Career options for tax professionals

The assumption often made about students pursuing a degree in tax is that they’re on the fast track to a certain career in accountancy. Considering, however, that there’s only a finite number of graduate positions available in accountancy firms each year, it’s clear that not every tax graduate will follow suit. So what are some other career options?

Tax-based education grants you a unique skill set: the ability to be a team player, the ability to not be a team player, communication skills and commercial awareness. The junction of these skills means you’re equally well versed in a numerical, analytical or communication-heavy role. In reality, after completing your postgraduate tax training, you are spoilt with a unique spread of career options. Here are five paths you may consider conquering.

Accountancy

There is no denying that the most well-trodden career avenue for recent tax graduates is a role in an accountancy firm. The most attractive roles being those in the ‘Big Four’ firms: Deloitte, PwC, KPMG and Ernst & Young. Large and mid-tier accountancy firms offer roles that cover a large range of tax areas and an opportunity to specialise from an early point in your career. Your tax specialty could lie in financial services, corporate tax, employment tax or tax for private clients, so it’s within reason that this is by and large one of the most alluring prospects for a tax graduate.

Law

Law and tax are often considered to be complementary degrees; many tax lawyers pursue tax qualifications, and tax accountants a law degree. Obviously, this career path is only available to experienced tax professionals, however an additional education resource for the law-inclined is the CTA2A Advanced subject. This postgraduate qualification can be undertaken while working full-time, and works to explain the rationale behind tax laws.

Government financial advising

With a qualification in tax, it’s safe to say that you’re proficient in numbers. Government financial advising merges your analytical and communicative skills to ensure you can best mentor people through financial decisions. For success in this field, work experience as a registered tax agent or tax financial advisory are looked upon favourably.

Teaching

Moving between industries doesn’t mean you have to sacrifice your hard-earned skills, clocked hours and valuable industry connections. In fact, you could strengthen your industry ties and reputation by returning to academia. For experienced tax accountants, there are often opportunities for positions from educational bodies, as well as in corporate training companies or specially designed educational roles in large-tier companies.

Entrepreneurial

For the tax graduates who dream of running their own business, the opportunities are endless. Beyond running your own firm, there is also an opportunity to marry two unique specialties into one business venture: environmental accounting, international accounting and entertainment accounting are all niche self-employment routes that offer you a market difference.

Taxation knowledge can be your golden ticket to any number of roles that cross traditional industry barriers. Browse our range of programs and subjects to get qualified for a career in tax.

Member profile: Abby Hinchcliffe

Employer: Thomas Noble & Russell

Position: Intermediate Accountant

As a mature aged student I completed my Bachelor of Business degree majoring in Advanced Accounting in 2013. Shortly after I kick started my career in a medium size private practice firm named Thomas Noble and Russell where I have been working for the last 22 months whilst undertaking my Diploma of Chartered Accounting. Thomas Noble and Russell (TNR) is a longstanding firm with a reputation for providing high quality and detailed service. With a strong focus on in-house training it is the perfect environment for me to develop a solid foundation as a Tax Practitioner.

Describe your current role

With almost 2 year experience in business services I am currently focusing on learning the mainly technical aspects of accounting. My daily activities include the preparation, lodgment and administration of Business Activity Statements, Monthly Payroll Tax Calculations, Instalment Activity Statements, Income Tax Returns, and Financial Reports for all types of entities. I correspond with the ATO, other government bodies, bookkeepers and other businesses on behalf of our clients. I liaise and build relationships with my clients and colleagues, which I find most rewarding.

Describe your involvement in The Tax Institute’s committees or contribution to the Institute

Having completed the CTA1 Foundations and CTA2 Advanced course through The Tax Institute. I was so impressed by the concise and practical content and delivery of these courses that I wanted to get more involved with The Tax Institute. I now sit on the Graduate Diploma Committee, which allows me to meet more young tax practitioners (like myself) and discuss how we can support ourselves more as upcoming Tax Professionals. Studying with The Tax Institute has hugely supported me to be more confident applying my knowledge and understand of tax on a daily basis.

What are your career highlights?

I am very thankful for being hired by TNR where the partner and the team I work for take the time to train me in all areas of tax. Other highlights include many moments of appreciation such as receiving client referrals and feedback, the satisfaction of working well with my team and getting to meet people I would not have the opportunity to meet elsewhere.

Why did you join The Tax Institute?

I joined The Tax Institute because I want my involvement in accounting to be broader than the sole office I work in and to network with other Tax Professionals. My commitment to The Tax Institute is a gesture of support and respect for the industry I work in.

What advice can you give to graduates?

Don’t be shy to upsell all your great qualities even if you have no experience, you are no less because you are at the beginning of your career. Understand and respect the wealth of understanding you will build over time. If there is something you don’t understand, make the time to research and discuss with other professionals for your own understanding. Appreciate anyone who is willing to support your learning. Get to know you clients and colleagues as best as you can.

Who or what inspires you?

Many people inspire me including my collegues, friends and family. I will use this opportunity to thank Natalie Benhayon specifically who inspired me follow my heart and peruse a career in accounting.

What do you do to unwind?

Walking, Conversations with my fiancée, family & friends, Cooking, Having a bath and an early night (especially on a Wednesday).

Favourite holiday destination?

Hoi An in Vietnam, it is super relaxing by the beach, lovely people, great food and full of tailors…and a baragin.

“Why do you want a career in tax?”

You've polished off your postgraduate tax training and landed an interview for a dream position with a leading tax firm that could launch your career. Then comes the inevitable question: “Why do you want a career in tax?” Here are a few helpful responses to keep in your back pocket that should impress your future employer much more than: “Because I want to make heaps of money.”

1. “Because tax is one of the all-pervading certainties of life.”

Taxation profoundly affects individuals, organisations and nations, so you may wish to point out that you’re excited to work in the tax industry because of its impact on pretty much every field of human endeavour. Anthonius Lukito completed a CTA2 Advanced course at The Tax Institute and says it gave him the chance to learn more about the things that make the tax system, and hence individual businesses and the wider economy, tick. “The most valuable aspect of the CTA2 Advanced course is that you get to know the rationale and insight behind a tax law,” he says. “Being able to understand how the tax law applies in a practical situation is another valuable aspect of the course.”

2. “Because it’s exciting – at least to me.”

Okay, this isn’t something the general public is likely to understand, but remember you’re almost certainly talking to another person who actually enjoys doing complicated calculations and filling out forms in order to achieve a certain result. So there’s no harm showing a bit of enthusiasm about the career you’re one the cusp of kick-starting. “There’s never a dull moment in tax!” says Eve Starina, a business advisory services supervisor at HLB Mann Judd and a member of The Tax Institute. “While the majority of my time is spent preparing or reviewing financial statements, income tax returns, BAS or FBT returns, occasionally I also have the opportunity to assist clients with tax planning and other matters.”

A career in tax could see you handling the taxation affairs of some of the world's biggest companies, helping small to medium businesses achieve their growth targets or even shaping the tax system itself through policy work with organisations like the Australian Tax Office. What’s not to love about that kind of work?

3. “Because I want to help others.”

Not everyone can be a fireman or aid worker and, while it may not be widely recognised, there is something noble in helping individuals and businesses better understand and navigate the tax system. “My most satisfying moments are helping others with tax questions – whether small or large questions – and helping them to grow their knowledge,” says Juanita Sands, a senior analyst at Deloitte Private Pty Ltd and member of the Victorian Tax Technical Committee. “[I enjoy] having people say, ‘But how do you know that?’ or ‘Where do you know to look for the answer?’ then showing them how they can get that knowledge.”

There is nothing wrong with wanting to enjoy a well-paid, white-collar career, but if you’re looking to impress interviewers, it’s in your interests to make clear you’re keen on the tax industry for more than just the salary.


Take the next step in your tax career with the Graduate Diploma of Applied Tax Law 

Find out more

Straight from the horse’s mouth

We know that the best tax professionals don’t just bow out of education the moment they have a degree in their hands. Beyond connections in the tax industry, the trait that draws in prospective employers most is ambition.

Postgraduate tax qualifications, such as a Graduate Diploma in Applied Tax Law from The Tax Institute, has the ability to shine a spotlight on your aspirations and enthusiasm. We spoke to some recent graduates whose post-university dip into tax training saw their career opportunities flourish.

Working in a foreign country

As with any transition to a new country, the learning curve regarding new tax policies, important dates and documentation requirements can be steep. For James Collacott, who emigrated from the UK and had over 10 years’ experience in mid-tier firms before his Australian move, he found studying the CTA1 Foundations at The Tax Institute had an immediate impact on his application of tax law to day-to-day work. “I found the course to be very practical in terms of the way I have immediately been able to apply what I have learnt.”

He attributes gaining employment at Crosbie Warren Sinclair to applying for a postgraduate – and foreign tax – qualification. James further proved his commitment by completing his studies as dux of CTA1 Foundations.

Practical application of skills

All too often, one of the bigger complaints about university degrees is the absence of immediate practicality. With postgraduate education, which is completed alongside your work commitments, skills can be applied immediately. For Nicole Chromy, who completed CTA2 Advanced, the course gave her confidence in her abilities to break down and tackle left-of-centre tax situations. “The course is extremely practical and has assisted me in engaging in discussions and advice in my role as a tax consultant. It has also helped me think outside what may seem to be the initial question at hand.”

Understanding ‘why’

Too often we are taught how to solve a problem without first understanding why the solution came to be. The ability to think outside the box to solve complex problems can be attributed to having a deep-rooted understanding of the situation itself – in this case, tax law. Anthonius Lukito, who also completed CTA2 Advanced, found the most valuable part was learning “the rationale and insight behind a tax law”. With a firm grounding in ‘why’, he could begin to tackle questions in practical situations that he had never before come across.

Jason DeMarte, another graduate of CTA2, believes he has come away with a more well-rounded tax knowledge base. While he may not encounter all areas of taxation in his day-to-day work at Cooper Partners, he feels he can apply this skill set to many different areas of tax.

Additional tax courses and tax agent training have the potential to steer your career in an upward trajectory as a new professional in the tax accountancy industry. Consider enrolling in further training at The Tax Institute to boost your success.


Take the next step in your tax career with the Graduate Diploma of Applied Tax Law 

Find out more