If you are good with numbers and investigating financial crimes intrigues you, a bachelor’s in forensic accounting may be a degree to check out.
Forensic accounting is an investigative branch of accounting used to analyze financial transactions of businesses and individuals and look for red flags (AKA fraudulent activity).
Forensic accounting combines accounting principles and investigative techniques to:
- Analyze financial data
- Detect fraud
- Provide litigation support
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Forensic accountants work with law enforcement and criminal prosecutors to uncover and convict financial criminals. Unlike traditional accounting roles, the workdays for forensic accountants are different, and many are straight-up exciting.
A bachelor’s in forensic accounting degree may be challenging. However, it won’t be boring! Forensic accounting graduates are ready to enter the field, armed with knowledge and skills used to fight criminal financial activity, all the while earning a hefty salary.
With the increasing complexity of financial crimes and the growing demand for forensic accounting professionals, earning a bachelor’s degree in this field may be just what you need!
See Related: 35 Best Master’s Degrees in Accounting Programs
What Is a Forensic Accounting Degree?
A bachelor’s in forensic accounting degree is a focused area of accounting that includes the following areas:
- Finance
- Fraud investigation
- Identity theft
- Auditing
- Fraud prevention
- Criminal justice
Most forensic accounting degree programs are either a Bachelor of Science or Business Administration. Some forensic accounting programs include additional concentrations and minors such as financial analysis or fraud examination.
A forensic accounting program typically requires 120 credit hours, which are divided into:
- General education courses
- Forensic accounting major requirements
- Electives
- A possible internship
A bachelor’s degree in forensic accounting takes four years to complete for full-time students. Sample forensic accounting courses include:
- General Accounting Principles
- Auditing
- Fraud Investigations
- Legal Elements of Fraud
- Criminal Law
- Accounting Research and Analysis
Graduates are ready to take certification exams, such as the Certified Public Accountant (CPA) and the Certified Fraud Examiner (CFE).
While specific admission requirements depend on the forensic accounting degree program, most universities require the following:
- A strong academic background
- SAT/ACT scores
- Recommendation letters
- Entrance exams
Applicants should possess strong math and critical thinking skills and a desire to investigate!
See Also: 30 Best Computer Forensics Degrees
Careers for Forensic Accounting Majors
A bachelor’s in forensic accounting prepares students for accounting career paths, such as:
- Certified public accountants
- Forensic accountants
- Certified internal auditors
- Fraud investigators
- Financial examiners
Certified public accountant (CPAs) are financial professional who can work as auditors, business advisors, or tax consultants, among other roles. Becoming a certified public accountant is often required before one can become a forensic accountant.
A forensic accountant is a financial professional with specialized skills who performs investigations by collecting, analyzing, and evaluating financial fraud.
A forensic accountant reports financial statement findings and aid legal cases, so part of their working environment is spent in courtrooms or other legal settings. Additionally, a forensic accountant can earn professional certifications such as a Certified Fraud Examiner (CFE) or a Certified in Financial Forensic Credential, which is sometimes required for a job position.
Those in the forensic accounting profession can specialize in other areas such as risk management or research. They may work in a myriad of settings, including:
- Insurance companies
- Financial institutions
- Law enforcement agencies
- Public or private accounting firms
- Government agencies
The job outlook for the forensic accounting profession is rising steady at 6%, with 81,800 new jobs in the next few years.
See Also: The 20 Best Master’s in Accounting Online
Forensic Accounting Salary Potential
With a forensic accounting bachelor’s degree, graduates will be able to start entry-level jobs earning a good income, and with experience, an even higher income.
The Bureau of Labor Statistics reports that accountants, including forensic accountants, earn a median salary of $77,250 per year. The highest paid accountants earn more than $128,970, while the lowest ten percent earn less than $47,970. Note that this data is with a bachelor’s degree, and a master’s degree will guarantee a higher income.
The Bureau of Labor Statistics reports that accountants who work in finance and insurance report the higher salary end with $79,310 median salary, and government jobs average out to be a bit lower at $77,290.
The geographical location influences salary potential too, of course. BLS links to Career One Stop, a website sponsored by the U.S. Department of Labor, complete with a salary info tool where you can search salaries by zip code. One thing is for sure: a bachelor’s degree in forensic accounting proves a strong return on investment and entails job security and great salary potential.
See Related: 30 Best Criminal Justice Bachelor’s Degree Programs
What Are the Best Forensic Accounting Bachelor’s Degrees?
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West Virginia University – Institute of Technology
WVU Tech is a campus within the West Virginia University system. While it’s a small campus, it holds a rich history and big opportunities. WVU Tech offers 30 academic programs, 17 varsity sports and serves over 1700 current students.
The College of Business, Humanities, and Social Science features one of the best forensic accounting programs in the country: a Bachelor of Science in accounting with a certificate in fraud examination.
This accounting degree “emphasizes the skills necessary to prevent, detect, investigate, and deter perpetration of fraud.” The bachelor’s programs include courses such as:
- Supply Chain Management
- Auditing Theory
- Income Tax Accounting
- Fraud Investigation
The fraud examination certificate entails six additional accounting courses (18) hours, and upon graduation, forensic accounting students will be prepared to take the CFE exam and become licensed as a certified fraud examiner.
Graduates can pursue careers, such as forensic accounting and fraud investigating in settings like the following:
- The public accounting sector
- Federal state, or local government
- Private, public, and non-profit businesses and companies
To apply to WV Tech, you need to have a minimum 3.0 GPA from high school or undergraduate transcripts. Check out admission requirements here.
Embry-Riddle University – Prescott
Known for its cutting-edge aviation and aerospace programs, ERAU-Prescott is nationally recognized in the U.S. News & World Report’s 2021 Best Colleges guidebook.
The forensic accounting and fraud examination degree partners with the Association of Certified Fraud Examiners. The bachelor’s degree also meets federal government requirements, so graduates can be hired by the FBI or CIA.
ERAU-Prescott is one of the only universities in the nation to offer this degree program and is full of opportunities. The program entails:
- 38 credits of general education courses classes
- 73 credits of core classes
- Nine elective credits
The major core courses include topics in:
- Financial statements and fraud schemes
- Legal aspects of forensic accounting
- Investigation and fraud prevention
Graduates are ready to take the CFE exam, earn certification and be able to work as forensic accountants in public, private, and government sectors.
To apply, submit your official transcripts, two letters of recommendation, an essay or resume, and optional SAT/ACT scores.
ERAU-Prescott offers perks for veterans and active military, including tuition assistance.
Waynesburg University
A Christian, liberal arts academic institution, Waynesburg University was founded in 1849 and holds a long history of strong academics through hands-on educational experiences.
Waynesburg is known for its educational value and affordability, which is a huge plus for a private school. You can earn a bachelor’s degree in forensic accounting that prepares you for an exciting career in this field.
This forensic accounting program trains students to “identify and investigate fraudulent financial activities, develop evidence, and give expert evidence at the eventual trial” (WU website).
You will take a combination of core business education and accounting classes, along with a handful of criminal justice courses. As a forensic accounting student, you will have access to a specialized laboratory to learn and practice hands-on skills.
Waynesburg University also offers an integrated bachelor’s and master’s degree program that can be completed in five years.
Applicants are admitted holistically and evaluated based on past academics, SAT or ACT scores, and participation in extracurricular activities and community service. Financial aid is available. If you’re interested in checking out this program, you can schedule a virtual, group, or personal visit.
Pittsburg State University
Become a Pitt State Gorilla when you choose more than 200 academic programs from this notable university in Pittsburg, Kansas (not to be confused with Pittsburgh, Pennsylvania). Pitt State offers flat-rate tuition, meaning you can take extra classes and pay the same rate. Pitt State’s Kelce College of Business features a bachelor’s of business administration in accounting with a fraud examination minor.
You will take core business courses, such as:
- Management Information Systems
- Legal and Social Environment of Business
- Internal Auditing
- Basic Interviewing and Counseling Skills
- Fraud Investigation Techniques
This forensic accounting program provides a strong business and accounting background to prepare graduates for the CPA, CMA, CIA, and CFE exams. Graduates are qualified for careers in areas such as:
- Forensic accountants
- Forensic auditors
- Certified fraud examiners
- Revenue agents
Pitt State details “qualified admission” requirements here, but the school also states that if you do not meet these requirements, you should still apply, and your application will be reviewed individually. You can apply to Pitt State online here.
Indiana State University
Indiana State University bleeds not red, but blue, and the power of the color blue is seen in their top awards for quality, value, and social mobility (CollegeNet, Forbes, and Princeton Review). It is also seen through their diverse campus community.
At Indiana State, you can choose from over 100 undergraduate majors, and one of those is a BS in accounting with a forensic accounting concentration.
Through this undergraduate forensic accounting degree, you will gain a comprehensive accounting and business background. You will learn how to investigate issues like:
- Financial fraud detection
- Embezzlement
- Money laundering
Sample courses include:
- Fraud Accounting
- Financial Accounting
- Criminal Investigation
The program combines academics, hands-on learning, and extracurricular activities to ensure students have a well-rounded knowledge base in accounting.
Beta Alpha Psi, the national professional fraternity for accounting, is an active part of this forensic accounting degree, as well. You will be able to attend conferences and networking opportunities locally, regionally, and nationally to enhance academics.
Graduates are eligible to take the CPA exam and find careers in public, corporate, government, and non-profit accounting fields.
Frequently Asked Questions
Is a forensic accounting degree worth it?
Because of the wide range of career opportunities and the lucrative pay, a forensic accounting degree can be worth it.
Forensic accounting combines principles of accounting, investigation, and legal knowledge to detect and prevent financial fraud. This type of specialized knowledge and experience makes graduates valuable assets in the field.
Additionally, the demand for forensic accountants is on the rise because of the growing need to combat fraud. A bachelor’s in forensic accounting opens doors to many career possibilities. For example, bachelor’s degree holders can work in:
- Public and private sectors
- Accounting firms
- Law enforcement agencies
- Government organizations
- Corporate compliance departments
- Independent consultants
Finally, forensic accounting is a specialized field that demands precision and attention to detail. Professionals in this field typically earn a higher income compared to traditional accounting roles.
What are the three main areas of forensic accounting?
Forensic accounting encompasses three key areas that are essential to investigating fraud and providing expert analysis for the courts. The three main areas of forensic accounting are:
1. Fraud examination
Fraud examination involves the identification, investigation, and prevent of financial fraud. Forensic accounting professionals use techniques to gather evidence, such as:
- Analyzing data
- Interviewing witnesses
- Reviewing documents
- Conducting forensic audits
2. Litigation support
Forensic accounting professionals provide assistance to legal professionals during litigation. This may include:
- Analyzing financial records
- Interpreting complex financial data
- Quantifying damages
- Preparing expert reports/testimony
- Presenting their findings to support legal arguments
3. Financial investigation
The third primary area of forensic accounting is financial investigation. This involves using skills to follow the money trail and analyze financial statements. Financial investigations are used in cases involving money laundering, bankruptcy, and other financial crimes.
How much does it cost to get a bachelor’s in forensic accounting?
A bachelor’s in forensic accounting cost will depend on factors such as the type of institution, program, and whether you are attending in state or out-of-state. Expenses like textbooks, supplies, and additional program costs should also be considered.
On average, tuition fees for a bachelor’s degree in forensic accounting at a public university can range from $10,000-$30,000 per year for in-state students. Out-of-state students will likely pay more. Private universities typically have higher tuition rates.
Keep in mind that these figures are an estimate, and you can receive financial aid, grants, or scholarships to pay for tuition. Some universities offer online or part-time programs, which could reduce expenses.
Can I earn a bachelor’s of forensic accounting degree online?
Yes, you can earn a forensic accounting degree online. Many accredited colleges and universities offer online forensic accounting programs. An online forensic accounting degree will cover the same curriculum as an in-person degree.
However, it’s important to choose an accredited online program to ensure the degree’s credibility. The International Accreditation Council (IAC) is internationally recognized and one of the best accreditations for an online forensic accounting degree.
If you’re interested in pursuing higher education, then you should check out 10 Best Bachelor’s in Business Intelligence and 35 Best Master’s in Computer Science!
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