4 Career Pathways for Those Possessing a Taxation Degree

Those who possess a taxation degree can qualify for tremendous job opportunities in a variety of sectors. From education to the government sector and production to corporate, a taxation graduate enjoys excellent opportunities in each one of them. Moreover, people who possess a taxation degree can become a CPA or easily climb the ladder to an executive-level position. 

In this article are listed some of the best careers for a taxation degree holder.

What Is a Taxation Degree?

A taxation degree prepares an individual to deal with all kinds of taxes, including income, property, real estate, sales, corporate, and others. It is very different from other accounting degrees. It focuses primarily on the structure and complexities of taxation in various departments as per the local laws. On the contrary, accounting degrees focus more on the principles of accounting, balance sheets, financial reports, etc. Generally, a graduate in taxation is preferred for tax analyst and tax manager positions in a firm. 

Today, most firms seek immense experience and education in their employees. Since the professors who teach taxation programs are practicing professionals, they provide learners with education and experience. A few accounting programs do have courses that touch on taxation. However, it is nowhere near to the detailed knowledge and insights that taxation concentrated programs give. 

Why Get a Taxation Degree?

A degree in taxation offers bright career prospects for students, such as higher pay scale, scope to work in various sectors, and the opportunity to become a state employee. Professionals with a degree in taxation are most likely to earn higher than general accountants with no specialized qualifications.

Taxation degrees, specifically Online LLM Tax, provide advanced skills and knowledge in taxation. It focuses mainly on the rules and laws of the state governing it. Following are some perks of pursuing a degree in taxation. 

Career Advancement: 

Some executive-level positions in the taxation departments require specialized skills and knowledge, which the professionals with a taxation degree possess.

Preparation for Certifications: 

Widely recognized certifications such as CPA or CTP require a certain number of credits in taxation concentrated courses. An individual having a taxation degree needs not worry about such requirements, as their degree structure encompasses all these requirements. 

Personal Development: 

People with a genuine inclination towards a career in taxation can learn a lot in tax concentrated programs. It provides a sense of fulfillment and an enriched combination of experience and knowledge.

The careers best suited for a taxation graduate are:

1. Tax Manager

The job description of a tax manager curtails reporting and planning all kinds of tax figures. Also, they must oversee the efficiency of a company’s tax plan and make sure that it complies with the local laws and regulations.

To work as a tax manager, a student should have at least a bachelor’s in business administration, finance, or accountant. And it should be followed by a master’s in taxation concentrated program. Furthermore, it is imperative to practice as a tax consultant in a reputed firm for four to ten years to raise the tax manager level.

2. Assistant Professor or Professor

A taxation graduate can also pursue a career in education as an assistant professor and later as a professor in any college or university. Besides teaching the students on tax-oriented subjects, they can advise the campus committees on various tax-related topics and collaborate with the students and faculty. 

A taxation graduate working as an assistant professor can earn a doctorate during their services, gaining experience and qualification to teach at higher levels. Suppose you seek to become a professor at the university level. In that case, it is crucial to possess a doctorate in a relevant field. It can later pave the way for gaining a critical administrative position.

3. Chief Financial Officer

A Chief Financial Officer is a vital member of any organization’s executive team and works closely with the CEO and COO. He/she is responsible for managing all its financial aspects, such as financial reporting, balance sheet maintenance, cost-benefit analysis, taxation, etc.  

Generally, a CFO must possess a degree in business administration, taxation, or accounting, with a minimum of ten years of relevant experience. A CFO’s role is crucial in every organization. They ensure a smooth handling of all the firm’s financials, including tax records, cost-benefits ratio, lease, loans, etc. 

4. Financial Manager

A person possessing experience in the financial sector in the positions such as accountant, financial analyst, or auditor, qualifies to serve as a firm’s financial manager. However, with additional knowledge and taxation skills, he/she gains an edge over other employees. 

According to the American Bureau of Labor Statistics, a financial manager can earn up to $125,000 annually. That makes it one of the highest pay scale jobs in the arena. Most finance graduates with majors in taxation work in the insurance, manufacturing, government, or law sectors. Due to the broad spectrum of knowledge, their services are also valued in scientific and technical support agencies.

Conclusion

Professionals who possess a taxation degree can excel in a variety of sectors in multiple roles. No matter where they are offering their services, they remain a vital part of the organization and work closely with its executives. On average, accountants with majors in taxation earn between $71,000 and $125,000 annually, which is higher than the average salaries in many other professions. Moreover, a career in the taxation sector always keeps an individual busy with new challenges and exposures.