Soft versus hard skills

If you dream of a career in tax or accounting, you’ll need to be a master at identifying fiscal inconsistencies, understanding government legislation and balancing your clients’ books. But although these technical (or hard) skills are intrinsic to succeeding in your future profession, soft skills, such as your ability to form good relationships with customers and your willingness to work as a team, will make you more attractive to prospective bosses.

Cultivating both your hard and soft skills while you study isn’t as challenging as it might seem. Here are four top ways to supercharge your employment potential by proving you’re a candidate with the total package.

Get a customer-facing part-time job

The idea that accountants and taxation professionals crunch numbers without customer interaction is a thing of the past. These days, working in the accounting industry means communicating with clients, resolving their problems and learning to respond to their social cues. Getting a part-time job in hospitality, retail or customer service while you study can help you understand the art of anticipating and responding to customer needs. Once it’s time to put those soft skills into practice, it’ll be second nature.

Obtain a further qualification

An undergraduate qualification in taxation or accounting is not enough to make you stand out. Whether it’s learning a piece of up-and-coming financial software or brushing up on your knowledge of new legislation by enrolling in The Tax Institute’s Graduate Diploma of Applied Tax Law program, investing in your hard skills can be a shortcut to competitive advantage.

Education: Our programs and single subjects help you achieve your full potential in your career, your workplace, and in the profession. Enrol before 25 June and save $100.

Take up a team sport

From collaborating with IT vendors to working with senior management, taxation professionals must be increasingly equipped to meet individual deadlines while working as part of a larger team. Taking up an after-hours sport such as soccer, football or tennis can help you learn how to work with colleagues, anticipate co-workers’ strengths and weaknesses and thrive in a team environment – an all-important soft skill that’s bound to put you ahead of the pack.

Study a second language

A career in accounting can set the stage for international opportunities, but a working knowledge of audit procedures isn’t enough. Signing up for an after-hours class to learn a second language can seriously boost your set of hard skills while broadening your professional horizons.

Although hard skills are critical if you want to establish a career in taxation or accounting, teamwork, communication and customer service play an indispensable role as well. What moves have you recently taken to boost your hard and soft skills?

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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.

Building rapport with your colleagues

Having the ability to get along with your colleagues – and create long-lasting professional relationships with them – is essential for any tax professional.

Whether you are new to the numbers game or a seasoned accountant, fostering positive relationships with co-workers creates a richer work environment and can help your future within the industry. While it's par for the course that some personalities may clash, garnering the skills to cope in such situations is key for any career-driven individual. Here are four great ways to build rapport with your colleagues and show your team your good side.

1. Communicate effectively

Things can go awry when there is miscommunication, especially when office stress and multiple deadlines are added to the mix. Learning to be clear when communicating with colleagues about collaborative projects, your workload or the expectations of your role will help you avoid any unnecessary conflict. If you are ever in doubt about a task or project, following up with questions is the best way to side-step confusion. Professional relationships thrive on open and honest communication.

2. Be positive

No one likes a Negative Nancy. So even if you think you are innocently venting about problems, if you do so too often people will peg you as a pessimist.

Having a positive, can-do attitude puts other people at ease and also shows that you are capable and interested in your work. Next time you feel the urge to complain about something work related, take a step back and look on the bright side. Positivity is infectious, so your vibe will rub off on your colleagues, leading to a more positive work environment for everyone.

3. Learn to listen

Often when we have conversations with colleagues, our minds are focused on the long list of other things we need to get done, meaning you miss important information. Making a conscious effort to focus on what the other person is saying is called active listening.

To be successful with active listening:

• Pay attention to what the other person is saying.
• Show them you are engaged in the conversation with signals like nodding and eye contact.
• Provide feedback on what they have said by paraphrasing.
• Try not to interrupt them while they are speaking.

Practising this type of listening can really help you understand your co-worker's needs and build trust with them.

4. Be reliable

To make your colleagues trust and admire your work, make sure you are a reliable employee. Get to the office on time, produce high-quality work and be there for your team when they need you. Later down the track when your superiors are determining who best to promote or entrust with the next big project, your hard work will pay off.

These four tips are great ways to improve rapport with your co-workers, but they work best when combined. Create a positive work attitude built on effective skills and you will be the go-to worker in the office.

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Read more about the communication skills you need to succeed in tax by downloading our free ebook.

Five resume red flags to avoid

According to a recruitment study, your resume has mere seconds in front of a senior associate, hiring manager or recruiter before they make a decision about your application.

HR staff are trained to look for disqualifying factors. With just seconds to impress, here are five glaring red flags that vex recruiters and see them weed out candidates at a glance.

Messy formatting

Little to no white space on the page, decorative or small type and the complete absence of page margins signal to HR that you may not be their ideal candidate. Beyond your apparent lack of organisation and overgenerous data selection, this may suggest that you don’t have a clear vision or, worse, that you’re imprudent.

Your resume needs to be reader-friendly, but it also needs to be deliberate. This isn’t the time to get experimental with font types or test your Microsoft Office artistry – and your resume certainly shouldn’t act as your memoir. Professionally prepared resumes are considered and highlight only the most esteemed aspects in a career history.

Steer clear of graphics, too many colours and too much information to create a resume that will speak clearly to your prospective employer.

Gaps in your employment history

While HR may anticipate that most resumes will show at least one substantial gap (i.e. over six months) in their employment history, unexplained periods of career inactivity are cause for concern. This is one of the times where things should not be left unsaid. It’s perfectly acceptable to include a short sentence that will explain any gaps of multiple years, such as “Left position to further my education by undertaking a course” or “Left position to travel for a set amount of time”.

In the same vein, too many short-term jobs to a scrutinising eye can suggest you lack the commitment or stamina to persevere in a position. In this instance, it’s worth explaining that your career movements instead reflect a desire for continued professional development.

Using time-worn phrases

It seems tired and clichéd that this particular red flag will always make the ‘do not’ list, however it’s still something job recruiters find in resumes. Such terms include “hard worker”, “forward-thinking”, “dedicated”, “detail orientated” and “driven”.

Hiding behind time-worn phrases can appear evasive and will encourage HR to question your talents, work ethic and your own viewpoint on what you can offer the company. Get creative with your resume and use language to frame your strengths.

Lacking results

One step towards making your resume easier to read for time-poor hiring managers is to convert your data from qualitative to quantitative. Numbers, metrics and percentages can often be more impactful than words. Without such data, your resume can appear haphazard or altogether too vague. Would you hire a candidate without seeing hard facts on their successes?

Unprofessional details

A resume is a package deal. While the content is critical, so too are the finer details such as the file name, your email address or your Skype handle. With hundreds of applications for any one job, make sure you include your name on the file to ensure you don’t get lost in the masses. Emails are free, so don’t let your sentimental attachment to an older email address hold you back in your career. Lead with your best professional foot forward.

For a fruitful career in tax, mastering the art of writing a professional resume is the first step to success.

A mentor can be a helping hand up the career ladder

Nineteenth-century American writer Ralph Waldo Emerson once declared: “What I need is someone who will make me do what I can.”

As it turns out, it’s not only poets who need a helpful push to reach their potential.

The X factor – 4 ways to stand out in your firm

So, you’ve blitzed the competition and have landed a role at the professional organisation of your dreams. Congratulations!

But don’t get too comfortable.

Winning over a hiring manager is just the first phase when it comes to proving your worth. Taking the initiative and making regular contributions will help you stand out as your firm’s newest shining star.

Here are four tried-and-tested strategies for stepping up from the first rung on your career ladder.

The rise of a tax star – Elissa Romanin

Elissa Romanin didn’t originally choose a career in tax. Instead, she says, “tax found me.”

Imagining her future in a commercial role, Elissa completed a law degree, “because it was a good thing to have,” she says.

Which area of tax should you specialise in?

A career in tax can open up rewarding opportunities. It’s a multifaceted profession, with areas you can choose to specialise in once you've completed your postgraduate tax education.

But how do you know which discipline is the right fit for your mindset and abilities?

Here are four areas you might consider focusing on in your tax training, along with the skills and experience you’ll need to succeed and the types of personalities that tend to excel in them.

5 essential business skills

Recruiters in the tax profession look for a range of skills in candidates that apply for entry-level positions.

Academic achievement in your taxation course at university is just a starting point. Companies are on the hunt for well-rounded, business-savvy practitioners who can see beyond just the technical information.

Here are five key qualities that tax employers value in their people.

Surviving first-day-itis at work

When you land your first job or work-experience position at a tax, accounting or legal firm, you’re likely to be nervous about settling in.

Don’t worry – the feeling is totally normal.

Here’s a brief survival guide on how to make a great impression in your first week.

Career alternatives for tax graduates

An assumption often made about students pursuing a degree in tax is that they’re on the fast track to a certain career in accountancy. However, not every tax graduate follows suit. So what are some of the other career options available?

Tax-based education gives you a unique combination of skills, including the ability to be a team player, the ability to not be a team player, communication skills, research skills, maths skills, analytical skills and commercial awareness. The combination of these means you’re equally well prepared for a numerical, analytical or communication-based role. After completing postgraduate tax training, you are spoilt with a unique spread of career options.

Here are five paths you might consider.

Making it in professional services - beyond the technical

When you embark on a career in an area of professional services, such as tax, you’ll naturally look for ways to gain value from every opportunity at work.

For example, performing technical tasks presents an opportunity to display your skills and enthusiasm, thereby impressing those who may help you achieve your future career aspirations.

Raising your profile

Enhancing your career prospects involves raising your profile internally and externally, among clients, within your industry, and within your organisation.

To achieve this, you should know how to use both social media and modern mainstream media to your advantage. And you should know how to build relationships as a trusted client advisor.

It’s also advantageous to know the role passion plays in performance, developing a real interest, better understanding and awareness.

Anticipating problems and displaying judgement

Another career-enhancing activity is to show good judgement and initiative with clients.

This involves knowing when to seek guidance and when not to, knowing what has and hasn’t already worked, and identifying the end goal in a matter (as well as your role in achieving it).

Over time, you will become increasingly skilled at anticipating problems before they arise.

Following through and showing resilience

How do you continually plan, think forward and meet deadlines without fail? How transferable are your skills, and are you able to use tax skills in different environments?

In terms of career moves, what’s acceptable and what is unacceptable? How and when should you advance by moving from one firm to another?

These are all decisions that require knowledge, nerve and the ability to take action at the right time.

Applying a professional approach

A professional approach involves knowing the best way to present research and advice within your organisation, and knowing how Partners like to be treated at any time.

You should also understand the relevant conventions in your firm, in terms of operational issues, file management and document development and distribution.

Office relationships and conflicts

It’s useful to observe and analyse your workplace culture to know which behaviours are appropriate and which are not.

To do this, you might ask what has and hasn’t changed in the last 30 years? Are there significant value differences between Partners and Millennial employees? How do you deal with difficult people and pressure generally?

In terms of support networks, you can consider what makes a good mentor and how you might find one. It’s also worth anticipating, in the event that an office conflict breaks out, the strategies you might employ and who you can turn to.

Using LinkedIn to boost your career in tax

LinkedIn is the premier professional networking platform, with over 450 million registered members around the world.

Employers are using LinkedIn more than ever to identify and recruit talent. This means all tax students should have an optimised, up-to-date LinkedIn profile to enhance their career prospects.

Here are some tips for building a LinkedIn profile that can attract the attention of hiring managers in tax firms.

Tips for networking - at the office

Professional networking advice often follows the same script: hit the pavement, connect with industry peers on social media, attend events, get yourself known, and cast your net as far and wide as possible.

But what can you do to advance your career without leaving your current workplace.

Here are five tips for getting the benefits of networking at your office.

What does work-life balance mean to you?

When you’re a newcomer to the workplace, there’s sometimes an expectation that you should clock in early, endure late nights and have lunch at your desk.

Why?

To demonstrate your worth with an unspoken promise that the ‘reward’ of downtime will duly come as you move up the ranks.

While many young guns (and even seasoned veterans) are happy to jump at the opportunity to prove themselves by undertaking additional work, it begs the question: Do you need to sacrifice your personal life for the sake of your career? Or is that an antiquated notion?

Save time on your job search

When you’re looking for a job, it’s easy to get sucked into spending hours on job sites and networks.

Here are seven ways to cut back the time it takes to achieve the results you want.

Presentation skills to boost your career

The ability to present an idea or argument effectively to a target audience is essential for anyone who wants to build a successful career in tax.

What presentation skills should you develop?

Content

Your first consideration in developing a presentation is its content, which comprises three elements:

• Originality: The content of your presentation should be new or different enough to engage your audience. If your topic is unavoidably mundane, you can spruce it up with images, humour or even props that present it in a new way.

• Structure: Your time to present is limited, so a clear structure can be an effective way of conveying complex ideas. Create a framework with patterns of logic and a sensible order (e.g. chronology or premise-argument-consequence-implication).

• Authority: You should have expertise in your topic and know, by heart, the way you plan to present it. Once you’ve developed the structure and words, practise your presentation. This will also help your confidence when you’re in front of your audience.

Confidence

The best presenters project confidence, and confidence comes from being comfortable.

Consider these three elements of confidence:

• Body language: Stand or sit up straight and face your audience. Breathe deeply and slowly. Release the tension in your body and try to spend the time looking at the audience more than at your notes. It’s okay to pace or move around if you need to, but such movement should be measured.

• Voice: If there’s no microphone, project your voice loudly and clearly – clarity is crucial, with or without an amplifier. Many people rush their words when nervous, so be mindful of the flow and pace of your presentation. Include pauses, giving time for your words to sink in.

• Rapport: Try to build a warm rapport with your audience. Find out something about them beforehand that you can mention at the beginning. Many presenters also break the ice with a joke or an anecdote, or use techniques such as rhetorical questions.

Get to know how you behave in front of an audience, accentuate the good traits and reduce undesirable habits. If you get nervous when people stare at you, it may help to use visual aids that they can look at instead. If you speak too fast, invest in a metronome to help you practise speaking at a slower pace. And if your hands tremble, hold a prop like a pen to still them.

The way you present yourself, your work and your ideas will inevitably influence how your abilities are viewed in the workplace. Give your career the best chance by honing your presentation skills at the beginning.

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Accepting a job offer - what you need to consider

Congratulations! You've received a formal offer for a job.

Before you sign on the dotted line, however, take a moment to assess what you're getting yourself into.

Most people react to a job offer by accepting immediately – they’re so relieved to put the hard work of applications and interviews behind them. But don’t allow the excitement of the occasion cloud your judgement about whether the role is ultimately the right one for you.

Here are some questions you should answer first:

1. Do you want the job?

If the position offered is your dream job, this question may be moot. But it’s worth considering any reservations you may have about accepting a less-than-perfect role.

If the job description causes you to hesitate, consider other factors:

• People and culture: Do you think you’ll get along with, and learn from, your new colleagues and boss? Will the organisation’s culture suit you? Will you feel comfortable there?

• Position and expectations: Do you anticipate the role will be interesting, or will it lead to more interesting positions down the track? Will you be able to perform to the standard the organisation expects? Is that standard realistic?

• Pay and benefits: Is the pay fair? If the pay is mediocre, are there other benefits that offset a lower remuneration? Will the organisation invest in you in other ways – through, for example, further training?

2. Under what conditions should you accept the job?

Still hesitating? Weigh up the opportunity cost of taking this job (which may mean you miss a chance at others) versus the possibility that a little sacrifice now could lead to genuine opportunities to progress in the near future.

Don’t be afraid to speak with the organisation about your concerns – the hiring manager clearly likes you enough to make an offer. If you haven’t raised issues such as pay and benefits, you can use this opportunity to negotiate such variables, or to secure a career pathway.

3. What’s in the contract?

Make sure you understand the terms of the contract. If you don't, ask your prospective employer for clarification. Also check that anything you've negotiated verbally has made it into print.

Be practical when you receive a job offer and treat it in a business-like way. Employment is, after all, a major part of your life. Only when you’re satisfied that you've made the right decision to accept should you pop the bubbly and celebrate.

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Preparing for your job interview

So, your initial job application has succeeded and you've scored the important first interview.

If you’re unsure what to expect now, don’t panic. Here are some tried and tested techniques to help you nail the interview process and embark on the first step in your tax career.

Do your research

Apply your well-honed research skills and check out the organisation you’re meeting with.

Beginning with its company website, learn about the services it offers, the specific areas it operates in and who its clients are. Many corporate websites also have FAQs in the ‘Careers’ section.

You can even get some background information on the person you’ll be meeting with, by looking up their personal profile on the company website and on LinkedIn. This will help put you at ease and will demonstrate your genuine interest in the organisation during the interview.

Understand what they’re looking for

Go back and read the advertisement for the position you applied for. Make sure you have a good understanding of what the role entails and the key skills the organisation is looking for.

This will help you to prepare answers to potential questions – and identify queries of your own.

Brush up on industry news

At your interview, be prepared to show your knowledge of current business, industry and social issues that might impact your work.

Again, this will demonstrate your interest in the position and the sector – and can set you apart from other candidates.

Know yourself

If you're able to clearly explain what you’re looking for in a role and you’re confident in your strengths, you're bound to make a good impression.

Run through your resume and practice describing your long-term career goals and areas of interest.

Try to come up with specific examples, such as work experience you've done or industry events you've attended, to show your passion for the industry.

If you can highlight what you've learnt from these experiences, you’ll come across as confident, motivated and keen to learn.

Questions and answers

Preparing and rehearsing your answers to common questions will help you at your interview, in case nerves kick in or you’re not sure what to say. If you've already thought about your answers, you’ll always have a good fall-back response.

At the same time, remember that you’re also trying to find a job that’s a good match for you. Develop three to five questions you can ask the interview panel about the workplace culture, training and career opportunities and the type of person they want to hire. Then, on the day, be open and honest about yourself to ensure the job you land is the right fit, for both your personality and your goals.

Preparing well for your interview and putting your research ability, industry knowledge and people skills to work will help you to make a good impression on the day.
Good luck!

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Understanding the roles in the tax profession

What role within the tax profession could be right for you?

The profession in Australia is broad. Its members work to ensure the tax system serves the needs of individuals, businesses and governments.

Although many tax professionals wear more than one hat, there are five main roles:

1. Accountants
2. Lawyers (solicitors)
3. Analysts/economists
4. Policy developers/advisers
5. Tax agents/advisers.

Of these, accountants are the biggest group with 188,100 registered in Australia in 2015, according the Australian Government’s Job Outlook.

Are you a future tax accountant?

Accountants work with clients to plan and develop financial systems, and advise on record keeping and compliance, including tax obligations.

The skills you need to be a good accountant are active listening to best serve your clients, an ability to use systems and maths to solve problems, and critical thinking to evaluate issues and propose solutions.

Are you a future tax lawyer/solicitor?

Solicitors are legal advisors who prepare legal documents and negotiate on behalf of clients in matters related to the law.

In addition to the skills required of accountants, solicitors are expected to have complex problem-solving skills and the ability to exercise a high level of judgement and decision-making.

Are you a future tax policy analyst?

Government policy analysts and advisers collect and analyse information to inform and develop policy that will, in turn, affect government/commercial operations and programs.

To do well at this role, you’ll need to have solid research and critical thinking skills, and the ability to solve complex problems, evaluate systems and communicate findings and recommendations.

This role is generally not for graduates; most graduates will support the activities in these professionals in an administrative capacity before moving into this position.

If you’re intelligent and can solve complex problems, are comfortable performing technical calculations and keeping up with legislation changes, the tax industry wants you for a stable, well-paid career.

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.