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What is Taxation?
Taxation is a field of study in business focused on the process associated with tax. The act of taxing, imposing taxes, managing revenue raised from taxes is all part of taxation. Studying Taxation will help provide consumers and end-users with reliable, expert advice with an array of tax matters.
A tax can be levied by a local, state, or federal agency on a taxpayer, albeit a corporation or individual. These taxes can range from: income tax, corporate tax, capital gains tax, payroll tax, property tax, inheritance tax, excise tax, sales tax, and wealth tax to name a few. Given the sheer number of disciplines within taxation, it is one of the most intricate disciplines within the field of accounting.
Top Taxation Degrees
Earning a degree in taxation can be achieved at both a graduate or undergraduate level. Given the complex nature of taxes, domestic and international, specialists are sought out by private industry and public corporations of all sizes.
Professionals in the tax industry can be generalists or specialists. Generalists will understand tax codes, law, business, and personal implications but not the granular details of each area. Specialists, on the other hand, will know an immense amount regarding a specific area of tax. Specialties in tax can include international, domestic, state, local, accounting, financial planning, estate, corporate, and individual.
To help you find the best degree program for you, we have summarized the most popular tracks below. Simply connect with the schools and degrees that make the most sense for you given your career goals and personal objectives.
Taxation Certificate Programs
Certificate programs in tax are issued by a variety of accredited colleges and universities. A certificate is designed to provide essential knowledge and skills in an area of study. Students can earn an undergraduate and/or graduate certificate in tax.
Tax certificates will vary by school but may include defined programs such as state and local tax, estate planning, international tax, accounting, or a general certificate in taxation. Online tax certificates can be a viable learning modality for working students or professionals looking to upskill in their industry.
Taxation Bachelor Degrees
A bachelor degree in tax can typically be completed in four-years based on full-time matriculation. Online degrees in taxation can be a viable learning modality for students to help reduce the cost of earning a degree.
Distance learning will bypass the traditional expenses associated with transportation, parking, room, and board which can be substantial over several years. Bachelor degrees will be conferred as either a Bachelor of Science (BS) or a Bachelor of Arts (BA). Each school will designate their degree programs in relationship to the program contents and overall emphasis.
The core classes found in a tax program will typically include a deep understanding of the tax code, history of tax, current legislation, and business structures in addition to business courses such as operations, marketing, finance, accounting, bookkeeping, political science, international business, and statistics.
Taxation Master Degrees
Master degrees will most frequently be conferred as a Master of Science or MS degree. Given the technical nature of the degree program, students will need to have a firm understanding of accounting, tax law, corporate structures, estate tax, gift tax, international tax, state tax, tax research, retirement plans, and multi-state tax issues.
A master degree will take 1-2 years to complete depending on the curricular design of the program and the pace at which you complete required courses. Part-time students can complete graduate degrees in two to four years in most cases.
Curriculum found in a graduate degree program will wholly depend on the emphasis of the program and the school’s design. In most cases students can expect to take classes such as:
- Tax Research
- Federal Tax Law
- Property Transactions
- Venture Capital & Start-up Financing
- Technical Analysis
- Business Valuation
- Real Estate
- Finance and Investments
- Behavioral Finance
- Advanced Federal Income Taxation
- Personal Income Tax
Employment for Tax Managers
For undergraduate college students who earn a degree in taxation, there will be a number of career paths to ponder. While preparing taxes for individuals and businesses is the most obvious choice, it may not be your first choice.
Other vocations that tax majors have followed after graduation include the following pathways: accountant, business managers, leaders, directors, auditor, human resources, sales managers, teachers, budget analyst, cost estimator, financial analyst, financial manager, contract administrator, and corporate trainer. Note, you may need to acquire additional certification(s) and/or training to step into some fields.
Career Outlook for Tax Majors
The job outlook for tax majors is bright. In fact, the ONet portal estimates a rapid 14% job growth for tax preparers which will account for some 11,500 new jobs in the near term. Tax assessors and tax examiners will see a job bump of 13% in the coming reporting period.
Similarly, the BLS expects jobs for accountants and financial advisors to vault by 11% and 30% during this same term. is expected to rise 11% through 2024 and for financial advisors a 30% growth rate is expected during the same period. Accounting and financial advising jobs alone will account for nearly 175,000 new jobs. This real-world impact underscores the importance of taxation and financial services sector.
Additional Resources for Taxation Students
- American Bar Association - Section of Taxation
- Multistate Tax Commission
- National Association of Computerized Tax Processors
- American Institute of Certified Public Accountants
- National Tax Association
- Tax Executives Institute
- American Payroll Association
- American Property Tax Counsel
- National Association of Tax Professionals
- National Council of Property Taxation
- American Taxation Association
- Institute for Professionals in Taxation
- Association of International Certified Public Accountants
- National Association of Tax Consultants
- Association for Computers and Taxation
- Center for State and Local Taxation
- National Society of Tax Professionals