I’m trying to decide between majoring in Accounting or Economics. Both are equally appealing to me, but one thing I have always wanted to do is go to law school. I would probably lean towards the tax law path, so I think both of these undergrads are nice. The program to get a CPA at my current school takes 5 years, and then if I wanted to go to law school there would be 3 more years. My school also offers a 3+3 program for majors that have few enough hour requirements, and economics falls in this category. So basically, I could do 8 years and get an accounting CPA and law degree, or I could go 6 years and get an economics and law degree.
I like the idea of the Accounting path because if I chose not to attend law school or to put it off, then I could still have a solid accounting job. Whereas if I decided to not go to law school after getting my economics degree, I would be left with only a bachelor’s in economics. (Most of my research has drawn me to conclude that grad school is pretty much a must-have for economics degrees).
Does anyone have any suggestions on which route to take, or on Accounting/Economics/Tax Law in general?
I’m currently a mathematics and statistics major, so the math portion of these fields doesn’t scare me off. I would just like to get more involved in the business aspect.
Here is the thing, most tax lawyers don’t have, nor do they need an accounting background. They are lawyers who ended up in tax or got an LL.M in Tax specifically. Accountants generally have a limited tax law background, as they focus on either the compliance (filing) aspect or tax accounting. It is a limited part of the CPA. The tax law is enormously complex, and tax lawyers generally even specialize further still.
For tax law: What you will need is a very keen analytical skill and writing abilities. (The ability to explain complex matters simply helps, as most ppl speak to technically for their clients.). So I’d stay in a BS in Math based Econ. Law schools have very few tax classes, so you may need to get an LL.M. (extra year).
However, many accountants do specialize in tax, and do get to do a bit of “advisory” tax work as well. So you may not even need a law degree. If you go into tax controversy (litigation or criminal based) you need a law degree. But the Big 4 have mobs of advisory people who are not lawyers.
Accountantants who go to law school tend to do well bc they have discipline. So either way you are going to be fine!
I am curious why tax, though. It is something you don’t usually “choose”. It chooses you bc you show some propensity for it that your professors take note of and steer you that way.
You don’t need a five-year degree to be CPA eligible. In almost every state, you need a bachelor’s degree, 150 hours, and the specific coursework required by your state’s board. Law school classes would count towards the 150 hour requirement.
Look up the requirements for the state you want to practice in, and choose your own adventure.
Perhaps consider a 5 year accounting year program that grants you a masters in taxation. Go work at a Big 4 and get your CPA license. After a couple years, you can decide whether or not you want to go back to law school. By then you should have a better feel for tax CPA vs. tax attorney as well as the economics of leaving the workforce and paying tuition for 3 years.