Graduate students looking to attend business school for an accounting degree often run across the increasingly popular Master of Science in Taxation option. In short, an MST is a highly specialized form of a graduate accounting degree that strives to build a solid core of knowledge in the complexities of tax law. The MST or a similar equivalent is usually housed within a university’s school of business to specifically train students for evaluating finances in compliance with tax codes. As the demand for accountants continues to steadily rise slightly faster than average by 13 percent before 2022, there’s solid job prospects available for students earning this concentration in taxation, according to the Bureau of Labor Statistics. The following is an overview of what you can expect from enrolling in an on-campus or online Master of Science in Taxation program.
Typical Master’s in Taxation Curriculum
Over the course of one to three years, the MST degree takes graduate students on a journey through learning how to file tax returns, assist in tax investigations, work with government revenue authorities, advise clients on tax decisions, and create corporate budgets. Along with providing advanced tax practice, students are usually given the chance to specialize in a certain niche like estate planning, income tax, or tax planning. Students are prepared with a slew of sound tax strategies to help prevent audits as well as represent clients in the event of an internal investigation. Courses will vary by school, but most will focus on tax-related topics like tax research methods, corporate taxation, tax-exempt procedures, international taxation, federal income tax, and business law.
Career Opportunities in Tax Accounting
Finding work is rarely hard for graduates with a taxation degree, because the old adage that “Nothing is certain, but death and taxes” rings true. Organizations of all sizes depend on taxation professionals to help navigate through the waters of complicated tax regulations. Many graduates decide to fulfill the in-demand role of tax accountant and aid individuals or corporations in filing their tax forms properly, according to Robert Half Management Resources. Having a Master of Science in Taxation degree usually fulfills the 150-hour requirement needed to become a Certified Public Accountant (CPA), which leads to plentiful career options. Those who blend the MST with a JD or LLM could also work towards becoming a tax attorney and providing legal advice on tax matters.
Finding a Master of Science in Taxation Program
Life is full of important decisions, and choosing the right accounting school for earning your Master of Science in Taxation degree ranks highly among them. Since there’s literally hundreds of options available, it’s best to narrow down your choices by looking for schools accredited by the AACSB, ACBSP, or other recognized business accrediting body. Make certain that there’s plenty of resources available in the tax concentration area. You should also consider other important factors, such as faculty interaction, course flexibility, job placement, location, reputation, class size, support services, and practical experiences.
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Whether you wish to start your own tax consulting firm or work for the IRS, there’s numerous unique paths that can be unlocked with the MST degree. Before you can enroll, prerequisites will require that you obtain at least a bachelor’s degree from a four-year accredited post-secondary institution. If the Master of Science in Taxation degree is in your future, make certain that you complete all foundational undergraduate courses in accounting, taxation, economics, and statistics for an accelerated graduate pathway.
