When comparing financial advisor career paths to accountant career paths, the differences go beyond job titles. Both roles operate within the world of finance, but they each require distinct expertise, serve different client needs and follow separate routes to credentials. For students drawn to the tax side of accounting, understanding these distinctions is the first step toward a focused career plan.
Southern Illinois University Edwardsville’s (SIUE) online Master of Science (MS) in Accountancy with a Specialization in Taxation program prepares accounting professionals for careers in tax accounting and related fields. This 30-credit, 100% online program — which covers federal and state taxation for individuals, corporations, partnerships and LLCs — can be completed in as few as 10 months.
What Does a Financial Advisor Do?
Financial advisors help clients manage their money and plan for long-term goals. Their work covers investment management, retirement planning, estate planning, risk management and tax minimization strategies. A financial advisor reviews a client’s full financial picture — income, debts, goals and risk tolerance — and builds a customized plan around it.
The standard professional designation for this field is the Certified Financial Planner (CFP). According to the CFP Board, this credential requires completing coursework in investment planning, tax planning, retirement savings and estate planning through a registered program, plus a bachelor’s degree. The median annual wage for personal financial advisors was $102,140 in May 2024, according to the U.S. Bureau of Labor Statistics (BLS). Employment in this field is projected to grow 10% through 2034 — much faster than average — with roughly 24,100 openings expected per year.
What Does a Tax Accountant Do?
Tax accountants specialize in tax preparation, compliance and strategic planning. Their work includes preparing tax returns for individuals and businesses, auditing financial records for accuracy, managing tax payment schedules and advising clients on legal strategies to minimize tax liabilities. Keeping up to date with changes to tax laws and IRS guidelines is a core part of the role.
The Internal Revenue Service recognizes multiple categories of authorized tax professionals — including CPAs and Enrolled Agents — who can represent clients before the IRS. For tax accountants, the CPA license is the primary professional credential. According to the National Association of State Boards of Accountancy (NASBA), CPA licensure requires passing the CPA exam and meeting state-specific education and work experience requirements. The median annual wage for accountants and auditors was $81,680 in May 2024, per BLS, with 5% job growth projected through 2034.
Education, Certifications and Salary Differences
While both roles involve financial expertise, the career paths for financial advisors and tax accountants diverge at the credentialing level. Financial advisors typically pursue the CFP designation or securities licenses such as Series 7 or Series 66, drawing from finance, economics or business backgrounds. Tax accountants generally hold a bachelor’s or master’s degree in accounting and work toward CPA licensure — a process that involves 150 education credit hours in most states, a four-part exam and verified work experience.
Compensation differs as well. The median pay for personal financial advisors ($102,140) exceeds that of accountants and auditors ($81,680), according to BLS. That said, tax specialists with advanced degrees, CPA credentials and expertise in areas like corporate or flow-through entity taxation can earn well above the median as they gain experience and seniority.
Building a Tax Accounting Career With SIUE
For those ready to specialize in taxation, SIUE’s online MS in Accountancy with a Specialization in Taxation program provides the technical depth the career requires. The 30-credit curriculum covers auditing, tax compliance, tax research, asset management and tax planning applied across individual, corporate, partnership and LLC taxation. Six start dates per year, 100% online delivery and flat all-inclusive tuition for in-state and out-of-state students make the program accessible for working professionals nationwide.
Graduates are prepared for careers as income tax accountants, income tax specialists, corporate controllers, tax advisors and financial controllers. Coursework positions graduates to succeed in the CPA examination process and the program’s AACSB dual accreditation — for both business and accounting — supports the credibility of credentials earned.
Learn more about SIUE’s online MS in Accountancy with a Specialization in Taxation program.
About SIUE’s Online MS in Accountancy with a Specialization in Taxation Program
Southern Illinois University Edwardsville’s AACSB-accredited School of Business offers the Master of Science in Accountancy with a Specialization in Taxation program fully online to accommodate working professionals looking to gain in-demand skills and credentials on a flexible schedule. The curriculum covers federal and state taxation for individuals, partnerships, LLCs and corporations, along with coursework in auditing, tax compliance, research and planning.
The School of Business has maintained its AACSB-accreditation since 1975, with dual AACSB accreditation for both business and accounting — a distinction held by only 2% of programs worldwide. The 30-credit online MS in Accountancy program features six start dates per year and flat, all-inclusive tuition that applies equally to in-state and out-of-state students. The program’s rigorous coursework in tax law, compliance and planning prepares professionals to lead accounting teams and advance toward CPA exam success. Students complete the program ready to thrive in a wide range of in-demand roles in their field.
