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UA introduces new law and accounting joint degree option
There’s a brand new joint degree available to students attending The University of Akron. On Dec. 15, educators at the university officially announced the start of the Juris Doctor and Master of Science in Accountancy – Financial Forensics (J.D./MSA) program. Students already have a number of joint degree choices available, including the ability to combine a law degree with a master of business administration or a master of taxation. The new program prepares future attorneys to handle all facets of a fraud investigation. Pictured is Dr. Thomas Calderon, professor of accounting and chair of the George W. Daverio School of Accountancy. (Photo courtesy of The University of Akron)
SHERRY KARABIN
Legal News Reporter
Published: December 31, 2014
There’s a brand new joint degree available to students attending The University of Akron.
On Dec. 15, educators at the university officially announced the start of the Juris Doctor and Master of Science in Accountancy – Financial Forensics (J.D./MSA) program at a symposium called “Facing Fraud Head On.”
Students already have a number of joint degree choices available, including the ability to combine a law degree with a master of business administration or a master of taxation. The new program prepares future attorneys to handle all facets of a fraud investigation.
“This idea has been brewing for several years now,” said Dr. Thomas Calderon, professor of accounting and chair of the George W. Daverio School of Accountancy. “Nationally and internationally there has been an uptick in the number of large-scale fraud cases. The Foreign Corrupt Practices Act, which has been around for years, has also been getting a lot more attention recently.
“In addition, the state government in Ohio has been focusing on fraud prevention. All these factors are the perfect storm for a program like this one.”
Calderon said the idea was approved last year but school officials did not have enough time to promote it so they held off on its launch. Those who sign up now will begin taking courses in September 2015.
“Students will receive a full master’s in accountancy and a full juris doctor,” said Calderon. “They can expect a heavy dose in how to prevent and prepare evidence in cases involving fraud, economic crime and money laundering.
“Prior to this program, you would have students who are well trained in financial accounting who would focus on tracking down the money stolen in a scam and then lawyers would build a case for prosecution. This program will produce graduates who can follow the money and offer legal solutions to their clients.”
To complete the degree, he said students would need a minimum of seven semesters.
“If the person has an accounting background, he/she will likely finish with only one more semester than law school,” said Calderon. “If the person has a degree in English, he/she will need to complete two semesters of required foundation courses before beginning the program. A student in this situation could need as many as nine semesters to get both degrees.”
Required non-foundation courses range from Enterprise Risk Assessment and Assurance, Contemporary Accounting Issues and Advanced Financial Reporting and Analysis to Expert Evidence, Fraud and Financial Forensics and Tax Crimes and Forensics.
Calderon will be overseeing the Capstone project in which students will be asked to apply their forensic accounting knowledge to solve problems. “Most students will likely do an internship in financial forensics to satisfy the requirements of this course,” he said.
In order to ensure that all relevant topics are covered, Calderon said a financial forensics council has been created. Members include Michael Humphrey, managing director of KPMG’s Forensic Services, Gregory Blate, managing director at Veritas Solutions Group, Susan Markel, managing director in the Financial Advisory Services group at AlixPartners, William Keevan, senior advisor at Chess Consulting, Terry Vincent, a partner at Brouse McDowell and Raymond Dunkle, II, a partner at BCG & Company.
“The timing of this program is perfect,” said Dunkle. “Forensic accounting has been maturing. Fifteen years ago most CPA (certified public accountant) firms responded to clients’ concerns of theft or internal fraud reactively, whereas now we have firms with dedicated forensic accounting departments who have full-time employees working to deter and detect fraudulent activity. This program will give us employees with stronger skills from the start.”
“It is a great opportunity to assist in equipping the next generation of professional talent in this field of emerging studies,” said Humphrey, who will serve as an adjunct law and accounting professor, teaching matters related to fraud and financial forensics.
“As an attorney, accountant, certified fraud examiner and certified financial crimes investigator, I see a real benefit of having attorneys schooled in what accountants provide and educating accountants on legal matters attorneys face with respect to financial forensics.
“This joint program is a great start to equip you in addressing the various types of fraudulent activities we face in today’s global financial marketplace,” said Humphrey.
Danielle Shaffer, a first-year student at The University of Akron School of Law, said she heard about the degree last year and was considering pursuing it.
“Fraud prevention has become such a prevalent area that jobs are now available in many new places,” said the 23-year-old Shaffer. “I was very interested in forensic accounting until I did my internship at Ernst & Young. They did not have a forensic accounting internship in Ohio so I worked in the tax area, which I really liked.”
She said she is now looking to become a tax attorney. “I still think this program offers a great opportunity for students because the combination of the excellence of the George W. Daverio School of Accountancy and prestige of Akron Law will allow students to achieve a unique education that will afford them the ability to distinguish themselves from the other candidates seeking jobs upon graduation,” said Shaffer.