Demand for Forensic Accountants Remains Strong
This year, demand for CPAs with expertise in forensic accounting services has accelerated, according to a survey conducted by the American Institute of Certified Public Accountants. Two out of three CPAs polled, or 68%, say their forensic practices are growing. “The survey findings tell us that not only are forensic accounting services in demand, but specifically that CPAs with this expertise are in high demand,” said Stephen Winters, AICPA Director - Firm Practice Management and Specialized Communities.
Exacerbated by the credit crisis and economic slowdown, accounting jobs in the fields of fraud and litigation as well as forensic accounting are opening up. In fact, AICPA research shows that CPAs represent 94% of forensic experts hired over the past two years. Executive search firm, A.E. Feldman, says that CPAs with expertise in forensic services are in a prime position to capitalize on the surge in demand.
The AICPA surveys shows that of those respondents who reported increased demand for their services, 67% cite computation of economic damages as the leading reason. Trailing close behind, 56% say marital disputes are the chief reason for the surge in demand for forensic services. Another 54% attribute the surge to investigations of financial statement fraud.
Forensic accountants often settle shareholder lawsuits or detect corporate malfeasance, utilizing a combination of auditing and investigative skills. Allan Koltin, Chief Executive of PDI Global, told Financial Week that the field is one of the hottest areas in the profession. “I think the industry has probably quadrupled in the last seven years, and over the next decade, anything forensic or investigative will remain hot,” he says.
Aside from The Big Four, second-tier firms such as Grant Thornton, BDO Seidman and RSM McGladrey all have forensic divisions that investigate accounting blowups or provide support services for litigation situations. Opportunities also exist at independent firms that are free of client conflicts because of other audit or consulting work they perform for companies.
Competency and credentials, however, are critically important in this field, notes A.E. Feldman. CPA’s looking business valuation jobs or opportunities in forensic services will benefit from adding other relevant credentials. For example, many CPAs who specialize in forensic accounting also add CFE or certified fraud examiner to their list of qualifications.
Results of the AICPA study were released in connection with the official launch of a new credential exclusively for CPAs, Certified in Financial Forensics (CFF). According to the AICPA, the credential encompasses specialized skills that CPA practitioners apply in a variety of service areas, including bankruptcy and insolvency; computer forensics; fraud investigations; family law; and litigation support, among others.
A.E. Feldman’s accounting division is constantly researching industry trends and developments. The recruiting firm invites both corporations and accounting firms to contact its President, Mitch Feldman, its CEO, Carol Schwam, and its highly specialized team of recruiters directly to open up a dialogue about the array of accounting issues they face and those they anticipate in the future. A.E. Feldman also encourages candidates to learn more about existing and future job opportunities in accounting. According to Mitch Feldman, “Our lines of communication are open.” Contact Mitch Feldman, and the firm’s expert recruiting teams here.
