For the individual who wishes to explore the potential for a long-term, lucrative career with advancement opportunities, as well as extending into a specialty area, then forensic accounting may be the ideal career path to follow. The accountant with expertise in forensic accounting has the ability to delve into the fine-tooth aspects presented when business valuations are needed.
The necessity for specialized certification
It is not enough for an individual interested in forensic accounting to just obtain a CPA if the student anticipates a career path which positions them as a provider of business valuation services. With the high demand for this specialty area, employers will want the best qualified graduates to join their team. The best qualified will be those who have taken the extra steps through certification in business valuation.
James T. Budyak, CPA/ABV, CFA, ASA says in “Business Valuation is a White Hot Practice for Many CPA’s” that “because of the growth in this sector, firms are recruiting heavily for business valuators.” Budyak, who is also the vice president of the Valuation Research Corporation, goes on to emphasize that in order to practice business valuation today, you must be highly skilled, educated and accredited. He recognizes that accountants are recognizing that this specialty “goes hand-in-hand” with their accounting practice.
The AIPCA, in giving an Overview of the Accredited in Business Valuation (ABV) Credential, indicates that credential holders “may brand or position themselves as premier business valuation service providers who differentiate themselves by going beyond the core service by reaching the conclusion of value and creating value for clients through the strategic application of this analysis.”
Career specialty areas
While the prospect of business valuations may sound limiting, it is far from it. Holders of business valuation certification may expect to work in areas of fraud prevention, bankruptcy and insolvency, financial statement misrepresentation, deterrence and detection and other aspects of investigative accounting, computer forensics, gift, estate, dispute-resolution, insurance, some areas of family law as well as other forensic accounting duties such as possibly providing expert court testimony.
In describing their Certified Forensic Accountant Program, the American College of Forensic Examiners International says that “forensic accountants may be involved in both litigation support as well as investigative accounting.” For these capabilities, the specialty skills and expertise provided by forensic accounting certification will of course be imperative. Those students who have the certification and can testify in court as professionals or expert witnesses can expect an even higher income potential.
Doors opened
Companies are recognizing the need to have competent, certified staff who can provide the expertise needed for business valuation. Deloitte Financial Advisory Services LLP recognizes the need for qualified business valuation associates by offering a Business Valuation Associate Internship, giving student interns the opportunity to explore the duties and responsibilities of those on a career path which provides valuation services to clients.
Becoming certified has the potential to open more doors than if limited to a general accounting practice without the business valuation specialty. The high demand for those trained in providing business valuations presents opportunities for certified individuals to have a very lucrative career, while enjoying the ability to provide a multitude of highly sought after expertise in the business valuations arena.