Guide to College Majors in Economic Crime

What is Economic Crime?

White collar crooks. Fraud. Identity theft. Martha Stewart. Enron. This small sample of terms represents the frequency and variety of economic crime. Economic crime accounts for a loss of more than $200 billion dollars annually, and as the complexity and costly nature of such activity becomes more sophisticated, this number is expected to increase. The profile of a white-collar criminal usually includes characteristics such as honesty, intelligence, and trustworthiness within his or her corporate environment. These traits often make an economic crime investigation harder to pursue and prevention more troublesome to implement. While these perpetrators may not be violent or physically threatening, the prevention and prosecution of economic crime is essential to American justice. Thus, corporations rely on the expertise and training of investigators and criminal justice professionals to safeguard their financial assets and identities against unscrupulous economic action.

Increasingly, the options and methods for studying economic crime have expanded to include distance learning. The development of online Economic Crime degree programs has enabled more students to obtain a quality education without having to relocate to a physical campus. Students interested in economic crime have several degree options, ranging from certificate programs, to Bachelor degree programs, to Master's degree programs. Thus, online college degree programs have opened the doors to many future entry-level professionals as well as to seasoned investigative professionals hoping to advance their careers with distance education.

Because the field of economic crime advances as quickly as the smartest, most sophisticated white-collar criminal, many criminal justice professionals rely on distance learning to continually increase and advance their technical skills and training. Online education makes it possible for students to maintain commitments to full-time jobs while completing requirements to earn a degree. Studying economic crime also opens up doors to many other related careers including private investigation, accounting, security consulting, federal investigation, and auditing.

Trends for Economic Crime Investigation Careers

According to the US Bureau of Labor and Statistics, job opportunities for qualified public law enforcement agents are expected to grow faster than average through 2012. However, it is important to note that competition for State and Federal level agency jobs is expected to become increasingly fierce. Students considering a career in the public sector of economic crime investigation and prevention will benefit from focused, advanced training.

Projections for the private sector are also positive. The Bureau of Labor and Statistics also expects employment opportunities for private detectives and investigators to increase more quickly than average over the next seven years. Public and corporate awareness of economic criminal activity increases the demand for the services of investigators and detectives. Again, individuals seeking upper-level job opportunities must ensure the competitiveness of their skills, training, and related education. Specializing in the field of economic crime could give a law enforcement professional the edge he or she needs to land his or her dream job.

Preparing for a degree in Economic Crime Investigation

To achieve success in economic crime law enforcement or investigation, quality education is a necessity. Professionals in this field draw on many different subjects of knowledge, and these are skills best developed in an Economic Crime degree program. An excellent Economic Crime degree program also provides students with an opportunity to fuse academics with technical and hands-on training. But, how does a potential student properly prepare for and assess the option of pursuing an Economic Crime degree? There are several ways to prepare and learn more about this career field.

First, a potential student should investigate the scope of his economic criminal investigation and prevention interests. While working in this faction of criminal justice is intellectually challenging and exciting, students should not engage in a degree program without a clear notion of what the work entails. Investigators often work long hours, and professionals focused on corporate fraud and white-collar crime might spend months simply investigating a lead. Taking this into consideration, successful students in Economic Crime degree programs are inspired by the notion of societal protection, uncovering deeply buried financial deceit, and serving as a legal check on corporate activity.

Secondly, earning a college degree in Economic Crime involves intense and thorough study of advanced social science, accounting, business, business law, computer technology, psychology, and ethics. Potential students should find these subjects interesting and should thrive in related high school courses. Proper preparation for earning an economic crime education includes high school courses in math, science, computers, communications and social sciences.

Third, future economic crime students should compare and contrast possible degree programs to find the best fit. Selecting the right school is essential to academic success and career preparation. This is also good way for a student to discover what qualities he or she personally desires in a program. Additionally, this type of research will help a student figure out what questions to ask admissions counselors that will assist in his or her final choice of program to pursue. This preparation takes a lot of work, but the more information a student can gather about a potential Economic Crime degree program, the better informed his or her decision will be.

Fourth, it is a good idea for prospective students to speak with a current economic crime investigative professional. Take the opportunity to ask questions about day-to-day job tasks, opportunities for career advancement, additional education and training requirements, and anything else a student would want to know about his or her future career. Participating in this sort of career probing and investigative research will certainly provide a more complete picture of a potential criminal justice student's future job opportunities.

Career Education in Economic Crime

Undergraduate and graduate degree and certificate programs

As the need for well-trained economic crime professionals increases, more schools develop training and academic programs to meet this demand. Even within this specialized field of criminal justice, many degree choices exist. Students interested in obtaining graduate level Economic Crime degrees could potentially have business, economics, math, computer science, and criminal justice backgrounds.

Additionally, as technology continues to advance, more economic crime schools offer degree programs online. Students participate in online sessions, web seminars, and interactive tutorials virtually. Students who enroll in distance learning degree programs enjoy a unique opportunity to tailor their own schedule and course load to fit in with existing commitments.

Certificate Programs

Economic Crime certificate programs offer worthwhile options to current business and criminal justice professionals who want a more in-depth knowledge of their specialty. Online certificate programs encourage students to learn and improve skills in a narrow, specific facet of the field. Improving key skills and developing a focused expertise allows professionals the opportunity for advanced employment and job growth. In addition, when a student completes the requirements for a certificate in engineering, most online degree programs allow that student to transfer these credits towards a more advanced, intense degree program. Certificate programs vary, and potential students should discuss particular degree programs with school admissions counselors.

Bachelor of Science Degree Programs

The Bachelor of Science degree is a strong foundation for forging a career in economic crime investigation. Bachelor of Science degree programs focus heavily on practical training, criminal justice courses, accounting, computer and technology security, and investigative procedure. Known to be intense and rigorous, B.S. programs also place immense emphasis on merging strong investigation skills with the ability to understand complex, sophisticated technology and criminal efforts. Students pursuing a B.S. in Economic Crime Investigation should expect to commit to four years of academic study. Online economic crime B.S. degree programs offer students this well-rounded education over the Internet, making the opportunity to earn a degree possible from anywhere with internet access.

Master's of Science Degree Programs

After a couple of years of work experience, many economic crime prevention and investigative professionals find it necessary to increase their knowledge in order to open doors to job promotion and career advancement. Thus, many criminal justice professionals pursue a Master's of Science Degree in Economic Crime Management. This degree program focuses on advanced, executive level technical skills, problem-solving abilities, and a sophisticated understanding of how to manage corporate and technology resources that are available to detect and eliminate economic criminal activity. Master's degree programs allow students to specialize their talents and skills, which increases job value and employability in advanced positions. Online degree programs are attractive and convenient because they afford students with the opportunity to study and prepare for the future while maintaining present commitments.

Master's of Arts Degree Programs

Another graduate level option for criminal justice professionals is the Master's of Security Management degree program. This degree program is designed to provide current security management and fraud investigative professionals with an opportunity to develop a more thorough knowledge of the various aspects of security, ranging from international procedures and concerns to informational technologies. These graduate students should expect coursework focused on examining and analyzing the principles, theories, and applications of security efforts. Online graduates of M.A. degree programs generally find employment opportunities in government civil service, public and private security management, law enforcement, and private security.

Master's of Business Administration Degree Programs

Potential students should consider the Master's of Business Administration in Fraud Management after a few years of work experience. Most M.B.A degree programs with a focus on fraud management appeal to business professionals who desire a career path in corporate security and fraud prevention. This advanced curriculum combines traditional graduate level business courses with additional coursework in financial investigation, fraud prevention, and fraud investigation. The goal of M.B.A degree programs focused on fraud management is to develop corporate professionals who are effectively able to manage and lead security measures and prevention professionals on an executive level. Distance education is an advantageous way to pursue and obtain an M.B.A degree because it allows experienced businessmen and businesswomen to continue working while advancing their skills, education, and training. Online degree programs also allow students to focus more heavily on the unique graduate level skills associated with specific fields of economic crime prevention.

What Can You Do with a College Degree in Economic Crime?

Career options for aspiring security consultants, financial investigators, internal auditors, and more

Corporate Investigator. As the job title suggests, a corporate investigator is responsible for internal and external investigation for corporations. Internally, corporate investigators are commonly charged with the job of investigating employee drug use in the workplace, ensuring honest and legal use of employee expense accounts, or determining if employees are stealing merchandise or information from the business. A corporate external investigation usually aims to prevent criminal activity and scheming originating outside the corporation, including theft of company assets and fraudulent economic activity.
Financial Investigator. The work of a financial investigator may involve the development of financial profiles of individuals and companies who are prospects in major business and financial transactions. It is common for a financial investigator to start his or her career as a Certified Public Accountant, which requires at least a Bachelor degree, related work experience, and the successful completion of a certification examination. Investigators in this specialty search for assets in an attempt to recover court awarded damages.
Private Investigator. A private investigator is hired by an individual or corporation to research, determine, and verify facts. Utilizing search and surveillance methods, private investigators are essential figures in the determination of sophisticated, visibly subtle criminal activity. The results of their investigations are turned over to the hiring party who can choose to proceed with an appropriate response. It is common for private investigators to specialize in a specific area, including adultery, economic, and criminal investigation. Careers for private investigators are advanced through education, field experience, and technology training.
Security Consultant. Experienced security management professionals may offer consultation services to banks, Internet companies, and other corporations. Experts in developing efficient, reliable security systems are highly valuable in the prevention and detection of fraudulent activities. Consultants offer guidance and advice specific to the particular needs of the client. For example, a security consultant might be hired to verify that financial transactions on an e-commerce website are protected against identity theft. A large corporation might require the services of a security consultant to develop a financial and expense monitoring system. Typically, a security consultant has a related degree and multiple years of field experience.
Certified Public Accountant. Accountants offer various accounting, auditing, tax, and consulting services to clients such as corporations, governments, nonprofit organizations, and individuals. Accountants advise clients about tax advantages and disadvantages, prepare tax returns, and provide financial guidance. Other accountants may develop security expertise and offer consultation services to help corporations safeguard their assets. Additionally, other accountants audit financial statements to ensure honesty and accurate reporting to investors and government authorities. Public accountants typically earn C.P.A certification and have a Bachelor degree in accounting.
FBI Agent. To work for the Federal Bureau of Investigation, a professional must obtain a Law degree, an Accounting degree, proficiency in a foreign language, or have three years of professional work experience. FBI investigators are responsible for various federal violations, including national security investigations. Areas of FBI investigation include financial crime, fraud against the government, bribery, and copyright infringement, among other violations of Federal statutes. Job opportunities at the FBI are extremely competitive and advanced training and expertise is almost always necessary.
Internal Auditors. Internal auditors are employed for the purposes of verifying the accuracy of their organization's internal records. An important function of an internal auditor's job is to investigate for employment mismanagement and fraud. This type of work is increasingly necessary and useful for managing security and preventing fraudulent activity. Internal auditors analyze financial and information systems. They also put internal measures in place to ensure that controls are sufficient to protect against fraud and waste.

Salary Expectations for Economic Crime Investigators

In 2002, the Bureau of Labor and Statistics concluded that the median annual salary of private detectives and investigators was approximately $29,300. Further, the middle 50 percent earned between $21,980 and $41,710. Salary ranges are largely influenced by an investigator's experience, geographic location, and specialty. It is common for investigators trained in computer technology and corporate transactions to enjoy salaries in the higher end of the approximate range.

The median yearly salary of public police officers and detective supervisors was approximately $61,010. The Bureau of Labor and Statistics reports that the middle 50 percent of this group of professionals earned between $47,210 and $74,610 per year. The median annual salary of detectives and criminal investigators was reportedly $51,410 in 2002, with the middle 50 percent commanding between $39,010 and $65,980 annually. In the public sector, Federal investigators and detectives generally earn more than State and local law enforcement agents.

Certification and Licensure

Appropriate certification is necessary depending on what career path an individual pursues. To clarify, the umbrella of economic crime encompasses private investigators, public investigators and law enforcement professionals, internal and external auditors, accountants, and other technical professionals.

For example, almost every state has determined its own set of certification standards and requirements for private investigators. Students interested in pursuing a career in private investigation should consult their state's private investigation association for a detailed explanation of certification and licensure requirements.

In addition to obtaining a state license or certification, private investigators can also earn the Certified Investigative Professional (CIP) certification. Licensed private investigators must have two years of experience, 40 hours of continuing-education credit, have participated in networking meetings, and have passed a written examination to earn this designation.

Internal auditing professionals can earn the Certified Internal Auditor (CIA) designation offered by the Institute of Internal Auditors. Requirements for this certification include obtaining a Bachelor degree, two years of professional experience, a character reference, and completion of 80 hours of continuing education courses every two years. The CIA candidate must also pass a national examination. This professional association also offers the Certified Government Auditing Professional (CGAP) certification for auditors working in the public sector. Requirements for this designation also include obtaining a Bachelor degree, two years of professional experience, and a character reference. CGAP candidates meeting these requirements are qualified to sit for a national examination covering public auditing principles, which is the final step in obtaining this certification.

Accounting professionals earn the Certified Public Accountant (CPA) certification. To take the exam associated with this designation, a professional must apply through his State Board of Accountancy. States have differing requirements. Some states require an additional 30 hours of academic credit earned beyond the Bachelor degree, while other states substitute two years of professional experience in lieu of additional coursework. Students hoping to enter the field of economic crime prevention and management via accounting should contact their state's accountancy board for a description of specific requirements. Once the state's requirements have been satisfied, an accounting professional can apply to take the national CPA exam, offered by the American Institute of Certified Public Accountants.

Civil service regulation governs the appointment of public detectives in almost every state, major city, and special enforcement agency. In order to be appointed as a local or state government employed detective, a candidate must be a U.S. citizen, at least 20 years old, and must meet many other strenuous physical and personal qualifications. Appointment in the Federal government mandates that a candidate must be at least 21 years old, but no more than 37 years old, on the day of appointment. In addition to physical examinations that test vision, hearing, agility, and strength, candidates must also perform well on a written examination. Previous education and work experience is also a factor.

Other Economic Crime Management Related Professional Associations and Certification Bodies:

For more information about careers in the field of economic crime prevention:

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