Careers available with a Master’s in Taxation are in abundance as individuals and businesses strive to comply with various tax laws and regulations. Taxation grads who have earned masters’ degrees are needed by a variety of employers including the IRS, accounting firms, tax offices, and law firms. While there are many great career options for taxation professionals, the following five careers deserve a closer look.
Among the most popular careers available with a Master’s in Taxation are tax consultants. Sometimes referred to as tax advisers, tax consultants are authorities in the areas of tax planning, law, and compliance. While tax consultants can prepare tax returns, they most often work with clients throughout the year helping them limit their tax liability. These professionals can work independently but are also employed by various legal, accounting, and financial consulting firms.
Certified Public Accountants
Some of the highest-paying careers available for persons with a Master’s in Taxation are certified public accountants, or CPAs. CPAs can work independently, for large corporations, or in accounting firms. Their responsibilities vary depending on the needs of their employers but common tasks of CPAs include preparing tax forms, helping clients minimize tax obligations, auditing financial documents, and representing clients in front of the IRS. The average yearly salary for CPAs in 2017 was $69,350 according to the U.S. Bureau of Labor Statistics.
IRS Tax Agents
Master’s in Taxation careers that involve working for the Internal Revenue Service are known as IRS tax agents, or IRS tax associates. These positions are quite competitive but candidates with masters’ degrees in taxation and expert knowledge in the area of tax law are given top priority. The main responsibility of IRS tax agents is to conduct audits of federal tax returns filed by individuals, small and large businesses, and non-profit organizations.
Other careers available with a Master’s in Taxation are judicial clerks, sometimes known as tax law court advisers. These professionals must have superior knowledge in both tax law and the legal system. Judicial clerks consult with judges prior to court cases that are associated with tax law. Daily tasks of these professionals may vary but typically include researching cases, examining tax laws that pertain to particular cases, drafting opinions on cases, and presenting those opinions to the judge in charge.
Financial Planning Consultants
Careers available with a Master’s in Taxation that involve helping clients with financial planning activities are known as financial planning consultants. Also known as financial advisers, financial consultants help clients design financial plans to meet both short and long-term financial goals. This can include providing assistance in the areas of retirement, education, budgeting, and investments. Consultants can work independently or with a consulting firm and can provide assistance to individuals, businesses, or non-profits.
Masters’ degrees in taxation open up a broad range of career opportunities for taxation graduates. From working for accounting firms or law offices to working for consulting firms or the IRS, there are many great careers available with a Master’s in Taxation.