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
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.
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.
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.
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.
If you are interested in pursuing a career in taxation, these four positions offer opportunities for professional advancement.
How Lawyers Can Benefit From a Master of Laws in Taxation
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.
Image via Flickr by shawncalhoun