New Certification for Undergraduate Accounting Students!
In case you haven’t noticed, the forensic accounting field has many areas of specializations. There are many paths you can follow. Do you want to focus on accounting, valuation, or investigating? This month, we will explore several certifications that are available in this field.
INVESTIGATIVE:
CFE - You can obtain the Certified Fraud Examiner certification through the Association of Certified Fraud Examiners. Membership in the ACFE (including student memberships) includes the Fraud Examiner’s Manual. The exam questions are drawn exclusively from this manual, so you have all materials needed to study for the exam!
CAFS - The Certified Anti-Fraud Specialist certification is one of the certifications available from the Association of Certified Anti-Money Laundering Specialists. The CAFS certification consists of five modular certificate courses, combining theory with real-world application followed by an exam. This certification is especially suited for fraud prevention careers in banks and non-bank financial institutions.
Registered Forensic Investigator (RFI) - The American Board of Forensic Accounting (AFBA) offers this certification. Requirements include two years of applicable experience and a bachelor’s degree. The exam covers the same material as the Certified Forensic Accountant credential (see below), also offered by the ABFA.
ACCOUNTING:
AICPA – CFF – The Certified in Financial Forensics certification is offered by the American Institute of Certified Public Accountants. You must first hold a Certified Public Accountant license. This shows that you have a solid foundation in accounting principles.
ABV – The Accredited in Business Valuations certification is also offered by the AICPA. You must also have a CPA license to pursue this certification. The AICPA website outlines the additional requirements for this certification, including appropriate experience and passing a two-part exam.
CRFAC – The American Board of Forensic Accounting (ABFA) offers the Certified Forensic Accountant certification. Prerequisites include a CPA license and two years of accounting or auditing experience in addition to taking the exam.
CFB – If you do not hold a CPA license, you may pursue the Certified Forensic Bookkeeper, offered by the ABFA. Like the RFI requirements, the exam also covers the same material as the Certified Forensic Accountant credential.
Professional organizations that sponsor these certifications offer not only educational and training opportunities but also networking opportunities so that you can interact with others who share your field of interest in forensic accounting. As you can see, the investigative certifications provide a faster path to becoming a forensic accountant!
References
American Board of Forensic Accounting, www.abfa.us
American Institute of Certified Public Accountants, www.aicpa.org
Association of Certified Anti-Money Laundering Specialists, www.acams.org
Association of Certified Fraud Examiners, www.acfe.com