The ever-changing sector of tax practice demands a professional degree that sets you apart from the cutthroat competition and ensures long-term benefits in your career. LLM in Taxation and Master of Taxation are among the most promising professional degree programs that open doors to great career opportunities. 

The LLM in Taxation focuses on academic tax laws and regulations programs. However, Master of Taxation emphasizes real-world knowledge and professional role in tax practice through a well-rounded course structure taught by tax professionals. Because of the crucial role of tax laws in individual and business financial planning, both these degrees are considered highly invaluable. You will gain complete insights into various tax principles, policies, and regulations that will help you advance in your career in the taxation field.

Below you’ll find out about differences between LLM in Taxation and Master of Taxation with diverse career benefits of each degree program! 

LLM In Taxation and Its Career Benefits

Many potential students start with a question, what is an LLM in Taxation? LLM in Tax Law is a graduate legal degree program that offers students detailed courses to understand tax law.

Different areas of study are included in the course for LLM in Taxation; the most common ones are international taxation, estate planning, state taxation, and local taxation. A few LLM degree programs provide certificates in various areas of study to prove that a student has earned a specific skill in that focus.

There are numerous advantages of getting a tax LLM online degree. With an online degree, you can not only brush up on your knowledge and expertise while still gaining professional experience, but also become valuable contributors in the high-demand law field and different job settings with advanced career pathways right after completing the program.

The fee of an LLM in the Taxation program depends on multiple factors, such as the country you’re in, the institution you choose, the mode of the program—online, in-person, hybrid—and the time taken to complete the degree. Tax law expertise is always valued as taxation is an integral aspect of various legal fields, including business associations, estate planning, and securities law. 

Given the various prospects, individuals who hold this degree can pursue diverse employment opportunities, such as opting for private practice, finding a job with government entities, or taking rank as in-house counsel for a multinational.

Specializing in LLM in Tax Law

LLM degrees are the best post-graduate programs of study for law students and professionals interested in working in specialized sectors.

With an LLM in taxation, you can specialize in estate planning or wealth management, work for state or federal government agencies understanding or enforcing tax laws, or help people with state, local, federal, and international tax issues. You can also support the legislature in developing and preparing tax legislation and offer legal counsel and tax litigation to corporations.

These degree programs assist law professionals at various stages in their career development, such as serving tax lawyers in local, regional, and international accounting firms, business executives, financial advisors, legal advisors, estate planning experts, real estate professionals, lawyers in mid-career shift, and recent law school graduates.

Lawyers interested in including a taxation forte in their repertoire and getting a solid education base in tax law, policies, tax regulations, and principles can opt for an LLM in taxation. Even though an LLM in taxation degree is not the requirement for practicing tax law, many lawyers choose to pursue the program to become experts in managing the complexity of tax laws. Because of tax laws’ ever-changing and complex nature, the LLM in Taxation Degree program remains in high demand. 

According to today’s complicated tax laws and policies, it has become very difficult to practice tax law without a taxation degree in hand. An LLM in taxation degree offers practicing lawyers and recent JD graduates a comprehensive understanding and knowledge of tax laws expected of new world tax specialists. It also prepares these tax professionals for the technical and procedural aspects of practicing current tax law.

Master Of Taxation (MT) And Its Career Benefits

The Master of Taxation (MT) degree program offers professional development at various fronts. Individuals enrolled in this degree program become eligible for employment promotions, get specialized skills to pursue executive positions, can become expert long-range business planners, provide improved services to their clients, and even gain skills to launch a new company.

Different participants belong to different fields and professional backgrounds such as tax consulting, accounting, corporate finance, investment advising, law, business consulting, philanthropy, entrepreneurship, estate planning, and government. The Master of Taxation (MT) also helps undergraduate accounting majors to succeed in their CPA exams.

Learning Goals of Master of Taxation

With a Master of taxation degree, you’ll gain some great professional expertise, knowledge, and skills—such as critical thinking, research skills, business communication, and technical tax knowledge—to advance your career. 

These skills will encourage better business decision-making and enable you to implement strategies, use tools, and apply techniques to perform critical tax analysis, planning, and compliance. 

Conclusion

When thinking about which degree program to pursue, the most vital question you should ask is, do you have the Juris Doctor degree  (JD)? If yes, you’re an eligible LLM participant; if no, you’re eligible for Master of taxation. 

You should also consider your professional career objectives, the specialty you want to pursue, the time you can devote to the degree program, and finally, what job opportunities you’ll get with the degree program you choose. This presented information and understanding can help you decide the best-suited degree program and the course of study for you. It also assists you in which program complements your professional interests and career experience.