What Can I Do with a Master’s in Taxation?

When you are evaluating career opportunities and the education that you need to accomplish your goals, you may ask is a masters in taxation worth it for your goals. What can I do with a masters in taxation is a common question that may arise when looking into your options for your career. 

A masters in taxation is a specialized degree path that emphasizes your knowledge of taxes and the tax codes of the country. So, when you ask what can I do with a masters degree in taxation, it depends on your specific goals for your career. You may want to emphasize what is a masters of science in taxation as it applies to your career opportunities. 

masters in taxation salary

Generally speaking, the question of what is a masters in taxation is answered in the name of the degree. It is a degree program that teaches you about taxes with a focus on the attention to detail that you may need when working in a company’s tax department, finance careers, or related fields. You may also work in non-profit organizations to ensure that proper measures are followed to keep up with taxation challenges.

A master’s degree in taxation gives you a narrow focus for your career. It ensures that you have specialized skills that emphasize the challenges of managing taxes for large corporations, businesses, and related organizations. You may also find opportunities in government fields that focus on state, local, or federal tax codes. The key is clarifying the opportunities that may assist with your long-term goals to determine if a master’s degree in taxation may fit with your plans.

Accreditation for a Master’s in Taxation

A key part of finding the right college or university to help with your career goals is the type of accreditation the school obtains for different programs. Accreditation helps a program stand apart by ensuring that it meets or exceeds specific standards set by a third party. It ensures that students are obtaining a quality education that fits with their goals for a career.

Many employers require accreditation from a college or university to accept the program as a legitimate option for student achievement. If the program is not accredited, then the student may find it challenging to start and pursue a long-term career. Accreditation falls into two primary categories: national and regional accreditation.

National accreditation applies to schools across the country. It means that the accrediting agency or organization is recognized in all states for their high standards of achievement. It may emphasize specific standards for a school and provides assurance to employers that the school meets the standards it describes for student education.

Regional accreditation applies to a specific region of the country, such as the north-east or the west. It may apply to a set number of states and is recognized for the standards set in those states. It may not be recognized by employers from other regions or it may require the employers to learn more about the standards set by the accrediting organization before they determine that the program is acceptable for their employees. Details regarding employer standards may vary, so you will want to focus on programs that have one or more accreditations for the taxation program.

When it comes to taxation degree programs at the master’s level, you will want to focus on schools that are accredited by the Accreditation Council for Accountancy and Taxation ACAT. You may also obtain accreditation as a professional through the organization if you want to stand apart from other tax professionals in your career. The organization requires students to pass an examination and showcase their knowledge of taxation and accountancy to obtain accreditation as a professional. 

If you are looking for a program that has accreditation that is recognized by potential employers, then you may also consider programs that are accredited by organizations that focus on the STEM fields, as well as accounting programs. Some organizations may offer accreditation to schools with an accountancy program as well as a taxation program, so you may consider schools that are accredited by one or more organizations.

The key to finding the right school is to focus on the different accreditation standards set by the program. A master’s degree in taxation may offer a variety of opportunities for your career; however, you need to ensure that the program meets or exceeds accreditation standards to keep up with the demands of new employers. It will give potential employers confidence in your skills and abilities.

Types of Master’s in Taxation Degrees

When you are looking into masters degrees in taxation, you will want to evaluate the different options that allow you to reach your goals. By understanding the types of degrees available for your education, you are able to emphasize the areas of taxation that fit your long-term plans for your career.

The basic degree program at the master’s level for taxation is a specialized program that provides a broad overview of taxation, the tax system, and related topics. It teaches you about the tax codes that may apply to the average individual as well as tax codes that apply to large businesses and corporations. Since it gives you a broad overview of taxation, it is a good option for students who are not yet certain of their career goals. 

A master’s degree in taxation that focuses on broad areas of study may offer more opportunities for your career. You should be aware that the needs of an employer may vary, so in some situations you may need more specialized skills to reach your career goals. The traditional program is through a college or university that requires you to spend time in a classroom environment.

When you are looking into the types of degree programs available for a master’s in taxation, you may also consider online programs. An online master in taxation program allows you to obtain the same skills as a traditional program; however, it also gives you several advantages for your studies. A masters in taxation online allows you to work around your personal schedule and any job obligations that may limit your time for studies. It also ensures that you can keep up with personal obligations to loved ones, family members, or organizations. 

You should keep in mind that master in taxation online programs vary in the quality of education available to students. When you are looking into masters in taxation online programs, make sure that you focus on programs that have accreditation. You want to emphasize programs that are accredited by a respected third party and ensure that you fully understand the risks of taking courses online.

Online masters in taxation programs may allow you to accelerate your education. An accelerated program offers the same education as a traditional in-person or online program; however, it allows you to finish your degree at a faster pace. If you are looking into online masters in taxation programs that allow you to complete the degree within a short amount of time, you may consider accelerated programs. 

While an accelerated online program is a good option for students who want to move forward in their careers at a faster pace when compared to their peers, you should be aware that you will need to keep up with the course materials. It is a good choice for students who find the traditional pace of a degree difficult due to the slow progress of their studies. It is not ideal for students who are facing challenges when keeping up with their normal courses. You will want to evaluate the potential benefits and downsides of an accelerated online program before you determine that it is a good choice for your goals and situation.

A master of science in taxation online is not limited to the basic degree program in taxation. You can also specialize as an LLM in taxation. A master of laws in taxation is a specialized program that focuses on tax laws and the legal aspects of the tax system. Students have online LLM in taxation degree programs as well as traditional college programs available to gain the specialized skills they need to work in the legal system.

The key difference between a masters of taxation and an LLM in taxation online or in the classroom is the emphasis on the legal side of the tax system. You may work with lawyers or a law firm when you have a master of laws in taxation degree rather than a business, corporation, or non-profit organization. The career path differs slightly based on your degree program.

When you are looking into the type of degrees available in taxation, you may also consider an MBA in taxation. You can obtain an MBA in taxation online or through traditional on-campus programs. The key advantage of an MBA in taxation is the general knowledge you gain from the MBA program. As a program for taxation, it allows you to gain specialized education in taxation while also giving you a broad overview of other topics related to business. That may offer greater opportunities for your career goals. 

Finding the right type of taxation program for your career depends on your personal goals. You may want to focus on a specialized area of taxation, such as law, or emphasize more broad skills like an MBA program. By carefully evaluating your plans for your career, you can select the right type of program to help with your career.

Careers with a Master’s in Taxation

Masters in taxation jobs are not always as simple as you may assume. While you do have opportunities within the tax system, you may also consider unexpected career opportunities related to taxation. Masters in taxation careers vary based on the type of organization you choose to pursue for your career.

Working in financial planning is a common career opportunity for students who pursue a degree in taxation. Financial planning focuses on long-term goals for clients as it relates to their financial situation. You may work in retirement planning, work on their taxes for current situations, or work on planning for future plans. For example, you may have clients who want to calculate changes to their financial situation after marriage or having children. The role of a financial planner varies based on the needs of the clients; however, your knowledge of the tax system helps your clients with their financial goals.

Students may also find opportunities for a career in government. A judicial clerk at a tax court is an option for students who complete a master’s degree in taxation. The career is ideal for students who specialize in an LLM in taxation; however, any student who completes a degree in taxation may find opportunities within the court system or other areas of government. You may also find opportunities working for the state or local government as it applies to the management of tax revenue.

For students who want to work in a government career, you may consider opportunities through the IRS. Career opportunities in the Internal Revenue Service may vary based on the need of the federal agency. You may have opportunities to work on changes to the tax code or to work in taxation management positions.

Although taxation careers are an obvious choice for your degree, you may also find a variety of opportunities in financial services. A taxation specialist may find opportunities as a financial advisor or as a Chief Financial Officer of a business. Keep in mind that careers that lead to a position as a CFO in business depend on your experience as well as your education. You may need to work in other areas of a company before you qualify for the upper-management positions related to financial services and the financial management of the company. 

The opportunities for your career when you have a degree in taxation emphasize the financial aspects of companies, organizations, or even the government. The key is focusing on careers that work around your goals and plans. You can find opportunities in the legal system, the court system, private companies, or non-profit organizations. By evaluating your options before you complete a degree, it is possible to set realistic goals for short-term and long-term career objectives.

Salary Potential for a Master’s in Taxation

A key part of evaluating any career path is identifying the potential salary you may expect from your job. A masters in taxation salary varies based on a variety of factors, including your specific job responsibilities and your level of work experience. While you can expect some variation in the actual salary potential, the average masters of science in taxation salary ranges from roughly $71,000 to $130,000 per year. 

Your job responsibilities play a critical role in the actual income you can expect. A financial manager can expect a higher salary when compared to a budget analyst or an accountant. Since your degree may offer opportunities in a variety of fields and industries, you should evaluate the potential salary for a specific job or career path to ensure that you are looking at competitive wages.

The LLM in taxation salary potential depends on your role in the legal field. The salary ranges from roughly $67,000 to $163,000 per year, depending on where you work and your industry. You can expect the highest income levels for an LLM in taxation to come from private firms and large corporations. If you decide to work in the justice system or courts, then you can expect a slightly lower salary. Individuals who also obtain a law degree may have a greater potential to earn a higher salary due to the variations in their education.

The MBA in taxation salary potential is around $100,000 per year. You may find that the income potential when you have an MBA varies slightly based on the type of career you pursue. Large corporations may offer a higher salary when compared to smaller firms, so you should evaluate the different options based on your specific goals and plans.

Although salary potential for a student who completes a master’s degree in taxation may vary widely, you should be aware that certain factors may contribute to actual income potential. Your salary may depend on your level of work experience. If you have limited work experience, then you may expect a lower starting salary for your career. On the other hand, students who have several years of work experience and job training may expect a slightly higher salary due to their past experience and their training.

Your location may also impact salary potential. Large urban areas with a high cost of living often offer a larger salary when compared to more rural environments. You will want to compare the potential cost of living as a key factor when evaluating your salary potential in a job. You may also want to consider any additional benefits that may apply to your job in different areas. In some cases, a small firm in a rural area may offer greater benefits in relation to insurance, childcare services, or similar advantages when compared to some larger firms. In other situations, the large firms will offer benefits that are more appropriate for your goals. Look at the salary and the benefits for a reasonable comparison of career opportunities.

You may also want to consider career growth when evaluating salary potential. Some firms or companies may offer a low starting salary; however, they offer raises and promotions that allow you to increase your salary over time. You want to look into the company’s long-term opportunities when looking into your salary potential, since it may offer a higher salary as you gain experience and move forward with your career.

Professional Organizations 

When you are working on your degree in taxation, you may consider joining a professional association or organization. Joining an organization offers critical benefits that help with your career objectives. 

The primary benefit of joining a professional organization or association for your career is the job opportunities. You will learn about new opportunities and careers that are available in your field. It helps you connect to the right companies or businesses who are looking for professionals with your specific qualifications. You will have information about available jobs before it is available through other sources.

You may also have networking opportunities when you join an organization. Many professional organizations or associations offer conferences and similar events where you can meet professionals with greater levels of experience. The networking opportunities help you build up new connections that may assist with your long-term goals.

Professional organizations may also offer continuing education in your field of study. The continuing education helps you stay up-to-date with the latest tax codes, tax-related information, or adjustments to the tax system. It also allows you to learn about specialized areas of taxation that may improve your opportunities for your career over time.

The value of joining a professional organization depends on your specific goals for your career; however, you will find a variety of advantages that arise when you join an association or an organization.

In the case of students who are working on a masters in taxation, the National Association of Tax Professionals, or NATP, is a good option for your goals. The association sets high standards of ethics and work for tax professionals who work with clients. It also recognizes that professionals in the organization are able to work in unique situations. It provides useful resources to help tax professionals with their jobs, as well as networking opportunities within the tax industry.

You can also consider joining the National Society for Tax Professionals, or NSTP, when working on your career goals. The organization offers different benefits based on your membership level, so you will want to consider the different options when joining as a member. Regardless of your level of membership, you will have opportunities to learn about new tax information, to keep up with your education in tax-related fields, and to attend events through the organization.

Obtaining a degree in taxation at the master’s level offers a variety of opportunities for your career. The key to finding the right organizations for your long-term goals or the right career path is focusing on your personal interests and your plans. You want to focus on careers, organizations, and tools that help with your plans and give you the opportunities that you need to move forward in your career.

Carrie Morris

Warren Dahl