Best Online Master’s in Taxation Degree Programs of 2024

Tax law is complicated, and a master’s in taxation prepares students with the required expertise to advise an organization on its tax strategy. Candidates in an online master’s in taxation take coursework related to federal, corporate, and international tax policy; successful graduates can pursue well-paying positions in government, private industry, nonprofit organizations, legal practices, and accounting firms.

Individuals with a graduate degree in taxation may become certified public accountants (CPAs); a master’s in taxation can fulfill the academic requirements for an accounting license. Accountants make an average annual salary of $78,000. Those seeking a more lucrative profession might instead work as a financial manager and make more than $130,000 each year.

An online master’s in taxation may not be necessary for these positions, but it will increase your earning potential and give you an advantage in your job search. Most programs require 30 total credits (ten classes) and cost, on average, $20,513 per year in tuition.

Choose your area of study

This degree has two main choices: a Master of Taxation (MTax) or a Master’s in Accounting (MAC) with a concentration in taxation. The latter is best suited for individuals focused on becoming a CPA and earning their accounting license. Both options require applicants to possess an undergraduate degree in a related field. There is a third option, a Master of Laws (LLM) in taxation, meant for practicing attorneys.

Not every program offers the same curriculum, so determine your specific area of study before applying. For example, some schools allow you to choose a concentration and specialize in a niche such as estate taxation or financial data analytics. If you already know what you would like to do after you graduate, look for programs that match these career goals.

Research schools and programs

You should only apply to institutions that have been approved by a DOE-recognized regional accrediting organization, such as the New England Commission of Higher Education or Northwest Commission on Colleges and Universities. These organizations evaluate schools to ensure they provide students with a high-quality education. Those who attend a school that isn’t regionally accredited may be unable to access financial aid or transfer credits to another institution if needed.

Ideally, your master’s in taxation program will also be accredited by a respected industry group like the Association for the Advancement of Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools and Programs (ACBSP). These programmatic accrediting organizations have particularly high standards for business education.

As you research further into each program, consider the following:

• What support services are available to online students? Consider what resources you need to be successful. For example, online programs should offer tutoring, tech support, and disability accommodations. Determine how to access faculty office hours and other opportunities for professional networking.
• How does the program integrate hands-on practice? Some, but not all, programs provide optional internships, capstone projects, or immersion opportunities.

To learn more about any schools that you’re interested in, you can visit the school’s website, contact an admissions counselor, follow the school on social media, or attend an in-person or virtual open house.

Prepare for tests and applications

Application requirements vary by school and program. Most online master’s in taxation programs ask applicants for a related undergraduate degree with a minimum GPA (sometimes 3.0 or higher). They may also prioritize students with relevant professional experience in auditing, accounting, or finance. Many master’s in taxation programs require GRE or GMAT scores. Prepare early for the exam, and consider enrolling in a test preparation program.

Undergraduate transcripts, letters of recommendation, and a personal statement may be required as well. Before submitting an application, always contact an admissions counselor to ensure you have the most accurate information regarding requirements and deadlines.

Select your program

Select your program once you’ve narrowed down the options you’re eligible for that meet your professional goals. Choose the most affordable option, the most prestigious one, or the one that works best around your obligations. Be mindful of application deadlines and submit materials early if you can.

Before making your final decision, review your needs and goals again. Do you plan to attend school full-time or part-time? Are you only interested in 100% online programs, or are you fine with a hybrid program that has a few in-person requirements? Some programs offer asynchronous courses, which can be completed at your own pace, while others only offer synchronous courses, which involve remotely attending lectures and completing assignments at the same time as other students — which of these two online learning formats do you prefer? Your school should accommodate your scheduling needs and learning preferences.

Determine how you’ll pay for your degree

Earning a master’s in taxation can immediately increase your earning potential, but the upfront cost of the degree is nonetheless a financial commitment. To determine how best to pay for this degree, fill out the FAFSA form; the FAFSA outlines what federal assistance you might qualify for. From there, meet with an academic advisor to ascertain whether your prior professional or academic work might be transferable as credits.

You should also contact a financial aid counselor for your program. While scholarships and other funding opportunities are highly competitive at the graduate level, you may be eligible to apply at least. These individuals can also determine if you qualify for tuition reductions, such as military discounts. And if you already work in the field, you should see if your employer offers tuition assistance benefits as well.