Recommendations for a Masters in Taxation?

[EthanMDFN]

Hello! I recently received my BS in Accounting from Missouri State and was wondering if anyone had any recommendations for MTAX/MST/MT etc. programs. My only hard requirements are online and AACSB, as I would like to start as soon as possible and admittedly have procrastinated applications a bit. Current options that seem appealing to me are Widener (for Taxation and Financial Planning specifically) and St. Johns, though St Johns seems to have "conflicting" information regarding the deadlines. So I was wondering if anyone had experience/recommendations/comments with regard to this type of program. Thanks!

[ss20ts]

Any specific reason for a master's in taxation instead of a master's in accounting? Any plans on becoming a CPA?

[EthanMDFN]

Any specific reason for a master's in taxation instead of a master's in accounting? Any plans on becoming a CPA?

This may sound really dumb but I do plan on going for a Masters in accounting as well. I do plan on going for my CPA but I am in a relatively unique situation (graduated quite a bit early through taking overloads and summer classes, at one point 34 credits in a single semester in which I got a 4.00 so I am not afraid of the load). As a result I feel that getting a "specialist" degree will help me job wise and get the experience for CPA licensure, as well as some other goals. Additionally, there are more accounting programs than taxation programs at the master's level so I am not as worried in that regard, though given how late it is and how close to the spring semester start at almost all schools I may have some trouble in general there.

[bjcheung77]

Basically, I would look into a double major or a Masters that has an accounting concentration or taxation concentration.

[freeloader]

I have attached a chart that I put together a couple of years ago when I was considering masters degrees in tax or accounting degrees with tax concentrations.  The costs have likely increased but the general information should still be good.

The Widener program is interesting, but I would be a bit nervous about it if I didn't already have a job lined up.  It is a VERY common pattern that young tax accountants work a few years and want to transition to wealth management as their focus.  That degree is also very heavy on personal tax with minimal exposure to corporate tax.  If you are interested in Big 4/major regional accounting firms, this degree could raise some red flags.

Worth noting that many accounting firms will pay part or all of the cost of your master's degree.  Some of them also have specific degree programs to which they prefer to send their new staff.  The market for new junior accountants is also pretty tight right now.  You might be better served starting to study for (and pass) the CPA exam.  If you are wanting to work in a 150-hour to sit for the exam state, obviously that is a problem for that plan.

I also think you may find that if you end up with a master's degree in tax, pass the CPA exam, and have a job in tax accounting, the master's degree in accounting will no longer have much utility for you.  If you are in a mid-sized or larger firm, your focus is going to be on tax.  If you are in a smaller firm, you will learn enough GL and auditing stuff on the job (and by studying for the CPA exam), that additional coursework focused on non-tax subjects won't do much for you professionally. 

I ended up selecting UT-Rio Grande Valley.  When I started, the Master of Accountancy program had an online concentration in tax available.  It is still available in person for students in South Texas and the courses are still available online, but the concentration isn't.  I have really enjoyed UTRGV.  Tuition is quite reasonable, courses start every 8 weeks, accounting courses are all taught by on-campus faculty.  I also have taught at the college level before and wanted my courses (including tax courses) to have an ACT/ACCT course number rather than TAX or similar to make it easier to qualify to teach accounting at the college level.  Probably not a consideration for you,  but it was for me.

One final thought: given the job market and given that (it sounds like) you don't have a job, I might lean toward a degree in your state or a nearby state.  You will likely find that the career services folks at St Johns are good at helping students get jobs in New York and perhaps NJ and CT; same for Widener in DE, PA, and perhaps NJ.  That's great if if you live in one of those places or want to move there, but if you are in Missouri or the Midwest, South, the West, etc, they probably won't do much for you.  Employers in St Louis, for instance, aren't going to go to St. Johns (or Widener) looking for new staff.  

Best of luck.  If you have any more questions about degrees or tax accounting as a career, feel free to drop them here.