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:
Credit card services
The types of frauds MBA in fraud management professionals may deal are:
Anti- trust fraud
Credit card 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.
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.
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;
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.
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
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
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.
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:
Law Enforcement personnel
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).
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).
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 have the responsibility to perform analysis of claim payments and other audit documents.
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.
Frequently Asked Question(s)
Q:How many credits are there in the MBA Fraud Investigation?
A:The Master of Business Administration in Fraud Investigation program has a total of 54 credits. These credits are gained by completing the courses for the degree. Offered courses in the MBA in Fraud Investigation include cyber crime, security protocols, business management, financial management, investments, and fraud investigation.
Q:Can I apply for the MBA in Fraud Investigation on the basis of LLB?
A:Yes, you can. LLB and Bachelors of Law students have a thorough insight of the criminal and corporate law as well as other legal systems. A combination of legal studies and MBA in Fraud Investigation can get you quite lucrative jobs.
Q:What is the duration of MBA in Financial Investigation?
A:Typically, the MBA in Financial Fraud Investigation is a two year program. However, the duration can be different if it is pursued online and/or in the accelerated or the executive program. The accelerated MBA program can be completed within 18 months, the executive program is for more than three years, and the online program is self-paced. Hence, students can take as much time as they see fit to complete the online program.
Q:Searching about online MBA and fraud got me wondering about online qualifications. What are the advantages of online education?
A:Students pursuing online qualifications like MBA in Fraud Management have the opportunity to study and learn at their own convenience without rushing through to meet deadlines. This allows students to completely understand the subject. Online qualifications are relatively cheaper with students saving money on commute. The syllabus for these qualifications is just as comprehensive as the normal campus based ones. These qualifications are ideal for students already working or home makers looking to improve their resume.
Q:What will I learn in a Finance Fraud Investigation MBA program?
A:Students enrolled in Finance Fraud Investigation MBA program will learn about fraud management. Some of the courses covered in this program are Strategic Management and Leadership, Legal and Regulatory Issues for Fraud Management, Fraud Prevention and Detection, Fraud Investigation and Analysis, Forensic Accounting and Quantitative Analysis for Management. There is huge potential for students interested in pursuing this program.
Q:What are the contents of the course on Essentials of Sociology in the Fraud Investigator MBA program?
A:The Fraud Investigator MBA program has a comprehensive course on Essentials of Sociology. This course is worth 2 credits in total. It is designed to provide students with ample understanding of the different levels of questions, terminologies as well as theories that are needed in understanding a group of individuals. Hands on experience is also provided.
Q:Can I pursue an mba in fraud investigation online?
A:There are many universities in the US that are now offering mba in fraud investigation online. With an online degree you can either accelerate or slow down the coursework based on your personal requirements and lifestyle. Along with that you can also save on the cost of tuition as well as living costs associated with on-campus degree.
Q:What career can I hope to have after my mba in fraud management?
A:Graduates with an MBA degree have many employment opportunities ahead of them. With a course like Fraud Management the best suited jobs will be ones related to financial corporations. The most common jobs are; Fraud Investigator, Accountant/ Auditor, Compliance Officer, Financial Examiner, Internal Auditor and Forensic Auditor. Graduates may also choose to be self-employed as a consultant.
Q:How long are fraud investigation mba programs?
A:A Fraud Investigation MBA can be undertaken part time or full time, on-campus or online. The duration of the MBA will vary according to all the above mentioned factors along with the directives of the school you will be studying at. A part time study course will usually take two years of study, however with an online MBA you can set your own pace of study and can shorten or lengthen the course duration based on your preference.
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