Which is right for me, tax or accounting?

Many prospective students come to us with the same question, "Which is right for me, tax or accounting?"  While there is no simple answer, it is important to note that both career paths are highly regarded professions among employers.  Each path has nearly identical starting salaries and career progression opportunities.

An accounting education can lead to a future career in a variety of professional activities including the following:

• Auditing - Certified public accountants (CPA) play the very important role of expressing an opinion on financial statements for both for-profit businesses as well as not-for-profit organizations.  To be able to express such an opinion, audits must be preformed.
• Financial Statement Preparation and Accounting Information Management - For-profit businesses and not-for-profit organizations need accountants to create and operate accounting information systems which will accumulate information used to prepare financial statements.  Financial accounting experts participate in the process at all levels.  Entry level accountants will likely focus on details of the information gathering and input while more experienced accountants will be responsible for the preparation of financial statements through the review of ledgers.
• Management Accounting - Accountants participate in financial decision making including development and application of budgets, capital budgeting and special project business analysis.  Strong quantitative and personal skills are a must for this type of accountant.  Accountants commonly develop specialized expertise such as mergers and acquisitions and financial forecasts.
• Forensic Accounting - Accounting expertise can lead to an area of specialized consulting related to legal disputes that require financial analysis and/or accounting expertise.  This expertise is required in subjects can range from divorce cases to complex business litigation.

 A graduate education in tax likely will create career opportunities requiring tax expert level knowledge and skills.

•  Tax Law Compliance - Tax accountants either prepare or help in the process of preparing corporate and personal income tax returns.  Tax accountants commonly manage the process of tax payer/government communication and tax audits.
• Tax Law Enforcement - Tax accountants are employed by all levels of government responsible for enforcing the tax law.  As employees of the Internal Revenue Service (IRS), tax accountants are responsible for the process of reviewing taxpayer compliance with the tax law.  IRS audits are a key part of the design of the federal income tax system.
• Tax Planning - How the complete tax law applies to personal and business financial activities is a very important area of consulting activities for tax accountants.  A well educated tax accountant has the skill and knowledge to help businesses and individuals to minimize their tax cost.  Employment opportunities exist with CPA firms and corporate tax departments.

Starting in one field, doesn't mean that you cannot transition to the other.  MAc students commonly complete their degree and then begin working on the tax side continuing their education by taking MS Tax courses while working.  On the other-hand, tax graduates will begin working in tax and as a natural career evolution, grow into broader management responsibilities beyond taxation.  Both degrees offer a solid knowledge and skill foundation that individuals can use to create diverse career paths.