History

• It is believed that the first known use of forensic accounting in the United States was in the trial and conviction of notorious mobster, Al Capone. However, duties similar to the field of accounting have been recorded as far back as ancient Egypt, with the advisers to the Pharaohs who kept track of the riches of these mighty leaders. Today, forensic accounting has become a standard practice for many accountants, and masters degree programs have started to spring up all over the nation specializing in forensic accounting. In fact, in 2002 U.S News and World Report predicted that Forensic Accounting would be one of the top 20 hot job tracks of the future (U.S. News and World Report, February 18, 2002 p 46-48, 50).
  
  

Function

• A forensic accounting degree will bestow you with a wide variety of knowledge. During the degree program, a student takes a mixture of law, accounting, and criminal justice classes. The function of this degree is for the student to obtain a solid knowledge in how to conduct investigations and research into loss prevention, asset protection, security fraud, embezzlement, money laundering, bankruptcies, and risk control. The job of the forensic accountant is to protect the business as well as the public from fraudulent activities that could possibly affect the company's wellness as well as its stock price.
  
  

Significance

• A student who graduates with a degree in forensic accounting will use accounting and criminal law and procedure to prevent white collar crime (non-violent crimes that are common in the commercial sector and used for financial gain). Forensic accountants work closely with the government and law enforcement to help discover, prosecute, and convict criminals within businesses around the nation. Without their research and investigations, many financial criminals would continue to embezzle, steal, and lie without consequence.
  
  

Time Frame

• There are a couple of different ways to go about receiving education in forensic accounting. Some colleges offer a 4 year track program with a degree in accounting and a specification in forensic accounting. However, a more common way to enter the field is through a two-year master's degree program in forensic accounting. Some colleges also offer continuing education courses for accountants who already have received a degree and wish to augment their skills with courses in forensic accounting.
  
  

Potential

• With a degree in forensic accounting, graduates can expect to work in a wide variety of locations, including government, private sector, and law enforcement. Job titles include: loss mitigation specialist, fraud investigator, federal tax compliance officer, loss prevention, risk manager, to name a few. Salaries start around $25,000 a year and can reach as high as six figures for management positions.