Investigating financial crimes is an important and dynamic job. Perhaps that’s why more and more accountants are gravitating toward this career path; in fact, the forensic accounting industry is growing at a rate of 7.8% per year, and is expected to be a $16.3 billion dollar industry by 2018.
Who Needs Forensic Accountants?
One of several career options following graduation with a Master of Science in Accounting degree, forensic accountants are in demand in the legal, insurance, corporate and government arenas. Organizations in these areas are hiring forensic accountants are doing so for several reasons, including these staggering statistics:
- 5% of revenues are lost through fraud in the average organization per year.
- Financial statement fraud made up 10% of cases, with median losses of nearly 1 million dollars.
- In 95% of cases, perpetrators tried to conceal the fraud.
Forensic Accounting Career Opportunities
A master’s degree in accounting can open the door to a number of accounting opportunities, but additional certifications may be necessary for higher level positions like those in forensic accounting. Often, this additional certification can lead to higher salaries and more opportunities for career growth. For instance, the demand for forensic accountants can be seen in the higher salary rates as compared to standard management accountants. Without a Certified Fraud Examiner (CFE) designation, accountants can expect to make anywhere from $71,000 to $142,000; with the CFE designation, forensic accountants can expect to make anywhere from $84,000 to $155,000.
To learn more about forensic accounting and top famous cases involving forensic accounting work, view the infographic below: