Forensic Accounting Degrees

Accounting has been part of civilization since trade routes first started in the ancient world. When traders were able to keep an accurate account for their inventories, costs, and revenue streams, they were able to better manage their businesses. These days they help businesses project their sales, track losses, and manage inventories in nuanced ways that give them a competitive advantage over their peers.

Business and finance have become far more complicated in recent years, but the potential for theft and other loss still exists. When fraud is suspected, corporations, law enforcement, and individuals call on forensic accountants to get to the bottom of the matter. In-depth audits and other investigative methods assist the forensic accountant in their duties, tracking down the fraud and those responsible.

These days the field of forensic accounting is expanding. There are more and more degrees conferred and there are an increasing number of jobs open for this specialty. Thus, if you love numbers and balancing accounts, but also have a desire to serve your community in a law enforcement or investigative capacity, a Forensic Accounting Degree may be exactly what you're looking for.

What is a degree in Forensic Accounting?

Forensic accounting is the place where law enforcement meets accounting. While this might seem odd at first, consider that many famous criminals were successfully prosecuted, not because of the violent crimes they committed, but because of their white-collar activities. In order to prove such crimes, the FBI and other law enforcement groups rely on accountants to audit financial records and uncover and investigate crimes. Forensic accountants can also be called upon to determine the financial harms done as a result of crime and consult on civil cases such as divorce, where assets must be divided.

While many schools only offer this degree at the graduate level, you can become a forensic accountant with an undergraduate degree in accounting. The FBI, for instance, only requires an undergrad degree that includes a minimum of six semester hours in Business Law. There is also a growing number of undergraduate accounting programs that specialize in forensics and confer that specific degree.

Forensic accounting is a broad field that allows for many specialties. With a degree in forensic accounting, you could work for a law enforcement agency, such as the FBI, or you could be an independent consultant to attorneys and police alike. Your career could encompass tracking down terrorists seeking to transfer or launder money, cyber criminals hacking banks or other institutions, or helping corporations eliminate loss due to embezzlement.

Why Would I Want to Get a Degree in Forensic Accounting?

A degree in forensic accounting is a gateway to an exciting career path within the accounting world. While you will essentially analyze various financial documents and audit accounts, much as any accountant does, your work will be in the service of a criminal case, civil litigation, or damages assessment in insurance matters. Your audits will result in convictions, greater national security, and fair payments in civil cases.

A degree in Forensic Accounting will set you on a career path working with law enforcement, defense attorneys, private investigators, or insurance companies. You might even become an independent consultant/investigator and contract your services to large civil or criminal cases.

Keep in mind that a Forensic Accounting Bachelor's Degree will cover much of the same territory as a standard online accounting degree. You will have all the same skills in taxation, audits, and financial analysis. Additionally, you will have the extra focus on law and fraudulent activities. Your well-rounded education could be exactly what an accounting firm is looking for.

Different Types of Degrees

There are three general types of degrees in Forensic Accounting: associate's, bachelor's, and master's degrees. Each carries with it a salary expectation, curriculum, and overall career trajectory. Once you start working in the field, you can also work toward professional certifications. The courses you'll take for a certification won't count towards your academic career, as they are not accredited, but they will be great additions to your resume. Further, if you have a CPA license, these courses will likely count towards your Continuing Professional Education requirements for that license.

Associate’s Degree in Forensic Accounting

An associate's degree in Forensic Accounting will get you started on a career path full of devious criminals and shady corporations. Though you will eventually need to gain a bachelor's degree that includes Business Law and coursework that focuses on Forensics, you can certainly get started with a two-year degree in Forensic Accounting.

If you land a job as a Forensic investigator using your two-year degree, you can add work experience to your academics and sit for the Certified Fraud Examiners license. Once you have a firm grasp of the field, you might also consider taking the AICPA's Fundamentals of Forensic Accounting Certificate Program.

1. Career Outlook and Options

According to the Association of Certified Fraud Examiners, the demand for forensic accountants is rapidly rising. The Bureau of Labor Statistics (BLS) shows that the field of Financial Examiners is projected to expand by 10% through 2026. Given the rise of cybercrimes that require deep technical work to investigate and prosecute, the field could expand even more.

2. Sample Course Work

As you work towards a degree in Forensic Accounting, you will take courses that can include, but are not limited to:

• Intermediate Accounting, I & II

• Federal Income Tax

• Fraud Examination

• Auditing

• Government and Non-Profit Accounting

• Business Law

• Business Ethics

Since the field typically requires a bachelor's degree, you should consider adding to your education at some point. You should also consider working toward professional certifications in Fraud Examination or related fields. These certificates might be able to raise your salary and status over even your bachelor's degree-holding peers, but you will also need loads of experience. For instance, consider the AICPA's Core Forensic Accounting Certificate. The courses you need for this credential include:

• Forensic Engagement Management

• Evidence Identification and Management

• Discovery

• Effective Interviewing Techniques

• Forensic Accountant's Role in Deposition and Testimony

• Forensic Engagement Reporting Requirements & Preparing Sustainable Reports

3. Salary Expectations

The BLS shows that Financial Examiners are earning a median salary of $81,690 per year. Keep in mind that this is with a bachelor's degree. The BLS also states that Financial Examiners frequently have extensive, long-term, on the job training.

Bachelor’s Degree in Forensic Accounting

Your career in Forensic Accounting will really take off once you graduate with a bachelor's degree. The FBI, for instance, seeks out accountants with a bachelor's degree that includes 24 hours of accounting coursework. Those hours should also include six hours of business law training. While the FBI does not require a CPA license or certificate, you might consider adding extra credentials to your resume. Your options include:

• Certification in Financial Forensics – provided through AICPA

• Fundamentals of Forensic Accounting Certificate Program – provided through AICPA

• Core Forensic Accounting Certificate - provided through AICPA

• Certified Fraud Examiner – provided through the ACFE

To flesh out your Bachelor's Degree in Forensic Accounting, you could consider a double major or a minor to further deepen your education and ensure a great career. For instance, you could study Criminal Justice or an affiliated program. If your school offers a minor in Business Law, that would also be beneficial. For more background, you could study for a minor in psychology, sociology, or computer science.

1. Career Outlook and Options

Industry professionals state that the field is rapidly growing, meaning that your degree will be in high demand. This is due to increased awareness of financial fraud and white-collar crimes. Our highly networked financial institutions, the rise in cybercrime, and high-profile fraud cases have added to this awareness.

The BLS projects that the Financial Examiner occupation will grow by 10% through 2026. This growth tracks with their projected growth in the Accountants and Auditors occupation.

Note that this degree can open up many great opportunities for you. For instance, you could work with the FBI or another law enforcement then move on to become an independent consultant. You could also become a Private Investigator and specialize in finance. You could also work in divorce cases to help divvy out assets and even discover whether a party has hidden funds in an attempt to avoid paying their fair share of alimony or child support.

You could work with the IRS. Many people attempt to defraud the IRS so that they can avoid paying their tax bill. With your nose for financial forensics, you could sniff out hidden funds, discover fraudulent deductions, and otherwise see that corporations and individuals are held accountable for the taxes they owe.

2. Sample Course Work

As you work towards achieving your bachelor's degree, you will need to focus on taking the proper classes so that you stay on track for graduation. The courses you might take include, but are not limited to:

• Fundamentals of Accounting

• Managerial Accounting

• Contract Law

• Financial Statement Investigation

• Fraud Interviews

• Forensic Accounting

• Litigation

• Business Law

• Accounting Information Systems

• Digital Forensics

• Business Quantitative Models

• Evidentiary Chains in Forensic Accounting

• International Finance and Banking

When you enter your program you might want to start investigating the possibility of working as an intern with an accountant who specializes in forensics, a law enforcement team, or a private investigator who specializes in forensic accounting. Discuss this with your department to see if you can set up such an experiential learning course. If you are able to augment your classroom experiences with real-world applications, your resume will attract all the more attention.

3. Salary Expectations

With a degree in Forensic Accounting, you have many avenues you can pursue. Each career path has its own salary expectations. A few of the chief career paths include Revenue Agent (IRS), FBI Investigator, Insurance Investigator, and Financial Examiner. Median pay figures for these careers is:

• evenue Agent: 53,100

• BI Investigator: $64,000

• nsurance Investigator: $64,700

• inancial Examiner: $81,700

The Association of Certified Fraud Examiners, on the other hand, shows that in 2017/18 their certificate holders earned between $80,000-$147,000. Non-certified Forensic Accountants found their pay somewhere in the range of $57,800-$125,000.

Master’s Degree in Forensic Accounting

Historically, accountants were only able to attain academic credits in forensic accounting through a master's degree program. Even then, you were primarily limited to a certificate that could be applied to your MS in Accountancy or used simply as a stand-alone academic certificate on your list of credentials. Since the field is expanding to respond to the veritable crime wave happening online, there are more and more opportunities to study forensic accounting for graduate credits.

Many of these certificate programs are conducted online or in hybrid online/on-campus programs that provide opportunities to working students nationwide. There are also professional, non-academic certificate programs. These are almost solely found online and are not redeemable for any level of academic credit. However, if you have such a certificate, you’ll be more hirable, and graduate admissions offices will smile on your professional achievements.

1. Career Outlook and Options

The career outlook for Forensic Accounting is very bright. With more and more instances of cyber criminals hijacking databases and financial records, there is an increased demand for cyber security experts, as well as forensic accountants who can sort out the finances and help successfully prosecute criminals.

There are also many high-profile money laundering cases on the horizon. These cases involve domestic and international law, organized crime, and an assortment of ne'er do-wells. In recent history, the Panama Papers blew the whistle on tax evaders who used Panamanian banks to hide assets, and there are still many tax havens that have yet to be routed and audited.

The rise of Bitcoin and other cryptocurrencies necessitate more Forensic Accountants who can sort out how money flows through these new financial markets. The Association of Certified Fraud Examiners states that demand for these professionals is rapidly increasing. Given the expanding complexity of the field, and its growth, a master's degree or certificate will be necessary to keep pace with your peers and the criminals you’re trying to keep in check.

2. Sample Course Work

Along the way to your master's degree or certificate, you will take a load of specialized courses that will help you establish yourself as a true master of your field. Some of the courses you will take include, but are not limited to:

• Fraud Detection

• Fraud and Forensic Accounting

• Fraud and the Law

• Advanced Topics in Fraud

• Intro to the Technologies Valuable to Forensic Accounting

• Digital Forensics Analysis

• Business Law

• International Accounting

• Tax Research Methods

• Computer Investigations

• Research Seminar

• Fraud Examination

3. Salary Expectations

If you have experience plus a graduate degree or certificate in Forensic Accounting, you should be able to expect a healthy salary. The median salary for this occupation across all experience and degree levels is approximately $65,500 per year. However, with a graduate degree you should at least be considered experienced, in which case the average salary jumps to $91,000.

Forensic Accounting Post-Graduate Certificate

A post-graduate certificate in Forensic Accounting is often a relatively quick and convenient way to advance your knowledge and career expectations. These programs are typically comprised of only a few courses, confer transferable academic credit, and can be used as CEUs if you are a CPA or otherwise need to accrue credit for a professional business license. While you might add similar credentials to your resume via a professional association's certificate program, you will be better served by a university certificate.

The benefits of attaining a graduate certificate through an accredited university are many. The first benefit is that you gain new knowledge and skills to investigate financial crimes, which is a boon to yourself and your employer. Then, you'll find that there's an added veneer of status attached to the institution’s academic status. After all, accounting is a highly academic field. Finally, if you decide to return a master's degree in Forensic Accounting, you will already have credits to build on.

1. Career Outlook and Options

The field of Forensic Accountancy is growing rapidly. Demand is rising due to the seeming deluge of financial and other cybercrimes. In order to prosecute financial criminals, Forensic Accountants are needed to audit all the relevant accounts, discover new hiding places, and present their findings in an understandable fashion to attorneys and juries alike.

2. Sample Course Work

A certificate program is not as comprehensive as a full degree, but you will take valuable courses that are sure to inform your Forensics practice in the field. Make sure you evaluate a number of different certificate programs prior to applying, as each will have its own particular approach to the field. Make sure that you will take the courses and cover the material that is most pertinent and applicable to your career aspirations. Some of the courses you will take may include, but are not limited to:

• Dissecting Financial Statements

• Litigation Support

• Investigative Accounting

• Forensic Accounting Principles

• Principles of Fraud Examination

• Digital Forensics

• Forensic Economics

• Fraud and Financial Markets

3. Salary Expectations

When you complete an academic certificate program your salary should see a noticeable increase. You will be qualified to take on greater responsibilities and perhaps you will head up a forensics team. While the average salary level for this degree across all experience and degree levels is $65,500, the salary for an experienced professional is $91,000. Your salary could easily hit at least this level. If you are working in the private sector, your bonus money could well push you over $100,000/year.

Accreditation

When you seek out a degree in Forensic Accounting, you should limit your search to nationally-accredited institutions. When your degree reflects a highly-respected college or university, your future employers will have no qualms about hiring you. Plus, if your current employer has a tuition reimbursement program, they will be more likely to reimburse you for a fully-accredited, well-respected degree or certificate program. When seeking a degree in Accounting, look for these accrediting agencies:

• AACSB: This is the gold-standard for business school accreditations. Their standards are more strictly academic as they look at faculty credentials and research. Since Forensic Accounting is a relatively new field, an AACSB-accredited school might be the best choice.

• ACBSP: When MBA programs started becoming more popular in the 1980s, the ACBSP was created to accredit programs that focused more on professional and non-academic outcomes. They also focus more on the student experience and career outcomes.

• IACBE: Much like the ACBSP, the IACBE considers student outcomes as the most important metric when accrediting an institution.

• Review these accrediting methods and philosophies to determine which best suits your needs as a forensic accountant. It's of vital importance to select a program that suits your needs as a student and a professional.

As mentioned over, there are lots of benefits of forensic accounting. The benefits are specifically significant in certain markets such as health care, construction, production, and also financial services. When an audit ends that a firm's accounts are mismanaged, however the firm declares that the audit did not consider the possible issues within the firm's bookkeeping systems, then a firm might not have the ability to operate.

Forensic accounting can sometimes bring evidence to a company before the board of supervisors in the form of an audit. This audit can subject other locations where the company could have been negligent. If an attorney hired by a customer was not paid on schedule and also was terminated from his work before being paid, it is feasible that this issue could not have actually been uncovered if the company had utilized forensic accounting. There are likewise many companies that are private investigators that focus on forensic accounting.

Various other firms make use of forensic accounting to evaluate the prices of cleaning up the setting after an accident has occurred. This forensic accounting can reveal blunders made by business who create damage to their environment as a result of their malfunctioning products. These firms are sometimes not familiar with the possible damage to their product, yet the forensic audit might reveal that the expense of tidying up the damages is considerably greater than the expenses sustained by business that did not take into account the negative effects of their items. Companies that are associated with such a procedure might after that need to go through a re-analysis of their monetary statements in order to ensure that they are precisely reporting their monetary details.

The business that is accountable for the environmental management programs at the medical facility is required to pay a charge each year. A lot of these fees go in the direction of the advancement of economic records to ensure that the funds accumulated are properly invested in the setting. Financials can be extremely hard to translate for the layperson. Forensic accounting aids to determine potential issues such as wrong cash management, inappropriate properties that do not show their fair market value, and wrong incomes. The advantage of forensic accounting is that it permits the financial records to be conveniently comprehended and also will aid an individual comprehend exactly how business work.

It is necessary for financial info to be simple to comprehend so that individuals who are not familiar with accountancy can comprehend how it is being reported. Financial reporting is an integral part of the financial coverage process. If the firm's monetary records do not contain any kind of mistakes, after that the firm will certainly be able to give its clients with particular financial reports easily. Oftentimes, the firms will have no idea that there is an issue unless they evaluate the monetary reports.

There are a variety of dangers that a company might encounter if it reports financial details inaccurately, as an example, it will be difficult to identify the specific state of the company's funds and also this will certainly impact the financial reports. Financial information ought to be exact as well as a firm should have the ability to provide its clients with all of the relevant info that is required by law. It is feasible to consult with a company that focuses on economic details so that the monetary record can be prepared properly and there will be no risk of inaccuracies. Additionally, the company will be able to create a financial report that will be easy to understand.

One crucial aspect of forensic accounting is that businesses are able to discover all the info that is required to identify the right financial reporting. Companies who have actually done some research into the issue will certainly find that economic coverage is important to make sure that a firm is effectively reporting its earnings and that the tax return is correctly filed. Companies that recognize what needs to be done to prepare the income tax return for the year will certainly be able to reach a conclusion prior to the deadline. Numerous companies have due dates, so it is necessary to prepare the financial record well in advance of the deadline to ensure that there will certainly be no penalties for late filing of the return.

Forensic accounting professionals could furthermore play an investigatory duty in civil circumstances, dealing with lawyers to locate unreported income or properties. Forensic accounting specialists' investigatory capabilities can be put to excellent usage, not only in standard civil disagreements, yet furthermore in larger federal government evaluations. For instance, in significant criminal examinations, forensic accounting experts can play a key duty in tracing detailed money tracks.

Accounting presently accredits as one of 5 major FBI Distinct Representative Access Programs. Various other significant government companies consist of the Internal Revenue Service as well as the SEC's Department of Enforcement. Company entities in addition to federal government firms are progressively wanting forensic audit specialists for aid with precautionary actions, designed to keep fraud along with the connected cost of the evaluation (as well as additionally legal actions) treatment to a minimum.

After determining problem areas, forensic accounting experts can assist business as well as nonprofit customers take the essential adhering to actions to lessen the potential for fraud. In the company atmosphere, forensic accounting professionals can additionally keep an eye on for conformity with emerging policies. Forensic audit is an amazing along with satisfying area that enables professionals to utilize their accountancy knowledge in addition to investigatory abilities to catch law offenders, work out claims, along with lower the threat of enormous fraud.

It remains in its easiest type application of audit approaches in addition to ideas in issues worrying legal matters. The demand comes as a result of high rate of white-collar criminal tasks like embezzlement, unlawful financials in addition to various other economic inaccurate doings. The Forensic Accountant is worked with to explore various financial frauds by the workers, consumers, Clients either separately or in collusion each other and misappropriating the residential properties of the business.

The lawsuits support is given to the lawful occupation by giving aid of documentary evidence to sustain or rebut a case. Also helping in making relevant questions to be asked at the time of examination in court of law. Under the second classification the Forensic Accounting expert helps in lessening future problems along with danger of loss.

They are called for in all investigating, combining as well as purchases, utilized as tax obligation investigative, monetary criminal task private investigators, special audits, civil lawsuits help as well as even terrorist examinations. Actually taking into account the selection of financial fraud there is shortage of Forensic Accounting Specialists, as the extreme taking a look at, collection of proof and offering proof in a court of law are beyond the degree of a normal legal or Interior Auditors.

The Forensic Accountant function can be summarized as providing initial motivate, identifying initial records, preparing a comprehensive well balanced record of his searching for with maintaining documents guideline the legal counsels on the monetary accountancy problems as well as additionally engaging himself in criminal investigations. The value along with need for a forensic accountant has in fact wound up being needed as a result of failing in the regular audits, the extreme economic anxiety with firms coming across insolvencies in addition to employees shedding jobs, all these subsequently paving the way for deceit by the employee as well as even employers.

The demand for the obligation of forensic accounting professionals emerged as the legal along with interior auditors act only as watch canines however to identify and discover frauds in accountancy we call for bloodhounds, as well as likewise a forensic accounting specialist mimics a blood dog in bringing the fraudsters to book, with his certain experience and additionally capacities.