What Is The Difference Between a Master’s in Accounting and a Master’s in Taxation?

Master's in Accounting vs. Master's in TaxationWould you like to know the difference between a Master’s in Accounting and a Master’s in Taxation? If you are pursuing a career in accounting, it is important to consider what type of title you would like to hold. Some careers are centered around financial reporting and others are centered around different areas of accounting like taxation. There are different types of advanced graduate degrees that focus on different areas of accounting, and choosing the right major is important for your future. Read on, and learn the difference between each program so that you can decide which program meshes well with your career goals.

What is a Master’s in Accounting?

A Master’s in Accounting will cover subject areas like taxation, but the purpose of the program is to make you an expert in financial and managerial accounting. You will also take courses and statistics and economics, which will prepare you to work in the field of accounting. Some of the courses that you will complete include: Communications, Legal Aspects of Business, IT, Accounting Theory, Accounting Research, Auditing, Ethics, Forensic Auditing and Financial Reports. With your Master’s in Accounting, you will have the education that you need to sit for the CPA exam in virtually any state. You can also pursue a wide range of occupations within the field with this MSc degree.

What is a Master’s in Taxation?

The MAcc is a very general degree that prepares you for many different accounting jobs and the Master’s in Taxation is a program that focuses entirely on tax code and regulations. This will be brushed on in in an MAcc program, but taxation programs delve deep into Internal Revenue Tax codes. Some of the different skills that you will learn include income tax filing, federal and state taxation, basic accounting, estate tax, gift tax, individual tax issues, international taxation and more. If your goal is to work in taxation at a private firm or a public level, this degree may be more appropriate.

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Which Degree Should You Earn?

Both degrees can help you achieve your goals if you are pursuing a career in accounting, but it is best to take a program that is tailored to help you build a skill set that pertains to the title that you would like to hold. If you want to become an accountant, as an employee or as your own independent business, you should consider taking a general program like the MAcc. If you know that your strong suit is in taxation and this is what you would like to specialize in, you will learn much more about tax codes and regulations by taking a MS in Taxation program. Either program will help you satisfy the CPA requirements to earn your credential.

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There are several different Master’s in Accounting and Master’s in Taxation programs that you can choose from that are delivered at reputable graduate schools. Be sure to attend an accredited school that has programs with programmatic accreditation. According to a study conducted by the Journal of Accountancy, the demand for accounting graduates is on the rise and has reached an all-time high. Take advantage of this rise in demand by choosing the right program while demand is still high. Consider the difference between a Master’s in Accounting and a Master’s in Taxation, and select a program that will make you a valuable asset.