5 Career Paths for Masters In Taxation Graduates

Taxation is the process of government agencies collecting money from residents and businesses to fund public institutions, commodities, and services. Several disciplines are covered in taxation degrees, including economics, regulatory frameworks, politics, public administration, and international operations. 

The financial guidance and counseling provided by tax professionals can help businesses make key business decisions. They provide financial management, tax liability evaluation, legal interpretation, and other services. 

Many business schools and law schools offer taxation degrees, diplomas, and certifications. Undergraduates and postgraduates studying finance, law, or business management can study taxation either as a stand-alone degree program or as part of a specialization program. There are some universities that offer joint master’s degrees in taxation and other disciplines such as economics or international business and management.

What is Master’s in Taxation

The Law Department provides a Master’s in Taxation that takes a holistic approach to the subject of taxation. They combine viewpoints from the law, finance, and accounting, providing students insight into both the technical and political aspects of the subject matter and their connections. 

A master’s degree in taxation can lead to high-paying jobs with plenty of room for advancement. Taxation programs, as opposed to standard master’s in accounting degrees, give specialized understanding and skills regarding tax regulations at the local, federal, and state levels. 

Since tax planning plays a key role in corporate and personal financial planning, it’s crucial to know why. Many tax degrees will tell you that paying your taxes is crucial. 

A master’s degree in taxation (LLM) is one of the numerous options available for studying taxation. Due to the ongoing global pandemic, LLM tax online is an excellent option for working professionals or those unable to devote the time needed to obtain a Master of Law degree.

A Master’s in Taxation can lead to careers in various fields, including education, business, and government. In comparison, a graduate degree in tax is a fantastic solution for those who want to become Chief Financial Officers or those who want to climb to positions at the top management. 

Let’s take a look at five excellent career options for a Master of Taxation graduate.

1. Chief Financial Officer

A Chief Financial Officer (CFO) works with a company’s CEO and COO to manage all aspects of the company’s budget, financial projections, and cost-benefit assessments. They may conduct financial risk assessments, develop business plans, and maintain financial records. CFOs also develop strategies and policies to help firms and organizations reach their financial goals. 

Since they serve as the organization’s main financial controller, they are hired on high salary packages. According to PayScale, the median compensation for chief financial officers in 2020 was $138,186 per year.

To take a position with a high salary, certifications are a necessity due to the competitive nature of the field. For instance, certifications like CFA, CPA, or Series 7 can make you stand out in the finance industry. You can self-prepare by accessing free Series 7 study guides and test modules, or practical tests for CFA or CPA. These certifications not only show your expertise but also significantly increase your chances of success in the dynamic world of finance.

2. Tax Managers

A tax manager is responsible for handling all tax-related activities within a corporation. Also, they assist with acquisitions, partnerships, and IPOs under difficult economic conditions. Experts in this field ensure that all financial transactions and events are recorded and that the organization follows all local, state, and federal tax laws. 

The first step toward becoming a tax manager is to earn a bachelor’s degree in a field such as finance, accounting, or business administration, followed by a master’s degree in taxation or accounting. On the other hand, tax managers with a master’s degree make much more than those with only a bachelor’s degree. Furthermore, becoming a tax manager may require three to ten years of entry-level or associate-level professional experience.

3. Certified Public Accountant 

Even though a bachelor’s degree in accounting is sufficient to become an accountant, becoming a Certified Public Accountant (CPA) usually involves additional education. 

A CPA (certified public accountant) prepares and reviews financial records. His main job is to ensure that records are accurate and taxes are paid on time. In addition to making sure financial records meet regulations, he also assists with reviewing financial operations and offers suggestions when necessary. 

Additionally, a CPA may assist clients in identifying revenue-generating, profit-enhancing, and cost-cutting opportunities. All CPAs frequently advise clients on tax and income-related concerns in addition to preparing their taxes. According to the Bureau of Labor Statistics, the number of working accountants and auditors is predicted to grow by 7% between 2020 and 2030, which is about average compared to other job categories.

4. Financial Planning Consultant

The services offered by financial planners include investments, budgeting, real estate planning, tax rates, and retirement planning. Most financial counselors help clients with all aspects of their finances, but those with a master’s in taxation typically work with tax legislation. 

The role of a financial planning analyst is to assist clients in understanding their financial plans, answer questions, help develop plans, and make recommendations for certain investments. Additionally, they monitor their client’s accounts and adjust as needed based on their financial performance or unexpected changes. 

If a client wants to prepare for retirement but has no idea where to begin, a financial advisor can suggest the type of retirement plan to use, suggest investments, and answer questions about how much to save.

5. International Tax Specialist

International tax professionals assist businesses and individuals who deal with international clients. International tax specialists ensure that their clients’ tax requirements are correctly carried out and comply with all relevant guidelines and tax regulations in the countries where they do business. 

Additionally, they organize and file tax returns, accounting reports, and other documents related to compliance and audits. Moreover, they stay abreast of all international tax regulations and assist the department in updating its methods in response to changes in the law. 

Accounting bachelor’s degree holders are qualified to work as international tax managers. However, some companies prefer individuals with a master’s degree and a CPA certificate.

Key Takeaway

Financial experts who can effectively explain and interpret tax regulations will be in high demand as long as taxes exist. If you enjoy playing with numbers and are naturally curious, a career in tax law could be gratifying. Tax law compliance has become one of the most significant aspects of modern corporate administration. A Master’s in Taxation will prepare a graduate for these and other fantastic business professions. So, if you are interested in a career in taxation, these five roles provide prospects for professional growth.