Overview of Taxation

Taxation is the process of levying taxes from individuals and organizations by a governmental authority. The role of a tax practitioner is to advise clients on tax strategies and other financial planning solutions. Tax professionals must be up-to-date on varying legislation, and able to explain the accounting implications of such laws. Tax professionals may work for public accounting firms, government, tax preparers, or other corporations that need to manage their corporate tax liability.

Career Opportunities

A master’s degree in Taxation prepares graduates for various career opportunities including tax specialist, tax accountant, tax manager, tax consultant, and tax auditor. Many of these specialized tax-related roles are in the fields of corporate finance, financial planning, government, real estate, banking, and accounting. Individuals with a master’s degree in Taxation may also work in such roles as public policy advisor, economic advisor, public revenue officer, or international tax attorney.

Internship and Co-Op Opportunities

Many universities offer internship and co-op experiences that can provide degree-seeking students with the opportunity to gain relevant experience in their chosen field of study. Tax-related internships and co-op experiences are especially useful to prepare students for a career in Taxation. This type of experience allows students to learn different aspects of tax law, gain knowledge of financial planning and management, develop tax strategies, and understand the importance of filing paperwork correctly and on time.

Specialized Tracks or Concentrations

Most master’s degree programs in Taxation offer specialized tracks or concentrations, so students can focus on the topics that most interest them. Popular specializations for taxation master’s degrees include Corporate Taxation, International Taxation, Tax Information Technology, Tax Policy and Planning, and Tax Controversies and Litigation. Each of these specializations provides students with the ability to hone their knowledge in the topics that are relevant to their particular career interest.

Career Preparation

In addition to gaining the theoretical understanding of taxation principles, students who pursue a master’s degree in Taxation gain technical proficiency in identifying different tax obligations and strategies for reducing tax liability. Knowledge of taxation laws and regulations, accounting, economics, and mathematics also are important. Furthermore, students can become proficient in the use of professional tax preparation and research software used by the tax industry.

Artificial Intelligence in Taxation

The use of artificial intelligence in taxation has been steadily increasing for the past few years. AI can be utilized to streamline the filing process, quickly assess risk factors, and assist in the area of compliance. AI can also forecast, analyze, and report on financial data. AI can help to increase efficiency and accuracy in the filing process and can be used to automate the filing of tax returns.

Career Outlook for Students with a Master’s in Taxation

According to the Bureau of Labor Statistics, the field of taxation is projected to grow faster than average over the next decade. This is due in part to the fact that the tax system is becoming increasingly complex and specialized skills are needed. With a master’s degree in Taxation, graduates will be well-positioned to take advantage of this growth. According to the BLS, individuals with a master’s degree in Taxation can expect to earn higher salaries than those with a bachelor’s degree.

Here are the top reported starting salaries for graduates in Taxation:

University of Illinois Urbana-Champaign, Salary: $96,057.00

Golden Gate University, Salary: $93,862.00

American University, Salary: $93,187.00

Bentley University, Salary: $82,364.00

University of Southern California, Salary: $81,685.00

St. John’s University-New York, Salary: $76,747.00

California State University-Fullerton, Salary: $75,840.00

Nova Southeastern University, Salary: $75,385.00

Fordham University, Salary: $75,240.00

CUNY Bernard M Baruch College, Salary: $75,064.00

For privacy reasons, not all schools report the first year salaries for students who earned their master’s degree in Taxation.