Exciting routes for forensic accountants to grow their careerRead on and find out where you can best put your forensic accounting skills to use!
Forensic accounting is a specialised field that combines accounting, auditing, and investigative skills to identify, prevent and investigate financial fraud. It's an exciting and challenging career path that requires a strong foundation in accounting, as well as excellent analytical and communication skills. Considering working in forensic accounting? Or perhaps you’re already enjoying a successful career in the field? Here are some examples of where you can best put your skills to use:
(1) Law firms
Law firms are great places to work for forensic accountants, as they often require the services of forensic accountants to support litigation efforts. If you’re a forensic accountant within a law firm, you can expect to earn a competitive salary – in fact, some of the highest in the industry. There’s potential for other perks too, like profit-sharing arrangements and bonuses, but it’s worth noting that bonuses aren’t a given within law. However, you will have the opportunity to work on high-profile cases, which can be hugely rewarding. Some of the best-known law firms for forensic accountants include:
- Allen & Overy
- Clifford Chance
- Kirkland & Ellis
- Skadden, Arps, Slate, Meagher & Flom
(2) Insurance companies
Insurance companies are another excellent option for forensic accountants, as they’re often needed to help investigate business interruption (such as Covid), bribery, fraud and other financial crimes. Like forensic accountants working in law firms, you can expect to earn a competitive salary in insurance. Plus, you’ll also enjoy the stability that comes with working for a large, established company. Examples of insurance companies include:
- Admiral Group
- Willis Towers Watson
- Nationwide Insurance
- Direct Line Group
(3) Consulting businesses
If you’re a forensic accountant, you may consider working for a consulting firm. You’ll get to work with a range of clients from different industries. So, if you’re looking for variety and the opportunity to take on diverse projects, a consulting business could be for you. But that’s not the only benefit of getting into consultancy - forensic accountants working in this area will enjoy some of the most generous incomes because of the high potential for earning a bonus. Perspective partners at the top of their game can even earn in excess of £1m per annum. Some of the best consulting firms for forensic accountants include:
(4) Accounting firms
Accounting organisations are of course another great option for forensic accountants. They offer a broad range of forensic accounting services, from fraud investigations to financial statement analysis. Forensic accountants working in accounting firms can expect to earn competitive salaries, however, generally less than consultancy firms. But you’re still exposed to a wide range of clients across different industries and sometimes have opportunities to work on high-profile cases, which can be professionally rewarding. Some of the best accounting firms for forensic accountants include:
- Evelyn Partners
- Grant Thornton
(5) Financial services companies
A less common avenue with lower demand for forensics specialists are financial services companies, like banks and investment firms, which still offer an exciting, fast-paced environment in which to thrive. Forensic accountants working in these companies can expect to earn competitive salaries, especially those working in banks. You’ll benefit from lots of opportunities to work on complex financial transactions and often with high-net-worth individuals and large corporations – a really interesting route. Some of the best financial services companies for forensic accountants include:
- JPMorgan Chase & Co.
- Goldman Sachs Group Inc.
- Morgan Stanley
- Bank of America
- Deutsche Bank
Forensic accounting is an exciting and hugely rewarding career path, with plenty of opportunities for growth and professional development. With lower end salaries averaging £52,597 in the UK and $81,185 in the USA, it’s a great route for accountants in terms of renumeration, fulfilment, and prospects.
From Law and Insurance to Consulting and Accounting as well as Financial Services, there’s a wide range of paths for professionals to take.
When choosing your career path, consider your personal interests, your career goals, and the type of work you enjoy doing. With the right mindset and skill set, you can build a successful career as a forensic accountant anywhere.
And Apollo Solutions can help! We’re experienced in placing forensic accountants with leading global businesses across all industries. Get in touch to see how we could help your dream forensics role.