Types of Graduate Tax Degrees: Which is Right for You?

Deciding to pursue a graduate degree is the first step when investing in your professional future. The next step is choosing the graduate degree that’s right for you.

When it comes to choosing the right type of graduate tax degree, it’s important to understand the diverse outcomes offered by each option. According to the Bureau of Labor Statistics, careers in the field of taxation are in high demand. The number of available accountant and tax auditor positions alone is expected to increase by 10% through 2028, making now the perfect time to explore the different types of graduate tax degrees and prepare for the field’s rapid growth.

Whether you’re motivated to become a tax accountant, lawyer or consultant, there are numerous types of tax degrees at the master’s and doctoral levels that lead to rewarding opportunities after graduation. Explore your options and let your professional goals determine which academic path is right for the next step in your career.

According to research by PayScale, tax attorneys in the United States can earn up to $195,000 a year, making lawyers who specialize in this particular area some of the highest paid professionals in the field. Ideal for licensed attorneys striving for career advancement into the field of taxation, a Master of Laws – Tax (Tax LLM) degree can deliver the expertise you need to focus your practice on tax law as a specialty. This program is designed to build on professional knowledge of the law, so you are required to have a Juris Doctor from an accredited institution before enrolling in this type of tax degree.

Career Outcomes:

• Tax attorney
• IRS accountant
• IRS agent
• Sales tax auditor
• Corporate controller
• Accounting firm tax consultant
• Senior tax accountant
• Tax director
• Firm partner
• Chief financial officer

Individuals who want to earn a Master of Laws – Tax (Tax LLM) degree but have not yet completed a Juris Doctor can earn both at the same time with a Dual Juris Doctor/Master of Laws – Taxation (LLM Taxation) program. Serving as a fast track to career success, this type of tax degree program combines the diverse professional skills required to become an attorney with the advanced tax expertise you need to focus your practice on taxation. By choosing this academic path, you’ll be ready to begin your career immediately following graduation.

The Master of Tax Law (MT) is a degree for non-attorneys who want careers that allow them to specialize in tax planning and consulting. With this degree, you’ll have the academic credential required for a variety of in-demand positions with rewarding compensation, including the role of a financial advisor. With a growth rate of 7% per year, the number of available financial advisor positions is increasing faster than average, according to the Bureau of Labor Statistics. In 2019, the median annual salary for this and similar roles was $87,850.

Career Outcomes:

• Senior financial advisor
• Chief financial officer
• Corporate controller
• IRS accountant
• IRS agent
• Partner, Accounting firm, Tax
• Sales tax auditor
• Senior tax accountant
• Senior tax manager
• Tax auditor
• Tax consultant
• Tax director

Ideal for individuals seeking tax-focused business careers, the Master of Science in Taxation (MT) opens the door to diverse professional opportunities in business, accounting and taxation. This type of graduate tax degree offers instruction on similar field topics covered by the MT, but focuses more on tax compliance and return preparation. This degree can also serve as a stepping-stone to advanced academic programs for further career advancement.

Career Outcomes:

• Vice president of finance
• Chief financial officer
• Business consultant

Designed for aspiring accountants, the Master of Accounting prepares individuals to take the Certified Public Accountant Exam and become licensed accountants in their states. In addition to offering essential finance skills through rigorous instruction, this type of degree also features clinical practice hours to ensure graduates complete the program with real-world knowledge of accountant responsibilities.

While not a tax-specific degree, the Master of Accounting is sometimes pursued by individuals working toward careers in taxation because it may include tax courses as part of the curriculum and can serve as the academic credential needed to pursue advanced education. The degree also offers promising professional opportunities immediately following graduation. According to the Bureau of Labor Statistics, more than 90,000 new accounting and auditing positions are expected to be created by the year 2028.

Career Outcomes:

• Certified public accountant
• Auditing clerk
• Financial analyst
• Budget analyst
• Personal financial advisor

From combining a Juris Doctor with a Tax LLM to transforming your business experience into a tax-focused position with a Master of Science in Tax Law, several academic pathways can lead you to the career you want. LMU has the graduate tax degree that’s right for your future as a tax professional.

LLS offers a variety of online and on-campus graduate tax programs designed for your professional success. Courses are taught by a faculty of educators who build each class on their personal experiences and provide one-on-one attention to every student so that you can prepare for a real-world tax career.

Choose the program that’s right for your career goals and get started on your graduate tax degree today.

Loyola’s Online Graduate Tax Degrees:

• Master of Laws – Tax (Tax LLM)
• Juris Doctorate/Master of Laws – Tax (JD/Tax LLM)
• Master of Tax Law (MT)

Read more about Graduate Tax Degrees here!