Of late you have been enamored by accounting and are toying with the idea of pursuing a career in this field. For starters it is the process, whereby you analyze, verify and report the results of the financial information to a given organization, be it a private entity, government agency, not for profit, NGO, non-governmental organization.
The gamut does not just include larger organizations, it goes on to encompass smaller organizations and even individuals as well. Accounting is really a promising field, and it has quickly assumed a position of prominence by becoming the backbone of each and every business.
The field is indeed a key to a large number of pretty significant and high-level decisions that are taken within an organization, be it budgetary planning, strategic initiatives, arriving at executive consensus and financial aims.
The career outlook for accounting professionals holds a whole lot of promise and the career path is not
just limited to accountants, internal auditors, controllers, these people ensure the hard earned money due to outstanding efforts of the sales people is not frittered away carelessly.
Forensic accounting as a career comes into the rescue, it is a specialized career with sole focus on analyzing multiple stands of financial information in order to able to detect, if and when a white collar crime has taken within the organization.
Investigative accounting calls for knowledge of law along with those of finance and accounting, its demand has increased manifold in accounts jobs in India, due to increased awareness of financial discrepancies taking place within the precincts of various corporations.
It is one of the most rapidly growing career path in accounting and has come to stay as a niche speciality, the coming time is going to witness a spurt in demand for these professionals, as other sectors welcome them with open arms, be it financial institutions, consulting firms and law firms and now is the best time to jump on the bandwagon.
Significant Salary Hike
The annual median income of accountants can be augmented vastly with the addition of much in demand specialty like forensics, one may expect to see a significant salary hike, however, the later is highly dependent on the particular company in question, its geographical location, the experience level and also the education level.
The job per se entails analyzing and investigating critical financial evidences, in order to look for crucial tell tale signs, for such crimes as embezzlement, fraud, as far as securities are concerned. Matter of factly speaking, forensic accountants are not tasked with determining fraud. They are responsible for identifying various inconsistencies, anomalies, and mismatches.
They provide the what, where, who, how and why in order to aid the court to arrive at a well-informed decision of determining the fraud. Forensic accountants go by other names as well, fraud investigators, investigative auditors, and forensic auditors.
They may be entrusted with the responsibility of tracing various funds, identifying assets, preparing reports of the findings of various analysis reports. They shoulder the expectations of coming across as expert witness during court proceedings by presenting financial findings and reports.
The most important traits and characteristics are being ethical to the core, and really detail oriented with a very good analytical approach, last but not the least, possess highly effective oral communication skills.