While accountants assist individuals and businesses in filing their taxes, tax law specialists assist individuals, corporations, organizations, and accounting firms in navigating the ever-changing complexity of tax law.
A master’s degree in law (LLM) in taxation opens up new employment prospects, higher salaries, and specialized new abilities. A master’s degree in law taxation also prepares students for law school and a career as a tax lawyer.
Taxation degrees emphasize skills and knowledge from a wide range of fields, such as finance, regulatory systems, economics, and international operations. Tax professionals can provide financial counseling and direction to firms to help them make important business decisions. They are experts in managerial accounting, tax liability analysis, legal interpretation, and other related services.
Taxation majors, diplomas, and certifications are available from a variety of business and law schools. Taxation can be studied as a standalone degree or as part of a specialized program by undergraduates and postgraduates who are studying accounting, law, or business and management.
Masters in Law Taxation (LLM): What is it?
The Law Department offers a Master’s in Law (LLM) in Taxation program that takes a comprehensive approach to the study. It combines insights from law, financial planning, and accounting to help students grasp both the technical and legal aspects of the subject matter, as well as their connections.
A master’s degree in law taxation can lead to well-paid professions with plenty of opportunities for promotion. Unlike normal master’s in accounting degrees, taxation programs provide specialized knowledge and abilities in tax regulations at the local, national, and state levels.
One of the many alternatives for studying taxation is to pursue a master’s degree in law taxation (LLM). Because of the continuous worldwide epidemic, tax LLM online is a good option for working individuals or those who cannot devote the time necessary to earn a Master’s degree.
If you want to practice law but don’t want to be in a courtroom, a career in law taxation might be for you.
Let’s look at five great career options for Master of Law (LLM) in Taxation graduates.
1. Financial Planning Analyst
Financial planners provide services such as investing, budget planning, property investment, taxation policies, and retirement planning. Most financial counselors assist clients with all areas of their money, but those with a master’s degree in taxes specialize in tax legislation.
A financial planning analyst’s job is to help clients understand their financial plans by answering questions, assisting in the development of business plans, and making investment suggestions. They also keep an eye on their client’s accounts and make necessary adjustments based on their financial condition or unforeseen developments.
A financial advisor can recommend the type of retirement plan to follow, propose investments, and answer concerns about how much to save if a client decides to plan for retirement but doesn’t know where to start.
2. Certified Public Accountant (CPA)
Although a bachelor’s degree in accounting is required to work as an accountant, becoming a Certified Public Accountant (CPA) generally necessitates further education. A certified public accountant is in charge of preparing and evaluating financial records. Their primary responsibility is to guarantee that all records are correct and that taxes are paid on schedule. They ensure that financial information is accurate and complies with regulatory requirements.
A CPA can also help customers find revenue-generating, profit-boosting, and cost-cutting possibilities. In addition to processing tax payments, all CPAs routinely guide clients on tax and income-related issues. According to the Bureau of Labor Statistics, the number of accountants is predicted to grow by 7% between 2020 and 2030.
3. Tax Managers
A tax manager is in charge of all tax-related activities. They also help with mergers and partnerships in challenging economic circumstances. Experts in this profession ensure that all financial transactions and activities are documented and that the organization complies with all regional, state, and federal tax regulations.
A bachelor’s degree in an area like finance, accounting, or business administration is the very first step toward becoming a tax manager, supported by a master’s degree in law (LLM) in taxation. Tax managers with a master’s degree make significantly more than those with merely a bachelor’s degree.
In addition, becoming a tax manager may necessitate three to ten years of professional experience at the entry-level or associate level.
4. Chief Financial Officer (CFO)
A Chief Financial Officer (CFO) collaborates with the company’s CEO to oversee the budget, financial predictions, and cost-benefit analyses. They may carry out financial risk assessments, create business plans, and keep financial records. CFOs also create plans and policies to assist businesses and organizations in achieving their financial objectives.
A CFO’s main duties are similar to those of a treasurer in that they oversee the accounting and finance departments, assuring the accuracy, reliability, and timely completion of the company’s financial statements.
The CFO is in charge of leading new investment projects, such as selecting whether or not to pursue new assets or capital expenditures. They are employed on large wage packages since they are the organization’s chief financial controller. The median compensation for chief financial officers as of December 2022, according to Salarydotcom, was $399,879 per year.
5. International Tax Expert
Businesses and individuals dealing with overseas clients can benefit from the services of international tax experts. International tax experts ensure that their customers’ tax obligations are met on time and follow all applicable rules and tax regulations in the countries where they conduct business.
They also organize and file tax returns, financial statements, and other compliance and auditing papers. Furthermore, they stay current on all international tax legislation and help the department change its processes when the law changes. International tax experts must have a bachelor’s degree. Some companies, however, prefer someone with a master’s degree in law (LLM) in taxation and a certified public accountant CPA accreditation.
Financial specialists who can properly grasp and interpret taxation policy are in high demand. If you enjoy working with data and are naturally inquisitive, a job in tax law could be rewarding. Compliance with tax regulations is now one of the most important parts of modern business management.
A master’s degree in law (LLM) in taxation will equip you for these and other exciting business careers. So, if you want to pursue a career in taxation, the five professions discussed above offer opportunities for advancement.