Forensic accounting is a specialized field of accounting that combines accounting, auditing, and investigative skills to detect, prevent, and investigate financial fraud and white-collar crime. A master’s degree in forensic accounting is a valuable asset for professionals who want to advance their forensic accounting career.
Is a Master’s in Forensic Accounting Worth It?
A bachelor’s degree can provide you with a solid foundation, but a master’s degree in forensic accounting can take your career to the next level, open the door to many more career opportunities, increase your earning potential, and accelerate your career path. Here are just a few reasons why a master’s degree in forensic accounting is worth the investment:
- It opens the door to many more career opportunities – With a master’s degree in forensic accounting, you’ll have the knowledge and skills needed to pursue a variety of careers in forensic accounting. Whether you’re interested in working for a law enforcement agency, a financial institution, or a consulting firm, a master’s degree can help you stand out from other candidates and increase your chances of landing the job you want.
- It increases your earning potential – According to the Bureau of Labor Statistics, the median annual wage for accountants and auditors was $73,560 in May 2020. However, those with a master’s degree in the field can earn significantly more. In fact, the top 10% of accountants and auditors earned more than $128,680 per year. By investing in a master’s degree in forensic accounting, you could potentially earn even more.
- It accelerates your career path – By obtaining a master’s degree in forensic accounting, you’ll have the opportunity to advance your career much more quickly than those with only a bachelor’s degree. This is because a master’s degree provides you with a deeper understanding of the field and the skills needed to take on more advanced roles.
Top Forensic Accounting Careers
There are many different career paths you can pursue with a master’s degree in forensic accounting, but some are more popular than others. Below is a list of the top forensic accounting careers as well as common jobs in forensic accounting.
As a forensic accountant, you’ll use your accounting skills to investigate financial crimes, such as fraud and embezzlement. This could involve analyzing financial records, interviewing witnesses, and testifying in court.
As a fraud examiner, you’ll investigate allegations of fraud within an organization. This could involve conducting interviews, analyzing financial records, and working with law enforcement agencies.
Internal auditors are responsible for ensuring that companies comply with laws and regulations and maintain accurate financial records. They may also investigate financial irregularities and provide recommendations for improving financial practices within a company.
Fraud investigators specialize in investigating financial fraud and may work in a variety of settings, such as government agencies, insurance companies, or private corporations. They use their forensic accounting skills to analyze financial records and transactions, interview witnesses, and gather evidence to build cases against suspected criminals.
Litigation Support Professional
A litigation support professional provides support to attorneys during legal proceedings by preparing financial evidence, conducting financial analysis, and providing expert testimony.
Risk Management Specialist
A risk management specialist identifies and mitigates financial risks within an organization by implementing policies and procedures to minimize risk exposure.
Forensic Technology Specialist
A forensic technology specialist uses technology to investigate financial crimes, such as cybercrime and digital fraud.
A valuation specialist determines the value of a company or asset for purposes such as mergers and acquisitions, financial reporting, or litigation.
Anti-Money Laundering (AML) Specialist
An AML specialist ensures that a company complies with laws and regulations related to money laundering and terrorism financing.
Accelerate Your Forensic Accounting Career Path with an Online Master’s Degree
A master’s degree in forensic accounting can open the door to many more career opportunities, increase your earning potential, and accelerate your career path. Choosing an online master’s degree program in forensic accounting can provide you with the flexibility you need to advance your education while still meeting your other obligations.
Stevenson University Online offers a fully online Master of Science in Forensic Accounting program that can help you accelerate your forensic accounting career path. Our program is designed to provide you with the knowledge and skills needed to succeed in a variety of forensic accounting careers.
Contact our enrollment counselors today to learn more about our Master’s in Forensic Accounting program.