Four Taxation Careers Poised for Growth
According to the U.S. Bureau of Labor Statistics (BLS), growth in the legal profession is expected to reach 10% from 2012 through 2022. Tax law, in particular, offers unique growth opportunities. In 2014, the National Taxpayers Union Foundation estimated that Americans spent more than 6 billion hours complying with the federal tax code. Individuals with a Master of Laws (LLM) in Taxation or Master of Taxation (MT) degree are uniquely qualified to enter a job market clamoring for skilled tax professionals.
If you are pursuing an advanced degree in taxation, below are four top careers to consider:
Judicial Clerk at Tax Court
Image via Flickr by shawncalhoun
The United States Tax Court, located in Washington, D.C., employs many attorney advisers, or law clerks, to aid the judges who oversee cases. These attorney advisers may conduct legal research, draft opinions and perform many other services judges need to adjudicate cases tried before the court.
According to the United States Tax Court, special consideration is given to candidates who have an LLM in Tax. In addition, these advisers are eligible for a higher starting salary than candidates who do not have the degree. Judicial clerks with an LLM in Tax earn an average salary of $62,906, although each judge offers specific terms.
Financial Planning Consultant
A career in financial planning is another possibility for both MT and LLM in Tax graduates. U.S. News & World Report ranks financial planning at No. 25 on its “100 Best Jobs” list, and No. 5 for best business jobs. Unemployment in this field is only 2.5%, and demand is growing faster than other occupations overall: The BLS predicts 27% growth between 2012 and 2022.
In 2013, the median salary for a certified financial planner was more than $75,000 annually, while top earners took home nearly $187,000 in salary and bonuses.
Certified Public Accountant and/or Lawyers at Accounting or Law Firm
The BLS predicts that more than 166,000 new certified public accountant jobs will open up between 2012 and 2022, representing a 13% growth rate. CPAs are heavily recruited both by large national and international accounting firms and corporations. CPAs with an MT or JD/LLM in Tax degree can serve in both capacities, given their intensive education in taxation.
In 2013, the median salary for a CPA was slightly more than $65,000, with top earners making more than $113,000 per year. Professionals with dual credentials as a JD and CPA, according to Indeed.com, can earn salaries of about $140,000.
Associate at the IRS Office of Chief Counsel
The Office of Chief Counsel is the Internal Revenue Service’s law firm and offers some of the most specialized, technical and highly competitive jobs in tax law. Lawyers with LLM in Taxation degrees are given preference in the hiring process and are eligible for higher pay grades.
Newly appointed attorneys are expected to commit to a minimum of three years in the position, given the agency’s large investment in education and training. The starting salary range is between $66,000 and $69,000 per year.
If you are interested in pursuing a career in taxation, these four positions offer opportunities for both professional advancement and financial reward.