A new MBA programme for Chartered Accountants as well as students with a Science background having an interest in Finance facilitates the detection of financial fraud.
It is the era of scams. Most financial institutions and multinational companies have not been immune to chronic problems of money laundering, finance fraud and bankruptcy. While Chartered Accountants (CA) are hired to manage the books of a company and audit its finances, they are not completely skilled to spot a financial fraud.
Keeping this in mind, the BML Munjal University has introduced a MBA in ‘Accounting and Finance’ with a focus on Forensic Accounting and Corporate Fraud.
“Before designing and launching this programme, we consulted financial firms, and identified their need to hire forensic accountants,” says Tapan Panda, Dean, School of Management.
Earlier companies would hire CAs and then train them in forensic accounting and corporate fraud for almost a year. “This would prove to be an expensive deal for the company,” says Panda. Not only would companies lose out on precious time and money on a qualified hired employee, but they were also not able to train them effectively in the concept and master it.
CA students and professionals stand to benefit from this new course. It will be beneficial not only in terms of finding a good job but also a lucrative salary. Their financial knowledge will be handy.
This two year full time programme will train students with the skill to capture fraud in financial transactions and all other kinds of business crimes. Also included in the curriculum is the information on both Indian and Global Accounting Standards.
“Since we are also teaching scientific techniques of identifying financial fraud, those with a Science background can also do the course,” mentions Panda.
Graduates of this programme can work in firms like KPMG, Ernst and Young, Deloitte etc.; IT companies and export firms which do business with other countries.
Employment opportunities are also available in multinational companies with operations in India, and Indian conglomerates with business set-ups abroad could hire these forensic accounting professionals.
Those with a CA background and an MBA in forensic accounting can expect a yearly salary anywhere in the range of Rs 16 to 20 lakhs.
“Those with a Science background will always be a step behind in salary as compared to the CAs graduating out of this course,” points out Panda.
Terms of eligibility for this course:
- Bachelors degree with minimum score of 60 per cent
- Entrance Exam scores (CAT, MAT, XAT, GMAT, CMAT or ATMA)
- Work experience is preferred but not compulsory
- Tuition fee
- First year: Rs 4.5 lakh
- Second year: Rs 4.75 lakh