Security watchdog, business advisor, company
strategist – it’s not all about bean counting, anymore.

Customs and Trade Security
Cybersecurity and Fraud Detection
Strategy Consulting/Business Advisory Services
The Bottom Line

Sitting in a stuffy lecture hall, even the most ardent accounting majors may not have imagined that they would be putting their degrees to use as members of a cop-like raid team (law enforcement jackets and all) seizing records from a company caught fraudulently reporting the value of imported merchandise. Nor might they have guessed that their skills and knowledge sets would expand beyond cut-and-dry financial statement balancing to include knowledge of legal concepts, economic analysis, information technology and corporate strategy.

As finance specialization areas continue to emerge, many accountants – especially the younger generations – are finding that the possibilities to apply their fundamental mastery of accounting principles are just about limitless. But succeeding in any of the roles that until now have remained largely under the radar of most accounting graduates also will require versatility, big-picture thinking, solid analytical and interpretative abilities, and, in some cases, additional certifications in this new era of broad business competencies.

Following are three areas of specialization to watch – and hone your skills to prepare for.

Customs and Trade Security

When discussions turn to homeland security, the role of the finance professional probably isn’t the first thing to spring to mind. But, partly due to unprecedented growth in world trade and increased trade complexity, accountants are putting their skills to use in a variety of roles that contribute to national security. A background in finance, in fact, is in high demand in customs and trade security – especially at the U.S. Customs Service, where many accountants are answering the call for customs auditors.

Stacey Banks, an adjunct professor in the finance department of the University of Detroit Mercy, worked for nine years as a customs audit specialist in the regulatory audit division of the Customs Service. Describing the diverse and exciting nature of the job, she says that, "You can be doing everything from auditing bonded warehouses to Fortune 500 companies." Accountants have a keen ability to ascertain "value," which is a primary function of the job. "Customs needs people who can trace the books and records of importing companies to find the value of imported merchandise and ensure companies are declaring it
correctly – and paying the full amount of what they owe in taxes," she explains.

They also work closely with assistant U.S. attorneys to prepare documents for prosecution and assist agents in white-collar crime investigations of companies that are guilty of undervaluing or double invoicing for merchandise imported into the United States. In fact, today’s auditors more often than not accompany federal agents on raids in order to help find financial records and other information on the scene.

The field is a complex one, however. Auditors need to be fully aware of trade agreements and be able to go into companies and analyze importation information – a task that requires the auditor to sift through a vast amount of material, Banks says, noting that it’s a very different job than the traditional "CPA-type of auditing."

Apart from routine financial statement skills, Banks says the position requires that "You be forward and be able to handle what can be an adversarial relationship," she says, referring to those times when auditors are sent into a less-than-welcoming company to analyze importation records. "You can be seen as an enemy; you need to have the personality to be able to take it and not have it affect your personal life too much," she explains.

Peter Battaglioli, a customs audit specialist with the law firm KMZ Rosenman in Washington, D.C., previously worked as an auditor with U.S. Customs. He notes that accountants increasingly are being called on to work with trade compliance managers. "Customs is really trying to encourage communication between the compliance and finance people today," he says.

Not only is the role expanding, but it’s also increasingly gaining the attention of people entering the field. "People are looking for new things to do with their accounting degrees, and this is an area that they haven’t looked at before," says Banks, adding that today’s college graduates are drawn to job opportunities with a worthwhile cause as added appeal. An auditing career with Customs fits that profile, she explains. "As with any law enforcement job that involves identifying a crime and helping to prosecute it, there’s definitely the feeling of something well done."

Cybersecurity and Fraud Detection

Although many companies are reluctant to admit that they have been victims of cybercrime, nearly 90 percent of American businesses have suffered computer security breaches in the past year, according to a study by the FBI’s Computer Intrusion Squad and the Computer Security Institute.

Accountants are well aware of the financial implications of lost trade secrets and customer lists, and of the inability to conduct transactions on the Internet. And for this reason, they are the ideal professionals to develop cybersecurity standards and to educate employees about the risks, vulnerabilities and threats that the field entails. However, they need a combination of IT, fraud and legal knowledge – not to mention cost-containment expertise – to succeed as cyberguardians and corporate watchdogs.

In the realm of eCommerce, forensic accounting is a growing specialty, where finance professionals are employed to track and identify fraud. Not only do they work hand in hand with IT and other finance professionals to solve problems related to systems integrity and security, but they also investigate financial mismanagement or embezzlement. A healthy dose of finance, legal, fraud and IT expertise is in order.

Patrick Brady, director of forensic services at Clifton Gunderson LLP in Oak Brook, Ill., is seeing big demand for his group’s services. What began as a group of five or six people, has grown to a nationwide group of more than 60 people and growing, he says. Brady points to the recent corporate scandals and the effects of the Sarbanes-Oxley Act as catalysts for the boom in forensic services. He also attributes the interesting nature of the work—especially the investigative end of the job—as a big factor in its attractiveness. He outlines three important skill sets that forensic accountants must possess: a fundamental knowledge of accounting principles; a fundamental knowledge of legal concepts, such as knowing what is and isn’t admissible in court; and a "healthy but skeptical attitude" with regard to the review of information.

"You have to learn to not take everything at face value," he explains. "Instead of just looking at the front of a check, you need to look at the back to see where it came from and where it went."

Strategy Consulting/Business Advisory Services

As accountants continue to play a greater role in technology and information systems initiatives, many are thriving in eCommerce strategy and consulting roles. Corresponding to the expansion of electronic commerce within accounting firms, the profession also is seeing a high demand for systems security experts and strategists who are knowledgeable of Internet regulations and experienced in managing and marketing eCommerce initiatives. Financial professionals are finding success in the role, in part because of their ability to assess the financial impact of and potential returns on eCommerce initiatives.

According to a study by Robert Half Management, as accountants continue to assume broader responsibilities, they also are undertaking more advisory roles within their businesses and with their clients. No longer just keepers of financial records, today’s accountants are expected to be business developers, advisors and company strategists. Bringing money in is becoming just as important as managing and balancing what’s already there.

Internally, accounting and finance people increasingly are being relied upon to help managers understand the financial implications of alternative courses of action available to a company, requiring sophisticated analysis, interpretation and decision-making skills. Also responsible for business development, they must be able to define what the company needs to do to grow its business, provide supportive profitability and loss projections and prove themselves strategic thinkers and creative problem solvers.

What is more, they’re being asked to devise strategic plans; develop IT tools for enterprise resource planning; provide financial and risk management and tax planning services; advise firms on new ventures and mergers and acquisitions; and come up with solutions to hurdles within an increasingly complex business world. Business analysis skills are key, as is the ability to derive meaning and uncover patterns from large volumes of data.

Lending more credence to the trend, new professional designations are popping up in the field. For example, the Certified in Mergers & Acquisitions (CM&A) credential is now available for corporate financial advisors serving the planning and transaction needs of business owners. According to the Alliance of Merger & Acquisition Advisors (AM&AA), a professional association for CPAs and other corporate financial advisors serving middle-market companies, the CM&A credential was designed and launched by CPA and financial advisory firms in order to strengthen the advisor’s ability to help business owners who face critical business challenges.

Michael Nall, executive director of the AM&AA, says the program, and the role of CPA as advisor, is increasing in appeal among accountants. "It’s gaining momentum. No doubt," he says. "CPAs have such a big advantage in the business advisory area."

The Bottom Line

Be it crime fighters, boardroom strategists, financial translators, economic analysts or cyberguardians, today’s accountants are being empowered in role after role. The broad and fundamental financial skills gained from accounting degrees make accountants a strong fit for a variety of career paths, and finance professionals are finding themselves highly sought after – and highly successful – in a variety of professional niches.

A new generation of accountants has a lot to look forward to: the new and innovative possibilities to apply their degrees in today’s – and tomorrow’s – business environment are nearly limitless.

Reprinted courtesy of INSIGHT Magazine, for the Center for Corporate Financial Leadership.

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