Forensic accounting is a dynamic field at the crossroads of finance, law and investigation. Professionals in this field combine their deep accounting knowledge with investigative prowess to uncover financial misdeeds, detect fraud and provide expert testimony in litigation and investigative accounting scenarios. A diverse array of organizations seeks their expertise, and as fraud continues to increase and a generation of current professionals retires, the demand for forensic accountants is soaring.
In this article, we explore some of the promising career avenues available to graduates of Murray State University’s online Master of Business Administration (MBA) with a concentration in Forensic Accounting program. The robust curriculum encompasses disciplines such as forensic accounting, fraud analytics, data analytics, business valuation, economic analysis and organizational behavior.
The program culminates in a capstone course designed to prepare graduates for the challenges of the field. The curriculum also helps prepare graduates to sit for the CPA exam and fulfill educational requirements, opening a wide range of CPA career options.
If this field interests you, here are some of the careers you may pursue as a graduate of this program, along with national average salaries.
Forensic Accountant
This is a pivotal role that applies accounting and investigation techniques to uncover financial irregularities, detect fraud and ensure financial transparency in organizations. Forensic accountants examine financial records, transactions and statements to solve complex financial puzzles.
These professionals typically work in public accounting firms specializing in forensic accounting, risk consulting agencies, law firms, law enforcement agencies, insurance companies, government organizations or financial institutions. They report their findings to clients, attorneys, law enforcement officials and regulatory bodies.
In their roles, forensic accountants may also supervise teams of professionals, such as junior accountants or data analysts, to ensure a thorough examination of financial data. Forensic accountants earn an average salary of $93,507, while those in senior roles earn $104,421. Major responsibilities include:
- Financial investigation: Conduct in-depth investigations to identify financial irregularities, fraud and financial misrepresentation.
- Data analysis: Analyze financial data and records to trace financial transactions, uncover discrepancies and identify potential fraud.
- Expert witness testimony: Provide testimony in legal proceedings and explain complex financial findings to judges and juries.
- Report preparation: Prepare detailed reports documenting findings, conclusions and recommendations for legal or regulatory purposes.
- Risk assessment: Assess financial risk, evaluate internal controls and recommend improvements to prevent financial misconduct.
- Litigation support: Assist in legal cases by providing expert financial analysis and evidence to support legal arguments.
Financial Fraud Analyst
These professionals prevent, identify and mitigate fraudulent financial activities. They safeguard organizations from potential financial losses due to many forms of fraud, including identity theft, credit card fraud and cybercrime.
Financial fraud analysts typically find employment in a range of organizations, including federal law enforcement, financial institutions, government agencies, insurance companies and e-commerce companies. They report their findings to management, compliance officers or security teams and may also supervise and train junior analysts in the fight against financial fraud. According to ZipRecruiter, fraud analysts earn an average salary of $56,757 and have the following key responsibilities:
- Fraud detection: Utilize advanced data analysis and monitoring tools to identify suspicious financial transactions and activities.
- Investigation: Conduct thorough investigations into potential cases of financial fraud, gathering evidence and documenting findings.
- Risk assessment: Evaluate vulnerabilities in financial systems and processes to proactively identify areas at risk of fraud.
- Transaction monitoring: Continuously monitor financial transactions for irregularities and patterns indicative of fraud.
- Compliance: Ensure adherence to industry regulations and compliance standards to prevent fraudulent activities.
- Reporting: Prepare detailed reports on fraud cases, including evidence, findings and recommended actions for further investigation or legal proceedings.
Senior Forensic Auditor
This specialized role is responsible for uncovering complex financial irregularities and fraud and taking part in criminal investigations. The senior forensic auditor is charged with preserving financial integrity, ensuring compliance with regulations and safeguarding against financial misconduct.
These professionals typically work in diverse settings, including public accounting firms, corporate entities, government agencies and law enforcement organizations. Senior forensic auditors often report their findings to senior management, legal teams or regulatory authorities, and they may also supervise and mentor junior auditors to ensure comprehensive and meticulous audits. According to Indeed, this role pays an average salary of $93,801 and involves the following responsibilities:
- Financial examination: Conduct comprehensive financial audits to identify irregularities, fraud and financial misrepresentation.
- Data analysis: Utilize advanced data analytics tools and techniques to scrutinize financial data for anomalies and patterns indicative of fraud.
- Expert testimony: Serve as expert witnesses in legal proceedings, providing professional insights and explanations regarding complex financial findings.
- Report compilation: Prepare detailed reports outlining audit findings, conclusions and recommendations for legal, regulatory or management purposes.
- Compliance assessment: Evaluate internal controls, policies and procedures to ensure adherence to regulatory standards.
Financial Investigator/Agent
This actuarial role involves tracking and uncovering illicit financial activities and fraudulent schemes. These professionals are essential in maintaining financial transparency and integrity across various sectors.
Financial investigators work for a variety of organizations, including law enforcement agencies, government entities, financial institutions, insurance companies and private investigative firms. They often report their findings to senior law enforcement officials, legal teams or compliance officers, and some may supervise and collaborate with teams of investigators and analysts to piece together intricate financial puzzles. Financial investigators earn an average salary of $72,588 and have key responsibilities such as:
- Financial analysis: Conduct in-depth analysis of financial records, transactions and account activities to detect irregularities, fraud and money laundering schemes.
- Evidence gathering: Gather and document financial evidence, maintaining a meticulous chain of custody to support legal cases and regulatory actions.
- Asset tracing: Track and trace the movement of assets, funds and investments to uncover hidden or illicit financial activities.
- Interviewing and interrogation: Interview witnesses, suspects and persons of interest to obtain financial information and evidence relevant to investigations.
- Reporting: Prepare detailed reports and summaries of financial investigations, outlining findings, conclusions and recommendations for regulatory or management purposes.
Careers for graduates of Murray State University’s online MBA in Forensic Accounting program are not only rewarding but also essential for maintaining financial integrity and security. With the growing demand for forensic financial experts, this program offers a promising future in safeguarding financial systems and protecting against fraud.
Learn more about Murray State University’s online MBA with a concentration in Forensic Accounting program.
