Colleges With Forensic Accounting Programs

Although Al Capone is infamous for committing deplorable acts of fraud, vagrancy, bribery, theft, and homicide, he was finally brought to justice by the scrupulous application of a growing subfield of forensics: forensic accounting.

In fact, according to the National Association of Forensic Accountants (NAFA), Capone’s conviction for evading taxes is anecdotally the earliest known use of forensic accounting, a discipline that doesn’t deal with blood spatters and DNA analyses but rather patient examinations of financial crimes such as money laundering, insurance fraud, and embezzlement.

So what can aspiring professionals expect to learn in a forensic accounting program? The Association of Certified Fraud Examiners (ACFE)—one of the primary certifying agencies for this field—reports that forensic accountants offer a variety of investigative services, including analyzing financial data; tracking illicit funds and hidden assets; valuing businesses; preparing reports; communicating findings to cross-disciplinary teams; assessing damage or negligence; and testifying in court as expert witnesses. This career provides a stimulating blend of criminology, ethics, and data analyses.

Read on to discover what to expect from a forensic accounting degree or certificate program—both on-campus and online—and information about professional certification and accreditation.

Meet the Expert: James Hodge

James Hodge is an adjunct professor of accounting at Howard University where he teaches undergraduate and graduate courses. He is a CPA, certified fraud examiner, and certified government financial manager. He is currently serving as director of financial statement audits at the Department of Treasury’s Office of Inspector General.

Before joining Howard, Hodge worked an an auditor for PricewaterhouseCoopers (PwC) in their Washington Federal practice.

ForensicColleges.com: Forensic accounting seems a little bit like the mysterious cousin of the better-known accounting specialties. How would you describe this profession to someone who may only have a cursory understanding of it?

Hodge: Describing forensic accounting like the mysterious cousin of the better-known accounting specialties is a great analogy! Forensic accounting definitely has a bit of mystery to it. While “regular” accounting focuses on keeping the financial records of a business or individual accurate and compliant, forensic accounting is all about investigating those records to uncover potential wrongdoing. Imagine it as shining a light on the dark corners of the financial world.

Here’s how I would describe a forensic accountant to someone unfamiliar with the field: forensic accountants are financial detectives. Think of them as financial bloodhounds. They meticulously go over financial statements, invoices, and transactions, searching for anomalies and inconsistencies. They’re like detectives following a trail of money, except the trail can be digital and paper-based.

Forensic accountants are fraud busters. Their main target is financial misconduct. This can include embezzlement, where someone steals money from a company; fraudulent financial statements, where a company cooks the books to make themselves look better; or money laundering, where criminals try to disguise the source of their illegal earnings.

Forensic accountants are data analyzers. They aren’t just number crunchers. They’re also data analysis wizards. They use specialized software and techniques to identify hidden patterns and red flags that might escape the untrained eye.

Forensic accountants are storytellers with numbers. In the end, the job of a forensic accountant isn’t just to find the evidence but to explain it clearly. They translate complex financial data into a compelling story that can be understood by lawyers, judges, and anyone else involved in the investigation. Sometimes, they even take the witness stand in court to present their findings.

The role of forensic accountants goes way beyond crime. It’s not all about catching bad guys. Forensic accountants can also be brought in for civil disputes, like divorce settlements or business disagreements. They can help value assets, identify damages, and ensure a fair resolution.

So, while a “regular” accountant keeps the financial house in order, a forensic accountant comes in when things get suspicious. They use their accounting expertise and investigative skills to bring financial crimes to light and ensure financial justice.

ForensicColleges.com: What aspect of forensic accounting is particularly exciting to you, and what recent developments in the field do you find promising?

Hodge: Financial criminals are constantly devising new schemes to hide their tracks. This makes forensic accounting a fascinating intellectual challenge. It requires staying ahead of the curve, learning new techniques, and constantly adapting your approach. It’s like a complex puzzle where the pieces keep changing, demanding creativity and critical thinking.

The explosion of digital data in recent years has revolutionized forensic accounting. New tools like data mining and machine learning allow for more efficient analysis of massive datasets. This opens up possibilities for identifying subtle patterns and red flags that might be missed by traditional methods.

Some recent developments in forensic accounting that I find particularly promising include Artificial Intelligence (AI), Machine Learning (ML), blockchain analysis, and cloud forensics. AI and ML algorithms can be trained to identify anomalies and suspicious patterns in financial data much faster and more accurately than humans.

This can significantly improve the efficiency and effectiveness of forensic investigations, especially when dealing with vast amounts of data. Blockchain technology, the foundation of cryptocurrencies, offers a tamper-proof record of transactions. While this can be a benefit for financial transparency, criminals can also exploit it.

Forensic accountants are developing new techniques to trace and analyze cryptocurrency transactions, making it harder for criminals to launder money or hide their assets. With more and more businesses storing data in the cloud, the ability to investigate financial crimes in the cloud environment is also becoming crucial. Forensic accountants are learning how to collect and analyze digital evidence from cloud platforms, ensuring criminals can’t hide behind a digital curtain.

These advancements, along with the ongoing battle between innovative fraudsters and ever-evolving forensic techniques, make the field of forensic accounting a dynamic and intellectually stimulating space. It’s a constant race to stay ahead of the curve, uncovering the truth behind the numbers.

ForensicColleges.com: Could you share any advice for individuals with an interest in your field when it comes to planning their education? Are there particular courses, skills or extracurricular readings that you could recommend?

Hodge: Launching a career in forensic accounting requires a strategic blend of education, skill development, and continuous learning. Building a strong foundation starts with a bachelor’s degree in accounting. Ideally, aim for a program accredited by the Association to Advance Collegiate Schools of Business (AACSB) to ensure you’re receiving a top-notch education. Look for programs that fulfill the educational requirements to sit for the CPA exam in your state.

If your university offers a specialization in forensic accounting, that’s a fantastic option. These programs provide a deeper dive into the specific techniques and knowledge required to excel in this field, such as investigative methods, fraud examination, and the legal implications of financial investigations.

Beyond the core accounting curriculum, there are specific courses that will significantly enhance your forensic accounting toolkit. Auditing courses are essential, equipping you with the skills to critically dissect financial statements and identify potential red flags. Fraud examination courses are a must-have, as they delve into the various types of financial fraud, how perpetrators carry out their schemes, and the techniques used to detect them.

Financial statement analysis courses will sharpen your analytical abilities and hone your eye for detail, allowing you to uncover inconsistencies that might be missed by others. As the world of finance becomes increasingly data-driven, fluency in data analytics and statistics is becoming a game-changer. Familiarity with these tools will empower you to identify patterns and anomalies in massive datasets that could signal fraudulent activity.

Developing a well-rounded skill set is equally important. Forensic accounting requires strong critical thinking and problem-solving abilities to analyze evidence, identify discrepancies, and draw sound conclusions. Excellent communication skills are vital, as you’ll need to explain complex financial concepts to both technical and non-technical audiences. A sharp eye for detail is a must-have, since even the smallest inconsistencies can be the key to unraveling a major fraud. Furthermore, the field is becoming increasingly reliant on technology. Building proficiency in data analysis software, computer forensics tools, and digital investigation techniques will give you a significant edge.

Complement your academic journey by actively engaging with the professional community. Joining organizations like the Association of Certified Fraud Examiners (ACFE) unlocks a wealth of resources specifically designed for aspiring forensic accountants. The ACFE offers student memberships and scholarships, and even connects you with professionals in the field—an invaluable resource for networking and gaining insights.

Consider pursuing internship opportunities at accounting firms with a forensic accounting practice or government agencies that investigate financial crimes. Internships provide invaluable real-world experience and allow you to test the waters of this exciting field.

Finally, fostering a love for continuous learning is crucial for long-term success in forensic accounting. Don’t stop learning! The world of forensic accounting is constantly in flux. Fraudsters develop new schemes, and investigators adapt with ever-evolving techniques.

To stay on top of the changing field, make continuous learning a habit. Subscribe to publications like the ACFE’s Fraud Magazine, ACFE Insights, or The Fraud Examiner to get the latest industry updates. Consider reading books like the Corporate Fraud Handbook: Prevention and Detection by Joseph T. Wells for a deep dive into fraud types and investigative methods. You can also pick up Catching the Wolf of Wall Street by Jordan Belfort, a real-life story of a major financial fraud investigation. By staying curious and current, you’ll be well-equipped to tackle the challenges and opportunities that the dynamic field throws your way.

A passion for learning and a drive to stay ahead of the curve will position you for a rewarding career in the ever-challenging and dynamic world of forensic accounting.

Forensic Accounting Degree & Certificate Program Options

There is a wealth of forensic accounting programs for this class of aspiring professionals, ranging from an associate of science in forensic accounting (AS-FA) to master of forensic accounting (MFAcc) degrees. For many employers, such as the Federal Bureau of Investigations (FBI), candidates should have a bachelor’s degree.

Howard University offers an excellent course in forensic accounting as part of several of its accounting degree programs in the School of Business. Notably, this school is the home of the Center for Accounting Education—a nationwide organization dedicated to tackling African Americans’ unique challenges in the field.

• Location: Washington, DC
• Duration: One term (course only)
• Accreditation: Association to Advance Collegiate Schools of Business (AACSB)

The University at Albany, State University of New York (SUNY), provides a master of science (MS) in forensic accounting accredited by the Association to Advance Collegiate Schools of Business (AACSB). This one-year master’s program fulfills the 150-hour education requirement for CPA licensure.

This 30-credit one-year program is ideal for undergraduate majors in accounting seeking specialized, employment-ready skills and produces graduates who are “highly recruited” by 16 renowned governmental and private organizations internationally. With courses such as financial statement analysis, advanced management accounting, and digital forensics, this SUNY school prepares students to become certified fraud examiners (CFE).

• Location: Albany, NY
• Duration: One year
• Accreditation: Association to Advance Collegiate Schools of Business (AACSB)

The University of Colorado, Denver (UC Denver) offers a 30-credit master of science (MS) in accounting with a specialization in auditing and forensic accounting. This program imparts the fundamentals of the discipline, such as internal auditing, fraud examination, and financial reporting. It makes students proficient in the US Generally Accepted Accounting Principles (GAAP) and international standards. Students can choose to attend full- or part-time and attend classes with a 7:1 student-faculty ratio.

The program curriculum is focused on passing the certified professional accountant (CPA) exam offered by the American Institute of CPAs. The GMAT and GRE are optional for admission, and a dual MS/MBA degree optional is available.

• Location: Denver, CO
• Duration: Two years
• Accreditation: Association to Advance Collegiate Schools of Business (AACSB)

Common Courses & Requirements for Forensic Accounting Programs

Here are common application requirements & prerequisites, courses, and sample programs for each level of forensic accounting program:

Associate’s Degree in Forensic Accounting

• Application Requirements & Prerequisites: Official transcripts from all secondary (and/or postsecondary) coursework with a competitive GPA, personal statement, Test of English as a Foreign Language (TOEFL) scores for non-native speakers of English, application fee
• Common courses: Intermediate accounting, fraud examination, legal elements for fraud, interviewing techniques for fraud investigations
• Sample program: Franklin University

Bachelor’s Degree in Forensic Accounting

• Application Requirements & Prerequisites: Official transcripts from all secondary and/or post-secondary institutions with a competitive GPA (e.g., >3.0), completion of specific coursework (e.g., high school level mathematics or statistics), personal statement, Scholastic Aptitude Test (SAT) or American College Test (ACT) scores, TOEFL scores for non-native speakers of English, application fee
• Common courses: Principles of accounting, business law, law and fraud, auditing, business communication, marketing, cost management, federal income tax, corporation & partnership taxation, quantitative methods & analysis, general education requirements (e.g., English composition, mathematics, sciences, arts & humanities)
• Sample program: Wayne State University

Master’s Degree in Forensic Accounting

• Application Requirements & Prerequisites: Official transcripts from a bachelor’s program (e.g., accounting, business, economics, or a related discipline) with a competitive GPA (e.g., >3.0), completion of specific coursework (e.g., accounting, economics, finance, auditing, etc.), personal statement, interview (in-person or web-based), letter(s) of recommendation, Graduate Record Examination (GRE) or Graduate Management Admission Test (GMAT) scores, TOEFL scores for non-native speakers of English, application fee
• Common courses: Financial reporting, forensic & fraud examination skills, fraud data analysis, fraud criminology, investigation of financial fraud, advanced analytical techniques, internal auditing, business valuation, forensic accounting capstone or thesis project
• Sample program: Southern New Hampshire University

Graduate Certificate in Forensic Accounting

• Application Requirements & Prerequisites: Official transcripts from post-secondary program (e.g., accounting, economics, business, or a related discipline), personal statement, resume (i.e., CV), interview, TOEFL scores for non-native speakers of English, application fee
• Common courses: Forensic accounting principles, auditing theory, accounting systems, dissecting financial statements, investigative accounting & litigation support, fraud examination
• Sample program: University of North Carolina, Charlotte

Forensic Accounting Salary & Career Outlook

While the Bureau of Labor Statistics (BLS 2024) does not track data specific to forensic accounting, the growth rate for accountants overall is expected to be 4 percent from 2022 to 2032, which is similar to the national average for all occupations (4 percent).

Forensic Accounting Colleges with Hybrid & Online Options

In addition to ForensicsColleges.com’s list of online forensic accounting programs, the following are four online and hybrid learning options for prospective students that may not be able to commit to an on-campus program:

Southern New Hampshire University (SNHU) provides an online 120-credit bachelor of science (BS) program in forensic accounting and fraud examination. With a focus on analyzing theft, fraud, and financial malfeasance cases, SNHU imparts a wealth of employment-ready skills to its graduates. Courses include cost accounting, federal taxation, and auditing & forensic accounting. This school also offers a 30 percent discount for active-duty service members and their spouses.

SNHU also offers an online MS in accounting with a concentration in forensic accounting, requiring students to take courses in forensic accounting, including interview techniques/legal aspects of fraud and detection and prevention of fraudulent financial statements. Depending on a student’s undergraduate major, students can complete this program with a minimum of 12 and a maximum of 21 graduate courses.

The forensic accounting concentration requires 12 credits of courses in introduction to forensic accounting/fraud exam; detection and prevention of fraudulent financial statements; interview techniques/legal aspects of fraud; and investigating with computers.

• Location: Manchester, NH
• Duration: Four years
• Accreditation: Association to Advance Collegiate Schools of Business (AACSB)

Based in Columbus, Ohio, Franklin University offers an online bachelor’s program for aspiring forensic accountants. Franklin not only has top-notch, hands-on coursework in fraud examination, accounting research & analysis, and corporate governance & internal control assessment but also prepares its graduates to seek national certification, including certified fraud examiner (CFE), certified public accountant (CPA), or certified internal auditor (CIA).

As part of the curriculum, students engage in a simulated investigation of a growing company’s questionable financial statements, streamlining the corporate accounting system using the Microsoft® Visio program, the industry-standard software, as well as learning concepts outlined in educational standards by the American Institute of Certified Public Accountants (AICPA), and the Association of Certified Fraud Examiners (ACFE).

• Location: Columbus, OH
• Duration: Four years
• Accreditation: International Accreditation Council for Business Education (IACBE)

Northeastern University in Boston has an online graduate certificate in forensic accounting. Developed in response to the slew of conspicuous white-collar scandals that have rocked the business world, Northeastern’s curriculum teaches awareness of corporate compliance with the Sarbanes-Oxley 2002 legislation and other financial reform ordinances from 2010.

Northeastern’s 16-credit certificate, which takes 12 to 18 months to complete, imparts the fundamentals of the field by teaching students how to identify and collect evidence of financial crimes through four courses: forensic accounting principles, dissecting financial statements, investigative accounting, fraud examination, and litigation support. The certificate also teaches students how to identify and collect evidence of financial crimes.

• Location: Boston, MA
• Duration: Six to 12 months
• Accreditation: New England Commission of Higher Education (NECHE)

West Virginia University (WVU) in Morgantown offers a 30-credit online master’s program in forensic and fraud investigation (FFE) comprising 10 total courses, six of which are focused on forensic accounting: FFE examination skills, fraud investigation, fraud data analysis, fraud criminology & legal issues, advanced analytical techniques, and advanced fraud investigation. Four of these courses parallel those taught as part of WVU’s nationally ranked MBA program.

Furthermore, the FFE coursework involves performing real-world case studies—analyzing evidence, preparing reports, presenting evidence orally, and offering mock court testimonies. Two short weekend residencies are required as part of this program. This online master’s program can be completed in as few as 12 months via the intensive pathway. WVU also offers a graduate certificate in forensic accounting and fraud examination (FAFE).

• Location: Morgantown, WV
• Duration: 12 to 24 months
• Accreditation: Higher Learning Commission (HLC)

Forensic Accounting Professional Certification

As part of some educational programs, students are offered preparation for various licenses and certifications. As it stands, existing certificates specific to forensic accounting are not as developed or widely recognized as those in general accounting. In fact, Wm. Dennis Huber of Capella University published an article in the Journal of Accounting, Ethics & Public Policy calling into question these entities’ quality, consistency, and vetting processes, preferring to view them as profit-seeking corporations rather than recognized, valid certifying entities. As forensic accounting is a relatively new subfield of the discipline, this may change in the coming years.

That said, there are three recognized professional certifications provided for forensic accountants.

The American Institute of Certified Public Accountants (AICPA) provides the widely known certified public accountant (CPA) license. Most states require at least a bachelor’s degree to qualify and two years of experience and passing a comprehensive exam. Additionally, this group offers the certified financial forensics (CFF-AICPA) designation, created in 2008.

The CFF-AICPA certification is designed for qualified and licensed CPAs who have extensive experience in electronic data analysis, fraud prevention and detection, financial statement misrepresentation, and other essential areas.

The Association of Certified Fraud Examiners (ACFE) offers the certified fraud examiner (CFE) credential following an exam that covers four areas: fraud prevention and deterrence, financial transactions and fraud schemes, investigation, and law. CFEs must complete 20 hours of continuing education (CE) annually to maintain the certification and pay a membership fee.

The Institute of Internal Auditors (IIA) has a certified internal auditor certification (CIA) established in 1973. Candidates must hold at least a three- or four-year postsecondary degree to qualify plus two years of experience or seven years of verifiable experience. Additionally, aspiring CIAs must obtain character reference forms from a supervising, licensed accounting authority. Upon approval, applicants must take the CIA exam within four years.

Forensic Accounting Degree Accreditation

Prospective forensic accountants are encouraged to verify the accreditation status of their schools and programs.

Programmatic Accreditation

The Association to Advance Collegiate Schools of Business (AACSB)—an internationally recognized accreditation body for assessing undergraduate and graduate-level business and accounting programs—evaluates criteria such as the relevance of the curriculum, the quality of faculty instruction, and opportunities offered to students. Offered to only five percent of the world’s 13,000 business schools, this accreditation is a testament to the program’s quality.

Institutional Accreditation

In addition to the AACSB, six institutional accreditation organizations are recognized by the US Department of Education that evaluate entire universities. Organized by region, these agencies include:

• Higher Learning Commission (HLC)
• Middle States Commission on Higher Education (MSCHE)
• New England Association of Schools and Colleges (NEASC)
• Northwest Commission on Colleges and Universities (NWCCU)
• Southern Association of Colleges and Schools Commission on Colleges for the (SACSCOC)
• Western Association of Schools and Colleges (WASC)