What Is an MST in Accounting and What Can You Do With It?

A Master of Science in Taxation (MST) is a specialized graduate degree for individuals seeking advanced knowledge in taxation. This program provides an in-depth understanding of tax laws, regulations, and planning strategies. It equips professionals with the expertise needed to navigate federal, state, local, and international tax codes. An MST enhances a professional’s ability to advise individuals and entities on their tax obligations and opportunities.

Understanding the Master of Science in Taxation

The Master of Science in Taxation is a postgraduate degree focused on tax law, compliance, and strategic tax planning. This specialized program offers a deeper dive into taxation compared to general accounting or business degrees. Its purpose is to develop professionals who possess a thorough understanding of the Internal Revenue Code (IRC) and related Treasury Regulations, enabling them to interpret and apply these rules effectively.

Individuals pursuing an MST include current accounting professionals, Certified Public Accountants (CPAs) aiming for tax specialization, or finance professionals looking to transition into tax-focused roles. Many programs accommodate both recent graduates and seasoned practitioners. Admission prerequisites commonly involve holding an undergraduate degree in accounting or a related business field, often with a minimum GPA. Standardized test scores like the GMAT or GRE are sometimes required, and some programs may also consider professional experience in lieu of certain academic requirements.

Curriculum and Skill Development

An MST curriculum provides comprehensive exposure to various aspects of taxation, developing both theoretical understanding and practical application skills. Common subjects include federal income taxation for individuals, corporations, and partnerships, providing detailed analysis of their tax treatments. Students also delve into specialized areas such as international taxation, which covers the tax implications of cross-border transactions, and state and local taxation, addressing multi-state tax issues.

Programs emphasize tax research methods, teaching students how to effectively utilize professional databases and interpret tax statutes, judicial decisions, and administrative pronouncements. This coursework helps develop advanced analytical and problem-solving skills, enabling graduates to formulate solutions to complex tax issues based on applicable laws. Students also refine their communication skills, learning to articulate intricate tax concepts clearly and concisely in both written and oral formats for clients and other tax professionals.

Career Paths for MST Graduates

Graduates holding an MST degree are well-prepared for diverse professional opportunities within the accounting and finance sectors. Many enter roles such as Tax Accountant, Tax Manager, or Tax Consultant, providing specialized tax services. Opportunities also exist for International Tax Specialists, focusing on global tax planning and compliance, or Estate Tax Planners, advising on wealth transfer and inheritance tax matters.

MST graduates find employment in various organizational settings. Public accounting firms, including the “Big Four” and regional firms, are significant employers, offering roles in tax compliance, planning, and advisory services. Corporate tax departments within private industries also seek MST holders to manage their internal tax affairs. Additionally, positions within government agencies, such as the Internal Revenue Service (IRS) or state tax departments, are available, focusing on tax examination, policy, or enforcement. The specialized expertise gained through an MST can lead to career advancement and increased earning potential.