Three In-Demand Jobs for Tax Law Experts
Master of Laws in Taxation (LLM) and Master of Taxation (MT) and degrees offer comprehensive instruction in matters of tax law, including tax policies and tax principles. These advanced qualifications can offer a number of professional opportunities to graduates, including the following three in-demand jobs.
Tax Attorney: LLM Can Lead to Career as Tax Lawyer
While tax attorney opportunities generally don’t require an LLM degree, Debra Carpenter of The Huffington Post says many legal firms prefer job candidates with this qualification. She notes that employers respect this degree because its intensive tax training provides a comprehensive knowledge of tax law and tax theory.
According to Susan Echaore-McDavid in “Career Opportunities in Law and the Legal Industry,” tax attorneys help individual or corporate clients resolve tax problems with local or state authorities, or the Internal Revenue Service. They also defend clients involved in tax-related litigation and help clients minimize their tax burdens. Tax attorneys may work for legal or accounting firms or operate their own private practices.
Payscale.com states the median annual salary for tax attorneys in the United States stands at $98,557, higher than the median attorney salary of $78,242 per annum. Bonuses, profit-sharing arrangements and commissions can further boost this salary.
International Tax Consultant: Opportunities for LLM and MT Graduates with Global Tax Knowledge
International tax consultants are specialists with a comprehensive understanding of international tax law, planning, and compliance. According to AccountingEdu.org, these in-demand professionals serve businesses and individual clients with their knowledge of international tax law and strategies for short- and long-term tax optimization.
Morgan McKinley’s 2015 report on the global demand for corporate tax compliance and international tax experts notes strong demand for international tax consultants in Ireland, the United Kingdom and the United Arab Emirates. In the United States, the Internal Revenue Service, large accounting firms, business management consultancy practices and restaurant operations such as McDonald’s employ international tax consultants.
SalaryList states international tax consultants can earn anywhere between $34,000 and $126,250. Professionals with advanced degrees, such as MT and LLM graduates, can expect to earn near the top of this range.
Personal Financial Advisor: LLM and MT Helps Graduates Help Others
The U.S. Bureau of Labor Statistics expects employment of personal financial advisors to grow by 30 percent between 2014 and 2024. That rate is faster than the average for other occupations in the United States, suggesting that an aging population and rising life expectancies will fuel this demand.
LLM and MT program graduates can serve this aging demographic, and personal financial advisors can also work for banks or in private practice.
Financial advisors help their clients meet their financial goals. These advisors can help clients create budgets, devise retirement strategies, suggest investments or offer methods for minimizing tax payments.
U.S. News & World Report states that the median annual salary for financial advisors stood at $81,060 in 2014. However, the qualifications of LLM- and MT-degree program graduates can help them earn closer to the top of the average pay scale, which stands at $187,199. Bonuses also help increase the average salaries of financial advisors.
Tax law experts are in demand to fill the professional roles outlined above. An LLM or an MT degree can offer professionals the understanding of tax law needed to secure one of these positions.