A Financial Consultant and Forensic Accountant company can be the difference between success and failure as a financial professional. While it may not be the ideal way to build your career, with the right education, certifications and experiences, you could find yourself with clients lining up in order to have your services done. The following are a few of the many areas that a forensic accountant and financial consultant can focus their attention upon.
Perhaps the most common job that financial consultants will take on involves corporate finance. They are responsible for helping a business plan through financial analysis and making recommendations on how to increase profits while minimizing the risk of defaulting on debt obligations. In order to be properly trained and certified in this area of finance, you need to obtain a Master’s degree or higher. While most financial consultants will begin their careers in the lower level positions at an accountancy firm or within the finance department of a large corporation, many will branch out into specializing in this area of finance after earning additional education and certification. With this additional schooling and certification, you could find yourself working in a variety of capacities in a number of different companies.
There are many accounting positions that a forensic accounting and financial consultant could also pursue. In some cases, you would be working solely as an independent contractor, assisting a firm with legal and ethical compliance issues related to accounting records and/or audits. In other instances, you may find yourself working for a larger firm as part of a larger team of accountants, auditors, and investigators. This type of financial consulting job may require additional training and certifications than your initial job in the accounting field would require, although most companies will not have any trouble hiring someone with the right credentials.
Another area of financial responsibility that a forensic accountant and financial consultant can explore is insurance claims. While insurance claims billing is not a specific field of expertise, there are certain aspects of it that many accountants and financial consultants can learn a great deal about. This type of financial consulting job would involve analyzing an individual or company’s insurance claims history to help them make the best possible decisions based on the information they gather.
Another related field of accounting work that a financial consultant and forensic accountant might investigate is government contracting. While the accounting field has continued to decline over the past few years, there are still a number of government agencies that rely on outside specialists to audit their contracts and make sure that they are being appropriately serviced. While the primary focus of these auditors is to make sure that the contracts are being fairly fulfilled, they can also provide a number of useful services to the government by helping them with budgeting and other processes. A forensic accountant and financial consultant could very well become a vital part of this field over the next few years. Not only could they become highly skilled in the area of contract auditing, but they might be required to review financial documents and help with legal matters as well.
The third area in which a forensic financial consultant and forensic accountant could be utilized is within the realm of investment fraud. This area falls under the heading of investment fraud because the fraudster will often look to hire a financial consultant to help them accomplish their goals. Financial consultants and forensic accountants might be called upon to examine an investment plan that the suspected fraudster is planning to implement. They might be asked to look into all of the costs and to determine what kind of return on the investment plan was supposed to bring. By performing such a number of tasks, a financial consultant and forensic accountant can come in very handy in this type of case.