From tax evasion to money laundering, when it comes to unraveling financial mysteries, forensic accountants are the unsung superheroes. Combining their investigative and problem-solving skills with their prowess in data analysis, they’re able to solve the seemingly unsolvable.
But how do they do it—and what do they do, exactly?
Today, we’re doing a little sleuthing of our own as we untangle the mystery of forensic accounting.
Forensic accounting is the practice of investigating financial records to uncover evidence of fraud, embezzlement, or other financial crimes. More specifically, forensic accountants are certified public accountants (CPAs), and sometimes certified fraud examiners (CFEs), who specialize in examining the finances of individuals and businesses. They often work for insurance companies, law enforcement agencies, or financial institutions, dedicating their efforts to uncovering evidence of financial crimes.
Their daily responsibilities depend on their particular skill set and the nature of each case but generally include:
Forensic accounting and fraud examination are closely connected fields, often working in tandem to investigate financial misconduct. Both involve analyzing financial data to uncover wrongdoing, whether it’s embezzlement, fraudulent reporting, or hidden assets. In fact, many forensic accountants specialize in fraud examination and apply their accounting expertise to detect, prevent, and explain fraudulent activity.
The key difference lies in focus and scope. While forensic accounting is a broad discipline that includes any financial investigation used in a legal setting, fraud examination specifically zeroes in on identifying and resolving allegations of fraud. In other words, all fraud examiners may use forensic accounting methods, but not all forensic accountants work exclusively in fraud examination.
One of the enticing aspects of forensic accounting is that there are numerous types of crimes to investigate, and no two cases are exactly alike. Whether they work for the FBI or a private financial firm, forensic accountants help solve a diverse range of financial crimes:
Those aren’t the only types of financial crimes that forensic accountants tackle. Other common types include:
In addition to soft skills like attention to detail and problem-solving, forensic accountants are specially trained in relevant areas to ensure they can effectively solve complex financial mysteries, including:
Wondering what it takes to become a forensic accountant or how they help solve financial crimes? Below are answers to some of the most common questions about this exciting and impactful field:
Whether you’re passionate about forensic accounting, guiding clients toward long-term financial success, or exploring another area of accounting, UTPB offers three online programs designed to equip you for a broad range of roles in the industry:
Choose the program that aligns with your professional aspirations and apply today!
Sources:
https://www.investopedia.com/terms/f/forensicaccounting.asp
https://www.investopedia.com/terms/w/white-collar-crime.asp#toc-money-laundering
Other articles you may be interested in:
When you hear the word “accountant,” who comes to mind? Someone balancing spreadsheets and filing taxes? If so, you’re on the right track. But there’s more to it. Within the field of accounting, one credential stands apart: the Certified Public Accountant (CPA). While both accountants and CPAs manage finances, advise clients, and ensure the accuracy…
Picture this: You’re a junior accountant, and your manager asks you to tweak a report to make the numbers look better. The request sounds harmless enough—just a small tweak—but you know it’s not above board. Now you’re stuck. Do you follow orders and risk crossing an ethical line, or do you push back and risk…
Video calls. Robot vacuums. Voice assistants. Thirty years ago, we only saw this technology in cinema or on TV. Today, they’re billion-dollar industries. Many of the technologies now reshaping how we live and work first appeared in movies or on TV. While most viewers were happy to lose themselves in the narrative, an enterprising few…
Robots are taking over the world, but not in the way science fiction writers imagined.
Welding robots assemble our cars. ATMs and online banking handle our deposits. And where overworked retail cashiers once asked, “Did you find everything okay?” there now stands self-checkout terminals.
Automation has long promised to revolutionize blue-collar work, which is repetitive and sometimes dangerous. Now, artificial intelligence (AI) is shaking things up for white-collar workers. Jobs like technical writing, web development, and budget analysis—roles once thought safe from automation—could be at risk.
Will AI take over your job? Let’s find out.
Generative AI, such as ChatGPT, Google Gemini, DALL-E, and Midjourney, are deep-learning models that mimic human decision-making processes to create new content, including:
Ask ChatGPT to write a children’s book in the style of Dr. Seuss and the large language model (LLM) will generate whimsical rhymes in seconds. Tell DALL-E to paint a picture of Nosferatu in RuPaul’s Drag Race or Darth Vader ice fishing and that’s exactly what you’ll get.
The truth is that no one knows how generative AI will affect jobs, only that it will.
No one can compete with the speed and efficiency of these AI tools, which have come out of (seemingly) nowhere to threaten office jobs. “To be brutally honest, we had a hierarchy of things that technology could do, and we felt comfortable saying things like creative work, professional work, emotional intelligence would be hard for machines to ever do,” said Erik Brynjolfsson, a professor at the Stanford Institute for Human-Centered AI. “Now that’s all been upended.”
The truth is that no one knows how generative AI will affect jobs, only that it will. A 2023 study conducted by OpenAI, ChatGPT’s parent company, looked at 923 occupations and found that:
So, unless you’re a world-class athlete or a skilled tradesperson, your world is about to change.
“You can replace people, you can augment people, and you can create new opportunities for people. But you do have winners and losers.”
—Mary Daly, CEO of the Federal Reserve Bank of San Francisco
AI, particularly generative AI, is inherently disruptive. However, technological advancements of this kind have consistently fueled economic and employment growth.
Some jobs may be lost, but most will benefit from integrating AI technologies. No matter how sophisticated generative AI may be, human expertise remains irreplaceable. There will always be work for people; only now, it will be like everyone has an AI-powered assistant, making it easier to perform advanced tasks and closing the gap between entry-level and experienced workers.
Chances are AI won’t take over your job: your rivals will. Professionals who are more willing to embrace AI tools will almost certainly gain a competitive edge. “When I think of generative AI—or AI writ large—what I see is an opportunity,” explained Mary Daly, CEO of the Federal Reserve Bank of San Francisco. “You can replace people, you can augment people, and you can create new opportunities for people. But you do have winners and losers.”
The future of work remains uncertain, but it will be intensely competitive. If you hope to keep up, your best bet is to embrace AI tools like ChatGPT and DALL-E, which will serve as valuable additions to your repertoire of skills. Only by honing your technical and interpersonal abilities can you accomplish things that neither your competitor nor AI can achieve.
That’s where the online Bachelor of Business Administration in Marketing program from The University of Texas Permian Basin comes into play.
Through our online program, you’ll master both traditional and digital marketing, equipping you with the skills you need to leave the competition behind. Not only will you explore the latest marketing trends, you’ll also learn what it takes to thrive in a competitive landscape increasingly reliant on AI.
Our online BBA in marketing courses include:
Join The University of Texas Permian Basin’s online BBA in Marketing program to stay ahead of the curve. Apply today!
Sources:
https://www.mckinsey.com/mgi/our-research/generative-ai-and-the-future-of-work-in-america
https://www.forbes.com/sites/bernardmarr/2024/01/15/generative-ai-probably-wont-take-your-job-but-it-will-change-how-you-work/?sh=326dceb8267c
Did you know that there are approximately 33.2 million small businesses in America? About 46% of workers in the United States are employed by these tiny but very mighty companies. However, larger businesses employ numerous expensive marketing strategies to increase their visibility, customer base, and revenue, so how are small businesses supposed to keep up?
Enter social media marketing, a digital marketing strategy that has the potential to bring buyers to small businesses in droves. With 5 billion social media users worldwide, small businesses can use social media to reach a significantly higher number of potential customers (along with a slew of other worthwhile benefits).
Interested in learning more about how social media is revolutionizing the small business landscape? Sit back and relax as we discuss five positive impacts social media marketing can have on small businesses.
If your small business isn’t leveraging social media, your ability to introduce yourself to potential customers decreases significantly. However, by incorporating various forms of social media marketing, such as content marketing, influencer marketing, and paid advertising, you can showcase your brand to individuals within your target market locally and globally.
So, how exactly does social media enhance brand awareness? It provides a popular platform to integrate multiple marketing strategies, including:
Many small businesses use websites as a platform to showcase—and sell—their products or services. And with online shopping bringing in more than $800 billion in annual sales, we can understand why so many companies are joining the bandwagon. But without taking advantage of social media, they’re missing a huge opportunity to bring more traffic (a.k.a. potential customers) to their website.
Let’s imagine you own a crystal company, offering a variety of crystals from rose quartz to labradorite. Despite launching your website, you haven’t seen a significant increase in traffic. However, after a colleague suggests creating a business account on your target audience’s preferred social media platform, you begin to notice a rise in the number of people visiting your site.
As you incorporate customer testimonials, include links to your website in your social media posts, and actively engage with your audience, website traffic continues to grow. This increase ultimately leads to a boost in sales and revenue for your crystal company, proving that social media’s ability to increase traffic also translates to tangible success for your business.
Social media provides an excellent opportunity to promote many types of content, including blog posts, videos, infographics, and podcasts.
Let’s say you wrote a brilliant listicle titled “Ten Healing Crystals That Will Change Your Life.” While you might attract some organic clicks via search engines, consider the potential for increased clicks if you promote it on one or more social media accounts. As your following increases, you’ll be creating a larger platform to showcase your content, simultaneously highlighting your industry expertise. It’s a win-win for your marketing strategy and your business.
Once you jump on the social media marketing bandwagon, you’ll realize that you’re not the only crystal connoisseur out there. While you may have found a specific niche of customers to target your efforts towards, other small businesses selling similar products have also identified their own target audience and are implementing their own marketing strategies to attract potential customers to their content and website.
Social media provides valuable insights into your competitors’ activities and keeps you updated on current industry trends. By monitoring your competitors’ marketing strategies, you can identify what’s working for them and what isn’t, enabling you to adapt and refine your own marketing approaches accordingly.
The impact of social media on small businesses can be profound, whether you’re implementing it for your own business or pursuing a marketing role where you offer your expertise to multiple small businesses. And social media is just the tip of the iceberg. There are numerous digital and traditional marketing strategies you can use to help small businesses grow.
The University of Texas Permian Basin offers an online Bachelor of Business Administration in Marketing that prepares you for all of the above, from social media and other digital marketing strategies to more traditional methods, such as print and broadcast advertising.
What’s more, we understand that many of our students are working professionals. That’s why we’ve created an online program that caters to adults with busy professional and personal lives. You can take the courses at a pace that’s convenient to you, earning a bachelor’s degree that will strengthen your marketing prowess and give you the tools to help you build businesses from the ground up.
Browse our course offerings, and when you’re ready, start the next chapter in your career by completing an application.
Sources:
https://www.uschamber.com/small-business/state-of-small-business-now
https://datareportal.com/reports/digital-2024-global-overview-report
https://www.census.gov/library/stories/2022/04/ecommerce-sales-surged-during-pandemic.html
Women comprise the majority of today’s marketing workforce. Although women are often touted as better communicators, this characterization alone doesn’t explain why women so often pursue an education and career in this dynamic field. Marketing is an area of business unlike any other. In this growing field, anyone can enter on the ground floor and…
Shopping holidays are a time-honored American tradition. Now, however, shoppers can decide whether to line up outside a brick-and-mortar store on Black Friday or fill a virtual shopping cart on Cyber Monday—or do both. We’re here to explore the history behind seven of the biggest shopping days. Looking back, we may glean what makes shoppers…
A small candle business with a limited budget once relied solely on word of mouth to attract customers. But with a few well-placed social posts, some glowing customer reviews, and a simple video tutorial, their reach started to grow—and so did their sales. Stories like this aren’t rare. Small businesses everywhere are learning that with…
Astute business decisions play a central role in bringing a business back from the brink, whether that predicament is due to bankruptcy or scandal. Here we’ll look at a few celebrated businesses and brands that were once in serious trouble but have come back to thrive. We’ll conclude with a discussion of the skills necessary to lead a company out of a crisis and how you can develop them.
Below are some notable instances of companies confronting dire prospects and then clawing their way back to success. See what they were facing and what they did to change course.
It may be difficult to fathom, but Starbucks—yes, that Starbucks—hit hard times in the early 2000s. The ubiquitous, astonishingly popular coffee chain had grown too quickly and made changes that didn’t resonate with customers. After shutting down 600 stores and reestablishing its focus on coffee, the chain pivoted from an immense drop in stock value in 2007 to record profits by 2010.
Known for decades as a comic book and trading card giant, Marvel went bankrupt in 1996 owing to a variety of factors. The company had long been licensing its characters to movie studios, but its decision to go into movie production changed its fortunes significantly. Marvel has had some major successes (and a few disappointments) as a film and TV studio since its comeback, but the enduring power of its parent brand, The Walt Disney Company, is likely to keep it alive for many years to come.
The popular and profitable Tex-Mex restaurant chain took a huge financial and reputational hit in 2020 when the U.S. Justice Department fined Chipotle Mexican Grill $25 million for safety violations—the largest fine to date for a case of its kind. Between 2015 and 2018, more than 1,100 Chipotle customers became ill due to health and safety violations. To avoid criminal charges, the company paid the fine and began a food safety compliance program that included food safety audits and extensive employee training. These efforts must have helped: In 2023 the company saw a 14.3% revenue increase over 2022.
Though its products are loved by children worldwide, the block toy company was saddled with debt by the early 2000s. To turn the situation around, Lego sold off a majority stake in their pricey theme parks; moved production from Denmark to cheaper locales; created specialized Lego sets aligned with major brands such as “Star Wars” and “Harry Potter”; and branched out into movies, TV, and video games.
Many big-box stores struggled under competition from online retailers, and Best Buy—for years the go-to store for audiovisual equipment, computers, appliances, and physical media—was no exception. By 2012, the company was losing billions. To compete with Amazon, Best Buy introduced a price-match policy, incorporated in-store showrooms for well-known consumer electronics brands, and started an in-home technology consultation service.
How did all these companies come back from the brink? In every case, people in leadership positions made strategic and often difficult decisions that helped set a new course for the organization: the very definition of crisis management. Such are the actions of leaders possessing the acumen and vision to reorganize, leverage their organization’s advantages and, when possible, do what the others can’t.
Learn to effectively lead any organization through good times and bad. Crisis management, a core capability of effective business leaders, requires strong strategic-thinking skills complemented with broad business knowledge encompassing marketing, management, finance, and accounting concepts. Earning an MBA is a proven way to build this expertise and put it to use in coveted, high-level leadership positions.
But don’t just choose any MBA program! Here’s why you should consider The University of Texas Permian Basin’s online MBA:
UTPB’s tuition rates are some of the most affordable among accredited universities. U.S. News & World Report has even ranked UT Permian Basin one of its Best Value Schools.
Our College of Business is AACSB-accredited, a distinguished designation awarded to only 5% of business programs worldwide.
Our institution is a proud part of the renowned UT System, a distinction highly valued on a resume.
Our program empowers you to complete your studies on your schedule from nearly anywhere in the world.
U.S. Bureau of Labor Statistics data makes it clear: Median annual earnings of master’s degree holders are about 16% higher—roughly $11,900—than those of individuals with a bachelor’s degree alone. MBA holders can work in a variety of rewarding roles and industries. See examples, including where UTPB’s MBA graduates are working, right now.
Master crisis management and other business leadership skill sets. Our online MBA program has what you need. Apply today.
Sources:
https://www.cbinsights.com/research/corporate-comeback-stories/
Women hold only 8.2% of CEO positions at large corporations, despite making up half of the population. But don’t let that get you down. Women are making strides in the business world.
We have a long way to go until female entrepreneurs are on equal footing with their male counterparts, but there are an increasing number of successful business women who are setting out to change the narrative. Today, we look at seven of these remarkable women who have not only shattered glass ceilings but also paved the way for future generations of aspiring business leaders.
Taylor Swift is a force of nature. Swift’s success comes from her business savvy, eye for marketing, and willingness to invest in herself. Her Eras Tour, which pays homage to the 33-year-old singer-songwriter’s illustrious career, has brought joy to hundreds of thousands of attendees and has boosted the U.S. economy by nearly $5 billion. We can’t wait to see what she does next, assuming we can get tickets.
Growing up under a communist regime, Zhang Xin’s life was dull, uniform, and gray. Gray buildings. Gray uniforms. There were even sandstorms that turned the sky gray. Xin and the company she cofounded, property developer SOHO China, are credited with bringing lights and colors to the city of Beijing. After becoming “the woman who built Beijing,” Xin went on to found the New York-based film production company Closer Media.
Starting a business is challenging enough without having to worry about sexism, stereotypes, and glass ceilings. To even the playing field, there are numerous resources available for female entrepreneurs.
Small business grants, like those offered by Grants.gov, can help you kick off your business and, best of all, don’t have to be repaid. Small business loans do have to be repaid but can nonetheless be a lifeline. Check out the U.S. Small Business Administration and its Office of Women Business Ownership for loans and additional programs, including training, counseling, and access to credit. Finally, look for mentoring and networking opportunities. Groups like the National Association of Women Business Owners can make a key difference in the professional lives of young female entrepreneurs.
As an engineering student, Debbie Sterling was outnumbered by her male counterparts. Asking herself, “why should boys have all the fun?” Sterling set out to change the status quo. Enter GoldieBlox: an innovative toy company with a mission to ignite girls’ passion for science and engineering. GoldieBlox has been a smash hit, becoming the first small business to be featured in a Superbowl ad.
Stepping into the world of business is already a challenge, and women in business often face the added stumbling blocks of sexism, sexual harassment, and unequal pay. That’s why it’s so important for aspiring female entrepreneurs to hit the ground running. A business degree can help, providing the foundation women need to advance in their careers or even start their businesses and leave the rest behind.
Sara Blakely was looking for the perfect undergarment to go under a pair of white pants. Armed only with a pair of scissors, she made her own from a pair of pantyhose, and from that moment of invention came SPANX. SPANX now has retail shops around the world, and Blakely can be counted among the world’s youngest self-made female billionaires.
Jessica Alba was at the top of her acting career when, in 2008, she gave birth to her daughter, Honor, and decided to take her life in a new direction. Alba launched The Honest Company in 2012, a wellness brand specializing in eco-friendly products. Alba was willing to pivot in her career and dared to imagine a better life than the one she had.
Winfrey was born poor in rural Mississippi. From her humble beginnings, she built a media and business empire, developing and hosting the “Oprah Winfrey Show,” starring in “The Color Purple,” and creating multimedia production company Harpo Productions. She remains an inspiration and a powerful force across multiple industries.
Whitney Wolfe Herd created not one tech giant but two, cofounding Tinder and later its rival, Bumble. With Bumble, Herd wanted to change the gender dynamics of dating, inspired by the advances women had made in the workforce. She took the dating app public in 2021, making her the youngest female CEO to take a U.S. company public.
The inspiring stories of these female entrepreneurs highlight the transformative power of determination, innovation, and resilience. These women have shattered glass ceilings and paved the way for future generations of aspiring business leaders.
If you aspire to make your mark in the world of business, consider taking the next step in your entrepreneurial journey by continuing your education. The University of Texas Permian Basin offers online business programs that will provide a comprehensive foundation for success in the dynamic business landscape.
UT Permian Basin’s AACSB-accredited College of Business offers these online Bachelor of Business Administration programs:
Professionals who want to build upon their foundational knowledge and learn to stand out as a business leader can pursue a Master of Business Administration:
Take the lead. Apply to one of our online business programs and, regardless of where your entrepreneurial interests lie, prepare for future success.
Sources:
https://www.forbes.com/sites/melissahouston/2023/12/01/what-taylor-swift-teaches-women-about-business/?sh=6e5aada2310a
https://www.etonline.com/jessica-alba-shares-why-she-stopped-acting-at-the-top-of-my-career-162904
https://goldieblox.com/pages/our-story
https://spanx.com/pages/about-us
https://closermedia.com/team/zhang-xin
https://www.cnbc.com/2017/08/11/from-factory-worker-to-real-estate-billionaire-soho-chinas-zhang-xin.html
https://www.businessinsider.com/meet-bumble-ceo-whitney-wolfe-herd-net-worth-family-ipo-2020-9
Not even a week has passed since you stored away your Christmas decorations, and signs of the next big holiday are already on the rise. Pink and red heart-shaped boxes and a plethora of lovestruck stuffed animals line the shelves in every store.
It’s official: Valentine’s Day is approaching. Thanks to several well-planned marketing strategies, companies far and wide are promoting the upcoming cuddlefest event of the year, hoping to entice you to join the 52% of Americans who, on average, spend $192 on the holiday.
Grab your box of chocolates as we explore five of the top Valentine’s Day marketing ideas used for this sugary, sweetheart-filled holiday and expand on what makes those tactics so successful.
There’s nothing quite like the excitement of organizing an unforgettable Valentine’s Day for your special someone, your family, or even your friends—especially when you wait until the last minute. According to a survey by the NPD Group, that’s exactly what the majority of consumers do, with approximately 78% of people completing their V-Day shopping a week or less before the holiday. Fortunately for them, plenty of businesses cater to these last-minute shoppers and reap the monetary benefits.
There are several ways companies can capitalize on final-hour buyers:
The strategy of developing and presenting limited edition products adds a must-have touch to exclusive products, especially for shoppers with FOMO. This approach is especially impactful for well-established brands, as devoted customers often pursue the exclusivity of being among the select few to snag a seasonal product for their beloved. Whether it’s an intricately designed insulated cup adorned in pink sparkles or a limited-edition floral-scented fragrance from a renowned perfume brand, this tactic caters to the desire for special and distinctive offerings.
Many people love to show off their Valentine’s Day goodies to, well, anyone who’s willing to watch. That makes user-generated content (UGC) a prime Valentine’s Day marketing strategy. Instead of having the brand market itself, UGC highlights content created by customers, including images, videos, testimonials, and reviews of a brand’s products.
There are several ways you can implement UGC for Valentine’s Day, including:
When you think of personalization, you might recall the classic customized coffee mug that explicitly expresses your partner’s love for you. While personalized marketing is not quite the same thing, it is a highly effective marketing tool.
Personalized marketing involves tailoring your marketing based on the data you’ve collected from your target audience, including their age, interests, purchase history, and more. With that data, you can create various forms of tailored marketing that often make consumers feel special and understood, including:
Just because it’s Valentine’s Day doesn’t mean every person will have someone to send heartfelt cards and gifts to—and that’s okay. Approximately half of the population identifies as single, and many plan to celebrate the holiday, solo or otherwise.
That’s why it’s essential to tailor your marketing efforts to multiple audiences for the holiday, including couples, people looking to buy a special gift for friends or family members, and individuals who aspire to break the mold and treat themselves the well-deserved gift of self-care.
Thanks to effective marketing strategies, American consumers collectively spent $23.9 billion on Valentine’s Day-related shopping in 2022. If you aspire to emulate the success of the marketing professionals behind such significant figures, you’ve come to the right place. The University of Texas Permian Basin provides several entirely online marketing programs, all accredited by the AACSB, that cater to different points in your career and align with your aspirational goals:
Our online Bachelor of Business Administration in Marketing equips you with the skills to promote businesses using both digital and traditional strategies. In your core courses, you’ll analyze demographics and consumer behavior to build marketing strategies and explore the challenges that occur during the marketing lifecycle.
If you’d like to add a few skills in digital marketing to your resume while pursuing an undergraduate degree in a different field, consider our Undergraduate Certificate in Digital Marketing. With this credential, you’ll gain specialized knowledge in social media marketing tactics, learn the fundamentals of Google Analytics, and more.
This online master’s program, ranging from 33 to 42 credits, goes beyond your existing skillset, equipping you with the tools to enhance your leadership capabilities, all with a specialized focus on marketing management.
With three unique paths to choose from, there are plenty of opportunities to bring your career goals to life. When you’re ready, jump-start your journey and apply to the program that’s right for you.
Sources:
https://nrf.com/media-center/press-releases/consumers-plan-increase-valentines-day-spending-nearly-26-billion
https://www.chicagotribune.com/news/ct-xpm-2013-02-06-chi-valentines-shoppers-wait-till-last-minute-poll-shows-20130206-story.html
https://www.entrepreneur.com/growing-a-business/shocking-valentines-day-stats-that-will-make-you-rethink/288417
https://www.nasdaq.com/articles/heres-how-much-americans-spend-on-valentines-day
Thinking about earning a master’s degree in finance? You’ve likely come across two popular options: an MS in finance and an MBA with a finance concentration. While both can prepare you for a successful career, each offers a unique path to your goals.
In this article, we’ll break down the differences between these two graduate degrees—including our 100% online programs at The University of Texas Permian Basin—and help you decide which is the best fit.
While both degrees focus on finance, the MS and MBA each offer unique advantages you’ll want to consider to ensure the best fit for your goals:
An MS in finance is laser-focused on finance. It’ll look at accounting, which is closely connected to finance, as well as management and other business disciplines through a financial lens.
In general, an MBA will provide a broad foundation in all major areas of business, including accounting, finance, marketing, and management. An MBA in finance includes courses in those topics but places an emphasis on finance.
Like any master’s degree program, an MS in finance and an MBA in finance can vary in credit requirements and, correspondingly, time to completion. Here’s the breakdown for UT Permian Basin’s online graduate finance programs:
Some online finance graduate programs have unique qualities that help them stand out. For example, UT Permian Basin’s MS in finance is among a very small number of Texas university programs of its kind with STEM certification—a quality many employers may value in their candidates’ university credentials.
Choosing the right graduate degree is a big decision. Still weighing your options? Here are answers to some of the most common questions we hear:
Whether you choose an MS in finance or an MBA in finance, if it’s one of UT Permian Basin’s online programs, you can count on optimal quality and convenience, with:
Did you know that most of the best-known Fortune 500 CEOs have a finance background? If that’s not inspiration enough for you, consider that a finance degree prepares you for a variety of rewarding professional roles. What’s more, the U.S. Bureau of Labor Statistics (BLS) reports that master’s degree holders enjoy median earnings 16% higher than individuals with a bachelor’s degree alone and are more likely to be employed than anyone with a lesser degree.
See potential career paths, courses, requirements, and other details regarding our programs now.
Curious which program is right for you? Explore your options—and take the next step toward your future in finance.
Imagine sending money across the world in seconds—without waiting for a bank transfer or filling out piles of forms. That’s the promise of cryptocurrency. Cryptocurrency is digital money that doesn’t require banks. Instead, your funds are secured by encryption and passwords only you control. When Bitcoin launched in 2009, it introduced a new way to…
“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.” –Warren Buffett, American investor and billionaire Think about the last investment you made. Then think about why you made it. Did it make sense? Our investment choices often don’t come from a…
In today’s complex financial world, understanding the basics of financial literacy is crucial for personal and professional success. It empowers individuals to make informed decisions about their money and prepares them for future opportunities, such as advancing their careers through programs like those offered by The University of Texas Permian Basin. This article provides a…
They’ve been championed as an eco-friendly alternative to traditional cars. But as more rechargeable electric vehicles (EVs) hit the road, how will the U.S. power grid—already strained due to record high temperatures and other factors—be able to meet the demand?
Here, we’ll discuss what’s happening with the power grid right now, what obstacles still need to be removed, and potential risks and benefits associated with the transition from gas-powered vehicles to EVs.
By 2030, Bloomberg predicts more than 50% of new cars purchased in the United States will be EVs. Heightened use of electric power in general is also expected, in applications including heating, cooling, and today’s computer-driven industries, which require electricity-hungry semiconductor chips. This will necessitate large-scale and expensive upgrades to our national power grid.
The United States has only recently put extensive resources into upgrading our energy infrastructure. The Bipartisan Infrastructure Law, passed in 2021, dedicates more than $20 billion to upgrading our power grid. Portions of these funds are currently being allocated to:
These endeavors are both costly and complex. A study ordered by the California Public Utilities Commission projects that it will cost their state $50 billion to upgrade its grid to power the number of EVs it hopes to have on its roads by 2035. High-voltage transmission lines, which can effectively deliver power from a variety of sources to all corners of the country, must span myriad cities, counties, and states, and those areas fall under the authority of many different utility companies and regulatory agencies. Permitting can sometimes take more than 10 years.
Failing to prepare for the projected 18% increase in U.S. electricity demand by 2030—driven in part by the growing number of EVs—could have serious consequences.
As during the fuel crisis of 1973-1974, which saw nationwide gasoline shortages and long lines at the filling station, we could see similar situations at charging stations, with no end in sight.
So, what would happen if shortages became the norm? They could show up as power outages or blackouts, which wouldn’t just bring EVs to a halt: It could disrupt countless aspects of daily life.
There is some hope on the horizon for California, which is leading the way nationally on EVs despite an expensive road ahead. They’re working toward tripling their electric grid capacity ahead of their 2035 targets and producing significant energy through renewable sources. They’ve also forecast that EVs will only total about 4% of their energy demand in 2035 and therefore not place a major strain on resources.
The technology-focused publication Wired shared an interesting perspective: that EVs might not be a drain on the power grid but a boon to it and to energy consumers. Here’s why:
The need for workers to install the power lines that connect electric vehicle charging stations to the power grid, as just one example, will also lead to expanded job opportunities for those in that field. So, while the challenges of transitioning our power grid to accommodate EVs and our other needs are considerable, they may not be insurmountable and are certainly offset by some of the advantages that will likely result.
Curious about how electric vehicles will impact the U.S. power grid—or if the grid is even ready? Below, we answer some of the most common questions people are asking about EVs, electricity demand, and the challenges and opportunities ahead.
With our longtime ties to the energy industry, The University of Texas Permian Basin is uniquely positioned to provide programs built around the latest developments in the field. Our AACSB-accredited College of Business empowers you to complete these career-enhancing credentials from practically anywhere in the world, 24/7, on your own schedule:
Online Master of Business Administration with Certificate in Energy Business (36-45 credits)
Online Master of Science in Energy Business (30 credits)
Online Graduate Certificate in Energy Business (12 credits)
Prepare for a rewarding career in a dynamic field. The power is in your hands! Get program details and apply today!
Sources:
https://www.nytimes.com/2021/01/29/climate/gm-electric-cars-power-grid.html
https://www.cnbc.com/video/2023/07/01/why-the-us-power-grid-is-underprepared-for-the-ev-revolution.html
The multifaceted energy industry is growing by the day. The Permian Basin has been setting records for crude oil production. At the same time, the green energy economy is expanding rapidly, with the International Energy Agency (IEA) reporting that renewable capacity is on pace to “[account] for almost 95% of the increase in global power…
Businesses face various risks that can affect their operations, such as fluctuating energy prices or shifting regulations. To avoid falling victim to these potential challenges, it’s crucial to proactively manage them. This is where risk management (or Enterprise Risk Management [ERM]) comes in. It involves identifying, assessing, and addressing potential threats to key areas of…
Efficient use of the planet’s resources is a way that individuals and industry can contribute to a sustainable future. By focusing our efforts on energy efficiency, we can reduce pollution, preserve our finite natural resources, and save money. Myriad technologies and practices are fueling more responsible energy use for businesses and consumers alike. Let’s review…
Shopping holidays are a time-honored American tradition. Now, however, shoppers can decide whether to line up outside a brick-and-mortar store on Black Friday or fill a virtual shopping cart on Cyber Monday—or do both.
We’re here to explore the history behind seven of the biggest shopping days. Looking back, we may glean what makes shoppers tick and, for the aspiring marketers out there, how to connect with them. Mark your calendar, grab your coupons, and watch out for deal alerts: We’re going shopping.
Interested in learning more about what makes shoppers tick? The University of Texas Permian Basin offers two online programs you may be interested in, especially if you’re keen on learning how to leverage consumer behavior for marketing and business strategies:
We also offer an undergraduate certificate in digital marketing that can be completed in tandem with any of our online bachelor’s degree programs. If you’re a fan of window shopping, check out our online marketing programs before applying to the one that’s right for you.
Sources:
https://www.huffpost.com/entry/black-friday-history-why-is-it-called-black-friday_l_5d951322e4b02911e1154386
http://web.archive.org/web/20101127132816/http:/www.shop.org/c/journal_articles/view_article_content?groupId=1&articleId=623&version=1.0
https://www.investopedia.com/terms/c/cybermonday.asp
https://www.vox.com/future-perfect/21727010/giving-tuesday-explained-charity-nonprofits
https://www.investopedia.com/super-saturday-definition-5210183#citation-16
https://www.washingtonpost.com/business/2022/08/04/back-to-school-shopping-inflation/
When people picture a day in the life of an accountant, they often envision a professional diligently tapping away on the keys of a calculator while tracking the funds coming in and out of their client’s accounts. All the better to ensure the numbers add up correctly, of course.
But thousands of years ago, when accounting was in its infancy, there were no “accounts” and there were certainly no calculators. So, what is the history of accounting, exactly? Hitch a ride on our well-oiled time machine as we journey to the past to learn more about one of the world’s oldest professions: accounting.
While modern accounting is much more technical and numbers-based than its millennia-old prototype, this wasn’t always the case. Below, we look at the start of accounting and how it’s adapted to society’s changing needs over the centuries.
Accounting made its grand entrance into the world more than 7,000 years ago in some of Mesopotamia’s civilizations. When historians found records dating to that time, they learned that some Mesopotamians kept track of goods they traded and received, such as livestock, animals, and crops.
For thousands of years, societies used the barter system, trading chickens for grains or material for clothing. Despite not using money as a medium of exchange, people still used bookkeepers to keep track of barters made between individuals. Instead of numbers, the entries read more like narratives and were brought out and used when disputes between traders arose.
Eventually, countries began making their own currencies. With a more modernized means of exchange came the need for mathematical whizzes to accurately record the numbers. Many merchants didn’t know how to record the comings and goings of their earnings accurately, so they hired bookkeepers to maintain their business accounts for them.
Until the late 1400s, these records were still largely narrative. While bookkeepers began adding and subtracting amounts from the merchant’s accounts, the records were written as single entries. For example, an entry might look like this:
Toward the end of the 15th century, the Italian monk Luca Pacioli changed the bookkeeping structure and set the stage for accounting as we know it today. He introduced the double-entry system that utilizes a balance sheet with separate debits and credits. Debits refer to the values coming into an account, whereas credits record the amounts coming out.
The expansion of the railroad and the beginnings of U.S. corporations meant that bookkeeping needed to up its ante. Enter accounting, bookkeeping’s older, more analytical-minded sibling. Where bookkeeping focused on tracking numbers and transactions, accounting took things a step further by analyzing those numbers to help companies make more informed decisions. With the help of accountants, businesses were more successful at attracting investors.
In 1887, the American Association of Public Accountants (AAPA) was founded due to the increasing demand for accountants. Then, in 1896, the certified public accountant (CPA) title was introduced, given to those who passed state exams and had three years of industry experience.
In 1913, the U.S. government began charging income taxes to citizens to use as funds to supply the country’s war efforts. Because of this change, the demand for CPAs grew exponentially, with personal and professional accounts seeking the assistance of professional accountants.
Gone are the days of recording credits and debits with a quill and ink. Instead, we’ve replaced pen and paper with technology that’s infinitely more powerful than a simple calculator. Today’s accounting software has made the job more intuitive, helping CPAs complete their job more accurately and efficiently.
Below, we’ve rounded up answers to some of the most common questions about accounting’s long and fascinating history.
Accounting has advanced by leaps and bounds in the past century alone. Who knows where these advancements will lead 20 years from now? If you’re interested in starting a career in an ever-expanding industry, The University of Texas Permian Basin can help you achieve your goals, one step at a time.
Whether you’re ready to obtain a bachelor’s degree and jump-start your career or you want to take your current skillset to the next level by earning your master’s degree, UTPB offers two AACSB-accredited online degree options:
Gain a broad knowledge base in analyzing and solving financial problems for a diverse set of organizations including non-profit, government, public, and private. With your BBA in accounting, you’re prepared to choose from a variety of career options, from credit analyst to financial risk specialist (and plenty in between).
Strengthen your strategic thinking, decision-making, and business acumen while honing your skills in traditional and contemporary accounting practices. This customizable 33- to 42-credit online program can be completed in as little as four semesters. In addition, the program offers two tracks depending on your career goals:
Contact us to find out more about our programs, or if you’re ready to get started, fill out an application today!
Sources:
https://www.investopedia.com/articles/08/accounting-history.asp
When you hear the word “accountant,” who comes to mind? Someone balancing spreadsheets and filing taxes? If so, you’re on the right track. But there’s more to it. Within the field of accounting, one credential stands apart: the Certified Public Accountant (CPA). While both accountants and CPAs manage finances, advise clients, and ensure the accuracy…
Picture this: You’re a junior accountant, and your manager asks you to tweak a report to make the numbers look better. The request sounds harmless enough—just a small tweak—but you know it’s not above board. Now you’re stuck. Do you follow orders and risk crossing an ethical line, or do you push back and risk…
You’ve always been an analytical thinker. A problem solver. Maybe a math whiz, too. There’s a career that matches your strengths. Certified Public Accountants—or CPAs—excel in these qualities. Let’s explore why a CPA is no ordinary accountant and what it takes to become one. Want to Be a CPA? Here’s What You Need to Know …
