Cameron Miranda
Combining a law degree with a CPA license can open doors to a variety of career paths and opportunities. This dual qualification is not uncommon and offers flexibility to work as an attorney in private practice, in the business sector, or with state or local government. It can also be a pathway to specialisations such as tax law, corporate law, estate planning, and wealth management. Obtaining both qualifications can be challenging, requiring extensive education and rigorous examinations, but it can also lead to increased earning potential and expanded career horizons.
| Characteristics | Values |
|---|---|
| Career Options | Attorney in private practice, in the business sector, or with state or local government, in-house counsel for private and public companies, Chief Financial Officer, international tax, state and local tax, estate planning and taxation, litigator, corporate law, securities law, mergers and acquisitions, antitrust, investment/security regulations, contract law, investment firms, large companies in their finance area, accounting firms with tax transactional and planning practices, local, state, or federal government |
| Educational Requirements | Bachelor's degree in accounting as a prerequisite for law school, Juris Doctor (JD) degree, Master of Accountancy degree, Master's of Law in Tax (LLM), CPA license, state-sanctioned bar exam |
| Benefits | Increased career options and marketability, higher earning potential, ability to provide unique insights and be indispensable to a law firm, diversification of class at law school |
| Challenges | Tough three-year program, re-orientation to being a student, balancing work/life while pursuing a law degree and CPA credential, passing the bar exam and CPA exam, understanding year-over-year revenue trends |
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What You'll Learn
Tax law
Tax attorneys and CPAs often work together, with CPAs providing financial advice and tax attorneys providing legal advice. However, a CPA with a law degree can perform both roles, offering comprehensive advice and services to clients.
CPAs are responsible for a range of financial preparations for both individual and business clients, including tax statements. They act as financial advisors, assisting clients with decisions that affect their investment holdings and tax liabilities. CPAs can also perform audits and analyse financial records. They are also trained to apply the law when it comes to finance and investments, helping clients plan their taxes, investments and finances to ensure they meet legal requirements.
To become a CPA, you need a bachelor's degree, 150 hours of education, and to pass the CPA exam. CPAs must also fulfil specific experience requirements under the guidance of a licensed CPA.
Tax attorneys, on the other hand, are licensed attorneys who specialise in tax law. They understand tax laws and regulations and can provide legal counsel and representation in tax disputes. They can also help with long-term financial planning and structuring of assets for wills, trusts, and estate plans.
To become a tax attorney, you need a bachelor's degree, a law degree, and to pass the bar exam. Many tax attorneys also pursue further specialisation in tax law through additional education or certification.
Combining a CPA license with a law degree, such as a Juris Doctor (JD), allows individuals to work in both financial and legal fields. This pathway provides unique career opportunities and the ability to offer more complete help to clients.
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Private practice
Obtaining a law degree on top of a CPA qualification can open up a variety of career paths, including private practice. The attorney-CPA combination is not uncommon and gives you the flexibility to work as an attorney in private practice, in the business sector, or with state or local government.
If you are interested in private practice as an attorney, having a CPA provides you with a knowledge base that will help you with any type of corporate law, including mergers and acquisitions, tax, real estate, general corporate, SEC filings, trusts and estates, and others. For example, CPAs with a law degree can work in estate planning and taxation, as the combination of qualifications helps bridge the gap between the two professions, making the planning process easier for clients.
Additionally, someone who has practiced as an attorney and has a CPA could also work as in-house counsel for both private and publicly held companies. In fact, many CFOs (Chief Financial Officers) have both a JD and a CPA. If you are interested in tax law, consider obtaining an LLM in tax as an option. Either way, being a JD-CPA increases your options and marketability.
While the attorney-CPA combination can be a great asset, it is important to note that breaking into private practice can be challenging. Many accountants and attorneys who go into private practice struggle until they build a client base, but they can be earning a six-figure salary within the first year.
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Business sector
The business sector offers a wide range of career opportunities for individuals with a CPA and law degree. Here are some options:
Attorney or Lawyer in the Business Sector
The attorney-CPA combination is not uncommon, and it gives you the flexibility to work as an attorney in the business sector. With a law degree, you can practice law and handle legal matters within the business sector. This could include working in private practice, for a large company, or with state or local government.
In-House Counsel for Companies
With a CPA and law degree, you could work as in-house counsel for both private and publicly held companies. In this role, you would handle legal matters and provide legal advice to the company, ensuring compliance and mitigating legal risks.
Chief Financial Officer (CFO)
Many CFOs in the business sector have both a law degree (JD) and a CPA. As a CFO, you would oversee the financial operations of a company, making strategic decisions and ensuring accurate financial record-keeping and tax compliance.
Financial Advisor or Consultant
With a background in both law and accounting, you can work as a financial advisor or consultant for businesses or individuals. You can advise on tax-related matters, investment strategies, and financial planning while also ensuring compliance with legal and regulatory frameworks.
Business Development Professional
A law degree, combined with a CPA's financial expertise, can be valuable for business development roles. In this position, you would identify growth opportunities, foster strategic partnerships, and expand the company's market presence. Legal knowledge is crucial for negotiating contracts, ensuring compliance, and making informed business decisions.
Tax Law and Estate Planning
A niche area that combines law and accounting expertise is tax law, including international tax, state and local tax, and estate planning. You can work with high-net-worth individuals or businesses, providing specialized services in tax planning, compliance, and structuring.
The business sector highly values the combination of a law degree and a CPA qualification. These qualifications provide a strong understanding of legal and financial matters, making individuals with this background highly sought-after for a variety of roles.
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Local government
A CPA and law degree combination can open up various opportunities in local government. Here are some ways this dual qualification can be advantageous in the public sector:
Enhanced Career Prospects and Flexibility
The CPA and law degree combination is a powerful tool that can enhance your career prospects and provide flexibility in your job search. With this combination, you can explore opportunities beyond traditional legal or accounting roles. You can leverage your expertise in both law and accounting to pursue diverse roles within local government, such as working in finance, tax law, or even as in-house counsel for the government.
Within local government, CPAs with law degrees can take on roles that require a deep understanding of financial and legal matters. They can work as financial advisors, providing guidance to government agencies or local municipalities on financial planning, investment strategies, and compliance with financial regulations. These professionals are well-equipped to navigate the complex intersection of finance and law, ensuring that government entities operate within legal and financial guidelines.
Estate Planning and Taxation
Another area where CPAs with law degrees can excel in local government is estate planning and taxation. They can advise and assist local residents with their estate planning needs, including drafting wills, trusts, and other legal documents. Additionally, they can provide expertise in local and state tax laws, helping individuals and businesses with tax planning, compliance, and dispute resolution.
Compliance and Risk Management
Compliance is a critical aspect of local government operations, and CPAs with law degrees can play a pivotal role in this field. They can ensure that government agencies and local businesses adhere to laws, regulations, and internal policies. These professionals can develop and implement compliance programs, conduct audits, and educate employees on regulatory requirements. Their understanding of the legal system and financial intricacies makes them well-suited to identify and mitigate risks, thereby protecting the government's reputation and minimizing legal challenges.
Knowledge of State Laws and Regulations
CPAs with law degrees have a distinct advantage in understanding state laws and regulations. This knowledge is invaluable when working with local government, as it enables them to provide legal and financial advice that is tailored to the specific state or region. They can interpret and apply state-specific laws, ensuring that government operations and policies are compliant with the relevant legal framework.
In summary, a CPA and law degree combination opens doors to a range of local government roles, allowing you to contribute to the efficient and compliant functioning of your community while leveraging your unique skill set.
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Corporate law
A CPA and law degree combination is not uncommon and can be a very interesting and fulfilling career path. This combination gives you the flexibility to work as an attorney in private practice, in the business sector, or with state or local government.
If you are interested in private practice, having a CPA provides you with a knowledge base that will help you with any type of corporate law, including mergers and acquisitions, tax, real estate, general corporate, SEC filings, trusts and estates, and others. A CPA and law degree can also help you work as in-house counsel for both private and publicly held companies. Many CFOs (Chief Financial Officers) have both a JD and a CPA.
If you are interested in corporate law, you can work for a large company in their finance area or for an investment firm. You can also explore emerging areas such as ESG Regulations, where a strong law background and finance background can be leveraged to drive implementation.
Additionally, a CPA and law degree can help you specialize in areas such as securities law, M&A, and antitrust. This combination can be a great tool to leverage both academically and in the job market. It can also help you keep up with the law school workload and understand the professional environment of law school.
While the decision to pursue a law degree should consider your aspirations and what you want to accomplish, having a CPA can put you at an advantage when applying to law schools as it adds diversity to the class. However, it is important to note that pursuing a law degree is a challenging process, especially when returning to student life after a break.
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Frequently asked questions
Career options for someone with a CPA and a law degree include working for a large company in their finance area, working for an investment firm, or working in tax law. The attorney-CPA combination is not uncommon and gives you the flexibility to work as an attorney in private practice, in the business sector, or with state or local government.
The benefits of having a CPA and a law degree include expanding your career horizons and increasing your earning potential. An accounting lawyer can provide unique insights and be indispensable to their firm due to their financial prowess. Additionally, having in-depth knowledge of two career fields will make you stand out to employers and increase your chances of working in a variety of settings.
Obtaining a CPA and a law degree can be challenging due to the extensive education and rigorous examinations required. It may also be difficult to manage a work/life balance while pursuing both qualifications. The process of attending law school and taking the CPA Exam can be demanding, and it can be tough to get re-oriented to being a student after a break.
