4 Traits That All Successful Forensic Accountants Should Have
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- เผยแพร่เมื่อ 9 ก.ย. 2024
- New Jersey Forensic Accountant Robert A. Bonavito Explains the Four Qualities That Make for a Successful Forensic Accountant
I've been doing forensic accounting for over 30 years. In fact, I was a forensic accountant before there was even such a thing as a forensic accountant. Believe it or not, that's how long ago. So, a lot of people ask me, “What does it take to be a successful forensic accountant?”
I've put a lot of time into thinking about this. A lot of different things make you successful as a forensic accountant. One of them is that you have to think differently than everybody else because when you go into a courtroom, the lawyers think the same, the judges, etc. You need to think differently, and you need to be able to show them why you are right. A lot of people who had multiple disabilities growing up that were not treated make great forensic accountants, believe it or not. Just think of the movie with Ben Affleck called “The Accountant.”
The other thing is that you need to have a PhD level of understanding of business. You have to know marketing, finance, taxes - you need to know everything.
And what I tell people is, “What I think you should do is go to a good state school, major in accounting, graduate, get an MBA at one of the state schools, and then become a CPA and work in the field a while.” But then, what I always tell them is, “Go back to an Ivy League school like Harvard, Yale or Princeton. Go back and relearn a lot of stuff and just go through it because you need both to be what I call a PhD level.”
Don’t go into an Ivy League school at the beginning because you need the street smarts of the state school. What I find is that most of the people that I deal with who are really good at this stuff have done that path.
The other one is physical stamina. And here, I'd like to have someone who, in their childhood, competed in combative-type sports for at least eight years like mixed martial arts, wrestling, football, high-level soccer, and other really intensely played sports because that will build the stamina they need.
The last thing that someone needs is the ability to time travel. What do I mean by “time travel?” I mean you need to go back in time and you need to travel forward in time.
For example, I had a case years ago where I had to go back 80 years and figure out what happened. And what you do is you put yourself in a state of mind where you picture you're back in this company 80 years ago to figure out what happened and why it happened, and you have to be able to piece it together. And then, you have to travel forward and say, “This happened 80 years ago, and this is the situation now. How does this affect the future?”
These four things: think differently, PhD level of understanding, physical stamina, and time travel usually make for a good forensic accountant.
If you have any questions on this video, feel free to give me an email at robert@rabcpafirm.com. And to learn more about our New Jersey forensic accounting services, visit www.rabcpafirm.....
Robert A. Bonavito, CPA
1812 Front St.
Scotch Plains, NJ 07076
908-322-7719
www.rabcpafirm....
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Thank you for your valuable insight, Mr. Bonavito. It was interesting to hear your take on not immediately applying to Ivy League schools, but I will be pursuing that route. I'll finish my associates degree in accounting at the end of this year with a 4.0 GPA and hopefully enough credentials to be accepted into Yale's Eli Whitney program for non-traditional students (I live 30 minutes from Yale). At 45 years old, I feel as if I'm running out of time, and it's the best thing I can do.
There’s nothing wrong with going to an Ivy League school once you have some real-world experience. As an 18-year-old going straight from high school to an Ivy League school is a waste of time unless you want to be a politician, Judge, or work in academia. Remember, as a 45-year-old, you can have up to 50 years of professional practice time.
@Robert A. Bonavito, CPA Hahaha, yes. Definitely "been around the block" a few times, like 1000. I honestly worry about the teenagers I go to school with, as they're not entering the same world post-grad as I would have 20 years ago. I pray for them.
Which are the books a forensic auditor should read or we can make our bible?
Is this field something you should be pursuing when younger considering the longer time it takes to achieve the degree or is it something you can realistically aim for in your 30's and carve out a good career?
Fascinating
Thanks
Sir I have done English literature as my graduation, but I am pretty good with numbers and will be pursuing MBA in forensic accounting and fraud investigation soon, as this job seems interesting and being dynamic is my thing. any suggestions sir?
Get into a good regional CPA firm and learn every thing you can about audit, tax and advisory services.
Also, please subscribe to my TH-cam Channel
Helpful video!
Thanks Shruti, many ways to become a good forensic accountant, but I feel strongly my four basic requirements, think differently, PhD level of understanding of business, physical stamina and time travel ability are the keys.
@@Rabcpafirm I'm preparing for my CPA.. shall look up for more guidance.
@@Rabcpafirm and I completely agree with know. Know how of business and time travel ability will definitely make a great forensic accountant. All the best.
My mood just changed for the better :)
Thanks Eric!
@@Rabcpafirm God bless!
This is awesome
Appreciate your comment; forensic accountants have a special talent that needs to be used carefully and use wisely for the forces of good
@@Rabcpafirm I see that! I’m prepping to interview a forensic accountant on my show and I came across your content. This really helped me get prepared!
Going to college to be one, Okstate!
"Frensik Cow ant"
Terrible video. So you need to be top 1 percent in order to make 90k a year. Smh
The video is for traits that forensic accountants “should have”, but don’t necessarily need. Also, even average forensic accountants make $300,000 to $400,000, the good ones make exponentially more.
@@Rabcpafirm I don't mean to offend but where are you getting these numbers from? Are you telling me forensic accountants are making the same money as orthodontist and low level surgeons? Be honest with me here.
@@maverich8 Think of what it takes to be even an average forensic accountant. You need outstanding analytical skills, verbal skills, writing skills and have tremendous intestinal fortitude a great personality and be able to think quickly on your feet. You need these skills because that’s the basic requirements of being a forensic accountant. You must be able to do the following:
1. Analyze a complex case and prepare a report it a way that can be easily understood by all kinds of people.
2. Have a deposition or many depositions against very smart attorneys and other experts.
3. You have to testify in court and convince a jury and the judge that you are correct.
4. After all that the court will now issue an opinion and tell you whether they think you are correct or incorrect, no place to hide at this point.
If you have under a 90% success rate in winning cases the probability of being hired is extremely low.
In forensic accounting every day is different and you never know what to expect.
Unlike the vast majority professions and jobs out there where you do the same exact thing every year.
If you need to verify the salaries just call the AICPA.
@@Rabcpafirm I've always thought of myself as artistic, creative, non-conformist. I majored in marketing, finance, and accounting in a state school. I have an MBA from the same state school. I'm studying for my CPA exam right now. The CPA exam is a lot harder than I thought, jeesh. That's where intestinal fortitude comes into play. Need to work on the "never give up" aspect of life that they don't teach you necessarily in school except maybe a sports team in high school. The hobby of running or lifting weights has developed my mental toughness more than any parent or teacher. So whatever works for you.
I would also think having a criminal-like mind would help in forensic accounting. Same with how black-hat hackers turn to the good-side and become white-hat hackers who help the authorities criminally charge the bad guys. White-collar crime is more tech-savvy today.
Comments like these stem from a complete lack of comprehensive interpretation of what you’re listening to and narrowed train of thought-which has motivated you to draw an incorrect POV; Recommended and required are two different things and I implore you to get familiar with the two terms before offering unsolicited, counterproductive sarcasm.