The Benefits for a Fraud Investigator

Fraud investigators are inquisitive.

Fraud is a worldwide issue and the opportunities to fight this growing problem are endless. The 2010 Report to the Nations on Occupational Fraud and Abuse states that the typical organization gives up five percent of its revenues each year to occupational fraud and abuse. Fraud investigator careers to fight this huge fraud problem include positions in the insurance, financial services, legal, government, hospitality, health-care, education and consulting industries.

Growing

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The fraud industry is one that is increasing which leads to promising opportunities for fraud investigators. This increasing growth also leads to greater opportunity for advancement. Along with accounting and auditing positions, the United States Bureau of Labor and Statistics is projecting a growth rate of 22 percent for fraud investigators over the next decade. This growth is well above the average growth rate of an increase of seven to 13 percent over the next 10 years.

Travel

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While many fraud investigator jobs are typically not mobile, those in some industries, such as the hospitality or loss prevention industry, frequently require travel. Fraud investigators can create their own business or secure a position with a corporation or a small business that requires travel. For those investigators who want to travel, this can be an exciting and cheap way to do it.

Job Satisfaction

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Most fraud investigators love what they do. They have a passion for fighting fraud and enjoy doing so. According to Joseph Wells, the chairman of the Association of Certified Fraud Examiners, "Fraud examiners are comfortable with the adversarial nature of the business." Wells also warns, "Once you get hooked on fraud, it is hard to return to debits and credits."

Flexible Work Schedules

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Depending on the industry, the schedule will be flexible, especially if you are a self-employed fraud investigator. According to the U.S. Bureau of Labor and Statistics web site, early morning, evening, weekend and holiday work is common and about 21 percent of fraud investigators are self-employed. In addition, fraud occurs everywhere so fraud investigators can usually find a position practically anywhere.

Competitive Salary

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Fraud investigators enjoy a competitive salary range and the U.S. Bureau of Labor and Statistics presents that 50 percent of fraud investigators earn between $30,870 and $59,060. According to Payscale, the average salary for a fraud investigator is $36,644 - $62,545. Earning a Certified Fraud Examiner (CFE) or Professional Certified Investigator (PCI) credential can increase the salary earned as a fraud investigator as well.

References

• The Bureau of Labor and Statistics
• Payscale
• The ACFE Compensation Guide
• The ACFE's 2010 Report to the Nations
• The ACFE: So You Want To Be A Fraud Examiner?

Resources

• The ACFE: Examining Fraud in Developing Countries