Guide to Master’s in Taxation

You may have interacted with a tax expert when it came time for you to file your tax returns. That person likely guided you through the process, asking careful questions pertaining to deductibles, exemptions and more. However, the scope of work for tax professionals goes beyond tax season.

In matters of sales taxes, business taxes, property taxes and payroll, the tax expert leads the charge in solving any issues that may arise and makes sure that all stakeholders comply with the Internal Revenue Service’s regulations.

When deciding whether to pursue your master’s in taxation or master’s in tax law, it’s important to not only consider job outlook, but also program cost, program requirements, study environment and earning potential. Each of these factors can help you determine if earning your advanced degree is an educational investment you want to make.

Understanding the ins and outs of tax laws is key to a profession in taxation, especially if you’re considering a career as a tax attorney. One way to acquire an in-depth understanding of those laws is to earn a master’s degree in taxation, although not often required. Through a comprehensive curriculum, you’ll build a foundation to launch a career in a high-demand accounting specialty: the U.S. is projected to add 12,800 financial examiner jobs between 2022 and 2032, according to the Bureau of Labor Statistics (BLS). Many more accountants and auditors are expected to join the workforce during the same time period, precisely 126,500 each year.

Master of Laws (LL.M.) in Taxation

The Master of Laws or LL.M. in taxation is a rigorous academic program for students who have completed their Juris Doctor (J.D.) degree and want to specialize further. The more specific areas of study include estate planning, international taxation and state and local taxation. Acquiring this degree may offer you an edge in potential early-to-mid level career paths.

Typical Curriculum and Courses Outcomes

Think of this program as one that is designed to make you an expert in all things tax-law so you can interpret and properly enforce IRS standards. The curriculum typically covers general tax practice, business taxation and international taxation. Some programs offer courses in estate planning and policy as well. Depending on your specialization, you’ll have an array of electives to choose from like advanced income tax and personal financial planning, partnership taxation, and private wealth planning.

With your degree, you can work in a variety of roles. Some of them are tax analyst, tax consultant, tax attorney, senior tax manager and more.

Master of Legal Studies (MLS) in Taxation

A Master of Legal Studies, or MLS, differs from an LL.M. in that it is not specifically meant for lawyers. The MLS is meant to prepare individuals who may work closely with other lawyers or the law itself to better understand it but does not qualify them to be a practicing attorney.

Typical Curriculum and Courses Outcomes

The curriculum for this program may be similar to other tax law degrees but tends to be more general covering subjects such as United States laws and methods, federal income taxation, corporate taxation, federal taxation of partnerships, income tax accounting and more.

This educational path could potentially help practicing accountants or financial professionals to qualify for senior positions in their workplace or give them a leg up over other financial professionals. Jobs for an MLS in taxation graduate include senior compliance officer, senior contract negotiator, tax specialist, state and local tax professional or government contractor.

Master’s in Taxation Accounting

A Master of Science in Taxation or MST differs from other tax degrees. While an LL.M. and MLS prepare students for a career in the legal sector, this one prepares a student for a career in business and to take the Certified Public Accountant exam. Sometimes these degrees are offered through a college or university’s business school rather than law school.

Typical Curriculum and Courses Outcomes

Courses for an MST program focus less on government entities and more on tax research, practice, state and local entities, individual taxes and estate taxation. Your training will teach you how to apply advanced knowledge of accounting and taxation to organizational issues, implement ethical decision-making processes and manage teams and help them to reach set goals.

Job prospects include tax consultant, tax advisor and accounting roles where employers are looking for CPA holders to fill.

We’ve compiled a list of master’s in taxation online programs, including LL.M. and MLS programs, that may fit students from various backgrounds who are interested in tax law. All the online master’s in taxation programs listed below are offered by ABA-approved law schools.

The program cards/tables featured on this page were last updated in November 2022. For the most current program information, please refer to the official website of the respective school.

Which Taxation Program Is Right for Me?

Comparing the many types of degree offerings, courses and career paths related to tax law can be overwhelming, especially when each path tends to take about two to four years from start to finish. But choosing the right program doesn’t have to be stressful. When you take a look at a program’s admissions requirements, your desired job title, whether you want to take your courses online or on-campus, your budget and perhaps how your previous education and work experience could help you in the classroom, you may find it easier to narrow down the path that’s right for you.

Perhaps you have a Juris Doctor and want to specialize in a single aspect of taxation to better serve their constituents. You might opt for an LL.M. in taxation. If you wish to obtain your CPA, then a master’s in taxation accounting offered by a business school could be the degree to aim for.

For working professionals or those hoping to switch career paths say from legislation representation to tax management, online programs can be a great fit. Some online programs are asynchronous, meaning they offer more flexibility when it comes to deadlines. Distance learning also gives students the chance to enroll in part-time study, but it is important to note that these types of programs require a self-starting attitude and the ability to learn independently.

Regardless of the degree you choose to get, closely inspect program details. Admissions can be particularly rigorous if the school you want to attend has a good reputation. Often, schools will require the following:

• A completed application form – This form is provided by the school and will require you to list personal details such as your date of birth.
• Application fee – Prepare to budget $35 or more per application.
• Transcripts – Expect a small fee to have your alma mater send your transcripts to programs. Your transcripts will show if you meet the program’s minimum GPA requirement.
• GMAT or GRE test scores – This can sometimes be waived depending on previous experience or professional accomplishments in your field
• Letters of Recommendation – Be sure to give one month's notice in advance at least and send thank you notes once those letters have been sent to you or the institution.
• Subject prerequisites – Some programs require prerequisites other than a degree. For example, an MS in Taxation may ask that on top of your bachelor’s degree in business, accounting or administration, you have completed certain courses in subjects such as intermediate accounting and business finance

Personal Essay – Your essay or personal statement will tell the admissions team why you want to enroll in a program and what you bring to the table.

Before sending your applications, check average acceptance rates to see how you measure up to program standards. Always have preferred schools and a few safety schools on your list to increase your chance of being accepted to a program you are comfortable with.

Lastly, be sure you apply to a program or school that is accredited. For those obtaining a law degree, the American Bar Association (ABA) is the accrediting board. If your degree is offered through a business school, it will either be accredited by the Association to Advance Collegiate Schools of Business (AACSB) or Accreditation Council for Business Schools and Programs (ACBSP). Unsure of what type of accreditation your program has, regional or national? Use the Department of Education’s Database of Accredited Postsecondary Institutions and Programs to find out.

Salary Outlook with a Degree in Tax Law

Your degree in tax law may open up the door for you to work in a range of positions. Salary will not be the same across the board. Your location, years of experience, level of education, employer and specific job title could affect how much you earn.

In May 2023, the median annual salary for accountants and auditors was $83,250, according to the Bureau of Labor Statistics. The top 10% of this working group earned more than $137,280. By contrast, median annual wages for financial examiners came to $84,300, exceeding the national average for all occupations.

The median salary for lawyers in the U.S. is $145,760, according to May 2023 BLS data. The BLS also found that salary changes from industry to industry.

Source: U.S. Bureau of Labor Statistics – Lawyers

Frequently Asked Questions About Tax Law Degrees

Before you begin the journey of pursuing a master’s in taxation, make sure you have conducted extensive research not only on your desired program but also on the accounting and taxation fields. The following questions and answers can help you with this process.

Last updated June 2024