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A Master of Taxation is designed to prepare graduate students for an accounting career where specializing in Internal Revenue Service code and regulations is vital. If you currently hold a Bachelor’s in Finance, Accounting, or a related major, you may be interested in advancing your career by advancing your education. With so many different Master’s degree programs to choose from, deciding which major and specializing is best can often be a daunting and confusing task. If you are unsure about the competencies you will earn by becoming a MTAX graduate, read on and decide if this is the right post-graduate degree for you.
Related Resource: What are the Most Popular Concentrations for MBAs?
What Does a Master of Taxation Program Teach?
When you take a Bachelor’s degree program, you often only scratch the surface of certain theories, principles and concepts. While you can be knowledgeable as an undergrad, taking the time to develop your knowledge and become an expert with a graduate degree will help you gain an in-depth understanding. A Master of Taxation program that is offered by accredited institutions will provide graduate students with a deep conceptual understanding, a practical understanding, and also critical thinking skills so that you can apply the taxation skills to real life scenarios.
Programs that have earned a programmatic accreditation all incorporate the in-depth examination of complex aspects of regulations and tax code. If you would like to become a tax preparer or an accountant, having this degree will help you compete in a highly competitive discipline. Some of the courses that you can expect to take during an 18 to 24 month Master’s degree program include: Taxation of Individuals, Tax of Estates, Taxation of Corporations, Tax Planning, IRS Practice, Tax Policy, Real Estate Taxation, Taxation of International Transactions, State and Local Taxation, and Income Taxation. Some of these courses may have different titles, and some may be considered electives rather than core curriculum.
How Can You Earn a MTAX?
Now that you know what a Master of Taxation is, it is important to learn how you can study for this designation. Before you can enter into a Master of Science program like this, you must first have a Bachelor’s degree in a related field. Most schools require you to have a Bachelor of Science, and to have completed prerequisite courses in accounting and taxation before you can get accepted by the admissions council. Only after you meet these educational requirements can you apply.
There are both online and traditional on-campus Master of Taxation programs available throughout the nation. If you want to attend an online program, you need to be sure that the University that you apply to is a reputable school of business that has maintained its accreditation. If the school is not accredited on a regional and a programmatic level, the degree you earn may not be recognized by state boards of accountancy. On-campus programs also need to be accredited to be recognized. Currently, the Accreditation Council for Accountancy and Taxation monitors Master’s degree programs. Be sure that the program has applied and been approved by the ACAT before you even consider applying.
As a taxation expert, you can work in a variety of settings. You can work as a public or a private accountant, a tax preparation specialist, and an independent contractor. Decide which path you would like to take, and see if a Master of Taxation will take you there.
