Salary Information!
The starting salary for a forensic accountant with a Bachelor of Science degree is usually in the $45,000 to $55,000 range. The annual income is certainly higher than for starting accountants in general. Some areas of the country start forensic accountants a little lower but anything less than $35,000 with at least a BS degree focused in forensic auditing, would be quite uncommon. The variance on the upper end can be substantial with the typically hot business markets often seeing top new hires receiving in excess of $65,000. Employers in urban financial centers such as New York, San Francisco, Chicago, or Boston may offer salary premiums of up to 45% over smaller cities only a couple of hours away.
The U.S. Bureau of Labor Statistics in 2009 determined that the average forensic accountant earned a salary of about $74,000 but the range climbs to $150,000 and above. Many experienced forensic accountants work on a contractual rather than employee basis. Negotiating contracts for the most lucrative projects can easily result in annual incomes of $250,000 or even significantly more!
Although there are associate degree programs that may prepare you to assist in forensic auditing, your career options and paths will be quite limited. Typically someone that is truly serious about a career in this field will earn a BS degree (with or without a forensic concentration) and then pass the CPA or CMA exam. From there the next step is to earn a masters degree or specialty certification in the forensic area.
While many students might find it difficult to earn a typical four year BS degree in accounting entirely online, there are a number of excellent graduate level programs that are offered 100% online and can provide you with exactly what need to enter this exciting area of financial investigation.
Demand and job growth is expected to be significant in forensic accounting for at least the next 10 years. Changes in laws and a number of huge fraud cases (such as Enron and others) have helped to fuel this demand. Many estimates indicate about a 15% higher growth rate than similar careers. This demand without a significant increase in the pool of candidates should cause ongoing upward pressure on wages at all levels for a number of years.
