range. Your networking contacts should also hear from you at this stage, so be sure to send them a copy of your updated resume.

Attributing growth in this occupation to an expanding economy, a complex tax and regulatory environment and continued globalization of business, the BLS projects employment of accountants and auditors to maintain steady growth at 4% from 2022 to 2032. They also project about 126,500 job openings each year, on average, over the decade.³ This growth is projected on a national level and local growth will vary by location. This projection is not specific to DeVry University students or graduates and may include earners at all stages of their careers, not just entry-level.

At DeVry, our online and hybrid⁴ accounting degree programs are designed with your career path—and your busy life—in mind. When you earn a degree or certificate at DeVry, you’re learning from faculty with real-world experience and exploring concepts that are relevant to today’s business world. 

DeVry is proud to be accredited by The Higher Learning Commission (HLC), https://www.hlcommission.org. Our Keller Graduate School of Management is included in this accreditation.

Study on your terms with DeVry. Our 6 academic sessions per year allow you to start when you’re ready and learn at your own pace, finishing on a regular or accelerated schedule that meets your personal and professional goals.

Let’s talk about how we can help get you started in our next session.