A master’s degree in taxation prepares students for a career as a tax advisor, tax examiner, tax manager, auditor, financial manager, or tax lawyer. It is a degree in tax-specific accounting and applying tax code compliance to financial evaluations. The average annual salary ranges from $78,000 for an accountant or auditor to $135,740 for a tax lawyer.
The average cost to complete a master’s degree in taxation is $20,513 per year. Before you can earn this degree, you’ll first need to earn a four-year undergraduate degree, commonly a Bachelor of Science (BS) in accounting or a Bachelor of Business Administration (BBA) in accounting. Many schools offer a five-year combined bachelor’s and master’s degree.
A continuing education student with a bachelor’s in accounting can complete a master’s in taxation program in 12 to 18 months, depending on their existing course credits and whether they study part-time or full-time.
How to Choose a Master’s in Taxation Degree Program
Choose your area of study
Before you select your program, consider your career goals and logistical needs. Do you need the additional coursework to sit for your CPA license exam? Have you worked as an accountant and want to complete your master’s degree as a continuing student? Are you planning on sitting for the bar exam?
Depending on your chosen institution, you can attain a Master of Taxation (MTax), a Master of Business Taxation (MBT), or a Master of Science in Taxation (MSTax). Accountants often sit for their certified public accountant (CPA) license, though it’s not a requirement for all accounting positions. All states require 150 semester hours of college coursework for CPA candidates. You must be a licensed CPA to file reports with the Securities and Exchange Commission (SEC).
Research schools and programs
Selecting an accredited school ensures your credits will help you attain your ultimate career goal. Cross-reference your potential schools and programs with the Database of Accredited Postsecondary Institutions and Programs and the Council for Higher Education Accreditation.
You can research your potential school by visiting the program website, following the schools and programs on social media, and attending an in-person or virtual information session or open house. You can also reach out to program alumni groups to learn more about their experience with the program and job placement opportunities.
Prepare for tests and applications
The application process will vary based on the school and the program. Contact an admissions counselor for the most accurate information.
All applicants need a completed application and fees. Most schools use an online application system. To streamline the uploading process, have all your documents in PDF format. Anticipate submitting school transcripts, Graduate Record Examination (GRE) or Graduate Management Admission Test (GMAT) scores, and letters of recommendation from internships or employers. You’ll need a personal essay detailing why you are a good candidate and how a master’s in taxation will help you achieve your career goals.
Be prepared to submit a deposit to hold your place in the program. The amount goes toward your tuition and fees and is not an additional cost. It is mainly to ensure your commitment to the program.
Select your program
As you prepare to select your program, review your goals and needs. You may need to adjust and account for any new information not previously considered. Ensure you’ve outlined your logistical needs, like in-person and online options, and whether you’ll attend part-time or full-time classes.
Consider your learning style and how you perform best. Do you learn better alone or in a group, in synchronous or asynchronous online classes, in lectures or by reading in the library? These and other logistical considerations can help you select the best program for your current needs and future goals.
Determine how you’ll pay for your degree
Access to financial aid is a significant factor for many students, and exploring all options is worthwhile. Start by completing the Free Application for Federal Student Aid (FAFSA). Schools use the results to determine whether you qualify for need-based aid. Check with the institution’s financial aid office to see if you are eligible for merit-based grants or scholarships.
Many employers offer tuition assistance and employee reimbursem*nt programs to encourage employees to update their education as the need arises.
Finally, explore private funding options like non-profit organizations and community groups. When applying for private funding, research the organization and tailor your request to align with its ethos.
