Colleges That Offer Forensic Accounting Degrees – You’ve heard that “money is the root of all evil.” It is no surprise to anyone that when companies and individuals have large assets, sooner or later someone will try to find a way to defraud them of the income that is rightfully theirs. Whether it’s fraud by a company, customer or employee, and whether it’s grand theft or liquidation, financial crimes are serious violations of the law with far-reaching consequences.
You’ve no doubt read about high-profile scandals like Enron, Worldcom, and Bernie Madoff, and you know that the criminals behind these white-collar crimes are having a hard time. But fraud is also affecting small businesses at an alarming rate. In fact, the average business loses 5% of its revenue each year to fraud. According to the latest United Nations report, the average loss due to professional fraud is $140,000. However, more than a fifth of these cases resulted in damages of at least $1 million.
Colleges That Offer Forensic Accounting Degrees
A comprehensive survey of corporate fraud cases found that corporate fraud costs the economy $360 billion nationally and $3.7 trillion globally each year.
Accounting (forensic Accounting Concentration) (bs)
The difficulty in detecting and prosecuting these financial crimes is their complex and secretive nature. He keeps a close eye on suspicious activities to root out corruption and prove the case. Forensic accountants uncover financial predators who commit fraud, money laundering, embezzlement, tax evasion and more. Today, forensic accountants are in greater demand than ever before. Computerized accounting has made it easier to commit and conceal fraud. At the same time, new legislation such as the Sarbanes-Oxley Act created new and stricter corporate accounting and reporting standards. This means new opportunities in the field and room for highly skilled forensic accountants to make a name for themselves, improve society and take home a high salary.
If you want to get started in forensic accounting, you’ll really need a bachelor’s degree to get your foot in the door. But if you want to get to the top of forensic accounting, you’ll really need an advanced degree like an MBA in forensic accounting. With an MBA in Forensic Accounting, you will be qualified for senior management roles in the detection, prevention and resolution of financial crimes.
“What can I do with a Forensic Accounting MBA?”, “How much can I earn with a Forensic Accounting MBA?”
Our Forensic Accounting MBA Guide gives you an overview of the Forensic Accounting field, an overview of the different degrees associated with it, the path to an MBA, and what you can expect from a career with this degree. Read on to find out how you can carve out an exciting and challenging career in the fight against financial crime.
Master’s Degree In Accounting Salary: What Can You Expect?
Forensic accounting is defined as “the application of analytical and investigative skills to financial problems for the purpose of meeting legal standards.” In plain English, this means detecting fraud and other financial crimes. Use, disclose, communicate and prove. companies and employees. Forensic accounting exists at the intersection of accounting and criminal justice.
A forensic accountant must have expertise in accounting and criminal justice. They use an interdisciplinary skill set that includes accounting, business, law, criminal law, law, data technology, computer science and information technology. In addition to detecting fraud, forensic accountants help legal professionals resolve contractual disputes, find hidden assets, quantify damages caused by professional negligence, detect embezzlement, bankruptcy, etc. and can assist in business pricing. Forensic accountants also act to prevent fraud by developing customized systems for accounting and auditing procedures.
Many forensic accountants have a master’s degree or MBA in forensic accounting, although others may only have a bachelor’s degree. Most forensic accountants are also certified public accountants (CPAs) or certified fraud examiners (CFEs). Others have legal training that enables them to serve as expert witnesses, testify by examining evidence based on their expertise in criminal and civil trials, appear at trial, or prepare cases against accused criminals.
What the day-to-day work of a forensic accountant looks like varies greatly from professional to professional and can be completely different from day to day depending on what the accountant is working on. In general, forensic accounting work falls into two procedural categories:
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Litigation support includes the analysis and presentation of economic issues related to a legal case, whether pending or ongoing. Forensic accountants who assist in litigation must calculate the losses that both parties have in a legal dispute in order to settle them before trial. If the case goes to trial, they will probably be called as experts. In litigation support practice, forensic accountants must be adept at working with legal standards, understanding courtroom standards, calculating damages, and communicating their findings to the general public.
An investigation involves reviewing records and accounts to determine whether criminal activity has occurred. Such crimes may include theft from employees or employers, identity theft, fraud, money laundering, or falsifying records. In civil cases, the investigation may include finding hidden assets in the event of a divorce or divorce.
When investigating financial crimes, forensic accountants must discover, analyze and report. Discovery requires identifying suspicious transactions and accounts and tracing their origins. Analysis requires a forensic accountant to crunch the numbers to determine what crime was committed and how. Reporting requires the forensic accountant to record and present their findings to authorities with clear and specific evidence.
With an MBA in Forensic Accounting, you will investigate civil or criminal cases, which means you can work for a company or the government. In government, many forensic accountants work for the US Securities and Exchange Commission (SEC) and uncover corporate fraud. Working for the SEC is a challenging environment with rewarding work, opportunities for career growth and excellent benefits.
Accounting Career Pathways
Many others with MBAs in forensic accounting work for private accounting firms that consult and contract with companies. Such accounting firms employ forensic accountants and the largest of them, such as Deloitte, PwC, Ernst & Young, BDO International and KPMG, have entire departments dedicated to forensic accounting. Smaller boutique firms also employ forensic accountants. There are also many accounting firms that specialize in forensic accounting, such as RGL Forensics and Meaden & Moore. In a company fully dedicated to forensic accounting, you will have the opportunity to further specialize in the insurance, corporate, personal injury, legal or public sectors.
An MBA in Forensic Accounting is simply an MBA with a concentration in Forensic Accounting. Graduate education is becoming more widespread, and more than 200,000 students earn an MBA in the United States each year. More and more MBA programs now include specialization options as students look for ways to stand out from the competition.
An MBA, or Master of Business Administration, is an interdisciplinary graduate-level degree that encompasses advanced education in all areas of business, including management skills, economics, management, and finance. With an MBA in Forensic Accounting, students gain a broad business acumen along with targeted skills specific to the field of forensic accounting.
Like all MBAs, a Forensic Accounting MBA typically takes two years to earn full-time. Accelerated MBA programs are also available, which shorten courses to a shorter period of time (typically 18 months). More often than not, students choose to take part-time classes while working a day job. This means spreading the course load over a longer period of time, which typically extends completion time by 3-4 years.
Bachelor’s Degree In Forensic Accounting And Fraud Examination
Almost all Forensic Accounting MBAs are designed with a curriculum that meets the 150 credits most states require to pass the Uniform CPA Exam. Almost all forensic accountants are also CPAs or CFEs, making this an especially important career building block for students who don’t already have one.
It’s no secret that an MBA is the most popular master’s degree in the country, thanks to its high salary and flexible, prestigious job opportunities. A survey by the Graduate Management Admission Council found that enrollment in specialized MBA programs, such as those with concentrations in finance, accounting or forensic accounting, continues to grow. So how does an MBA with a concentration in Forensic Accounting differ from a Masters in Forensic Accounting?
Both are graduate-level degrees, both take approximately two years to complete, and both cover topics such as advanced fraud detection, litigation and computer forensics. The difference between the two has to do with their focus area. As US News and World Report notes, an MBA is a general degree, even if it includes a specialization. This means that most of your MBA coursework will focus on the “ins and outs” of the business world, from finance to marketing. Your specialization in forensic accounting will play a supporting role in your postgraduate studies.
In contrast, a Masters in Forensic Accounting is usually offered as a Master of Science.
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