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Home | Career Pathways | Online Education Guide | Business Majors | Forensic Accounting

Online Education Guide

Guide to College Majors in Forensic Accounting

The first duty of a man is the seeking after and the investigation of truth.
--Cicero

What is Forensic Accounting?

A forensic accountant investigates suspected financial misconduct and helps to prepare the evidence used to argue a case in civil or criminal trials. This field is also referred to as "investigative accounting." A forensic accounting specialist works by auditing and verifying records, collecting evidence, and interviewing people involved in the case

A forensic accounting degree is ideal for you if you have excellent analytical and communication skills, are inquisitive by nature, and have a strong accounting operations understanding. You can be called upon as an expert witness in civil and criminal litigation cases, so it's important that you not only know how to collect all the information needed to support the investigation, but that you recognize the areas of concern, follow up on any inconsistencies, and can then present the data in a way that people outside of the accounting field can understand. There is an expectation that forensic accounting evidence will be aggressively challenged, so youshould have a basic understanding of the legal process.

The Forensic Accountants Society of North America (FASNA) lists these common types of cases taken on by their membership:

• Inventory/property loss
• Employee dishonesty
• Business income loss
• Personal injury or wrongful death claims
• Truth in lending/ truth in leasing
• Post judgment matters/calculations

• Loss of income/earnings
• Divorce and fidelity claims
• Business valuation
• Expert testimony
• Fraud

And their membership has worked on cases in the following industries:

• Consumer dealerships / retail and wholesale
• Education institutions
• Construction, contracting & engineering
• Financial/money management
• Healthcare
• Indian tribal government
• Insurance

• Manufacturing
• Not-for-profit/charitable
• Real estate
• Hospitality
• State government
• Travel and transportation
• Trust and estate

As a forensic accountant, you can work within a firm or as a freelance consultant. Salaries for forensic accountants are usually higher because firms charge more for litigation support than for regular accounting. This is an industry that is expecting fast growth in opportunities as the number of white collar and cyber-crimes increase.

Career Education in Forensic Accounting

Undergraduate and graduate degree and certificate programs

The standard education requirement for a forensic accountant is a four-year business degree in accounting or finance. You also need to have your CPA (Certified Public Accountant) designation and industry certification.

Online college courses, certificate programs and master's degrees in forensic accounting prepare the working professional to enter this field. These programs teach students to help with the litigation of contract disputes and bankruptcies, investigate white-collar and electronic crime, and navigate complicated and possibly criminal transactions like money laundering.

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Universities offering online forensic accounting degree programs:

Utica College - Online Master of Science Degree in Economic Crime Management

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What can you do with a College Major in Forensic Accounting?

Career Specializations within Forensic Accounting

Forensic accountants continue to be in high demand. As your professional experience grows, you can move into management positions within litigation support teams or gain partnership status at your firm.

Potential job titles for a forensic accountant include:

  • Consultant
  • Internal Auditor
  • IRS Auditor
  • GAO Auditor
  • Defense Department Auditor
  • SEC Accountant
  • Bankruptcy Specialist
  • Lawyer
  • Bank Examiner
  • Chief Financial Officer
  • Valuator of Closely held Businesses
  • Defense Department Auditor

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Explore Related Career Pathways

Accounting and Auditing
Financial Management
Bookkeeping
Financial Analysis and Advising

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Certification and Licensure

Forensic accountants require a CPA license. To become a CPA, you must complete 150 credit hours of college-level education, which translates to about five years of bachelor's- and master's-level work. You must also pass all four parts of the Uniform Certified Public Accountants Exam, and have about two years of professional accounting experience.

You will also need forensic accounting industry certification, such as the Forensic Examiner Diplomate or the Certified Fraud Examiner (CFE) designation. The CFE designation denotes proven expertise in fraud prevention, detection and investigation. You will apply for your CFE designation after completing your bachelor's degree and passing the CFE exam.

The Certified Forensic Accountant certification is an advanced credential that recognizes your expertise, additional training, experience, education, knowledge or skill in forensic accounting. It also proves that you have met all of your State Board of Accountancy requirements.

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Explore Related Degree Programs

- Online Degrees in Forensic Accounting
- Online Degrees in Economic Crime
- Online Degrees in Finance
- Finance MBA Programs

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By C. Nich
Contributing writer to World Wide Learn

*References: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2002-03 Edition, Management Analysts, on the Internet at http://www.bls.gov/oco/

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Featured Universities

Online Degrees & Certificates
Forensic Accounting
Universities offering online forensic accounting degree programs:

- Utica College

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