How to explore a career in taxation after MBA

An MBA opens multiple doors for career growth and advancement for graduates. Students can pursue a profession that best aligns with their career goals and interests per the specialization they choose during the course. Taxation is a lucrative field that draws the attention of several MBA candidates. A booming industry and highly rewarding too in terms of career growth and salary potential, it can prove to be an excellent career choice for MBA graduates. This blog takes a deeper look at pursuing a taxation career after an MBA.

Understanding the taxation field

Let us begin by defining taxation in simple terms. Taxation refers to the mandatory levy on individuals, groups, and organizations alike imposed by the government. This levy is made mandatory in nearly every country across the globe, primarily for generating revenue by the government to finance the varied expenses it incurs for the benefit of the common public. This refers to the various social and community facilities provided to society at large, such as public utilities, infrastructure, housing, property, roads, and the like.    

Considering the immense importance or the need for paying taxes in any country, it can be safely assumed that professionals in this domain have a rather significant role to play. Tax professionals take up crucial tasks in the department, such as:

• Accurately completing tax documentation for the clients 
• Calculating deductions in taxes
• Getting incentives and tax credits, if any, for the clients 
• Planning their taxes 
• Providing audit support 
• Computing tax payments 
• Ensuring compliance of taxes with the prescribed regulatory norms

How an MBA prepares you for a career in taxation

If you’re keen on performing any of the above-mentioned roles in your career and making a significant contribution to the taxation industry in the country, MBA is your first step. We already stated earlier in this blog the potential opportunity of a rewarding taxation career after an MBA degree. Pursuing an MBA in the Finance discipline can help students explore a potential career opportunity in the world of taxation. This is how:

1. MBA in Finance helps equip students with the required knowledge base and skill set relevant to the domain of taxation, as the two fields are complementary to one another.

2. The MBA degree can help you better understand various complex concepts such as taxation laws and their compliance with government regulatory norms.

3. Completion of an MBA opens internship opportunities for students, allowing them practical hands-on work experience in the field of taxation. This can be a potential first step toward a taxation career after an MBA.

4. Students are better equipped to analyze the financial health of an organization and help clients make informed financial decisions for the company. 

5. MBA graduates in taxation and finance receive better opportunities for professional networking with industry experts and other alumni in the field, unlocking prospective career prospects ahead.

Jobs in Taxation

MBA graduates in taxation are eligible to apply for a host of job opportunities upon course completion. The program unlocks several areas of work in the industry depending on your academic proficiency and career aspirations. Let us explore the top 5 job roles in the domain for MBA graduates in taxation and finance:

1. Auditor: They examine financial statements, prepare audit reports, review the work of the team members, plan and supervise audits, and foresee any financial risks for the organization.

Average annual salary of Auditor in India (approx): INR 7 lakh per annum

2. Payroll Specialist: Maintaining accurate records of payroll, preparing payroll reports, addressing employee concerns regarding payroll, auditing, and processing payroll are some of their key responsibilities. 

Average annual salary of Payroll Specialist in India (approx): INR 5,50,000 per annum

3. Tax Policy Analyst: They are responsible for meeting client queries, making preparations for legalities, reviewing taxes, managing sensitive data for clients, and conducting analysis of payroll taxes.

Average annual salary of Tax Policy Analyst in India (approx): INR 4,82,158 per annum

4. Financial Consultant: Primary duties include examining the financial situation and health of the client’s business, planning and supervising payment of taxes, establishing and maintaining relationships with clients, and devising financial plans.

Average annual salary of Financial Consultant in India (approx): INR 4.7 lakh per annum

5. Financial Planner: They are responsible for offering assistance to clients in making financial plans for the present and the future, preparing tax reports, addressing customer grievances on specific tax difficulties, and maximizing returns on tax.

Average annual salary of Financial Planner in India (approx): INR 4,50,000 per annum

Benefits of exploring a career in taxation with an MBA

Students aspiring for a career in taxation with an MBA degree stand a chance to secure top job roles in the sector, as highlighted in the earlier section. Besides potential career growth, there are some other advantages as well of choosing a career path in taxation. These are:

• Higher earning prospects: A career in taxation with an MBA degree under the belt is an excellent way to earn high-paying job roles in the industry. MBA graduates in taxation are entitled to a high compensation in the field of taxation. 

• Multiple work domains: MBA graduates are eligible to apply for jobs in every sector, as taxation is a field of work required in every industry and domain. Finance and taxation professionals are an essential need in every sector.

• Challenging work with variety: One of the top benefits of exploring a career in taxation is that you’d never feel bored or stagnated in your career. You get to meet new clients every day and each client has their specific requirements, which keeps the work challenging at all times. Also, taxation isn’t just about numbers; you also need to take care of legalities. 

• Steady demand: There is always a consistent demand for professionals in the taxation domain, which also ensures career stability for students in this area.

• Scope for entrepreneurship: Professionals with an MBA degree on their profile can also look forward to starting their business venture in the field of taxation. Consultants are in high demand in the finance and taxation industry and are also a lucrative career choice. 

Pursue an MBA with dual specialization from SMU    

Ready to take the next big leap in your career? If everything shared about the MBA taxation career path in this blog excites you, take the first huge step with an MBA in Finance. Sikkim Manipal University offers online MBA with dual specialization to students, enabling them to choose Finance as the second field of study for specialization (with Marketing as the mandatory first choice).

Graduates in Finance specialization can then choose the MBA taxation career path for themselves and become eligible to earn the corresponding rewards along the way. There are plenty of promising taxation job roles for MBA graduates, as discussed in this blog, and Sikkim Manipal’s online MBA with dual specialization unlocks several of these opportunities for students. 

Online MBA in Finance from Sikkim Manipal University is a part of the dual-specialization MBA program by the university, offered on the Online Manipal platform. The two-year program allows students to gain specialization in two domains in parallel during the same two-year duration. The course is designed to equip the required financial and quantitative skills in the domain of finance.

The course curriculum of the online MBA in Finance covers essential topics, namely investment management, risk management, financial analysis, and corporate finance. Through these subjects, students earn the desired expertise to make informed finance decisions, ensure profitability in businesses, and optimize portfolios for investment. Sikkim Manipal University is an A+ grade-accredited university by NAAC and offers UGC-entitled online degrees that hold global recognition, validity, and relevance at par with traditional campus degree programs. The university stands among India’s top 151-200 universities in 2024 and complies with all AICTE norms.

Moreover, Sikkim Manipal is regarded as the top private university in the North East and among the top leading universities showcasing entrepreneurial spirit. The Week ranks it in the 6th position among the top 10 multidisciplinary universities in the East zone. 

Conclusion       

Taxation is a highly rewarding choice of profession for many students – both personally and professionally. Pursuing an MBA in Finance further enhances the career prospects for graduates. The MBA taxation career path is lucrative and promising, offering stable job security and higher earning potential for professionals. Moreover, as detailed in this blog, there is always scope for demand in every industry and sector for taxation roles, as every organization stands to benefit from professional taxation consultants. 

Moreover, finance is the lifeline of every organization, and experts who can assess the financial health of a company effectively are always in demand. Considering all these factors, an MBA with dual specialization from Sikkim Manipal University is an attractive course choice. The program facilitates the easy pursuit of specialization in Finance for aspiring professionals who wish to chart a career path in the world of taxation.