Forensic accounting is the practice of utilizing accounting auditing and investigative skills to assist in legal matters. Its objective is to obtain an accurate result to establish the accountability for administrative proceedings. There are two ways of looking at this field as it has its own share of pros and cons.
The upside of pursuing a forensic accounting career is that:
- Forensic accountants with accredited degrees are at high demand due to the increasing rates of frauds that take place these days. Hence, forensic work can be a good source of a solid income and high respect which can double up an individual’s success of a job application.
- Accounting careers are never exciting. But forensic accounting is an exception, as it opens up to a new world of exciting and marketable great prospects for the coming generation.
- In this field of study, you would also be exposed to all the latest technology and modern equipment. Also, you would be one of the first to try out new computer software’s and latest skills.
As all good things have got its downfall, so does this field of study. The cons of studying this subject are:
- Its costly price. The amount that is required to gain in degree alone in this sector could burn a hole in your pocket in an instant.
- Companies with big reputation wouldn’t want the public to know of their fraud and theft activities, hence, you could sometimes be a victim of blackmail and such.
- Many forensic accountants appear as expert witnesses during trials in the Courts. To some extent, their lives maybe at risk. This is because the defendants, whom do not want the forensic accountant to expose their illegal act, may try to threaten.
In conclusion, the study of accounting in the forensics department holds its own shares of pros and cons. Whether or not you choose to pursue this study, depends on your outlook on the matter.