Forensic accountants will spend much of their time in the courtroom advising lawyers and judges on the all-important financial aspects of legal disputes. These can range from fraud investigation and professional negligence, through to share valuation and matrimonies. The Big Four all have dedicated forensic accounting departments, such is the importance of this division.
Forensic accountants are in greater demand than ever with far greater instances of corporate fraud in evidence. A 61% increase in spending on anti-money laundering systems over the last three years is illustrative of this. Forensic accountants are frequently required internationally, especially with the current increase in environmental disasters; for instance, the hurricanes battering the south coast of Florida.
Louise Bridge, business director with Hays Accountancy & Finance, explains the accountant’s role in such circumstances: "Forensic accountants come in to look at the affected company’s business projections, to assess competition in the area with the aim of engineering claims to either a more realistic or more optimistic level."
Forensic accounting departments tend to cluster around the main legal and financial services centres due to their involvement with these sectors. London leads the way, while the other major hubs are Birmingham, Manchester, Leeds and Glasgow. International opportunities are particularly widespread with the Big Four firms, with high demand in the CIS/Eastern Europe and other offshore destinations.
Job roles in forensic accounting are generally dependent upon previous experience. You can expect involvement in the following activities in relation to your experience:
You will begin to specialise – notably in the Big 4, you will be expected to have begun developing your niche at this level.
Inherent and essential characteristics are:
"In terms of skills, to convert at newly qualified level you will ideally come from an audit background and have an upper quartile academic record," explains Louise Bridge. Qualified ACAs, ACCAs or CPAs are all generally welcomed, and while experience is desired, it is not essential.
Language skills are obviously beneficial due to the international nature of the profession. Recruiters may also look at candidates from fraud investigation or business interruption backgrounds in other disciplines, so long as they are also qualified accountants. As you progress up the hierarchy, forming a niche in an area such as computer forensics, valuations, matrimonies, for example, will ensure you remain in constant demand.
If you are looking to kick off your career in the US, a minimum of a BA or MA in business, with a major in accounting is essential, while you must have taken, or be preparing to take your CPA.
"Options for candidates staying in the profession are, of course, partnership prospects in the most profitable service line that any firm runs!" advises Louise. The route will be dependent on the size of the firm at which you are employed. If working for one of the Big Four, you will have to demonstrate that you have created and nurtured your own niche, while if in a middle-tier or smaller firm, you can gain such prominence by demonstrating excellent marketing skills and through generating new business.
If a change of direction takes your fancy, it is certainly not uncommon for forensic accounting employees to switch roles within the profession, into specialisms including corporate restructuring and transaction services.
However, this must generally be done by the time you reach management level. Opportunities also abound in commerce or industry, perhaps with one of the regulators, the fraud/anti-fraud team in a bank, or the operational review division in a plc.