Life after university: what to expect from your new career

If you've undertaken work experience or a graduate program in a professional firm, you’ll know there’s a big difference between life on campus and what’s required when you start work in the real world. Here’s how to make the transition from student to full-time tax professional as easy and pain free as possible.

What to expect

Your first job is an essential step in shaping your career journey. Each new experience offers an opportunity to learn, build practical skills, establish rapport with your team members and expand your knowledge of taxation. So try to pick up as much as you can by asking questions and seeking assistance as you need it. Your new colleagues will be much happier to help you learn the right way from the outset, than fix problems later.

Your role

In a graduate or entry-level role you’ll most likely be given a variety of tasks to perform. Depending on the organisation, this could range from carrying out research, to practical tasks like preparing tax returns and business statements. In addition, there could be formal training, workplace mentoring or coaching by senior staff, as well as opportunities to attend client meetings and industry events. Use these experiences as an opportunity to gain a firm grounding in best practice for preparing work, building communication skills and understanding business etiquette and due diligence.

How to behave

In the early stages of a new job you’re continuing to prove your worth to the company. Make sure you prepare your work carefully, adhere to processes and ask questions if you’re not sure. Remember that the early stages of your career are about learning to work as part of a team, so be flexible and see your colleagues and your manager as people to assist in achieving a common goal. Even if the work doesn't initially meet your expectations – for instance, it isn't as challenging as you’d like – your efforts will be rewarded and you’ll quickly learn about the company’s clients and business, which will hopefully lead to opportunities for progression.

Client management – learn from others

When you have the chance to attend meetings, use these experiences to learn from your colleagues. Observe how they explain issues to clients, manage expectations, set clients at ease and solve problems.

Keep studying and stay up to date

A solid technical base and knowledge of tax law will help you progress your career and distinguish you from others in your field. Formal training programs offered by The Tax Institute and other professional bodies, combined with on-the-job training are invaluable to young professionals. It’s also important to keep up with developments in the sector – tax is a specialised area and one that’s often subject to changes in law and practice, so continuous reading is required to stay up to date.

Making a successful transition from university life to the workplace is all about being prepared, taking time to understand the experiences of others in the industry, getting to know more about the organisation and treating each opportunity and task as one to learn from.

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If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

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Mapping your tax career for 2014 and beyond

A new year brings new career opportunities whether you are looking to move into the tax sector or a related field. By creating a career map, you can see where your knowledge and skills can take you and plan how to reach your goals.

Are you a planner or are you a ‘take it as it comes’ person? No matter which side you’re on, you can benefit from a career map, which takes into account your qualification/s and/or level of experience and portrays the career opportunities open to you in chart form.

There are a number of career mapping services available online, but you can easily develop one using a large sheet of paper, some sticky notes or a mind-mapping tool. Here’s where to start:

Drawing your map

In the middle of the ‘map’, put yourself and your qualification. Around this, write down each occupation currently open to you at this level, as well as the skills, knowledge and experience that you’ll need for the role, or will acquire on the job. Draw a line from the centre of the map (you) to each of those roles.

Moving on, treat each entry on the map as if you had achieved all that you could in that role and again consider each new occupation open to you from there. Continue repeating this process until you’ve reached the limit of your knowledge (or interest).

Choosing a path

The map shows you the potential opportunities open to you, and where skills, qualifications and experience may overlap. There may be, for instance, more than one way to get to a particular role. You can then use the map as a guide to make sure your next step is in the right direction.

Planners can trace a path from the centre to their ultimate career goal via all the other roles that precede it. Those without an ultimate destination should look at the elements of the roles that appeal to them – for example, if you like dealing with people you may prefer an advisory role compared to a number-cruncher role – and head in that general direction.

Once you have a path, set your course for 2014. Your goal may be to get a job, or to gain experience, or to acquire particular skills by the end of the year. Make sure your main objective aligns with the map and has milestones along the way so you can track your progress.

A career map should present the scope of possibilities open to you at any point in your career. Roles do evolve and new posts emerge – just look at the marketing sector, for instance, and the rise of social media-related positions – so don’t close yourself to opportunities that aren't apparent to you now. Revisit and revise the map throughout your career… you never know what exciting new possibilities lie just around the corner.

Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.

An insider’s guide to getting a job in tax

There are many pathways into the tax industry so whether you’re after a role in a multinational firm or want to set up your own practice, it’s good to know the skills and qualities you need to make yourself attractive to clients.

For the inside scoop on what tax industry recruiters are looking for, we spoke with Janna Fikh, the Principal of Fletcher Tax Accountants, a boutique Sydney practice specialising in tax for small businesses. She deals with a number of clients on any given day and loves making a difference to clients when they see how to be more efficient and more effective going forward.

Janna says a career in taxation is a process of learning and suits people who are not just good with numbers but have the social skills to understand clients’ issues and address them.

How did you become a tax accountant?

Janna Fikh

Never did I ever think accounting, let alone taxes, were for me. I was quite good at maths and I had to select another two units as part of HSC, so I decided to complete a Certificate II in Accounting via TAFE. After obtaining 98% for the subject, I thought this might be a good path to continue on. So I undertook a Bachelor of Taxation at UNSW.

What do you think is the 'ideal' pathway for a career in taxation?

I would first recommend work experience in an accounting firm to see what type of accounting a person might be interested in. It may be audit, it may be business services or it may not be right for them at all. I would also recommend finding a part time role in an accounting firm to be done at the same time as studies in order for everything to gel together more efficiently at the end of the day.

How have perceptions of the ideal taxation graduate evolved over the years?

These days, social capabilities are worth more than their weight in gold. Firms as well as clients seek out team players and/or those who can make a seemingly dry topic more approachable and comprehensive.

You use contractors, what are the attributes you look for in a contractor?

Contractors are great as they run their own businesses hence it is in their interest to be on time when it comes to set deadlines as well as skills they bring to the table. For example, all of my current bookkeepers are BAS agents, thus ensuring they abide by the harsher requirements as set by legislation.

What are the biggest mistakes a potential candidate can make?

Not wanting to learn or improve themselves, not taking the opportunity seriously.

What tips would you give a graduate looking to embark on a taxation career? 

Try different sections of accounting and find the right one which suits you in terms of remuneration, autonomy, skill set, location and niche. What suits one person may not suit another. You don’t want to do 40 hours plus in a job you don’t understand or won’t be able to personally excel in.

Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.

Five networking tips to help your tax career

In an effective network, a good connection serves two purposes: as a source of job leads and as an implied recommendation for said role. Being able to name a person in common is a good way to warm an interviewer and puts you front of mind.

How do you build an effective network? Don’t wait until graduation; you can start while you’re studying. Here are five tips.

1. Network as a student

Get friendly with your fellow undergraduates; you never know when they will have the chance to recommend you for a role or vice versa. Also be aware that professors, lecturers and tutors are professionals too and may be able to put you in touch with industry contacts.

2. Do work experience

We’ve already mentioned the value of work experience, which includes the ability to network within your host organisation. Don’t forget they also have connections in the industry, so take every opportunity to meet new people in the sector through people you already know.

3. Attend industry events

Whether it’s for the tax industry or a related sector such as business, attending conferences and networking events is a good way to make connections. Your alumni association and organisations such as The Tax Institute are easy places start.

4. Find connections via social media 

Social networking platforms, such as LinkedIn and industry forums are a great way to make initial contact with people who may turn into professional connections. Make sure your profile is professional and up-to-date, then join relevant groups. Be active by asking questions and participating in discussions.

5. Apply for a formal graduate program

A number of organisations in the public and private sector offer formal graduate programs that include networking components. You will network with other program participants and industry professionals, and may even have a mentor.

The best way to network is through people you already know, but if you don’t know anyone, the key is to have confidence to introduce yourself. If you find yourself alone at a function, approach people in groups of three or more (so you’re not interrupting a deep discussion). Introduce yourself and show interest in the people who are in the sector you want to get into.

It’s a good idea to have some kind of professional contact card to swap for a business card as well. Don’t forget to follow up with a polite, personal email: “It was nice to meet you at [event]…” Good luck!

Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.