Gavin Howe
Combining an accounting degree with a law degree can be a powerful way to optimize your career opportunities and set yourself apart from other applicants. With a joint degree, you can pursue a wide range of career paths, including becoming an accounting lawyer, a tax lawyer, or a corporate lawyer. Your expertise in accounting and law will enable you to efficiently handle complex tax issues, provide comprehensive counsel to clients, and offer valuable insights to firms seeking to provide all-inclusive services to their clients. Additionally, the skills gained from your accounting background, such as attention to detail, analytical capabilities, and quantitative reasoning, will enhance your legal practice and open doors to diverse industries like finance, consulting, and information technology.
| Characteristics | Values |
|---|---|
| Accounting degree | Provides knowledge and background in accounting, taxation, auditing, management, and business |
| Law degree | Enables practice of law, with potential specialization in tax law or corporate law |
| Joint degree | Expands career opportunities, especially in handling complex tax issues and offering comprehensive services to clients |
| Complementary skills | Detail-oriented, analytical, research, and team collaboration |
| Career options | Accounting lawyer, financial planner, fraud investigator, consultant, business analyst, financial examiner, personal financial advisor, budget analyst, financial analyst, management analyst |
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What You'll Learn
Become an accounting lawyer
If you have an accounting background and a law degree, you can become an accounting lawyer. Accounting lawyers are highly sought after and can expand their career horizons and earning potential through the added value and knowledge they bring.
Education
To become an accounting lawyer, you will need to obtain a four-year bachelor's degree. While there aren't any specific undergraduate degree requirements for law school, the American Association of Law Schools recommends focusing on skills relevant to the field, such as oral communication, problem-solving, and research. For this reason, degrees in business, accounting, finance, and economics are all worth considering.
After completing your undergraduate degree, the next step is to attend an ABA-accredited law school. To do so, applicants must first pass the Law School Admissions Test (LSAT), which evaluates reading comprehension, reasoning ability, and writing skills.
Some law schools offer dual programs where students can earn their Juris Doctor (JD) degree and Master of Accountancy degree simultaneously. A JD is the graduate law degree required to practice law in the US. Obtaining a dual degree can help reduce the time and money spent on education as there may be overlapping courses.
Exams and Licensing
In addition to the LSAT, the post-secondary journey for lawyers and accountants also includes rigorous qualifying examinations: the bar exam for lawyers and the CPA exam for accountants. To become a licensed accounting lawyer, you must pass both of them.
The CPA exam is a requirement to become a licensed Certified Public Accountant (CPA). The 16-hour assessment includes four sections: Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation. Most states require aspiring CPAs to earn 150 semester hours of accounting education, which is about 30 credits beyond a typical bachelor's degree program.
Career Prospects
Accounting lawyers possess a breadth of knowledge of the rules and regulations surrounding business transactions, taxes, estate planning, and wealth management. They counsel clients on tax laws, draft documents such as wills, develop estate planning strategies, handle tax disputes, and defend clients against IRS audits.
Accounting lawyers typically work in law firms, but they can also work with accounting firms, with the local, state, or federal government, or as in-house counsel within a company. With their financial prowess, accounting lawyers can be an integral part of their law firm and provide a massive advantage.
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Specialise in tax law
If you have an accounting background and a law degree, specialising in tax law can be a lucrative career path. Tax attorneys are in high demand due to the complex and ever-changing nature of tax legislation, and they are well-compensated for their expertise.
To become a tax attorney, you must first obtain a bachelor's degree in a relevant field, such as accounting, law, or taxation. Some institutions offer joint degree programs, allowing you to simultaneously earn a Juris Doctor (JD) and a Master's in Accounting, which can enhance your career prospects and earning potential. During your law degree, you will study foundational legal concepts such as contract law, civil procedure, and criminal law. To specialise in tax law, you will also take advanced courses in income tax, tax policy, and white-collar crime.
Following your bachelor's degree, you will need to attend an accredited law school and gain practical experience through internships. You will then need to pass the bar exam and obtain your state license to practice law. To further enhance your credentials, you may consider pursuing a Certified Public Accountant (CPA) license or an advanced accounting degree.
As a tax attorney, you will possess a unique combination of legal and accounting expertise. You will be responsible for researching tax law, drafting legal documents, and resolving tax disputes for your clients. You may also specialise in specific areas such as corporate tax law, estate planning, or international tax law. Tax attorneys work in various settings, including law firms, accounting firms, government agencies, or as in-house counsel for organisations.
The path to becoming a tax attorney is challenging and requires a significant investment in higher education and rigorous examinations. However, the reward is a rewarding and financially lucrative career, with the potential to significantly expand your career horizons.
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Work in finance, law enforcement or business
Work in finance
An accounting background and a law degree can be a powerful combination for a career in finance. You can pursue roles such as financial analysts, accountants, bookkeepers, payroll managers, and taxation experts. Your law degree will also enable you to specialise in legal and policy issues, corporate finance, compliance, or tax law.
Work in law enforcement
Your skill set can be extremely useful in law enforcement, especially in areas like forensic accounting, where you can aid in investigations of financial crimes, money laundering, fraud, and tax evasion. You could work for local, state, or national law enforcement agencies, such as the FBI or the criminal investigative unit of the IRS.
Work in business
With your accounting and law expertise, you can pursue a career in business, especially in areas where the two fields intersect, such as corporate finance and compliance. You can work in-house for a company, providing legal and financial advice, or you can work for a firm that offers these services to clients. Your understanding of finance and the law will make you a valuable asset, enabling you to efficiently handle complex issues and provide a wide range of services.
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Apply for a joint degree program
Combining an accounting degree with a law degree can be an excellent way to stand out to employers and increase your chances of working in a variety of settings. A background in accounting can help set you apart from other law school applicants, and vice versa. Here are some things to consider if you want to apply for a joint degree program in law and accounting:
Choose the Right Program
Firstly, research the various joint degree programs offered by different institutions. Some universities, such as Stanford Law School, offer joint degree programs in law and other fields, allowing students to obtain a J.D. and a master's degree simultaneously. Other schools, like the University of Akron, Ohio, offer dual-degree programs that combine law and business, resulting in a J.D. and an MBA. The University of Akron also offers a Master of Applied Politics (MAP) program, which is one of the few professional master's degrees focusing on practical politics and its influence on political decisions.
Admission Requirements
Admission requirements can vary depending on the institution. Some schools, like Stanford Law, require separate admissions to the law school and the participating department, as well as admission to the specific joint degree program. Other schools may have different requirements, so be sure to review their admission guidelines carefully.
Timing of Application
The timing of your application is also important. Some schools allow you to apply for the joint degree program concurrently with your initial application to the law school or the participating department. For example, at Stanford Law, you can apply for admission to both schools related to your joint degree simultaneously, such as Stanford Law and the Department of Sociology for a joint degree in law and sociology.
On the other hand, some schools may require you to apply for the joint degree program after you've started your law school or another graduate program. For instance, at the University of Akron, students generally apply to the joint degree program during the fall or spring of their first year of law school.
Undergraduate Degree
While there may not be specific undergraduate degree requirements for law school, having a bachelor's degree in a related field, such as accounting, business, finance, or economics, can be advantageous. This demonstrates your proficiency in data and quantitative reasoning, which is valuable for law school applicants.
Additional Considerations
When applying for a joint degree program, it's essential to consider the time and financial commitments. Joint degree programs can sometimes take longer to complete than a single degree, but they may also offer cost savings due to overlapping courses and credit transfer agreements. Additionally, assess your relevant skills, review your resume, and consider any volunteer opportunities that could enhance your application.
In conclusion, pursuing a joint degree program in law and accounting can be a rewarding path, providing you with in-depth knowledge in two complementary fields. By following the steps outlined above, you can increase your chances of gaining admission to a joint degree program and embarking on an enriching academic journey.
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Become a financial planner
If you have an accounting background and a law degree, you could consider becoming a financial planner. Financial planners help clients with their investments, numbers, and financial decisions.
To become a financial planner, you will need a bachelor's degree, ideally in a field like business, finance, or accounting. Some financial planners also have master's or doctoral degrees. While certifications are not required, they can be helpful for career advancement. The most popular certification is the CFP (Certified Financial Planner). To obtain this certification, you must pass a rigorous exam and complete 6,000 hours of relevant work experience.
Financial planners often work in entry-level roles at organizations like banks, insurance companies, or investment firms before becoming certified. They may also gain experience through internships or full-time positions in accounting or financial planning.
With your accounting background and law degree, you could specialize in legal and financial matters, such as tax law and estate planning. This combination of expertise would make you a valuable asset to clients seeking comprehensive advice on their financial affairs.
Overall, becoming a financial planner with your accounting background and law degree can be a rewarding career path, offering the opportunity to help individuals and businesses navigate their financial journeys effectively.
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Frequently asked questions
There are several career paths you can pursue with an accounting background and a law degree. You can become an accounting lawyer, handling tax disputes, drafting documents, and counselling clients on tax laws. Alternatively, you can work as an attorney or accountant, offering comprehensive services to clients. Other options include working as a financial examiner, consultant, fraud investigator, or in finance, law enforcement, or business sectors.
An accounting background can set you apart from other law school applicants. It demonstrates your fluency with data and quantitative reasoning, as well as your attention to detail and analytical skills. Law schools value work experience, and your background in accounting can showcase your ability to manage stressful situations and work effectively with clients.
You can pursue a joint degree program, such as a Juris Doctor (JD) and a Master's of Accounting, which will provide you with both legal and accounting expertise. This option may help reduce the time and cost of your education due to overlapping courses. Alternatively, you can obtain a Bachelor's degree in accounting before enrolling in law school, allowing you to specialize in legal matters related to finance management.
With an accounting background, you can explore various career paths beyond traditional accounting roles. You can work as a financial analyst, management analyst, budget analyst, or personal financial advisor. Your analytical, technical, and organizational skills will be valuable in industries such as finance, consulting, information technology, and business.
