As you consider pursuing a Master of Science in Taxation degree, it’s important to understand the various career paths that may be available to you.
With this degree, you could potentially explore a range of job options within the field of taxation, such as tax consultant, tax manager, or tax accountant.
As a tax consultant, you could provide advice and guidance to individuals and businesses on tax-related matters, such as tax planning and compliance.
As a tax manager, you could oversee and manage the tax operations of a business or organization, ensuring that all tax obligations are met and that tax-related risks are minimized.
As a tax accountant, you could handle the preparation and filing of tax returns, as well as assist clients with tax-related issues.
In terms of salary, the exact amount you could earn with a Master of Science in Taxation degree will depend on several factors, such as your specific job title, level of experience, and location. However, according to the Bureau of Labor Statistics, the median annual wage for accountants and auditors was $73,560 as of May 2020.
It’s also important to note that certain tax-related careers may require licensure or certification. For example, becoming a Certified Public Accountant (CPA) may be necessary for certain tax accounting jobs. Be sure to research the specific licensure and certification requirements for your desired career path to ensure you meet all necessary qualifications.
What Career Options Are Available for Master of Science in Taxation Graduates?
A Master of Science in Taxation degree program teaches you how to handle complicated tax issues for both individuals and corporations. Upon completing this program, you will be qualified to pursue various careers in finance and tax laws, including positions such as a tax examiner or revenue agent, a financial manager, or an auditor.
Tax examiners are responsible for verifying that individuals and businesses have complied with taxation laws and ensuring that they pay any taxes owed to the government. Financial managers keep track of budgeting and investment ventures of businesses to make sure they are meeting their financial goals and following laws related to the acquisition of funds.
Auditors review financial statements and records to prepare tax returns and ensure that the taxes owed to the government are paid. To learn more about career opportunities and salary information, please refer to the table below.
What Will I Learn from a Master’s Program in Taxation?
If you are currently working as an accountant or tax specialist and looking to advance your career, pursuing a master’s degree can be a viable option. These programs offer advanced knowledge and skills to solve complex taxation issues, conduct research on tax literature, and perform analytical reviews of tax returns.
You will also gain expertise in recognizing ethical concerns related to taxes and learn how to handle such situations. Overall, you will develop a comprehensive understanding of federal and state taxes, identify business taxation problems, and learn how taxation is interconnected with the national and global economy.
Additionally, you may acquire knowledge of financial reporting, estate taxation and planning, deferred compensation, property taxation, and sales tax.
Some of the topics you may encounter include:
- Accounting methods
- Taxation of corporations
- Foreign transactions
- Tax planning, accounting
- Cost management
- Auditing concepts.
What Careers are Available to Me?
There are several career options in the field of taxation that you can consider. These include certified public accountant (CPA), certified management accountant (CMA), tax associate, auditor, tax collector, industry manager, tax examiner and revenue agent.
You can choose to work for either individuals or corporations, or seek employment with the government. Your expertise in understanding and navigating complex taxation laws can prove to be valuable if you decide to pursue a career with the Internal Revenue Service (IRS).
Will I Need to Become Certified & Licensed?
If you are planning to work as a Certified Public Accountant (CPA) or Certified Management Accountant (CMA), you will need to obtain professional certification and a state license. In order to qualify for licensure, most states require you to have completed a college education beyond the bachelor’s level.
As part of the licensing procedures, most states use the examination offered by the American Institute of Certified Public Accountants (AICPA) (www.aicpa.org). Additionally, if you work in finance, including taxation, you may consider obtaining a CMA certification through the Association for Accountants and Financial Professionals in Business (IMA) (www.imanet.org).
What Kind of Salary Can I Earn?
Salaries can vary depending on the career you choose. According to the U.S. Bureau of Labor Statistics, tax collectors and revenue agents earned an average salary of $62,040 in 2020, with those who worked in the federal government earning $70,150 annually (www.bls.gov).
On the other hand, CMAs, or financial managers, earned an annual salary of $151,510, while CPAs and auditors earned around $81,660 per year.
What Are Some Related Alternative Careers?
If you’re considering a career in finance, there are several different paths you could take. One option is to become a budget analyst, which involves tracking an organization’s spending and preparing reports to help manage their finances.
Alternatively, you might be interested in becoming a personal financial advisor, where you would work with individuals to provide advice on investments, mortgages, and other financial matters. Finally, there is the option of becoming a loan officer, which involves evaluating people’s financial circumstances to determine whether they are eligible for loans, both personal and business-related.
