Fraud Management

If you love the idea of getting an mba that will allow you to investigate unscrupulous CEOs and dig deep into a company’s books to see if they’ve been cheating their employees of valuable profits, then you might be interested in getting a fraud management mba.

Why Get A Fraud Management MBA?

Enrolling in a fraud management mba program is going to prepare you for a highly specialized field that is as interesting as it is rewarding.  And, you’ll have no shortage of opportunities in this field.

According to a 2007 global economic crime study by PricewaterhouseCoopers, 43% of the companies they interviewed had fallen victim to some kind of economic crime.  The average loss from these companies, per incident, was $2.4 million.  And, 80% of the companies who were victimized said it caused significant damage to their business.

The survey also reported that a significant number of perpetrators were in senior levels of management.

With a fraud management mba, you’ll be in a position to stop these complex economic crimes from happening.  And no business is safe from fraud, which means you’ll get to work in a wide variety of industries ranging from credit card services, banking, insurance, health care, retail, telecommunications, and financial services.

So, what kinds of fraud will you be investigating with a fraud management mba?

Here is a list of typical “white-collar” crimes that might find their way onto your desk:

  • Anti-trust fraud
  • Bankruptcy fraud
  • Computer fraud
  • Credit card fraud
  • Embezzlement
  • Identity fraud
  • Insider trading
  • Insurance fraud
  • Money Laundering
  • Price Fixing
  • Perjury

Interested yet?  You should be.  Fraud management is fascinating, but it’s not cut out for everyone.  If you’re interested in pursuing this mba degree, then here’s what you need to succeed.

First, you need to be an excellent problem solver, and have the ability to pay attention to small details.  Because many of these cases are so complex, it’s important that you have patience and be willing to wade through mounds of data to find what you’re looking for.

It’s also vital that you be an excellent communicator and have good interpersonal skills.  You’ll be managing teams of people, and perhaps (if you’re a consultant) working with new clients all the time.  Being able to work with difficult people is a must.

Fraud management is definitely not a career for everyone, but it can be incredibly rewarding if you’ve got the passion and the right personality.

Fraud Management MBA Programs: What You’ll Learn

The classes you’ll take for a degree in fraud management are fascinating.  And because economic fraud is becoming increasingly more complex, the courses you’ll be studying have to match that.  Some of the classes you might see in this mba program include:

  • Legal Issues in Fraud Management
  • Advanced Fraud Investigation
  • Information and Communication Security
  • Research and Analytical Methods in Fraud Management
  • Management of Fraud Prevention and Detection

Because a fraud management mba is still, at heart, an mba, you’ll be spending a lot of time studying business itself.  This will enable you to understand how businesses operate, and will serve you well when you begin doing investigations on your own.

Careers With An MBA In Fraud Management

The Bureau of Labor Statistics reports that graduates of fraud management programs can expect to earn $68,000 if they’re in a management position, $85,000 in the securities sector, and $72,000 as consultants.

The U.S. Department of Labor reports slightly higher earnings for upper level managers: $59,000- $112,000.  A lot depends, of course, on the size of the company you’re working for.  Larger companies usually pay much more than smaller companies.

And, as we pointed out earlier, no business is immune to fraud, which means that you’ll have no shortage of work in the years to come.

The Department of Labor also estimates that the field of fraud management is going to keep growing about as fast as other industries.  Because the field is so specialized, not a lot of people choose to get this degree, which means there should always be a demand for your services.

As you can see, getting a fraud management mba can put you on the path to a highly rewarding, lucrative career.  Plus, you’d get the satisfaction of knowing that you put some unscrupulous executives behind bars.  And that’s a good thing to work for.

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