Master of Taxation – How it can assist you
Working with taxes is a unique and ever challenging experience. Most Americans understand that the government requires a portion of their money to operate, but many don’t really think about where their money goes. America’s tax infrastructure has spent quite a long time progressing into the system we know today, and as a result, has become quite complex.
This intricacy is entirely necessary. With so much capital being exchanged within the country in any given year, it makes sense that legislators would need to introduce complicated rules to govern it all. Both individuals and large organizations struggle to keep up with all the regulations and their annual changes, which is why professionals spend years developing the skills necessary to work with taxes. There are many ways to enter this field, but one of the best is to earn a Master of Taxation degree.
This curriculum allows students to become heavily involved in the world of taxes, both on individual taxpayer and corporate levels. What can you expect after you complete a Master of Taxation program?
Earn Competitive Compensation Levels
Tax laws are intricate and sometimes not easy to comprehend, requiring that top-tier professionals have a substantial amount of prior training, skill and perseverance. Therefore, those who go on to receive their master’s degree in this field are eligible for significant compensation in their careers.
Of course, how much you earn depends entirely upon which position you end up choosing. According to PayScale, those with a Master of Taxation degree have a wide variety of options to choose from.
On one end of the scale is the tax associate. PayScale stated that these individuals work to assure that organizations are compliant with their taxes and are staying on top of their organization’s financial condition. Tax associates generally work on a team, and therefore aren’t as highly compensated as other tax positions. The median salary for this job is $55,758.
This job may be a viable starting point for those in the process of earning a Master of Taxation degree or those who haven’t ever worked in the industry before. This position would allow them to get a foothold in the field before moving on to a more rewarding role.
A tax associate is very much an entry-level role in terms of compensation for those in this industry. Graduates of a master’s program are likely to garner employment in a more challenging career.
One of the highest paid positions in this field is a tax director. As noted by PayScale, tax directors compile tax reports for organizations. These individuals generally work with teams of tax professionals, and must be extremely proficient at writing. However, those who decide to work in this area are rewarded for their efforts. The median pay for a tax director in the U.S. is $148,637. It is important to note that this salary is in the middle for the profession. The salary range for this job can reach over $200,000 annually, and bonuses are very often a part of compensation. PayScale stated that total pay for tax directors could sometimes exceed $236,000.
Taxation Provides Job Security
Outside of the competitive salaries within this field, it’s also valid to remember that taxes will remain a constant in the American financial system. Taxes are not new, either, as Live Science contributor Owen Jarus reported on concrete evidence of taxes dating back to ancient Egypt.
This isn’t a field that will be disappearing anytime soon, and the value of taxation professionals will likely remain high in the foreseeable future. This is especially true of corporate taxes, where incredible amounts of money often moving between countries and need to be properly tracked and recorded.
If taxes are something that you can see yourself working with for the next few years, a Master of Taxation program could give you the skills necessary to stay relevant in the workplace. Taxes may have changed since ancient Egypt, but they won’t be disappearing, and this offers much job security for those in the field.
Company Efficiency Hinges on Taxation
There are few metrics company leaders value more than efficiency. The crux of business is to sell a product or service for more than it took to create or implement it, and cutting back on inefficiencies is the only way to do this correctly. Misdirecting resources, on a task that isn’t directly related to revenue generation, can be perceived as wasteful. In that respect, a well-informed tax professional can play a vital role in an organization.
For example, audits are a common part of corporate culture, regardless of whether taxes have been filed properly. This often involves taking employees off of current projects to assist the investigators in their efforts. What’s more, an audit may be damaging to a business’ reputation.
A Master of Taxation graduate can be very valuable to a company. Simply avoiding an audit altogether is obviously the more attractive choice for businesses, and the only way to do that is to have knowledgeable staff members follow the most up to date tax regulations. By getting a higher level of education in this field, you can set yourself up for success in ensuring the efficiency of operations within an organization.
Taxation is a Cornerstone of Business
A functional government relies heavily on taxation and the revenue stream that is the American public. Modern society is built on the foundation of this system, which makes any discussion concerning changes to it very important.
As it stands, The United States appears to be moving toward a major alteration to the current tax system. In a press release detailing the new Protecting Americans from Tax Hikes Act, the Committee on Means and Ways expressed a desire to see some big reforms in the years to come.
“This bill lays the groundwork for historic reforms that will fix our broken tax code,” the release read. “Instead of spending months each year debating temporary tax extensions, Congress will be able to focus on the comprehensive tax reform we all agree our country needs. Americans deserve a simpler, fairer and flatter tax code that’s built for growth, and this bill will help make that possible.”
Exactly how this change occurs and when it will happen is unknown at the moment. Even so, this statement very clearly shows that important decisions will be made concerning the future of American taxes. While getting a master’s degree in this field may not put you in position to help mold this new system, it does give you the knowledge necessary to stay abreast of future alterations.
Join the Professional Network
What you know is important, but it’s often who you know that can have a significant impact on your future. Business has always been about connecting with people and leveraging those relationships to a mutually advantageous position, and the tax industry is no different.
This is yet another reason why entering a highly regarded Master of Taxation program is important. While earning your degree, much of your time will be spent learning. However, you’ll have many occasions to build relationships with classmates, professors and alum. These are prime opportunities begin the foundations of advancement in the field.
If you develop a strong relationship with your professor, and have done well in the class, you may consider asking for a recommendation and there’s a good chance you will receive one. People who teach master’s programs are well respected within their field, and having a professor’s name on your resume can be an enormous boon to your career.
In addition, your fellow students may also provide assistance. Many of these individuals have already worked within the field, and some are likely to have a good deal of influence at current or previous places of employment. Networking with your peers is a valuable part of earning a master’s degree.
Acquire a Degree from a Reputable Institution
The university from which you earn your degree is of paramount importance. Therefore, those looking into this field should consider the Master of Taxation program offered through Villanova University.
Villanova University is a highly regarded institution with some of the best minds in taxation as faculty who in turn teach students of the program to be the same. By leveraging both the high-valued name of the university with the knowledge this degree offers, you can gather the knowledge, skills and relationships necessary to elevate your career to the next level.
The articles, materials and information (referred to as “Content”) provided via this site are for personal, non-commercial, informational purposes only. None of the Content constitutes, or is intended to serve as, legal, financial or tax advice. The Content does not convey the official position or endorsement of Villanova University. The Content is provided “as is” and without any warranties, representations or guarantees, and any implied warranties, representations or guarantees are hereby expressly disclaimed. Any tax analysis or observations included in the Content may not contain a full description of all relevant facts or a complete analysis of all relevant tax issues or authorities. In addition, any tax analysis or observations contained in the Content is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending any transaction or matter addressed herein. Individuals should consult their legal, financial, tax advisors for a full analysis and advice related to their specific facts.