Master’s in Taxation vs. Master’s in Accounting

Are you interested in pursuing a master's degree in accounting or taxation to take your business and financial skills to the next level? Accountants are invaluable in today’s workforce, helping organizations make informed financial decisions that keep businesses afloat and allow them to succeed.

The demand for qualified accountants is projected to rise by 5 percent through 2034, outpacing the 3 percent growth rate for most occupations. Despite these prospects, you may be unsure whether a master’s degree in accounting or taxation is right for you. Both degrees have similarities, but there are key differences to consider when determining the educational path best suited for your career in accounting.  

A Master of Science in Accounting (MSA) is a graduate-level degree that provides a broad and versatile understanding of accounting principles relevant to public and corporate businesses, including auditing, assurance, financial statement reporting, and analytics.

A Master of Science in Taxation (MST), on the other hand, is a more specialized graduate taxation degree focused on tax law. MST programs cover the intricacies of tax codes and regulations, international taxation, and strategies to maximize savings for individuals, businesses, and large corporations.

Both a master’s in accounting and a master’s in taxation provide the technical and analytical skills needed to advance in accounting and can help prepare you to become a Certified Public Accountant (CPA), opening doors to a variety of career paths.

However, there are a few key differences between both degrees to keep in mind, including:

• Curriculum
• Career Paths
• Salary Expectations

Students pursuing an accounting master’s degree can expect to take generalized accounting courses in managerial accounting, auditing and assurance, financial analytics, risk assessment, and business law. Most MSA accounting programs require introductory taxation courses, typically limited to the basics of local and national tax law.

Conversely, master’s in taxation students take introductory and advanced courses focused on tax law, regulations, and strategy at both international and local levels. Typical MST courses include individual and corporate taxation, tax data analytics, international taxation, state and local taxation, and tax research and writing.

With the broad curriculum of a master’s degree in accounting, graduates pursue diverse roles, including as CPAs, corporate accountants, auditors, financial advisors, data analysts, forensic accountants, managerial consultants, and CFOs.

In contrast, a master’s in taxation prepares you for specialized careers in tax planning and strategy at public and corporate accounting firms and government agencies. Graduates often become tax directors, tax managers, tax analysts, tax advisors, international tax consultants, and CPAs.

Master’s in accounting graduates with CPA licensure earn around $76,000 per year in entry-level roles, according to Glassdoor's national average, and salaries typically increase with experience. In 2024, the U.S. Bureau of Labor Statistics reported the median annual salary for accountants and auditors at $81,680.

Master’s in taxation graduates, however, may expect higher salaries overall. According to the National Association of Tax Practitioners, the highly specialized MST curriculum offers a competitive edge in the job market. An MST often leads to higher-paying entry-level roles and faster advancement to managerial and senior-level positions.

According to Robert Half, a global talent solutions and business consulting firm, mid-level tax managers with five or more years of experience can earn around $120,000 annually, while senior-level tax directors may earn over $170,000 annually.

In short, yes!

While not required, CPA licensure enhances your marketability as an accountant or tax professional. It demonstrates expertise and can lead to higher salaries and advanced roles. Although CPA requirements vary by state, meeting the education requirement is essential. Both MSA and MST degrees provide credits needed to sit for the CPA exam.

A recent study also shows that students with an MSA or MST consistently score higher on each section of the CPA exam than those with only an undergraduate degree!

Choosing the right degree for your career goals is no small task. It’s important to give yourself the time and space to reflect on how each degree aligns with your goals and interests.

When choosing between a master’s in accounting and a master’s in taxation, consider your interests in the accounting field. If studying all things taxation—such as tax law, compliance, and strategy—is less exciting for you, a master’s in accounting offers flexibility for broader accounting roles, such as auditing and financial analysis.

It’s also essential to reflect on your long-term career and salary goals. While the generalized curriculum of a master’s in accounting degree can provide flexible career options, the highly specialized curriculum of a taxation degree can lead to higher salaries and leadership roles. Additionally, as many general accounting tasks—such as bookkeeping, invoicing, and data entry—are increasingly automated by Artificial Intelligence, specialized expertise is in greater demand.

UC’s fully online MS in Taxation is designed for busy working professionals—including full-time accountants, financial planners, business professionals, educators, CPAs, and consultants—who want to gain skills and understanding in tax law without interrupting their careers.

Students in our online program have the freedom and flexibility to complete their coursework on their own time and at their own pace, without sacrificing quality. GMAT and GRE scores are also not required for admission.

MS in Taxation students learn from award-winning, practicing taxation experts at the Carl H. Lindner College of Business, including CPAs, lawyers, and professionals with Fortune 500 and international experience. The Lindner College of Business has been proudly AACSB Accredited since 1919, a distinction held by fewer than one-third of business schools.

MS in Taxation students are also paired with a personal Enrollment Service Advisor, who is available to assist you throughout your academic journey and answer any questions you may have—from the day you enroll to the day you receive your diploma.

UC’s online MS in Taxation program stays current with evolving tax laws. Its curriculum covers corporate and individual tax, partnership taxation, international taxation, and estate and gift tax. Capstone courses build technical skills in federal tax research for individual and corporate issues.

Hands-on and practice-oriented instruction prepares you to apply your knowledge immediately after graduation. The MS in Taxation also counts toward CPA exam credits and CEUs.

Are you interested in learning more about a career in taxation? We’re here to help you explore your options! Reach out to an Enrollment Services Advisor today to take the first step!