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Careers after graduating as a tax student

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Careers after graduating as a tax student

As a tax student, you will learn all about federal, state and local taxes which will help you land jobs where you will offer tax advice and planning for individuals and organizations. Those who earn a degree in taxation can qualify for various jobs in the corporate world and government agencies. Take a look at some career options for taxation graduates below:

Taxation

If you are a taxation graduate, you can cover and process all types of taxes such as income, real estate and payroll tax. A bachelor’s degree can suffice in this field as long as you strive to get more certification and licenses. But if you want to target higher positions such as tax manager, having a master’s degree can offer you more edge. Graduates of taxation should be skilled in the following fields:

  • Financial accounting: You should know how to cover the impact of economic events on investors, firms and individuals. In-depth knowledge in risk and security analysis, as well as in accounting practices, are also some of the things you should possess
  • Federal income taxation: Federal income taxation covers tax brackets, tax rules and the other basic principles of income tax. Generally, you should be able to focus on the relationship between state and federal income taxes
  • Business law: You should be able to understand the American legal system especially with regards to contracts, procedures and policies
  • Taxation of business entities: This covers the ins and outs of how federal income taxes are paid by firms
  • Strategic management: You should know how to analyze the company’s mission and vision and relate them to the new strategies that will help in its growth

Take a look at the things you have learned in your bachelor’s and master’s degree that you can use in pursuing a career in taxation below:

Bachelor’s

Since taxation stems from accounting, most skills you have learned in your bachelor’s degree are quite similar to what accounting graduates have. This is why to get a greater edge, you should opt to pursue a master’s degree in taxation. 

Master’s

To expand your chances of landing on higher positions and earning a higher salary, you should consider getting a master’s degree. There are various types of master’s programs you can choose from when it comes to taxation. A few of them are:

  • Masters in Taxation
  • Master of Business Administration with a specialization in Taxation
  • Masters in Accounting with Concentration in Taxation 

Take a look at some of the potential positions you can land on once you decide to pursue in the field of taxation below:

  • Tax accountant
  • Tax consultant
  • Public accountant
  • Tax manager
  • Financial analyst

Auditing

Graduates of taxation can analyze and verify financial records to determine the growth of the economy. If you are a taxation graduate, you can examine the business data and files to ensure it complies with tax laws and regulations. You will need a bachelor’s degree to do this but it is better if you earn a master’s degree so you can delve deeper into the discipline. Those who wish to pursue a career in auditing should be skilled in the following fields:

  • Information technology auditing: This will provide you with an overall view of the technology and system controls needed for internal auditing. You should be able to investigate various aspects of the company such as risk management, data assurance and system development
  • Federal income tax auditing: You will be required to be familiar with the US federal tax system which covers personal and business income taxes. Also, you need to know how various tax law differs from each state and how to identify fraudulent returns
  • Forensic accounting: This field requires you to know how to discover and prevent financial fraud by conducting financial investigations studies in the private and public sectors
  • Corporate finance: You should be familiar with the intricate details of the daily operations of the firm you are analyzing as well as the overall scheme of their financial situation
  • Fraud examination: This requires you to detect financial fraud using a fraud audit system. This will cover payroll, inventory, disbursement and procurement of the firm 

Take a look at the things you have learned in your bachelor’s and master’s degree that you can use in pursuing a career in auditing below:

Bachelor’s

If you have a bachelor’s degree in taxation, you will be able to focus on financial analysis and reporting. In addition, you will also get a better and quicker grasp of the business strategy, business law and operations management that your potential company needs.

Master’s

Earning a master’s degree in taxation can let you delve into more advanced aspects of the company such as things related to fraud and other financial crimes. You may also want to pursue other licensure and certification to have a better edge.

Pursuing a career in auditing requires investigative skills as well as familiarity with the tax regulations and laws governing the 50 states. Some careers related to this field are:

  • Financial analyst
  • Internal auditor
  • Forensic accountant
  • Budget analyst
  • Compliance officer

Mergers and acquisitions

Taxation graduates can try exploring the field of mergers and acquisitions since it also falls under the category of finance and business professions. Here, you will help develop new business and provide advice to companies who want to acquire or merge with other firms.  

Those who want to pursue this line of work should earn a license under the Financial Industry Regulatory Authority and should have the necessary skills in the following areas:

  • Government acquisition: You should know how to process government contracting especially federal contracting
  • Business strategies and proposals: Here, you need to know how to respond to requests for proposals from the federal government
  • Managerial economics: You should know how to examine the sourcing and pricing of various market structures as well as guide the company on conducting decisions during bearish market conditions
  • Tax planning: You need to know the fundamentals of how to plan tax strategies that can help maximize profits
  • Post-merger integration: Here, you need to know the social, cultural and structural effects of combining firms. You should also know how to plan for newly merged firms to work under a new management structure

Take a look at the things you have learned in your bachelor’s and master’s degree that you can use in pursuing a career in mergers and acquisitions below:

Bachelor’s

Those who have a bachelor’s degree in taxation learned the basic topics on accounting and finance that can help their job in the field of mergers and acquisitions. These topics include statistics, business finance and principles of accounting as well as cost accounting. If you want to have a greater edge, you can try taking additional courses in banking and finance.

Master’s

People who earned a master’s degree in taxation have the required skills that make them eligible to pursue higher job positions in the field of mergers and acquisitions. This includes advanced financial reporting, post-merger integration and negotiation strategies.

Take a look at some of the potential positions you can land on once you decide to pursue in the field of mergers and acquisitions below:

  • Risk manager
  • Senior manager, mergers and acquisitions
  • Chief financial officer
  • Financial analyst
  • Certified public accountant

Cost accounting

Graduates of taxation can also venture into the field of cost accounting where they will focus on managing the cost of doing business for a company. In this field, you will oversee the internal financial operations of the company such as budgeting, marketing and financial planning. Those who wish to pursue a career in cost accounting should have the necessary skills in the following areas:

  • Production and operation: Here, you should know how to manage the inventory, forecasting and quality control of the overall production and operations of the company to ensure that they all run smoothly
  • Corporation finance: You should know how to explore tools and concepts that are used in corporate finance such as capital structures, budgeting as well as securities and bonds.
  • Financial management: You should know how to examine practices and techniques for financial planning, risk assessment and capital budgeting.

Take a look at the things you have learned in your bachelor’s and master’s degree that you can use in pursuing a career in auditing below:

Bachelor’s

Those who have bachelor degrees in taxation have the basic corporate accounting skills that can help them oversee the company’s business operations, performance evaluation and budgeting.

Master’s

If you have a master’s degree in taxation, you can now focus on process control, corporate finances and risk management.

Take a look at some of the potential positions you can land on once you decide to pursue in the field of cost accounting below:

  • Accountant
  • Auditor
  • Financial analyst
  • Management analyst
  • Financial manager

Learn more about tax at Tax Students

Learn all about the ins and outs of tax by joining the Tax Students community! We will help you be informed about the tax law here in South Africa. Think of this site as your school so feel free to use the resources here and let us have ideas on how we could be more useful!

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