MBA in Fraud Management

With an ever growing increase in corporate scandals and extensive legislations being passed, the demand for individuals with fraud detection skills is on the rise. Fraud management along with business knowledge is increasingly sought by employers, making an MBA in fraud management a worthwhile degree.
 

What is an MBA in Fraud Management?

The MBA in fraud management degree prepares candidates for fraud investigation and prevention in business. The program builds a solid foundation in accounting, finance and marketing as well. Students are taught how to recognize and handle unethical business practices in the business world.

Those with an MBA in fraud management will be able to stop complex economic crimes from happening. Since no kind of business is safe from fraud, these professionals can work in a variety of industries including:
 

• Banking
• Credit card services
• Retail
• Insurance
• Health care
• Financial services
• Telecommunications

The types of frauds MBA in fraud management professionals may deal are:
 

• Bankruptcy fraud
• Computer fraud
• Anti- trust fraud
• Embezzlement
• Credit card fraud
• Insider trading
• Insurance fraud

Online MBA in Fraud Management degree

Many accredited colleges offer MBA degrees in fraud management. Apart from traditional campus-based programs, these days a number of online institutes offer MBA degrees in fraud management as well. Online programs offer certain benefits. They enable candidates to continue work at the same time by providing a flexible and convenient learning environment. Also, online programs are much less expensive than campus programs due to low cost of online education.
 

Learning Outcomes

The MBA in fraud management aims to instill the following in candidates:
 

• To be able to show an understanding of the interaction between different areas of business with management, ethics, and ever changing societal needs.
• To demonstrate advanced knowledge in all functional areas of business and fraud;
• To demonstrate adequate research skills;
• To be able to make efficient managerial decisions;
• To show competency in interpersonal skills, in writing and in critical thinking from both quantitative and qualitative perspectives.

Admission Requirements

The admission requirements of the MBA in fraud management program may include the following:
 

• A four year bachelor’s degree in business or related field;
• A CGPA of above 3.0; In case of low CGPA, GMAT scores may be required;
• Letters of recommendation;
• Work experience may be preferred or compulsory;

Duration

The MBA in fraud management program is usually two years long. However, the exact duration may vary according to the enrollment status of the student.
 

Curriculum

The curriculum of an MBA in fraud management program may constitute of business core courses, fraud management core courses, and electives.

The business core courses may include the following:
 

• Core topics in management
• Managerial economics
• Financial reporting and analysis
• Advanced financial management
• Quantitative analysis for management

The fraud management core courses include concentrations in fraud management. The course list may include the following:
 

• Management for fraud prevention and detection
• Legal and regulatory issues for fraud management
• Strategic management and leadership
• Seminar in fraud management

The elective courses may include the following:
 

• Advanced fraud investigation and analysis
• Forensic accounting
• Assurance and forensic accounting
• Information and communication security

The above mentioned curriculum and details are typical for many programs. However, they may differ by varying amounts between schools. To get the exact information, kindly consult your admissions advisor.
 

Career Opportunities

MBA graduates in fraud management may work in a variety of professions in both public and private sectors. These professionals usually work in areas such as fraud investigation, examinations, analysis, and compliance. They may also undertake various research and leadership positions in government, corporate businesses or retail. Following lists some of the careers graduates may pursue:
 

• Fraud Examiner/Investigator
• Government Accountant
• Independent Auditor
• Forensic accountant
• Internal Auditor
• Financial Examiner
• Compliance officer
• Law Enforcement personnel

Fraud Investigator

Fraud investigators gather evidence and prepare reports. They also testify the findings about resolution of fraud cases.  They may also supervise various fraud detection and prevention activities.

Median annual salary in 2012: $61,160 (O*net Online).
 

Financial Examiner

The tasks of financial examiners include ensuring compliance with laws related to financial institutions and real estate transactions.

Median annual salary in 2012: $75,800 (O*net Online).
 

Accountants and Auditors

These professionals prepare and examine financial records and ensure that they are accurate.

Median annual salary in 2012: 63,550 (BLS).
 

Compliance Officers

These professionals analyze, evaluate, and investigate compliance of laws and regulations in contracts of license or permits. They also perform enforcement inspections.

Median annual salary in 2012: $ 64,340 (BLS).
 

Internal Auditors

Internal auditors have the responsibility to perform analysis of claim payments and other audit documents.
 

Forensic Accountants

These professionals combine law and investigation knowledge with accounting and finance expertise to spot fraudulent practices.

Choosing an MBA in fraud management will lead to a demanding career. Values such as integrity will be essential for investigative careers in finance. According to the US Bureau of Labor Statistics, graduates with this degree are entering one of the fastest growing occupations over the next seven years.

How Long Does It Take to Complete an MBA in Fraud Management?

A number of schools in America, such as Utica College, are offering a Master of Business Administration (MBA) in Fraud Management, which can be completed within two years. This rigorous program opens a range of avenues for students and trains them for Fraud Management careers in a number of industries such as financial services, retail, insurance, telecommunications, credit card, and banking.

What Are the Requirements to Complete an MBA in Fraud Management?

Students enrolled in Master of Business Administration (MBA) in Fraud Management are required to complete around 18 credits of Business core, 9 credits of Economic Crime, and 3 credits of electives. They have to study a number of modules such as Advanced Fraud Investigation & Analysis, Legal and Regulatory Issues for Fraud Management, Management for Fraud Prevention & Detection, Financial Reporting & Analysis, and Managerial Economics.

How Much Can I Make after Completing an MBA in Fraud Management?

With an MBA in Fraud Management, you can work as Fraud Investigator, Compliance Officer, Financial Analyst, and Internal Auditor. Employment data taken from the US Bureau of Labor Statistics shows that in 2018, Auditors and Accountants earned $70,500 in annual median income. 1,424,000 people were working in this field in 2018.