What is a reasonable forensic accounting salary one can hope to make as a seasoned professional?

One of the in-demand jobs today is work as a forensic accountant, also known as a Certified Fraud Examiner. As with all jobs, one of the first aspects that people look into when choosing careers and when considering forensic accounting as a career path is the pay. If you are a seasoned forensic accountant, here are some information on the forensic accounting salary that you can expect to receive.

Generally, the forensic accounting salary will range anywhere from $ 40,000 up to $ 100,000 annually. If you are a seasoned professional, you can expect to get a salary that reaches the upper end of the salary range. Although beginners in the field of forensic accounting can receive as a starting salary as basic as $ 30,000, most get a median salary of around $ 56,000. This is because most professionals who become licensed and certified forensic accountants usually already have several years of experience, and have the network and connections to get the better jobs. usually, the forensic accountants who start with the base salary are the younger accountants who studied forensic accounting in universities, instead of finishing a four year general accountancy course and then getting experience and just a couple of actual forensic accounting courses. Those who get experience and training from the field usually get a higher salary.

Another factor that will greatly determine your salary is your location. People who are living in urban areas and in cities usually earn better in the field of forensic accounting, because these urban areas are where most major corporations and companies are found. Forensic accountants are usually employed by these companies, or are employed to testify against these companies in court. If you are living and working as a forensic accountant in New Jersey, for instance, you can earn a median salary of only $ 50,000. If you are living in New York City, on the other hand, you can earn a median salary of up to $ 75,000.

The type of company that you work for will also greatly determine your salary. Forensic accountants who work for large firms and finance-centered companies usually receive higher salaries because their work is central to the company’s operations. Smaller companies, on the other hand, usually offer lower salaries and usually employ younger forensic accountants. Apart from the monetary compensation, however, most forensic accountants receive paid vacations, insurance, and 401(k) plans sponsored by the employer. Not included in the forensic accounting salary are bonuses that can reach up to $ 4,000 annually.

Forensic Accounting is not new to the job world. Forensic accounting is what helped Elliot Ness put Al Capone behind bars for tax fraud. The increasing amount of white collar crimes of embezzlement, securities fraud, banking and investment misappropriations, organized crime activities, and ponzi schemes have caused the increase in stricter accounting governmental regulations. With the increase in regulations, comes the increase in demand for applicants with strong knowledge of accounting procedures and financial experience coupled with strong analytic and investigative skills to enter the career field of forensic accounting continues to grow.

What is Forensic Accounting?

Forensic accounting uses legal, technology, and investigative accounting and auditing techniques to either prevent or expose financial fraud and illegal practices. Forensic accountants work with government agencies such as local law enforcement, FBI, and the Internal Revenue, the Bureau of Alcohol, Tobacco and Firearms. These government supported forensic accountants investigate everything from money laundering and identity-theft-related fraud to arson for profit and tax evasion. Businesses, law firms, insurance companies, financial and other organizations also use the services of forensic accountants to expose or prevent internal fraud. These specialized forensic accountants may be involved in investigations in divorces, bankruptcy, and regulations accountability. Due to the nature of the work, forensic accountants are often called upon as expert witnesses. They also may work with professional organizations to develop auditing procedures and regulations, act as advisors to audit committees and assist in investment analyst research.

Education

Most forensic accountants have a bachelor’s degree in accounting with a CPA designation, and many have additional academic preparation in fields like criminal justice or law enforcement. Many colleges and universities now offer a graduate degree in Forensic Accounting.

Salary

Forensic accountants can earn anywhere from ,000 to ,000 a year in an entry-level position in the forensic accounting field. With experience, forensic accountants could see an annual salary of six figures.

Job Outlook

2008-09 Occupational Outlook Handbook: Increased focus on and numbers of financial crimes such as embezzlement, bribery, and securities fraud will increase the demand for forensic accountants to detect illegal financial activity by individuals, companies, and organized crime rings.