Taxes are involved in and apply to almost all business transactions, and therefore, a master's degree in taxation can be applied to many business-related careers. However, some of these careers may require more knowledge and background in taxation than others. Below we look at a few of the careers that may be well-suited for those with a master's degree in taxation.
Related Careers for a Master's Degree in Taxation
|Job Title||Median Salary (2016)*||Job Growth (2014-2024)*|
|Accountants and Auditors||$68,150||11%|
|Personal Financial Advisors||$90,530||30%|
Source: *U.S. Bureau of Labor Statistics (BLS)
Accountants and Auditors
Many graduates with a master's degree in taxation will pursue a career as an accountant or auditor, as these professionals manage financial records and taxes. Many employers prefer accountants and auditors who have a master's degree to help them ensure that their organization is running efficiently in their finances. These professionals calculate and prepare taxes, organize financial records and ensure compliance with all laws and regulations. They also may make financial recommendations to management and find ways to reduce costs.
Employers may prefer candidates for financial managers who have a master's degree, and a background in taxation will be very useful as many of these managers come from careers in accounting or financial analysis. These managers need to understand taxes, investments, budgets and more as they are responsible for maintaining the financial health of their organization. They help develop and lead strategies designed to help the organization meet its financial goals by reducing costs and increasing profits. Financial managers oversee the work of other financial workers and work closely with management to make financial decisions.
Personal Financial Advisors
Personal financial advisors can usually advance in position with a master's degree and certification, and knowledge of taxation can prove beneficial as they work with their clients. These advisors carefully explain tax, savings account, insurance, mortgage, retirement and other financial options to their clients to help them decide what options best align with their short- and long-term financial goals. Personal financial advisors meet with their clients, answer any questions that they may have and closely monitor their clients' accounts to see if changes need to be made. It also helps these professionals to stay updated on current laws, regulations and investment opportunities.
Budget analysts may need a master's degree, and a background in taxation may help give these professionals additional insights into institutional spending. They help develop and maintain an institution's budget, and understanding how taxes play a role in transactions can help these professionals prepare more accurate budgets and prepare for future needs. Budget analysts also check budget proposals for accuracy, ensure that spending is in compliance with current regulations and monitor spending. They stay in close contact with managers to help make financial decisions and inform them of available funds.
Financial analysts usually need a master's degree for advanced positions, and one in taxation could help them better understand tax policies surrounding the different investment options they may suggest to their clients. These analysts may work with individuals or businesses to advise them about investment options, like stocks and bonds. Financial analysts write detailed reports that may evaluate the value of an organization taking into account the strength of management, current business trends, historical data and more. They usually fall into buy-side analysts, who work with businesses on their investment strategies, or sell-side analysts, who advise agents who sell various investments.
Graduates with a master's degree in taxation can apply their degree to many business-related careers that involve or oversee various financial transactions. These careers typically require a master's degree for advanced positions that often offer higher median salaries (close to $70,000 or more, per the BLS).