The Salary Sage

HOT JOBS -- Forensic Accountant

As a service to readers, the Salary Sage periodically features jobs that are really hot. What is a hot job?

• A job that is in high demand,
• A job that is well paid,
• A job that has a bright future,
• A job that you don't have to be lucky, wealthy, or a genius to get,
• A job that I consider interesting, challenging and important,
• A job that doesn't have working conditions that would turn most people off.

This month's hot job is Forensic Accountant. Don't let the word "forensic" fool you. These are not coroners wearing green eye shades. The word "forensic" means suitable for use in a court of law, public discussion, or debate. Their similarity to forensic criminologists is that these are the guys who pour over the remains of failed companies and pick through the wreckage of bad financial decisions on behalf of shareholders to figure out what went wrong and who to blame.

WHY IS IT HOT?

Finally, it is cool to be a number-cruncher. For years, Wall Street has been chock-a-block with brilliant minds who have brought us such winning ideas as mortgage backed securities, credit default swaps, and hedge funds. Now that the economy has imploded, banks, financial institutions, and regulatory agencies are searching wildly for the right talent to sort all this out. If you are one of these guys, you can pretty much write your own ticket.

WHAT TO THEY DO?

Forensic accountants combine their accounting, auditing and investigative skills to analyze and interpret business and financial evidence, and can participate in trials as expert witnesses. They may work on anything from bankruptcy and divorce cases to major fraud and criminal cases. Forensic accountant are not new—it was a forensic accountant who caught gangster Al Capone.

Forensic accountants have the sometimes unlikely combination of an exquisite eye for detail, a solid background in both accounting basics and legal concepts, and a love of the excitement that comes with law as well as order. Forensic accountants, also referred to as forensic auditors or investigative auditors, often give expert evidence at trial.

Forensic accountants utilize an understanding of business information and financial reporting systems, accounting and auditing standards and procedures, evidence gathering and investigative techniques, and litigation processes and procedures to perform their work. They are also increasingly playing more proactive risk reduction roles by designing and performing extended procedures as part of the statutory audit, acting as advisers to audit committees, and assisting in investment analyst research.

WHO HIRES THEM?

All of the larger accounting firms, as well as many medium-sized and boutique firms, have forensic accounting departments. Forensic Accountants work in a wide range of settings from private corporations or firms that help specific companies deal with suspected (or known) fraud and embezzlement to government organizations like police departments, the FBI or the CIA. Forensic accountants also frequently work for public accounting firms, banks, the IRS, insurance companies and law firms.

HOW DO YOU BECOME ONE?

Forensic accountants must have a bachelor's degree in accounting and are generally expected to become a Certified Public Accountant (CPA). It is also beneficial to become a Certified Fraud Examiner(CFE) or a Certified Forensic Accountant(CrFA). In addition to strong accounting skills and legal knowledge, forensic accountants must have remarkable curiosity, attention to detail, persistence, and the ability to think creatively and communicate effectively. Analytical and research skills are also crucial.

HOW MUCH DO THEY EARN?

Most forensic accountants begin their career making $50,000 to $60,000 and good ones can rapidly (i.e., within 4 or 5 years) earn their way up to $125,000 to $150,000.

WHAT IS THE DOWN SIDE?

If you aren't already a CPA, you may be looking at several years to become one. The world of finance and accounting is moving fast right now, and a rapid recovery followed by strong regulation may take this job off the hot jobs list in a few years.

THE BOTTOM LINE

If you are an accountant and CPA and are considering making a change into forensic accounting, beware that the job is not for everyone. With financial stakes high and legal ramifications abounding, this job is not for the faint of heart.

Sources: allbusinessschools.com, Journal of Forensic Accounting, Bureau of Labor Statistics, ForensicAccounting.com

Hot Job -- Nuclear Engineer

As a service to readers, the Salary Sage periodically features jobs that are really hot. What is a hot job?

• A job that is in high demand,
• A job that is well paid,
• A job that has a bright future,
• A job that you don't have to be lucky, wealthy, or a genius to get,
• A job that I consider interesting, challenging and important,
• A job that doesn't have working conditions that would turn most people off.

This month's hot job is Nuclear Engineer.That's right Mr. President, it's pronounced "nook-lee-ur" not "nook-you-lure." And no bad puns about Nuclear Engineers being "hot," okay?

WHY IS IT HOT?

Nuclear Engineering has come full cirle. It was burgeoning in the '60s and '70's. Fell completely off the career map in the '80s and 90's. And is now making a strong come-back.

Currently, there are more than 100 nuclear power plants operating in the United States, producing roughly 22% of our nation's electricity. The newest of these plants went into operation nearly 30 years ago. These plants, and the technology they are based on, are in dire need of modernization and expansion. They are viewed as paramount for meeting future energy demands and reducing carbon dioxide emissions. Outside of the U.S., nuclear energy is one of the fastest growing energy options. Nuclear power plants currently produce 17% of all electricity in the world. China alone has plans to build more than 40 new nuclear power plants over the next 15 years.

WHAT DO THEY DO?

Nuclear engineers are involved in the design, construction, and operation of nuclear power plants for power generation, propulsion of nuclear ships and submarines, and space power systems. Nuclear engineers are also involved in the handling of nuclear fuels, the safe disposal of radioactive wastes, and in medical uses of radioactive isotopes. Below are some examples of typical projects:

• Designing, constructing and operating nuclear power plants for energy generation, powering US Navy ships, and space exploration
• Developing long-term energy strategies for the US and the world
• Developing and improving approaches to medical imaging
• Improving food safety using radiation pasteurization
• Designing and constructing nuclear waste storage strategies and facilities
• Monitoring and remediating environmental exposures to radiation
• Designing improved transport methods for moving nuclear material
• Supervising nuclear plant operations

WHO HIRES THEM?

Nuclear engineers are employed by a wide range of companies including private and governmental research companies, nuclear power plants, factories making nuclear equipment or weapons, and companies involved in medical diagnosis and treatment. Click here for a list of companies that employ Nuclear Engineers --> http://nuclear.tamu.edu/home/links/companies/index.php

HOW DO YOU BECOME ONE?

Becoming a Nuclear Engineer is not for the faint of heart. It requires completing a rigorous and demanding curriculum leading to a Bachelor of Science degree. Currently, there are 22 universities in the US offering this degree. Click here for a list of colleges with curricula in Nuclear Engineering --> http://www.univsource.com/nuclear.htm

HOW MUCH DO THEY EARN?

Because the training is so rigorous and because they are in short supply, and high demand, Nuclear Engineers command high starting salaries relative to other engineering disciplines. Most other engineers in today's market can expect to earn starting salaries between $40,000 and $45,000. Nuclear Engineers start at around $65,000. CLick here for a full comparison of the various engineering disiplines and what they earn --> http://www.bls.gov/oco/ocos027.htm

WHAT'S THE DOWN SIDE?

Over the years, the word "Nuclear" has become a dirty word, especially for liberals and environmentalists. Declaring yourself to be a nuclear engineer was slightly more popular than serial killer. But not all Nuclear Engineers build bombs. And the simple truth is that unleashing the power of the atom safely and for peaceful purposes may be the world's single best hope for a clean environment and energy independence. But until there is a shift in public opinion, going into nuclear engineering requires a strong backbone.

 

THE BOTTOM LINE

Nuclear engineering is not for everyone. The academic demands alone will eliminate most people, and the public stigma will deter many others, but for those capable of confronting these challenges, and who are fascinated with the inner workings of one of nature's great miracles, the future will be bright.

Hot Job -- Cardiovascular Technologist

As a service to readers, periodically the Salary Sage will feature jobs that are really hot. What is a hot job?

• A job that is in high demand,
• A job that is well paid,
• A job that has a bright future,
• A job that you don't have to be lucky, wealthy, or a genius to get,
• A job that I consider interesting, challenging and important,
• A job that doesn't have working conditions that would turn most people off.

To launch this series, I am starting with a health care job -- the Cardiovascular Technologist.

WHAT DO THEY DO?

Hopefully, unlike me, you have never seen a cardiac catheter from the business end. But if you ever do, you will be both thankful for, and impressed by, the person with the title Cardiovascular Technologist on their name badge who is operating the equipment.

This person can usually be found side-by-side with the doctors and nurses in the cardiac catheterization laboratory (cath lab) which is an highly specialized operating room loaded with specialized equipment used to perform minimally invasive procedures associated with the heart. Such procedures include recordings that determine the heart's structure and function (such as X-rays and angiograms) as well as the implantation of devices to remove blockages after heart attacks (stents). They do this by Inserting small catheters (tubes) through a needle into the blood vessels and into the heart.

Click here for a virtual tour of a cardiac cath lab and a complete description of what is involved  --> http://www.heartsite.com/html/cardiac_cath.html#what

HOW DO YOU BECOME ONE?

The majority of technologists complete a 2-year junior or community college program, but 4-year programs are increasingly available. As of 2006, there were 31 programs accredited in cardiovascular technology across the United States. Those who successfully complete one of these accredited programs are eligible to obtain the professional license and certification necessary for employment. The first year is dedicated to core courses and is followed by a second year of specialized instruction in the field.

WHAT MAKES THIS A HOT JOB?

Over the next 10 years, the number of cardiovascular techs is expected to increase by over 25%. Growth will occur as the population ages and more people experience heart disease and complications of the heart and vascular system. Due to advances in medicine and greater public awareness, signs of vascular disease can be detected earlier, creating demand for cardiovascular technologists and technicians to perform various diagnostic procedures.  

In addition, this growth will occur virtually everywhere in the nation so cardiovascular techs can choose where they wish to live. Flexible hours are also a real option since many hospitals are happy to employ cardiovascular techs by the day (per diem) or part-time.

Many institutions structure the occupation with multiple levels, each having an increasing amount of responsibility and pay. Today, cardiovascular techs earn between $35 per hour ($70,000 per year) and $50 per hour ($100,000 per year) depending on the level. Technologists can also advance into supervisory or management positions which can lead to much more responsibility and higher pay.

WHAT'S THE DOWN SIDE?

Probably the biggest down-side associated with this job is related to working conditions. Cardiovascular technologists spend a lot of time walking and standing. Heavy lifting may be involved to move equipment or transfer patients. Workers wear protective clothing and masks while conducting  procedures. Those who work in catheterization laboratories often face stressful situations because they are in close contact with patients having serious heart ailments; some of whom may encounter complications with life-or-death implications.

Technologists generally work a 5-day, 40-hour week that may include weekends. Those in catheterization laboratories tend to work longer hours and may work evenings. They also may be on call during the night and on weekends.

THE BOTTOM LINE

In general, I am hugely bullish on health care professions. Not only will they be in increasingly high demand for the foreseeable future, but they are well paid, interesting, challenging and important jobs. They offer a unique blend of interpersonal contact with physicians, co-workers, patients, and families.  The bring the employee in contact with new technology, offer an opportunity to help people during a time of need, and usually come with excellent job security, benefits, and opportunity for advancement. So for those who are willing to overcome some of the physical demands, becoming a cardiovascular tech is a really hot job.