Interested in pursuing a career in taxation? This piece will certainly be useful for you. Different institutes of higher learning across America offer various Tax Preparation programs to groom young people desirous of entering the field. This article will talk about some of the best degrees to choose from while also giving you information about the most attractive careers.
Generally speaking, you can expect a rosy outlook in this sector based on projections by the US Bureau of Labor Statistics. For instance, employment opportunities for Financial Managers will grow by 16% (almost 105,000 new jobs) between 2018 and 2028.
What Are Tax Preparation Programs?
Tax Preparation programs are perfect for individuals looking to build their careers in taxation. To that end, there are different options available ranging from Professional Certificates and Associate degrees to Bachelor’s and joint JD-LLM programs in Taxation. While people from different backgrounds can join these courses, you are advised to have a background of financial analysis, business law, and accounting for the best results.
What Can You Do With a Tax Preparation Program?
With a professional qualification in Taxation, you can find work as a Chief Financial Officer (CFO), Financial Manager, Accountant, Corporate Lawyer, Auditor, Tax Collector, Revenue Agent, Financial Advisor, CPA (Certified Public Accountant), Tax Consultant/Advisor, Judicial Clerk/Assistant in Taxation Court, etc.
The next section details compensation packages and career outlook for a few of these positions. All the data has been obtained from the US Bureau of Labor Statistics.
Financial Managers
Financial Managers oversee the financial affairs of an organization. They are responsible for creating financial statements, maintaining profit and loss accounts, etc.
| Annual Median Salary, 2019 | Job Outlook, 2018-2028 | Annual Mean Salary, 2019 | State with the Highest Employment Level, 2019 | State with the Highest Salary, 2019 |
| $129,890 | 16% | $147,530 | California | 92,060 |
| ]New York | $210,240 |
Accountants and Auditors
| Annual Median Salary, 2019 | Job Outlook, 2018-2028 | Annual Mean Salary, 2019 | State with the Highest Employment Level, 2019 | State with the Highest Salary, 2019 |
| $71,550 | 6% | $79,520 | California | 148,500 |
| District of Columbia | $103,930 |
Tax Examiners, Collectors and Revenue Agents
Tax Examiners/Collectors and Revenue Agents are responsible for collecting taxes from businesses and individuals at the behest of federal, state, and regional authorities. They review filed returns, carry out audits, calculate taxes owed by different entities, and collect overdue payments.
| Annual Median Salary, 2019 | Job Outlook, 2018-2028 | Annual Mean Salary, 2019 | State with the Highest Employment Level, 2019 | State with the Highest Salary, 2019 |
| $54,890 | -2% | $60,960 | California | 8,300 |
| Alaska | $91,690 |
What to Expect from a Tax Preparation Program?
While studying for a degree in Taxation, you will be taught about Corporate Finance, Taxation Basics, Financial and Managerial Accounting, Budgeting and Forecasting, Financial Management and Planning, Financial Analysis and Decision Making, Tax Laws, Corporate Governance, Financial Reporting Standards, Accounting Standards, Negotiable Instruments, Federal/State/Local Financial Regulations, etc.
How to Choose a Tax Preparation Program?
There are different things that you need to be mindful of when selecting a Taxation-related degree. First and foremost, your chosen program must be recognized and accredited by the relevant body. Some other aspects that should be a factor in your decision include curriculum, fee structure, campus location, ease of commute, available residential facilities, etc.
Tax Preparation Program Admission Requirements
Entry requirements usually depend on the level of degree while different schools also have their own unique criteria. For instance, a joint JD-LLM program in Taxation requires candidates to first complete a Bachelor’s degree and then successfully clear the LSAT (Law School Admission Test).
On the other hand, admission to a Master of Business Taxation (MBT) program will be dependent on your undergraduate GPA (Grade Point Average) and possibly the score of a standardized exam like the GRE (Graduate Record Examination) or GMAT (Graduate Management Admission Test).