In what ways is a career in forensic accounting different and more or less rewarding than careers in other areas of accounting or business?
I am considering forensic accounting as a career and understand that it will require unique preparation besides majoring in accounting. I am trying to determine if I should add this additional preparation (additional coursework) to my course load while I am an undergraduate in case I want to go in the forensic accounting direction. Understanding how a career in forensic accounting is different in its rewards would help me decide. #accounting #criminal-justice #criminology #law-school #pre-law #legal-studies #forensic-accounting
Focusing on your goals and what interesting you between problem solving, review of financial data, etc. will help you focus on one or the other as a future career choice and I would consider what you've like studying between financial accounting, business law, economics as this could be a good indicator when marking this choice.
Forensic accounting is a more specialized field than say auditing or corporate accounting. As a result, there are fewer jobs in this field (but also fewer qualified candidates). For example, at a typical "Big Four" accounting firm, maybe 1% of the total employees are forensic accountants. For me, forensic accounting is more rewarding because it is very challenging and the diversity of projects keeps it interesting. Your day to day and week to week routine can be much more unpredictable in forensic accounting because it's project based and often time sensitive, and you can't predict when the next project will arise. Some people thrive on this fast pace and lack of consistent routine, while others prefer to have the predictability of other types of accounting positions.
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Forensic accounting allows you to be a detective trying to solve the answer to a financial question by looking at details from different financial systems. I find it much more interesting then ordinary accounting. You may be trying to find out why an account is out of balance, where misapplied payments belong, or finding support for a potential audit issue. If you're the type of person who wants to know why something is the way it is and are very curious, then forensic accounting is a good choice.