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How did you end up working as a forensic accountant (from what you studied in college to your current job :) ?
Hello, I'm a college freshman studying Business Admin and exploring the different business careers. What is your fav part and least fav part of your role? To what extent do you communicate with individual clients? Thank you!
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Lance’s Answer
Hello Ivana,
I started my undergrad in Finance and switched to Accounting because my graduation date was 2009 and banks/financial institutions were not hiring Finance majors!
This was an excellent second choice, though, because accounting explains how money is recorded and reported. You have likely heard that accounting is the language of business. If you study accounting in college, then you should have the tools to determine whether a private company, non-profit, or government is healthy or sick.
As a forensic accountant, the job requires keeping an eye out for "sick" indicators and diagnosing the causes for the "sickness" that can really harm organizations. This provides the organization the necessary information to correct the problem and "heal" the organization.
After graduating in accounting I worked for an audit organization, which was a fantastic career that prepared me for forensic accounting.
In audit, the job requires acquiring financial and non financial records to verify known dollar amounts and metrics (internal controls, cost accounting variances, etc.). This provides confidence to the public and tax payers that reported dollars and metrics are reliable and not partially or entirely fabricated.
In forensic accounting, the job requires acquiring financial and non financial records to identify unknown or incomplete dollar amounts and non financial characteristics (badge records that show an employee did not work all hours the employee recorded on the timesheet). It's all about identifying what is known and obtaining adequate and appropriate evidence to complete the picture enough to accomplish these, within reason: verify whether there is a fraud (must maintain objectivity!), put the perpetrators behind bars, identify restitution to repair the damage to victims, and identify all parties that broke the law.
I transitioned from external compliance audit to forensic accounting in 2020 because I was ready for a new adventure. In my situation, audit was too isolated and I didn't get much in person experience. My projects were almost all individual, so I missed the human interaction component. Yes, in 2020 most operations were revised to minimize human interaction, lol, but I had felt that way for a few years.
To join forensic accounting, I met the Supervisory Forensic Accountant during a lunch and we hit it off. I then applied and got the job. My audit experience was a huge benefit to me.
In my current role as a forensic accountant/financial investigator, my favorite part is working with investors and victims to build a case with the appropriate and adequate evidence to prosecute. Data analysis using Excel and Power BI is so much fun!
My least favorite is taking all those bank records and hand written checks and getting them into Excel. Yuck!
Let me know if you need any other info!
-Lance
Determine in which of the three types of organizations (private, non-profit, or government) you are interested.
Network work those with experience in that specific organization.
Choose courses aligned with that organization.
Acquire certifications, such as CPA (super intense, strong brand for any industry), CIA (intense, strong brand for auditing), CFE (less intense, gold standard for external fraud examiners), and CAMS (gold standard for anti-money laundering by internal employees to financial industry)
I started my undergrad in Finance and switched to Accounting because my graduation date was 2009 and banks/financial institutions were not hiring Finance majors!
This was an excellent second choice, though, because accounting explains how money is recorded and reported. You have likely heard that accounting is the language of business. If you study accounting in college, then you should have the tools to determine whether a private company, non-profit, or government is healthy or sick.
As a forensic accountant, the job requires keeping an eye out for "sick" indicators and diagnosing the causes for the "sickness" that can really harm organizations. This provides the organization the necessary information to correct the problem and "heal" the organization.
After graduating in accounting I worked for an audit organization, which was a fantastic career that prepared me for forensic accounting.
In audit, the job requires acquiring financial and non financial records to verify known dollar amounts and metrics (internal controls, cost accounting variances, etc.). This provides confidence to the public and tax payers that reported dollars and metrics are reliable and not partially or entirely fabricated.
In forensic accounting, the job requires acquiring financial and non financial records to identify unknown or incomplete dollar amounts and non financial characteristics (badge records that show an employee did not work all hours the employee recorded on the timesheet). It's all about identifying what is known and obtaining adequate and appropriate evidence to complete the picture enough to accomplish these, within reason: verify whether there is a fraud (must maintain objectivity!), put the perpetrators behind bars, identify restitution to repair the damage to victims, and identify all parties that broke the law.
I transitioned from external compliance audit to forensic accounting in 2020 because I was ready for a new adventure. In my situation, audit was too isolated and I didn't get much in person experience. My projects were almost all individual, so I missed the human interaction component. Yes, in 2020 most operations were revised to minimize human interaction, lol, but I had felt that way for a few years.
To join forensic accounting, I met the Supervisory Forensic Accountant during a lunch and we hit it off. I then applied and got the job. My audit experience was a huge benefit to me.
In my current role as a forensic accountant/financial investigator, my favorite part is working with investors and victims to build a case with the appropriate and adequate evidence to prosecute. Data analysis using Excel and Power BI is so much fun!
My least favorite is taking all those bank records and hand written checks and getting them into Excel. Yuck!
Let me know if you need any other info!
-Lance
Lance recommends the following next steps:
Thank you so much!
Ivana
Updated
Alireza’s Answer
I can provide you with information about different business careers and the typical responsibilities and tasks involved.
In general, the favorite part of a business role can vary depending on the individual and the specific job. However, some common favorite aspects of business careers include problem-solving, working with a team, and seeing the impact of your work on the company's success. On the other hand, some people may find the least favorite part of their role to be long hours, high stress, or repetitive tasks.
Regarding communication with individual clients, it also depends on the specific job. Some business roles involve a lot of direct communication with clients, such as sales or customer service positions. Other roles may involve more indirect communication, such as marketing or data analysis. It's important to research different business careers and their typical responsibilities to determine which roles align with your interests and strengths.
I hope this information helps you in your exploration of business careers!
In general, the favorite part of a business role can vary depending on the individual and the specific job. However, some common favorite aspects of business careers include problem-solving, working with a team, and seeing the impact of your work on the company's success. On the other hand, some people may find the least favorite part of their role to be long hours, high stress, or repetitive tasks.
Regarding communication with individual clients, it also depends on the specific job. Some business roles involve a lot of direct communication with clients, such as sales or customer service positions. Other roles may involve more indirect communication, such as marketing or data analysis. It's important to research different business careers and their typical responsibilities to determine which roles align with your interests and strengths.
I hope this information helps you in your exploration of business careers!
Thank you so much!
Ivana
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