Where do I even begin? ( goal is Forensic Accounting)

I am currently trying to determine the best (most efficient, highest quality, and least expensive) course of action to enter the accounting industry (eventually specializing in Forensic Accounting. A little about me...

I earned an undergraduate degree in a field unrelated to business over 10 years ago in another state. The few jobs I have had over the course of the next few years were either in my degree field or basic bookkeeping positions for various small businesses. Since I married soon after that and had children, I have been out of the workforce for 10 years. I plan to enter some form of post-secondary education by Fall 2013 (since my youngest will be school-age) with the goal of finishing my academic career within ~7 years. Although this is flexible, I would rather not repeat undergraduate classes and have to pay for them. I am a resident of the Tampa Bay area in Florida.

I won't go into great detail about how I came to Forensic Accounting as a conclusion, so this is not up for discussion. So, how do you get from "here to there?" I was pleasantly surprised to find that some Master's programs may accept an unrelated undergraduate degree. This would exclude starting with a Bachelor's again- worrying about transferring age-old credits and possibly retaking classes that don't transfer. I understand I may need to focus on Accounting first, then specialize in Forensic Accounting later.

A program limited to online-only followed by cost (FL graduate programs average close to 400$ a credit hour) seem to be my biggest priorities unless it was a school very close to me and participation allows for part-time. I also have no idea what I would score on the GMAT. I would be able to give myself about a year to study and take the exam. Math is and was always my strongest subject. I also believe a degree from a school with AACSB-accreditation is the wisest choice.

I found a Master's program at Florida Atlantic University, but the online-only program (although concentrated in Forensic Accounting) appears to be highly selective in their acceptance rate and geared towards working professionals. I don't think someone with an unrelated undergraduate degree, no work experience, and no CPA credential would be accepted.

So, where do I go from here? Any ideas?

 

Bumpity...

 

From the Greayt State of Florida:

Well, I really had to stretch myself intellectually to try to remember which one this was but I finally fou nd it. And I am now able to prove it, I knew it, there was one. I was reflecting back upon my MBA Sticky, hereinabove, wherein I break down a list of some 420 DL MBAs on the basis of "From the Great State of ...", that somewhere, therein there was an online master's in forensic accounting. And I was darn near sureof it that it was From the Great State of Florida. And here it is, just for you: "Florida Atlantic University Welcome to Florida Atlantic University offers the MAcc in Forensic Accounting, the MAcc General, the MBA Accounting, and the Executive MTax. At $270/hr. in-state and $915.87/hr. out=of=state, the 30 hr. MAcc and MTax programs cost $8112 in-state and $27,476.10 out-of-state while the 40 hr. MBA in Accounting costs $10,816 in-state and $36,634.80 out-of-state." There may be others.

 

From the Great State of Massachusetts:

Western New England College www.wnec.edu offers an MS in Accounting (with majors in Forensic Accountiung/Fraud Investigations and Taxation) online. Tuition: $18,960. Accreditation: New England Association and AACSB.

 

From the Great Staste of New York:

Utica College
MBA in Fraud Management

 

Hi Sharon and welcome.

After reading your request and looking at the FAU info, I think you should look at taking a set of courses or a certificate in accounting before you apply, as FAU looks pretty selective. But since you're in Florida, I'd see if you can talk to an advisor there first. If you took 3-5 undergrad level classes, you would be at the same place as someone with a general business degree who wanted to get an MAccc or a CPA license. Since you didn’t have accounting as an undergrad, you’re not repeating anything.

For example, UC Berkley has this certificate Certificate Program in Accounting — UC Berkeley Extension which would make you a very viable candidate for a masters' degree.

But ask the school - you may only need a few accounting classes, as it looks like FAU lets in quite a few non-CPAs. You could even take the GMAT, apply and if not accepted, then try taking some classes.

Taking the classes before enrolling may make the program less painful when you do get in, and seven years gives you a lot of time to finish (as opposed to someone who needs a CPA license right now for a new job).

I am a big believer in getting an online degree from a school local to the area where someone lives if possible, as it just makes sense for networking and name recognition. So you're lucky that FAU has a good program. If FAU isn't the cheapest route, then look at the other schools that have online programs that Ted linked to.

 

Almost forgot...

I should mention that if you want to be a CPA, you should check the Florida state rules, which should tell you the required classes that you would need to take before you can sit for the exam. This may mean that the Masters in Acconting would not be enough to let you sit for the CPA exam.

The University of West Florida has a post-BA accounting certificate online to prepare people to sit for the CPA exam. This is another option instead of the UC Berkley courses. This link shows the requirements for Florida CPAs. UWF - Department of Accounting & Finance - CPA Examination Requirements - Florida

You should also check to see if you can find out what hiring employers look for when they hire forensic accountants: It may be that someone might need acconting experience before they would be hired. Getting your CPA as an intermediate step might be useful.

 

Just to note...sorry for the typos. I do know how to spell "accounting" - I just can't type it.

 

Accounting

My two cheles: I would suggest to take accounting courses at Bachelors level face to face, accounting is not easy to understand and by working with others it would help you understand the concepts, practices and theories. If you still want to go the online route there is Peru State College which has a degree program (BBA) in accounting that will meet the CPA requirements in Florida. If you go at the Master level route, you will have to do all those undergraduates courses in accounting first and the you will be allowed to continue at the Master levelmfg:. Also check the Certified Fraud Examiners website for more information and requirements in entering forensic accounting.

 

Great info, I want to add that I've applied to Peru State and so far their service is excellent. It's a good value too.

Good Luck to OP

 

I agree with the above posts regarding educational options. To get a true picture of how to get into Forensic Accounting, you may also want to look at current job postings for this field to see what education and experience are required to get these positions. As many of these jobs are in public accounting firms, I would think that the Certified Public Accountant (CPA) and Certified Fraud Examiner (CFE) designations would be required (or at least nice to have) for more senior positions. For entry level positions, if you are enrolled in these programs, that may be enough to get you in the door.

For relatively inexpensive undergraduate accounting courses, which are also well regarded, you may also want to consider the LSU Certificate in Accounting:

https://is.lsu.edu/ACCTCertificateProg.asp

These courses would be useful in terms of satisfying the accounting prerequisites for Masters in Accounting programs as well as the CPA.

You may also want to consider the Certified Management Accountant (CMA) and the Certified Internal Auditor (CIA) designations, as they would also be relevant for accounting (CMA) and audit (CIA) positions. As well, the prerequisites for these designations are less onerous than the CPA.

CMA Designation - CMA | How to Get Started

CIA Designation - https://na.theiia.org:443/certification/cia-certification/pages/cia-certification.aspx

Related to the above, your bookkeeping experience for small businesses may count toward the experience requirement for some of these designations (especially the CMA).

Good luck!

Michael Weedon, CA

 

Forensic accounting is not regulated and you don't need an accounting degree to practice this area. Most companies would ask for a CFE (Certified Fraud examiner) with working experience in fraud investigations. You don't need an accounting degree to get the CFE credential.

Forensic accounting actually requires little accounting background, most of the program is focused on fraud investigation, law, computer fraud analysis,etc. Most people that I know that work in this area are not accounting majors but most have at least a CFE.

Another credentials are the Forensic Certified Public Accountant and the Certified in Financial forensics, both of these credentials require a CPA.

The masters in forensic accounting would become useful if you want to teach forensic accounting but the CFE, CFF or FCPA are more useful for work in the area.