Master's Degree in Taxation: Salary and Career Facts

Find out about the types of jobs you could pursue with a Master of Science in Taxation degree. Read on to learn more about career options along with salary and licensure information. Schools offering Accounting - Taxation degrees can also be found in these popular choices.

What Career Options Are Available for Master of Science in Taxation Graduates?

In a Master of Science in Taxation degree program, you'll learn how to work with corporations and individuals solving complex tax issues. Upon completion of this degree program, you will be able to pursue a careers regarding finance and tax laws, such as being a tax examiner or revenue agent, a financial manager, or an auditor. Tax examiners work to verify that individuals and businesses have followed taxation laws, as well as ensuring they pay the government any taxes owed. Financial managers keep up with the budgeting and investment ventures of the businesses to ensure that the businesses are meeting their financial goals, as well as making sure all laws are followed pertaining to the acquisition of funds. Auditors look over the financial statements and records to prepare tax returns and make sure the taxes owed to the government are paid. Look through the following table to learn about careers and salary information.

Tax Examiner Financial Manager Auditor
Degree Required Bachelor's or master's degree Bachelor's or master's degree Bachelor's or master's degree
Education Field of Study Accounting
Taxation
Accounting
Taxation
Accounting
Taxation
Licensure Recommended None required Certified Management Accountant designation Certified Public Accountant designation
Key Skills Organized, detail oriented, excellent communication Managerial skills, computer savvy, detail oriented Detail oriented, well spoken, organized
Job Growth (2014-2024) -6%* 7%* 11% (for accountants and auditors)*
Average Salary (2015) $57,280* $134,330* $75,280 (for accountants and auditors)*

Source: *U.S. Bureau of Labor Statistics

What Will I Learn from a Master's Program in Taxation?

If you are already working as an accountant or tax specialist and want to further your career, a master's degree may be the answer. Through these programs, you learn how to solve complex taxation problems, research tax literature and complete an analytical review of tax returns. You'll recognize ethical issues surrounding taxes and learn how to handle these situations. In general, you'll leave the program understanding state and federal taxes, recognizing business taxation problems and will understand how taxation works in relation to the national and global economy.

You may also learn about 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?

Some careers that may be open to you are certified public accountant (CPA), certified management accountant (CMA), tax associate, auditor, tax collector, industry manager, tax examiner or revenue agent. In many instances, you'll either work for individuals or corporations or you can work for the government. Your knowledge in solving complex taxation laws will be very useful for a career in the Internal Revenue Service (IRS).

Will I Need to Become Certified & Licensed?

If you plan working as a CPA or CMA, you will need professional certification and a state license. Most states will require you to have a college education beyond the bachelor's level to qualify for licensure. Most states use the examination by the American Institute of Certified Public Accountants (AICPA) as part of their licensing procedures (www.aicpa.org). The Association for Accountants and Financial Professionals in Business (IMA) offers CMA certification for professionals who work in the field of finance, including taxation (www.imanet.org)

What Kind of Salary Can I Earn?

Depending on the career you choose, salaries can vary. According to the U.S. Bureau of Labor Statistics, in 2015 tax collectors and revenue agents made an average salary of $57,280, with those working in the federal government earning $67,110 a year (www.bls.gov). For CMAs, or financial managers, the annual salary was $134,330, while CPAs and auditors earned around $75,280 annually.

What Are Some Related Alternative Careers?

In addition to the careers mentioned earlier, you may also be interested in becoming a budget analyst, which would require the observation of an institution's spending in order to prepare budget reports and best organize finances. You can also consider becoming a personal financial advisor, which would entail similar responsibilities as a financial manager, just on an individual level, such as giving advice on large budget investments such as mortgages and insurances, as well as assisting in financial management. Another occupation would be becoming a loan officer. Loan officers work in banks or finance centers and evaluate various aspects of a person's financial circumstances to decide whether or not they are eligible for a loan, either personal or business related.

To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:

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