That Traditional Or Online Master Degree Advances Your Forensic Accounting Career

As any historian of criminal justice will tell you, Elliot Ness and his Untouchables didn't bring down Al Capone. What finally put the boss of all bosses away were the actions of a man named Frank J. Wilson. Wilson audited Capone's financial records and nailed the gangster on tax evasion. Thus forensic accounting was born.

Move on nearly 80 years later and Forensic Accounting is one of the most in-demand occupations in the U.S. This interdisciplinary occupation has become particularly relevant after the recent real estate collapse caused by shady mortgages and the subsequent fall of companies like AIG, Lehman Brothers and what feels like half of Wall Street. The public wants to know what caused this collapse in detail, and pouring over the financial records is a good way to uncover any malfeasance.

At the same time, this is an occupation that not only includes its share of accounting and particularly auditing knowledge, but also its measure of criminal justice expertise. This means a student who wishes to go down this career path will need a masters degree, minimum, plus certification. In all, this is a five to six year education process on the average. Further, that kind of education can put a student deep in debt if he or she doesn't plan carefully.

The trick is to realize that this occupation truly is a cross-disciplinary occupation. Therefore, a student needing financial aid can tap into the aid available for both accounting/auditing and law enforcement.

Not that there aren't scholarships specifically created for those in the field. For example, there is the Richie-Jennings Memorial Scholarship, created by the Association of Certified Fraud Examiners. It can contribute up to $1,000 a year. The FBI also has its Common Knowledge Scholarship, which will contribute as much as an additional $1,000 a year.

At same time, a student shouldn't limit him or herself to strictly forensic accounting grants and scholarships. They should also examine such organizations as the American Institute of Certified Public Accountants, even the Internal Revenue Service. On the criminal justice side, there are an equal number of organizations out there to help fund your education. In other words, all these groups need accountants, and many are willing to help foot the bill for their continued education. Don't forget such standard packages as the Pell Grant, SEOG, Lifetime Learning for post-grads or similar programs as they can also take thousands off of the tuition bill.

While it's critical for any accounting student to sit down and do their own share of research, it does not hurt to do it with their on-campus or online college's financial aid advisor. These people are specifically there to help make getting the cash easier for the student. This includes everything from suggesting even more sources to doing the paperwork.

Online Education Eligible For Traditional Scholarships and Grants

Private colleges and universities are known for small class sizes where students receive individual attention. These same institutions tend to offer frequent opportunities for involvement, more study abroad opportunities and boast higher graduation and retention rates, according to the Wisconsin Association of Independent Colleges and Universities. Many also associate a private education with pricey tuition.

While tuition and associated school fees at private colleges and universities are often higher than those at public institutions, scholarships and grants can greatly offset the cost. In fact, financial aid has been increasing and accelerating at private institutions, Bloomberg Businesweek recently reported. Scholarships, grants and other forms of financial aid at private colleges and universities between this coming fall semester and the fall of 2009 increased by 6.8 percent as compared with tuition and fees, which rose by 4.5 percent, according to a June report from the National Association of Independent Colleges and Universities.

Private institutions aren't only slowing tuition hikes and enhancing scholarships for campus and distance learning programs. In some instances, they're freezing tuition and offering three-year degree programs, National Association of Independent Colleges and Universities President David L. Warren was quoted in a news release as saying. "Our colleges are redoubling their efforts to keep out of pocket costs as low as possible for students and families...," National Association of Independent Colleges and Universities President David L. Warren was quoted in a news release as saying. "The bottom line for consumers is that they should not rule out a private college just because of the price tag."

The average published tuition and fee at private colleges and universities throughout the country is about $26,273, an amount that after financial aid and federal tax benefits came to $11,870, information from the College Board shows. Even for the 2008-2009 academic year, the average net tuition charge for private college and university students in Wisconsin, after financial aid including loans was considered, was $4,737, a web site for the Wisconsin Association of Independent Colleges and Universities shows. Student loans do have to be repaid, but 71 percent of the $18,478 average freshman financial aid package came in the form of grants that do not, the Wisconsin association reported.

Students and families can check the website for the National Association of Independent Colleges and Universities for a list of private institutions that have kept their tuition rates the same as last year. These colleges include the AIB College of Business in Iowa, Culver-Stockton College in Missouri, Fresno Pacific University in California and The Sage Colleges in New York State, according to the site. In Ohio, Ursuline College and the University of Akron have launched three-year bachelor's degree programs, the national association site shows.

Students might also consider saving money that might otherwise be spent on commuting and meal plans, since many private colleges according to a June 2010 report in USA Today have added or are planning to add distance learning options. Some private institutions have seen substantial enrollment increases as a result of new online learning opportunities, the report noted. The USA Today article focused on Christian institutions that an Eduventures consulting group analyst told the reporter have an advantage in the strongly religious United States and a crowded online learning market.

Online college programs themselves offer opportunities to schedule studies between the demands of work and family. Some distance learning programs are entirely online, while others combine time on campus with time online. Scholarships and grants for campus and distance learning programs might be based on financial needs or on instances where students have demonstrated academic success, community involvement, leadership abilities and more.

The Minnesota Private College Fund alone administers an array of scholarships for its 17 member institutions. Students in some instances might have to demonstrate academic success or community involvement and in others might have had to overcome barriers to pursue a degree. The Private College Fund also awards scholarships to students studying specific subjects.

Leading and Transforming Traditional Academic Institutions - Nu Leadership Series

" A skilled Transition Team leader will set the general goals for a Transition, and then confer on the other team leaders working with him the power to implement those goals. "
Richard V. Allen

Just like an alcoholic in denial, higher education must first recognize its problems. Although externally the 4,000-plus academic institutions appear healthy, there are several problems including low college-completion rates, soaring tuitions, and business complaints of inadequate graduates. Davis, author of Future Perfect, argues that traditional educational institutions are trapped in a paradigm; the basic academic structure hasn't changed since the 12th century unless by outside forces. Traditional institutions are designed to educate traditional students, but the current norm is the nontraditional students.

What is causing traditional institutions to slowly change their views on managing their organizations? It is my theory that more knowledgeable students and the market demand are forcing traditional institutions to think differently. Organizational design changes are an intriguing subject for educational institutions because much has not changed since its inception. One of the pressing issues that higher education must bow to is the market.

The quickening pace of technology, global competition, and innovation, has caused students in these institutions to think of themselves as customers. Currently, students are now customers who have the power to force change in an economic manner. Students now have numerous options for being educated or trained. Therefore, students don't need to depend on the local universities to educate them. They can seek the universe for the right program with the correct fit.

Nadler and Tushman, management experts, argue that market forces have transformed the rules of engagement for organizations. Berg, author of Lessons from the Edges, maintains that the market has increased dominance of professional programs in higher education. The nontraditional student can be traced back in American history. On June 22, 1944 President Franklin D. Roosevelt enacted the "GI Bill of Rights."

The passing of this legislation brought the enrollment of 1,013,000 veterans into American campuses; however, many administrators at the time view it as converting these noble institutions into "educational hobo jungles." Likewise, today's academic traditionalists complain about the erosion of the traditional student by catering to adult learners. Clearly, these market reactions should make any reasonable person rethink their organizational processes.

Unfortunately, established universities continue to fight to maintain their academic monopolies, but they don't understand the consequences of their inactions. Established universities should be nervous about current social trends. Non-traditional universities, like the University of Phoenix, are becoming more popular with both traditional and nontraditional individuals.

In volatile markets, change is rapid. Nadler and Tushman, authors of Competing by Design, maintain that managers should adapt in the following ways: (a) develop a rudimentary understanding organization design for an inherent competitive advantage and (b) recognize effective organizational design as ongoing.

Students, governments, and tax payers are becoming less patient and more demanding of traditional institutions. Traditional academic institutions are then forced to recognize their problems. Therefore, academic leaders should listen to the demands of the marketplace if their organizations want to survive the Knowledge Worker Revolution.

References:

Berg, G. (2005). Lessons from the Edges. San Francisco: American Council on Education Praeger.

Clayton, M. (2002). New models for higher education. The Christian Science Monitor. Retrieved May 5, 2006, from http://www.csmonitor.com/2002/1001/p11s02-lehl.html.

Davis, S. (1996). Future perfect. New York: Addison-Wesley.

Nadler, D. & Tushman, M. (1997). Competing by Design. New York: Oxford University Press.