Accounting is a part of just about every facet of our modern world. All businesses, regardless of the industry, need accountants to grow sustainably. That means opportunities are endless for accountants to work in most any industry out there.

So when someone wants to start manufacturing a clothing line; secure funding for a tech start up; or increase production on a soy farm: you can bet good money they are going to need an accountant for that. Accountants are a part of nearly every decision in every business you can think of. That's why we decided to profile three interesting niches that you, the next generation of accounting superstars, may be interested in building your careers around. And we spoke with a number of professionals from the Big 4 and the different accounting designations to share their experiences about how you can get your foot in the door!

HUNTING FOR CLUES USING FORENSIC ACCOUNTING

Forensic accounting is a combination of accounting, auditing, and investigative skills used to probe the financial records of individuals and businesses. Forensic accountants may be called upon before a police investigation is started (sometimes a company might want to investigate an internal matter), or may be called on by the police themselves. As a result, forensic accountants must be willing and able to stand by their investigative work in a court of law. All big accounting firms and most government watchdog bodies have specialist forensic accounting departments, with many having different divisions that specialize in a range of categories, such as: securities fraud, computer forensics, bankruptcies and reorganizations, and much more.

What training and skills qualify me to enter this niche? 

Attention to detail is a key element of being a successful forensic accountant. As well, strong communication skills are vital. For example, listening skills are critical due to the importance interviews play in an investigation. Speaking and writing skills come into play when communicating your findings and opinions to the client and sometimes to the court. 

Sarah MacGregor, director in the Deals Practice at PwC, adds that budding forensic accountants should also develop professional skepticism and judgment, integrity, and the ability to work under pressure and in a team environment. In all, investigators need to pursue investigative leads wherever they lie. They can't be stopped by uncooperative targets and ambiguous responses.

What path should I take to become a forensic accountant? 

Forensic accountants usually start off with a solid audit background. Employees need to have a good understanding of the overall accounting systems, controls, file documentation, etc. Bob M Ferguson, partner, Assurance and Advisory Business Services at Ernst & Young, adds that, The Fraud Investigation & Dispute Services (FIDS) group in Canada recruits staff once they have completed the UFE. Once in the Forensic Service practice, other designations such as the CFE (Certified Fraud Examiner) and the IFA (Investigative and Forensic Accountant CA specialization) are encouraged to complement his or her audit skill set. 

So what's it really like?

We spoke with two forensic accountants to get an inside look into the day-to-day of the accounting speciality. According to Jodie Wolkoff, MBA, CA.IFA, CBV, associate director of Disputes & Investigations at Navigant: There is no ÔÇÿusual.' ... Typically, any case starts off with a planning process, understanding the facts ... then we put the team together and really start to dig in to whatever it is we're required to do. Whether it's reviewing key documents, pulling together financial information, conducting research, interviewing key people to the case, we put it all together in a way that would make sense and be helpful to our clients, be they a lawyer or a corporation, or ultimately a judge in the matter.

This summary is shared by Everett Colby, FCPA, FCGA, BSBA, ALA, CFE, C. Dir., a principal, a tax partner, and a litigation/forensic accounting partner at Colby McGeachy, PC. He adds that: It's not the type of work where you can leave it at the office. ... You also need a pretty thick skin for it. And I say that because an investigation will have two sides to it. (After your investigation), if the person ends up getting charged or sued because of your findings, there's going to be another forensic accountant who tries to show that your work ... shouldn't be believed in. (You need to be comfortable with) the whole courtroom experience ... and you will find your work challenged way more frequently than just doing normal accounting work. (For those you're investigating), your work can have a huge impact on that (their) reputation and their life. So your work can have a much greater impact than that of normal accounting work. 

ENJOY GLITZ AND GLAMOUR WITH ENTERTAINMENT ACCOUNTING 

Entertainment accounting may not be among the most high profile niches in the accounting, but it certainly is among the sexiest and most popular. Accounting for the multi-billion dollar entertainment industry can range from providing financial oversight to big clients like Circe du Soliel, the Calgary Stampede, and the Olympic games in Vancouver and London, or to individual film and television productions, and even individual film, television, and music performers. The range of work found in this industry is rich and it can be quite fun. 

What training and skills qualify me to enter this niche? 

In the entertainment industry, you really need to stay on top of its business activity and accounting developments to bring a broader base of knowledge to your clients. According to Mark A. DiGiandomenico, CPA, CA,  manager in Assurance Services at Ernst & Young, many of the companies in this industry are dynamic companies who are constantly entering into acquisitions, divestitures, and joint ventures that involve accounting opportunities. He says, Students should try to attend any sessions put on in their universities by industry participants. Students can use these events to work on their communication skills ... . (Industry seminars and workshops) not only provide invaluable knowledge, but also provide exposure to key decision makers in entertainment companies. 

What path should I take to become an accountant in the entertainment industry? 

When it comes to entering into this specialization of accounting, Laura Gilchrist, talent acquisition lead in the audit and assurance group at PwC, says that it's important to be proactive by speaking with colleagues within the company early on to get a sense of the various clients they work with and to find where there are opportunities to work with these clients. We have coaching and development sessions throughout the year and a new recruit can easily have a discussion with their coach to get them exposure into the industry through client work and business development opportunities!

So what's it really like?

When we spoke with Kari-Anne Fraser, CPA, CGA, manager of Accounting (Television) at Corus Entertainment Inc., over the phone, the phrase it's always fun here kept popping up. And it's easy to understand why.

In my position, I'm in the television side of things, says Fraser, most people can relate to television, so you just name the network that you're working for and people get that easily recognizable connection. (When it comes to the work), we're always re-forecasting from a budget perspective at the start of the year, and then looking at it, we have departmental meetings with the different department heads to see if they're still on budget. We meet with the sales teams to make sure their sales are on track and we put together financial statements for the senior management teams. In general, there's always something going on. There are always new things happening! 

MAKING A DIFFERENCE PROVIDNG ACCOUNTING TO CHARITIES

Any organization that accepts funds from the public is governed by a specific set of financial laws. Charities are no different, except that their laws are slightly different as they draw greater pressure to be transparent to their supporters in where they get their money and how it's being used. That's why a charity accountant needs to understand the unique legal and financial requirements involved with running a charity, both to keep it in good standing with its shareholders and, most important, allow it to continue doing its good work.

What training and skills qualify me to enter this niche? 

Providing accounting services for charities is among the most altruistic specialities that exist in the accounting profession. That's why, alongside helping charities and NPOs (non-profit organizations) meet their unique financial and accounting requirements, accountants who work for charities need to have a solid base of soft skills and strong personal attributes. Allison Montgomery, campus recruiting lead (Western & Quebec), Talent Acquisition at Deloitte adds that accountants entering this field need to have a strong foundation that includes: communication skills, being adaptable, planning and organizing, and leadership and management skills.

But more than that, Allison says that accountants entering into this field need to maintain a reputation of honesty and integrity, given the amounts of fraud scandals that have rocked NPOs over the years. Accountants must also be dedicated and hard working as much of the charity's operations are dependant on their ability to manage the finances for special projects.

What path should I take to become an accountant in the charity industry? 

There are some unique attributes involved in accounting for charities and NPOs. According to Deloitte, these include such things as the deferral method vs. restricted fund method, deferred contributions, internally and externally restricted net assets, different rules on related party transactions, new GAAP for NPOs, disbursement quotas, tax filings, etc. Gaining familiarity with these accounting methods are essential before starting a career in the NPO niche.

This overview is shared by Richard Ormiston, a senior associate in the Audit and Assurance Group at PwC. He says, One of the key accounting issues that charities need to consider is the recognition of their revenue, which typically comes in grants or donations. This is due to the nature of revenue being unique from other clients, as it is typically for a specific and sometimes restricted purpose. As a result, this requires some judgement as to how and when to recognize the revenue.  

So what's it really like?

To learn more about a day in the life of an accountant in the charity/NPO field, we spoke with Kim Moran, COO at Unicef. The typical activity for somebody doing accounting in a not-for-profit includes such tasks as preparation of monthly financial statements, insuring processes are effective and efficient, and monitoring purchasing for efficiency, says Moran. Providing analytical support to others in the organization, making decisions about where to invest, when to invest, that's probably the major thing.

But why did she take the non-profit route? Moran left a position in the private sector to look for something different, a different range of experience for herself. In fact, Moran shares that when she first saw the opportunity at Unicef, she hadn't really been motivated to work in a NPO before then. I didn't know very much about it ... . But when I got to talking to them, I realized what a tremendous opportunity it was for me. I was attracted to the mission. And Unicef has a tremendous brand name. I knew what its work was ... (and I knew) I could add the skills I gained in the for-profit industry to make (Unisef) more efficient and effective.