Our guide to a Quick Online Masters in Taxation outlines career and salary information and also degree programs for your career in taxation.
What is a Career in Taxation?
When you think of the word Taxation, the first thing that comes to mind is taxes. Yes, it does have to do with your taxes, but their is more then helping people get the right tax refund come tax season. This is why individuals that do have an interest with a career in taxation, need to earn a masters in Taxation degree. Or in a similar field, such as accounting or some form of financial management degree. In fact, earning an online degree in taxation can lead to careers in several areas. Examples are tax accountants, tax consultants, finance analysts, and tax managers, along with other accounting careers.
How Long Does it Take to Earn a Masters in Taxation?
On average, it should take around one to two years for a student to complete their masters in taxation. Most master’s programs are 30-33 credits long. However, some schools may offer accelerated programs, which allows the student to finish in 12-15 months. Also, if you are one that is planning to combine your BS and MS degrees, it could take less time, and cost less too.
Is a Career in Taxation Worth It?
While some people get anxiety when it comes to taxes, there are a few that know how the business works and help those who really need it. These experts are tax professionals. They know the tax laws and ways to work the system to make sure you get what you deserve. There are many reasons for someone to start a career in taxation. One reason is the fact that they are always in demand. Here are a few more reasons why some individuals decide to enter into a career in taxation.
- Saying goodbye to career stagnation
This is a career that will keep you always busy, even during the off-season. Most professionals will work with new clients on a daily or weekly basis, since each person has a different need.
- Demand
There is a growing demand for tax professionals. In fact, the industry constantly needs a mix of talent. Such as in-depth, in-country tax knowledge, including those who can collaborate and is a strategic thinker.
- Broad range of career industries to work in
Weather you are in the retail industry or in entertainment, there will always be work. Tax experts are very diverse and can work almost anywhere. Even in construction or non-profits organizations.
- Excellent Compensation
One of the biggest reasons of course is the pay rate. Many tax professionals charge a hefty amount for all their work. Just starting out may not seem a lot at first, yet a few years down the road, and more experience will give any tax expert a pretty nice paycheck. Especially for those with a degree, such as the masters in Taxation.
Why Should You Earn a Masters in Taxation Degree Online?
In today’s technology world, there are more resources available online and easier to get to. One is online degrees. Many people find that earning a degree is more convenient and more flexible with your work schedule. Getting a masters in Taxation online may also provide an affordable tuition.
Do You Need a Master’s Degree in Taxation?
Earning a masters in taxation allows students to accelerate their education, due to some are considered an accelerated program. The online option will offer the same education as a traditional, in-person or online program. However, you may be able to finish your degree at a faster pace.
Types of Degrees and Specializations in Accounting and Taxation
There are many types of Taxation, Accounting degrees, or specializations available for tax professionals. Some can get a degree in Accounting, or a variety of specializations among the accounting field, such as forensic accounting. However, others may find that receiving a masters in taxation itself is the way to go.
Careers and Salary
There are many careers in accounting and taxation available. Here is a small list of career opportunities in the field of taxation.
Auditing
This type of accounting requires the professional to look over a company’s financial statements to determine accuracy and that they are compliant with general accounting principles. Auditors perform operational audits that will assess an organization’s internal compliance and standards. Annual average pay is $61,042, on payscale.com.
Financial Accounting
Someone working as a financial accountant will focus on preparing financial statements for external users, such as shareholders and creditors. They provide accurate and timely information to help individuals make informed decisions about the company they are putting their money in, in order to make informed decisions. The annual average salary for a financial accountant is about $60,000, according to payscale.com
Management Accounting
This individual provides information to internal users, such as managers and executives. They help in making decisions about how to run the company in a way that the company will maximize their profits. This specialization is a challenging, yet rewarding career path that can offer a variety of opportunities for advancement and high earning potential.
Forensic Accounting
Forensic accountants work to investigate fraud and embezzlement cases by using their skills in accounting. They often gather evidence to build cases against individuals or organizations accused of wrongdoing. Forensic accountants may also be called into court to testifying as expert witnesses. Average annual pay is $71,172, according to payscale.com.
Public Accounting
Public accounting deals with the financial statements and records of public, government, and non-profit organizations. Accountants also keep close eye on the financial statements on these organizations, and that they comply with generally accepted accounting principles (GAAP). They could also provide tax, advisory, and consulting services to clients.
Government Accounting
Government accounting main focus is on the financial reporting requirements of governmental entities, such as cities, states, and federal agencies. They make sure all statements are transparent in their financial dealings, and that the use taxpayer money is done wisely. Government accountants may also produce financial reports and audits, developing budgets, and analyze expenditures; ensuring compliance with legal requirements. They could also forecast future revenue streams, prepare tax schedules, or manage payroll accounts.
Other Concentrations available in the Masters in Taxation are:
- Taxation itself
- Estate Planning
- Business or Data Analytics
How Do You Choose the Best Program?
When choosing the right school for your masters in Taxation, the graduate student should consider the cost, location, whether classes are online or on campus, and if the school offers student support services. Students should also consider whether the program is full-time or part-time. There are three areas that a perspective graduate should also look at when choosing a school to earn the masters in taxation. These are admissions, accreditations, and financial aid help or scholarships.
Admissions
In some cases, getting admitted in a masters program is pretty simple; however, you may need to be a graduate that has earned a BS or BA degree. It just depends on the school. Plus, a student may need to accumulate enough credits before taking the masters in Taxation program.
Accreditation
Many schools offer top accreditations for their programs. Choosing a college that offers the right type of accreditation will help you when finding a job after you complete your degree. In fact, many employers may require accreditation from colleges or universities, to make sure the program is a legitimate option for student achievement.
Financial Aid and Scholarships
Most schools will offer financial aid to their students, even those taking a masters program. However, getting a scholarship will determine on a few factors. These may include high GPA, exceptional work ethic during your four-year degree, or professional recommendations. However, you don’t have to be a genius to earn a scholarship. There are several online platforms that can help the average person to get college paid for, or at least partially paid. One is Scholarship Owl. They help students find ways to earn scholarships fast.
Online Master’s in Taxation Degree Programs
There are many career possibilities for those entering a masters in Taxation degree. Graduate students that earn a master’s degree in taxation will often work as tax managers, tax accountants, and certified public accountants. Some may find work as an Internal Revenue Service (IRS) agent. In fact, job positions as auditors or accountants are on the rise. Plus, there are several concentrations to choose from. Whichever focus a graduate chooses, it will be worth all the effort.
1. Fairleigh Dickinson University
Fairleigh Dickinson University’s MS in Taxation offers graduate students with practical knowledge and understanding of finances. The program curriculum knowledge in financial planning, accounting, and taxation. The online program is 100% online, which makes it very convenient for working professional. Both entry-level and experienced professionals may apply. Fairleigh’s tuition is also affordable to most applicants. In some cases, the GMAT may be waived for CPA, EA, CMA, CFP, JD, and MBA AACSB accredited schools, depending on work experience in tax, accounting, or financial planning. The online degree in Taxation is only 30 credits and takes 24 month to complete; however, no classes are available during the peak of tax season.
2. Penn State World Campus
The Master’s in Taxation at Penn State World Campus provides a world-class degree, designed for working professionals. The program offers 24/7 technical support, personal advising, and available for both full time or parttime students. The courses are asynchronous, which means students are not required to login at a particular time during the day. Part time Students can complete a masters in Taxation online in as little as 21 months. Students also have the option to earn a 9-credit Graduate Certificate in Business Analytics or a 12-credit Graduate Certificate in Accounting Foundations.
3. Rutgers University
The Rutgers Business School Master of Accountancy in Taxation provides graduates with a 30-credit, online-hybrid program. The courses are available part-time, which is convenient for working professionals with a busy schedule. It also provides flexibility and promotes a competitive advantage for professionals looking to advance in career path of taxation. The masters in Taxation at Rutgers also satisfies the completion of the 150-hour requirement for the CPA exam. The college also is known as having top-quality faculty members, many student successes, and a high return on investment. All this are reasons why this program has been ranked at #5 among top Master’s in Taxation programs in the US.
4. Southern New Hampshire University
Southern New Hampshire University offers a Masters in Taxation, available online. The program is a total of 36 credits and is accredited by the ACBSP. Students do have the option to transfer up to 12 graduate credits, allowing them to finish earlier. Students will learn knowledge and expertise in tax rules, introduce key concepts, and gain the analytical and technical skills needed for accounting professionals in the field. The program will also provide courses in auditing and financial reporting. Students will be well-prepared for the Uniform CPA (Certified Public Accountant) Exam once they finish the masters in taxation program.
5. University of Cincinnati
The MS in Taxation at the University of Cincinnati offers business-oriented students with a degree for the future. The program teaches students both practical and analytical concepts, so you can gain the knowledge and skills needed to stand out in the field of accounting. University of Cincinnati also is a top-ranked college, and has been AACSB Accredited since 1919. UC’s online MS Taxation program was also ranked at #21 for Online Graduate Business programs in 2021 by U.S. News & World Report. There is no GMAT requirement and the school offers multiple start dates.
Professional Organizations in Taxation
National Association of Tax Professionals (NATP): providing support for the nation’s most trusted tax preparers.
Institute for Professionals in Taxation(ITP): The Institute equips tax professionals in the corporate sector by offering tp-notch educational programs.
Internal Revenue Service (IRS): Helping various types of tax return preparers, which includes certified public accountants, enrolled agents, attorneys, and more.
National Society of Tax Professionals(NSTP): Access to outstanding professional learning opportunities from the comfort of home. It is a tax community, promoting the education, interests, and professional development of tax preparers.
American Institute of Certified Public Accountants (AICPA): Empowering change in individuals and organizations, and helping finance professionals adapt, grow and lead.
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