5 Popular Electives in a Master’s in Taxation Program

Master’s in Taxation Electives

  • Personal Finance
  • Internship in Accounting
  • Marketing
  • Data Analytics
  • Psychology

Contrary to the popular belief, coursework completed while pursuing a Master’s in Taxation is not limited to crunching numbers and learning sections of the Internal Revenue Code. Instead, students will also have opportunities to acquire many complementary skills. This is a byproduct of the many electives that students have to take to complete their curriculum. Here are five of the most common elective courses that students take.

Resource: Top 15 Online Masters in Taxation

1. Personal Finance

Although knowing how to do one’s own taxes is useful, there are many more finance-based skills that accountants must possess. In fact, having a basic understanding of finance is not just limited to those who are operating in the field of business. After all, anyone who wants to achieve financial security should know how to budget, save money, and invest. So, accounting students who are future tax experts should definitely take at least one class that teaches them about personal finance. This is where they can learn everything from simple payroll tasks to complex retirement strategies.

2. Internship in Accounting

One of the most commonly used electives for those who are obtaining a Master’s in Taxation is an accounting internship. Courtesy of the modern-day college curriculums where students can earn credit by working full-time, students are able to get real-life experience before graduating. This is also how a lot of graduates receive job offers after obtaining their degree. As far as the benefits derived from this course, getting to work as a tax accountant is an amazing chance to get a glimpse of a future career.

3. Marketing

Since many accountants venture out on their own business endeavors after a few years, it is not uncommon for them to become business owners. Many will start their own companies after spending some time working for and learning from others. In areas where the competition is fierce, it helps to have additional knowledge to put their companies ahead of others. To help set themselves apart, students should take a course in marketing. It will teach them the proper strategies for promoting their organization and acquiring new customers.

4. Data Analytics

With the rapid growth of Big Data, there is practically no field in the professional world where some data analysis is not present. For finance and accounting professionals, data analysis can account for more than half of their duties, according to Forbes. Just consider, for instance, the process of filing a tax return. Generally speaking, breaking down the client’s revenues and deductions will be impossible absent proper knowledge of data analytics. Thus, anyone who is getting their master’s in this field should get at least three hours of data analysis training.

5. Psychology

Ultimately, there are a lot of soft skills that people must possess in order to succeed in a team-based environment. Well, given that accounting is vastly composed of large teams who work as a single unit, knowing how to interact with others is crucial. Sometimes, this can be learned by taking a class on human psychology. This class will expose students to the basic principles of human interaction which can help with negotiation, conflict resolution, and much more. Not to mention that it will teach them how to analyze and break down why people exhibit certain behavioral patterns.

The list of popular courses also includes courses like public speaking, professional report writing, management, and more. Nevertheless, almost every Master’s in Taxation program will have some derivative of the previously described five options.