Some Master of Taxation and Master of Science in Taxation programs offer specializations in estate planning or employee benefits. To apply to the master's program students must have an undergraduate degree in business with a concentration in accounting. A few programs accept students with another major, but they might need to complete courses in financial accounting, finance, management and microeconomics before working on requirements for their graduate degree. Before or shortly after enrollment, students may need to show that they're proficient in calculus. With 30 to 36 credit hours, a Master of Taxation program can take from 21 to 24 months to complete. Some programs are available online.
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Master in Taxation
In addition to acquiring advanced tax practice and planning skills, students learn to conduct legal research and evaluate personal or business situations for the purpose of tax planning. The coursework is focused on tax law, return preparation, regulatory compliance and government policy. These courses guide students through the process of conducting tax research, representing clients during an audit and minimizing tax liability. General topics of study might include:
- Taxation of partnerships and corporations
- Tax and estate planning
- Employment taxation
- Tax procedures
- Property taxes
- International taxes
Popular Career Choices
Master's degree programs in taxation are designed for professionals who seek to use their knowledge to make decisions about estate, gift, income and other taxes. These programs are designed for accounting professionals or attorneys. Professionals who seek a master's in Taxation include the following:
- Tax Lawyers
Employment Outlook and Salary Info
Most auditors and accountants have a bachelor's degree. However, management, senior and specialized positions usually require a master's degree, such as a Master of Science in Taxation or a Master of Taxation. The U.S. Bureau of Labor Statistics (BLS) predicts that overall demand for accountants and auditors will increase 11% from 2014 to 2024 because of an increased number of financial regulations (www.bls.gov). The BLS also reports that median earnings of accountants and auditors were $67,190 per year as of May 2015. The BLS projects that employment for lawyers will rise about 6% from 2014 to 2024. As of May 2015, the median annual salary for all types of lawyers was $115,820. The BLS didn't provide a separate figure for tax attorneys.
A master's degree in taxation prepares students for work as accountants and auditors with knowledge in tax law, planning and procedures. Graduates can expect positive job growth in the field and competitive salaries.