For many accounting students, forensic accounting is an attractive profession. With all the high-profile corporate scandals, forensic accountants are a hot commodity. Becoming a forensic accountant isn’t as difficult as you might think. There are many different certifications that can help you establish yourself as a forensic accountant. I would like to focus on three certifications that will ensure you are marketable as a forensic accountant.
Forensic Accounting Certification #1: CPA
Whenever you have any career in accounting, you should always at least consider obtaining a CPA license. Forensic accountants are no exception to this rule. Although accountants with a CPA license can do much more than forensic accounting, you can undertake forensic accounting assignments in the form of assurance services. Many times small businesses that suspect fraud will hire professionals from their CPA firm to perform forensic accounting engagements where the CPAs then recreate records and figure out if there were any monetary losses.
If you desire a career in forensic accounting and you are interested in becoming a CPA, you need 150 hours of college credit, meet your state’s educational requirements (you have to take certain business and accounting courses), pass a four part exam, and meet your state’s experience requirements.
Forensic Accounting Certification #2: CPA – CFF
The AICPA recognizes that forensic accounting is hot. They also recognize that not all CPAs are created equal. The AICPA has a certification, CFF (Certified in Financial Forensics), that indicates that a CPA is well trained in forensic accounting topics.
In order to become a CPA-CFF you must first be a CPA. If you are not a CPA, you can not obtain this forensic accounting credential. Once you are a CPA, you have to pass a qualifying exam, meet experience requirements, and pay additional dues.
Forensic Accounting Certification #3: CFE
CFE stands for Certified Fraud Examiners. Certified Fraud Examiners can do more than just forensic accounting. In fact, many members of law enforcement have obtained the CFE credential and do not deal with forensic accounting on a day-to-day basis. CFEs are concerned with the prevention and detection of fraud. Since fraud has many aspects, CFEs are not limited to just forensic accounting.
This certification which allows you to become more marketable as a forensic accountant has been around longer than the CPA CFF credential. In order to become a CFE, you have to have a college degree in any subject, pass a four part exam, and have two years of fraud related job experience.
If you are a CPA, a CPA with the additional CFF credential, or a CFE you are well versed for a career in forensic accounting. With all the massive frauds taking place on a day to day basis, forensic accountants are going to be well needed for many years. Forensic accounting is definitely a career path many accounting students should at least consider. Forensic accountants will be in demand for many years to come.
Resources:
www.aicpa.org
www.acfe.com
http://fvs.aicpa.org/Memberships/Overview+of+Certified+in+Financial+Forensics+Credential.htm
