Masters in Accounting vs Masters in Taxation

A master's in accounting degree and a master's in taxation degree are similar in some ways but still have distinct differences. Both degrees demonstrate an individual's ability to fulfill professional duties related to accounting and taxation.

Graduate accounting and taxation degree programs also prepare students for the Certified Public Accountant (CPA) examination, real-world experiences, and professional growth. The main differences between these degrees include:

• accreditation
• focus of study
• career outlook
• laws and regulations

This page further explores details on a master's in accounting vs. master's in taxation including education requirements and career expectations.

Master's in Accounting vs. Master's in Taxation: Which Is Best for You?

A master's degree in accounting or taxation is great for meeting educational requirements to become a CPA. Understanding their similarities and differences can help determine which one is best for you.

Master's in Accounting Degrees

A Master's in Accounting degree program provides training in accounting and financial areas and prepares students for the CPA exam. Accounting programs educate students on how to record, classify, and track financial transactions.

Students with an accounting degree from a graduate school with accreditation can expect opportunities in accounting firms, private companies, the government, and other organizations. The Association to Advance Collegiate Schools of Business (AACSB) and the Accreditation Council for Business Schools and Programs (ACBSP) accredit high-quality accounting degree programs. Accreditation is important and well-respected by employers.

What Will I Learn with a Master's in Accounting Degree?

A graduate accounting program builds on the foundations of accounting and business law. Typical coursework includes advanced educational instruction in the following areas:

• financial accounting
• financial management
• financial planning
• financial reporting

Accounting programs also explore tax concepts, data analytics, and auditing. They provide specializations to focus your degree in an area, such as forensic accounting or tax accounting, to meet a career goal.

Master's in Accounting Education Requirements

Admission and graduation educational requirements for graduate programs differ based on the institution. Individuals with a bachelor's degree in accounting, or a related field from an accredited university, can pursue a master's program in accounting.

A Master of Science in accounting degree program typically consists of 30 or more credit hours of required courses. Bridge programs are available at certain institutions for students who do not have an undergraduate degree in accounting.

Master's in Accounting Career Paths

Earning a master's in accounting degree can open the door to career paths such as a CPA, Chief Financial Officer (CFO), or budget analyst. Accounting graduates may qualify for jobs related to taxation as well. Other career options include:

• financial analyst
• financial examiner
• personal financial advisor

Master's in Taxation Degrees

A Master of Science in Taxation program gives an in-depth overview of accounting procedures and covers tax management, tax law, and more with the focus of serving taxpayers and businesses. Taxation degrees are a specialization of accounting studies.

Students who have work experience in taxation or want to direct their profession in taxation may prefer a graduate degree in taxation over accounting. Students should choose a taxation degree from an accredited university.

What Will I Learn With a Master's in Taxation Degree?

A Master's in Taxation degree program prepares students for professional tax practice through coursework that covers topics such as income tax, the IRS, and international tax. Advanced taxation degrees train students on the following:

• corporate taxation
• tax planning
• cost management
• accounting methods

Students will learn how to use critical thinking skills to solve complex tax problems and gain specific skills such as property taxation or estate taxation according to their electives.

Master's in Taxation Education Requirements

A bachelor's degree in accounting or a related field is an admission requirement for master's in taxation degree programs. Still, multiple accredited institutions offer bridge programs for graduate students with no accounting background.

Admission requirements are different depending on the graduate school. Some universities do not require the submission of GMAT scores or any other test scores. Graduate schools also typically require a 3.0 GPA from an undergraduate program.

Master's in Taxation Career Paths

The job market for taxation is always expanding as companies continue to start up, expand, and dissolve. Career paths in taxation include the following:

• revenue agent
• tax collector
• tax manager

A master's in taxation degree qualifies candidates for advanced full-time, professional opportunities specific to taxation in government organizations, banking institutions, financial firms, and other companies.

What Are the Key Differences Between Earning a Master's Degree in Accounting vs. Taxation?

The main difference between the two is that an accounting degree focuses on financial and managerial accounting for the purposes of examining financial statements for accuracy, compliance, and more.

On the other hand, a taxation degree supports the objective of conducting audits and evaluating financial information using accounting procedures and tax laws and regulations. Some key differences between the degree programs include:

• program accreditation: master's in accounting programs are accredited by the Association to Advance Collegiate Schools of Business (AACSB) and the Accreditation Council for Business Schools and Programs (ACBSP). However, there is not a separate accreditation for master's in taxation programs
• course requirements: master's in accounting programs cover advanced managerial and financial accounting and accounting research or current issues in professional accounting, while a master's in taxation program focuses more on taxation of business entities and professional tax practices.
• specialization options: business analytics, fraud and forensic accounting, taxation, and financial statement analysis are examples of specialization options in master's in accounting programs. Master's of taxation programs typically do not offer specialization options.
• specific career opportunities: master's in taxation programs prepare students for careers in the tax field such as a tax manager or senior tax analyst. An accounting manager, bookkeeper, and senior accountant are example careers from earning a master's in accounting degree.

How To Choose the Right Degree

The right degree will support your personal, educational, and professional goals. Students can make sure to choose the right degree by making sure the following aligns with their expectations:

• program requirements and prerequisites
• financial aid options
• internship opportunities
• career outlook