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.

Negotiating a graduate salary

When you finish your degree and get close to securing your first position in the tax profession, you’ll soon have to negotiate your initial salary.

But do you know what you’re worth?

Getting your foot in the door and landing a graduate role is difficult enough without having to haggle over money as well.

Here are some tips to help you with your negotiations. You can use this guide to understand what to expect and how to ask for what you deserve.

Research before asking

Tax roles are varied, and the range of starting salaries is broad, depending on the industry and the size and type of the organisation. You’ll see considerable differences between offers from government agencies, large corporate organisations and small businesses.

If a prospective employer hasn’t indicated the salary up-front, you can undertake a comparison study of graduate salaries in similar organisations. That way, you can have a figure in mind when you start speaking with the hiring manager.

For this, you can use tools such as the Australian Government’s Job Outlook website, research sites like LiveSalary, and salary guides offered by recruitment firms and job listing websites.

Some role descriptions state a salary range. To successfully negotiate the top rate, you’ll first need to check that you meet all of the position’s essential criteria and most of the desired criteria. You should also support this with impressive academic results and/or comprehensive work experience.

The negotiation

In many graduate roles, you’ll find there’s little room to move. For example, government and corporate graduate hiring rounds tend to have standard starting salaries. So, before you even consider haggling, find out first if the salary is negotiable.

However, what if you encounter the following situations?

• You’re asked, up-front, what salary you expect: Have a figure, or a range, ready. Let the hiring manager know you’ve done your research. Also, bear in mind the gender pay gap – female graduates are less likely to be proactive in salary negotiations, which means they often get only what the organisation offers.

• The employer indicates a salary that’s lower your expectations: Be frank and tell the hiring manager what you expect, based on your research. If you’re keen, ask if there’s room to move on that figure in the near future. If you’re not completely convinced, be prepared to walk away. The tax profession has opportunities, so it may be worth waiting for something more suitable.

• You’re offered a position before you have discussed money: In this case, you have leverage to name a price, because you know the employer wants you. Start as high as you think they’ll go, but be prepared to make concessions for non-financial perks, such as support for postgraduate study.

Sometimes the organisation may not have the money to pay the salary you ask. Or they may simply want to see how you perform before they pay you a higher salary. In this case, consider a package of some type. Think about what you might want in the way of opportunities – and keep negotiations open by securing the promise of a salary review down the line.

Give yourself the edge with free student membership

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

Find out about Student Membership.

Landing your first job in tax

How difficult is it to secure a graduate or entry-level role in the tax profession?

It’s certainly achievable if you pay attention to promoting the attributes and qualities that ensure your application stands out above the rest.

In your resume, your cover letter and interviews, the following suggestions can help you increase your chances of success.

Highlight your practical experience

While your academic qualifications are important, your degree alone may not be enough to catch a hiring manager’s attention.

Any practical experience you can identify will help you to be noticed. For example, have you undertaken any industry-related volunteer work. Have you held an internship? Have you been involved in the Australian Taxation Office’s Tax Help program or completed a work placement at a relevant organisation?

Describe any of these achievements in your application.

Volunteering and work placements can lead to future job opportunities, so approach them proactively, and request references from anyone you report to.

Emphasise your industry credentials

When you apply for a graduate program, it pays to focus on your status as a future tax professional.

For this, you can list the relevant seminars, conferences, presentations and professional development opportunities you’ve attended during your undergraduate career. Also mention the reputable speakers you’ve seen.

Similarly, it will count in your favour to list professional organisations with which you may be associated. For example, The Tax Institute’s free student membership is an invaluable industry qualification to include.

Demonstrating your real-world professional activities shows you’re a budding expert who will slot effortlessly into a future workplace.

Demonstrate your expertise

While you don’t have to list every unit you studied at university, it’s useful to highlight your academic achievements, including the subjects you excelled in.

You can include these in the ‘Education’ section of your application. They give a hiring manager some insights into your core strengths.

You should also list any taxation-related software applications you’ve mastered. These represent relevant, profession-specific skills that can help give you a competitive edge.

Ultimately, creating a winning application is about identifying your strengths and tailoring them to a potential job. If you ensure your application reflects your best attributes, you’re sure to reap career rewards sooner rather than later.

Give yourself the edge with free Student Membership

If you're a tertiary education student, The Tax Institute can help you in your career journey. Find out about Student Membership.

5 essential business skills to be noticed by employers

How would you design a phone for deaf people? How many piano tuners are there in Melbourne? How heavy is the Empire State Building? And how would you answer these seemingly impossible questions if asked in actual interviews?

The last one is a question worth pondering if you want to demonstrate your own potential to prospective employers – they are undoubtedly looking for more than just academic achievement in your taxation course.

Mastery of your tax training is just the starting point for recruiters looking to hire the best talent. Companies are on the hunt for well-rounded, business-savvy agents capable of looking beyond trade technicalities. Here’s our list of five of the most important qualities employers value in their people.

1. Problem solvers

The questions posed above invite interviewees to demonstrate their creative ability to overcome workplace challenges and problems, and how to adapt to changing circumstances or the unexpected.

Thinking about instances in your life where you have been flexible in solving a problem can be a good starting point when it comes to showing employers you can think on your feet.

2. Effective organisers

Good organisation is key to being able to manage projects, making it a fundamental skill for any new recruit to demonstrate. The ability to break down a large project into separate stages, estimate the work and time required, delegate work and keep projects on track, on time and on budget is a core competency for larger firms especially.

3. Digital savviness

A basic requirement among management recruits is proficiency in a range of core software. Spreadsheets are fundamental to tax and accounting, but understanding shortcuts and being able to manipulate data quickly will help you stand out as a future high-flyer.

Database management and the ability to use data-visualisation tools have also emerged as important skill sets to possess as data becomes more central to every organisation.

4. Commercial smarts

Understanding what makes the wider industry in which you work tick, and where the sector is going, demonstrates your ability to look beyond your tax training and marks you out as one to watch. It shows initiative, appreciation of the bigger picture and engagement with the tax and accounting world beyond just your taxation education.

5. Good communicators

A study among 50,000 company recruiters revealed that communication skills were the most important factor in hiring managers. Learning to work effectively by listening carefully and speaking and writing effectively is a skill you can consciously improve.

Mastering your ability to work with clients and colleagues is just as important as mastering your taxation education to ensure you enjoy an effective and long 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 StudentMembership.

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 a 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, 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. Don't forget that networking is an important part of a career. Read more about the do's and don'ts of networking as a graduate. 

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 the 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.

Looking for that competitive edge? Look into completing The Tax Institute’s Programs, Single Subjects or Short-Courses.

Find out more.

Ankit Sharma's journey to broadening his horizons through studying

On his path to completing the Graduate Diploma of Applied Tax Law, Ankit Sharma, CTA, found a passion for the Corporate Tax subject above other post-graduate providers. The Corporate Tax subject caught his eye for its wide variety of topics which would allow him to broaden his horizons and gain a better understanding of areas of taxation that may impact his clients. Looking back it was a good consolidation of previous knowledge and experience in a formal framework.

Ankit Sharma, CTA, started out as a cadet with Pitcher Partners (Sydney) about 8 years ago and has been working in the private clients’ space since then.  His enjoyment has mainly come from the mix of high net worth individuals and small to medium businesses with not only their compliance needs but increasingly advisory matters where he has the opportunity to add additional value.

The Corporate Tax subject provided a great detailed look into various aspects that affect the corporate tax space. He was able to better understand the complex and varied issues that arise out of various transactions. The subject was broad ranging and completing this course allows him to be a better adviser and apply this knowledge directly to his clients. He has so far identified one specific opportunity to improve a client’s taxation position as a result of completing the subject.

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

Find out more.

5 ways to enhance your digital footprint

Your online profile can be a gateway to your career, so how can you use your digital presence to move swiftly into your next role? Here are five things you should know about your digital footprint.

A digital footprint is the trail of data that users leave on digital services. From websites to social media profiles, your digital footprint can be used to showcase your career – so make sure you know how to optimise it.

First ask yourself: how will people find me? Then follow it up with: what impression will they obtain from my digital presence?

1. Make your mark

Potential employers will almost certainly plug your name into a search engine, so make sure you have a digital presence in the first place. If you have a common name, try to distinguish yourself with your middle name or a creative tagline, e.g. ‘aspiring tax specialist’.

2. Leverage your presence

Having a digital presence can help you find networking opportunities as well as push your name into someone’s sights. A career-oriented social network like LinkedIn is excellent for showcasing your skills, education and experience in a professional manner and acts as a searchable résumé for when an employer is looking for someone just like you. Websites are now so accessible and cheap that you may also choose to build your own for this purpose.

3. Eliminate the bad and irrelevant

Growing up online has it benefits, but it also has some drawbacks. You need to be aware of all the not-so-good stuff that can pop up in a search, which may include everything from angst-ridden poetry from when you were 13 to websites where people may have posted rumours or insults about you. If you can’t delete or hide these, at least make sure the good things rank higher.

4. Curb questionable behaviour

Everyone acts differently at work compared to how they act around their friends. Online, this distinction is often blurry, so it’s good practice to behave as if future employers are watching. This is the same rule you should apply whether you are engaging with others on social media or commenting on blogs and news articles. This means no negative behaviour such as posting anything unnecessarily aggressive or defamatory in nature.

5. Be yourself

While you don’t want potential employers to stumble upon something embarrassing and get the wrong idea about you, having an immaculate digital footprint is also a little unnerving. Authenticity wins over ‘too good to be true’, so don’t be afraid to be human.

The web is a great tool used by employers to find and research potential employees. Make sure you’re on their radar and primed to give the right impression when they do.

Free student membership

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.

A to-do list for first-year tax students

In a competitive environment such as the tax and accounting industry, it’s never too soon to start laying the groundwork for your future career. Here are five things you should aim to get sorted during the first year of your university tax course.

Develop a good grasp of the tax system
You can't build a house without a firm foundation, and gaining a solid understanding of the Australian tax system as soon as possible is the first step to a great tax career. You can – and probably will – spend a lifetime learning all its intricacies, but you'll want to nail the basics early on. (You may find enrolling in The Tax Institute’s CTA1 Foundations taxation course an effective way to achieve this.)

In particular, get your head around GST
It's the aspect of the tax system you’ll encounter more often than any other and, as you’ll soon come to learn, there’s a lot more to it than just whacking 10 percent on top of the cost of many (but not all) goods and services.

Join The Tax Institute
This one should be a no-brainer. Aside from free access to the leading Taxation in Australia journal – which can make all those assignments much easier – you will find the support you need to not only get you through your studies but to set you up for a successful career in tax plus it’s FREE! Join up right now.

Set up an internship
There's no better way to acquire practical experience and make some useful connections than through an internship. Australia's Big Four firms – Deloitte, PwC, KPMG and Ernst & Young – are the prestige destinations. All four have student programs, so bookmark these pages and visit them as often as you can:

• Deloitte
• Ernst & Young
• KPMG
• PwC

But don't limit your search to major (or even minor) accounting firms – companies in almost every industry have finance departments where you can pick up practical experience.

Attend at least one industry event
Getting your name out there at networking events is a perfect way to make contacts that will help you down the road. The Tax Institute has a calendar of key industry events that are listed by state so you can find one close to home and at different levels in your careers.  

Your first year at uni will be a remarkable period of personal and intellectual growth. By all means enjoy your new environment, but don’t forget to do the legwork that will set you up for a great career when you graduate.

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.

Vivian Wang’s life two years after graduating

I began my interest in the accounting industry through my Bachelor of Commerce in 2010 at the University of Western Australia majoring in Financial Accounting and Management Accounting with a Business Law minor. My passion for accounting picked up during the second year of my degree when I began working part-time at the R E Ledger. I was able to relate what I have learned on paper to real life situations, which was challenging yet interesting to me. I undertook an Honours year following my Bachelor degree at UWA and commenced full-time work at R E Ledger in 2014. I have completed my study with the Institute of Chartered Accountants in 2015 and am embarking on the CTA3 Advisory program with The Tax Institute in 2016.

My current role at R E Ledger is quite diverse. It varies from client meetings to tax research to preparation and review of financial statements and tax returns to supervising our junior and intermediate staff. I have had the opportunity to work closely with our director on ATO Tax Audits and company liquidations which were most fascinating.

I’ve had the opportunity to learn from and work with leading tax advisors while working on a diverse and fascinating group of clients, allowing me to gain valuable knowledge and skills on various aspects of our industry. Using these skills to help and work with clients to achieve their objectives is very rewarding for me. Another highlight would be finishing my CA study and achieving merit results for both Taxation and Financial Reporting.

I was encouraged by my mentor to join The Tax Institute to further enhance my tax skills. The Institute’s seminars and publications provide me with an excellent opportunity to enhance my tax knowledge and skills.  In addition, joining The Tax Institute provides great opportunities to meet other like-minded tax professionals.

Whether it is learning new knowledge or keeping up to date with changes within the industry, study in our profession never ends. Being proactive and never being afraid to ask questions are the key to gaining knowledge and experience. 

Want to expand your education, visit taxinstitute.com.au/education for further information.

Take control of those first-interview nerves

You’re nearing graduation and have lined up a number of job interviews. It’s understandable that you’re nervous, but don’t let those pesky butterflies stop you from showing your interviewers that you’re the right candidate for the job. Be prepared and stay focused so you can tackle those interviews with confidence.

1. Know the role

Make sure you fully understand the context of the role for which you’re interviewing. This knowledge not only puts you at an advantage for the interview, but also demonstrates that you’re interested in this specific job – not just any job.

With this in mind, do the following:

• Research the company. Get a handle on what the company does, how long it’s been doing it, what the company culture is like and what its values are.
• Research your interviewer and the hiring manager. A trusty Google search and LinkedIn are great places to start.
• Read any materials your interviewer may have provided, such as the job description or information on company structure.
• Research the industry as a whole and the company’s competitors.

2. Find out about the interview process

Learn as much as you can in advance. How many rounds of interviews is the company conducting? Who will you meet throughout the process? Will you have to undertake any tests? If you’re working with a recruiter, a good one will provide this information immediately. If not, don’t be afraid to ask for more information so you can eliminate as many surprises as possible.

3. Prepare answers to likely questions

Most entry-level interviews focus on similar themes. It’s a good idea to give some thought to how you’d respond to the following:

• Tell me about yourself: This is a starter question aimed at relaxing you and getting you talking. Make sure you use it to focus in on the things you want to say.
• Why did you choose your field of study? The interviewer will be looking for your passion and commitment to your chosen field.
• Tell me about some work you’ve completed in this field: This question gauges your textbook and practical knowledge. If you haven’t had the opportunity to work in your field, get proactive and seek out an opportunity. Whether volunteered or paid work, this experience will speak volumes to potential employers.

4. Have questions of your own

With the research you’ve done, you should be able to ask some questions that demonstrate a greater depth of understanding of the company and the industry.

5. Take a deep breath

On interview day, take your time answering questions – don’t panic if there’s a short silence between the question and your answer. Also, make sure you’re answering the right question. If you don’t understand what they’re looking for, ask the interviewer to repeat or clarify the question.

The interview process isn’t just about whether the company is comfortable with you as an employee. It’s also your opportunity to understand whether the job and company are right for you.

The dos and don'ts of networking as a graduate student

As a recent graduate, armed with a catalogue of up-to-date theoretical knowledge in your back pocket, you have the unique ability to solve problems that even veterans of the game might have trouble with. However, your first networking event can be a bit daunting.

Networking is a vehicle that can potentially accelerate your career faster than anything else. However, you need to take the correct approach from the outset. Here are the dos and don'ts of networking as a graduate student.

Socialise

While your main aim for the evening might be to speak with the top dog at a networking event, that doesn’t mean you need to go in all guns blazing. Remember, this is a cocktail event and you are here to socialise first and foremost. Solidifying working relationships should be natural, not forced.

Be genuine and approachable

To ensure you have the right approach to the night, try to connect with people on a personal level. People respond to passion, so approach your colleagues on common ground. The more compelling and believable the information you share, the more likely they will be to respond with the same enthusiasm. They may even remember you by the association you create: “Joe is passionate about charity in Brazil and studies tax accountancy.”

Be specific

When you do manage to lock down your ideal target – such as an executive of a top-tier firm – it’s important to be genuine as well as specific. The typical day-to-day role of an executive often means they are thinking about any number of things at one time, ranging from the present state of their business to forecasting several years in advance. It’s safe to say that their thought processes are in a big-picture capacity.

Create a memorable impression by providing them with something tangible to consider. Are you looking for an internship over the summer break or a graduate position? What is it you can offer them, and how might they benefit from accepting your proposal? Whatever it may be, ensure you arrive prepared and capitalise on your moment.

Circulate

You might have a few industry heavyweights in your sights at the start of the night, but that doesn’t mean you should exclude any connections that aren't the top dogs. A diverse network of connections – consisting of a range of job titles, industries and locations – could offer opportunities for your career that you never quite envisioned. Remember the old adage: “It’s not what you know but who you know.” You just never know how or how well people at a networking event are connected.

Follow through

Once you have made a lasting impression, it’s important to enforce your credibility with the follow-up. If you have locked in a proposal or a catch-up over coffee, delivering on that commitment acts as a guarantor for your reputation. A strong reputation in the industry can do wonders in building the confidence others have in your abilities. Reputation is lasting and can offer you rewards well beyond one night’s interaction.

A successful evening of networking can have immediate as well as long-term benefits for your tax career. As long as you enter the night with enthusiasm and a firm approach in mind, it could be what sets your career in motion.


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

Find out more 

How to build your resume while you study

These days, achieving a high-distinction average or mastering your taxation law units aren’t enough to land the job of your dreams. Recruiters and hiring managers are increasingly looking for candidates who combine academic rigour and industry passion with focus, drive and initiative. If you’re still studying for your degree, there are countless ways to prove to your potential employer that your contribution to their business will go well beyond balancing the books.

Here are four strategies for building your resume while you study – because it's never too early to start making a mark on your career.

Volunteer at a not-for-profit

If you’re a third-year accounting student, you could be a valuable asset to a business that couldn’t otherwise pay for your skills. From under-resourced charities that grapple with financial administration to not-for-profits that could benefit from simple bookkeeping, offering pro-bono services can seriously bolster your resume. It can also show employers that your social conscience matches your commercial instincts.

Start a side project

Extracurricular passions aren’t a distraction from your career – they can make you more attractive in an employer’s eyes. Companies are seeking out well-rounded individuals with a range of interests and passions, rather than workers who live for the daily grind. Whether you’ve always dreamt of designing a mobile app, starting a fundraising initiative to help disadvantaged students or planting a community garden, a side project can show your future boss that you’re equipped to put plans into action.

Land an internship

Yes, it may be the obvious, well-trodden avenue, but for good reason. Finding an internship with a company in your industry can accelerate your path to employment and help your resume land at the top of the pile. By working with professionals in your sector, you don’t just gain valuable industry experience and a network of contacts – you’re also better placed to pursue a path that interests you once it’s time to start applying for jobs.

Learn something new

Although future tax professionals are often meticulous and numbers oriented, this doesn’t mean you can’t explore the other side of your brain. Learning a new language, taking a writing class or enrolling in a professional communication course can make you valuable for employers looking for candidates that can connect with their clients – while proving that you’re committed to your personal growth. Alternatively, it’s just as useful to train yourself in an up-and-coming accounting program, take advanced Excel tutorials or brush up on a much-hyped piece of software that businesses are planning to adopt.

From taking a short course to launching a side project, there’s no shortage of steps you can take to build a sparkling CV. What steps did you take to make your resume stand out?


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

Find out more

Top tricks for nabbing your dream tax internship

There’s nothing like being able to refer to real-world experience on your CV when looking to kick-start your career. Here’s some advice about competing for – and nabbing – that dream work-placement position.

 

Try to score with the Big Four

 

When it comes to internships and graduate tax programs, there's no better place to start than Australia's Big Four: Deloitte, PwC, KPMG and Ernst & Young.

 

All four have programs for graduates of taxation courses, as well as student programs you can tackle while you’re completing your undergraduate tax training. Check out each company's website for more details – PwC even has a Facebook page, if that's more your style.

 

But don’t overly narrow your options

 

Cast your net wider to include places like government organisations and big businesses that have large finance departments. If there’s a particular industry you’d like to go into after completing your taxation education, grab the chance to gather industry-specific work experience.

 

Have your elevator pitch ready

 

It’s a competitive world out there, so you won’t get far if you don’t master the art of effective self-promotion well before you start attending networking events or knocking on doors. According to PwC, being able to introduce yourself in a memorable fashion can make all the difference when it comes to securing an internship. They recommend asking yourself three questions to help define your personal brand:

 

1. Who are you?

2. What are your accomplishments, passions, unique skills and strengths?

3. What do you want, and where are you going?

 

Prepare for the internship interview

 

Strange as it may seem, it's your first unpaid job in the tax industry that may have the biggest impact on how your career unfolds. So treat it as seriously as you would a 'real' job interview and do the preparation required to ensure it's you – and not one of the many other applicants – who gets the chance to wedge their foot firmly in the door of a potential employer. KPMG recommends:

• Spending some time researching the organisation you're applying to.
• Identifying the top three skills or experiences you can bring to the table that other students can’t, and practising communicating them to a recruiter.
• Preparing a few questions to ask your interviewer.

 

Build a network

 

Some of the best work placements are never actually advertised. Building a professional network early on in your student career, via social platforms such as Facebook, Twitter and LinkedIn, can be a clever way to hear about opportunities within the tax industry that you may not otherwise know about. Also, getting away from the computer and books and introducing yourself to professionals at industry events can be a great avenue to start forging relationships.

 

One last tip – consider investing in more vocationally focused tax courses. Having, for example, a Graduate Diploma of Applied Tax Law under your belt may provide you with a vital edge over the hordes of other internship-seekers. It's never too early to start shining!

 

 

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

Find out more

Future-proofing your education

Future-proofing your education and career, and actioning your plan before your competitors, are not mutually exclusive. Having a knack for both will help strengthen your appeal as an attractive tax candidate in both the long and short term.

With connective technology improving, a growth in globally shared talent – which could see your tax skills take you to the other side of the world – as well as the changing expectations of employers, it’s important to be proactive about managing your career. Here are three long-term considerations that can help cement your career path in an upward trajectory.

Sustain your intellectual curiosity

10 years ago, what we considered ‘digital’ was very different to what we believe it to be today. In another decade, it will be something entirely different too. In this information age, best practice and skill sets are constantly being modified and improved.

To get the best handle on responding to and meeting the needs of a modern workplace, a commitment to further education is the first step to becoming a proactive, not reactive, learner. Courses such as a Graduate Diploma of Applied Tax Law are designed to meet this constantly changing gap in learning, with a skew towards providing higher-order tax-planning information.

Build your personal brand

As a tax professional, one of the most sought-after traits in a candidate is leadership and influence. Influence is not taught, but earned. Undertaking postgraduate taxation courses can give you access to an outstanding, ready-made community of tax leaders. Networking with professionals you aspire to be, and better yet, being liked and trusted by them, can be a key distinction in your employee appeal.

Having a reach beyond your workplace, which could include clients and prospective employers, as well as competitors to benchmark yourself against, is an advantageous move. Not only can it create future employment opportunities, but your current employer will appreciate your drive.

Be ready to move

Complacency is the weak link of all workplaces. Once this rot has set in, it can be difficult to motivate yourself again. Rather than having the mindset that you are happy in your place of employment (which you very well may be), keep agile and be ready to land on your feet should your circumstances change. Future-proofing your education is about being nimble and malleable to inevitable changes.

By keeping abreast of industry news and continuing to improve your skill set, you will be well on your way to future-proofing a long career in tax.


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

Find out more

What are recruiters looking for in their graduate tax professionals – could it be you?

For the recently graduated, you’ve weathered long nights of study and emerged triumphant, armed with all the makings of an accomplished tax professional. So how can you ensure you have the opportunity to turn this dream into a well-paying reality?

 

What tax recruiters are looking for

 

The Big Four cite educational diversity, ambition and a passion to contribute (and evolve) in the workplace as the most coveted traits of a graduate tax professional. Studying the candidate-selection process used by the firms you apply to can be indicative of the skills they prioritise, and therefore the skills you should underscore during the application process.

 

While selection methods will vary from firm to firm, you can expect the standard process to include a series of interviews, face-to-face assessments and a test of applied skill, such as a case study, to determine your eligibility. Specifically, your would-be employers are looking to gauge:

• Why you chose to apply for the role, including demonstrating what knowledge you have of the firm.
• Your communication and time-management skills.
• Your literacy and numeracy levels.
• Your personality, including your teamwork skills and leadership potential.

 

Increasing your odds

 

Beyond having an impeccable CV, being versed in industry news and proactively networking at career events, there are a few things that will help you better prepare:

• During the job-application process, make notes on each company’s organisational structure. Should you be successful and progress to the interview stage, this material will be important to convey not only your readiness to progress, but your interest in the firm. Specifically, what is your pathway to progress and what in-company learning programs are available?
• Behavioural questions are a favourite among recruiters to judge your personal skills. These are often situational-based with answers that reflect how well you handle tense situations. An example would include: “Tell me how you solved a problem that had a particularly time-sensitive deadline?" Respond to these questions using the STAR technique: situation, task, action, result. Contextualise your answer, outline what was required of you, define what course of action you took and how it played out. This will help keep your answer robust, but concise.
• An eagerness to undertake further education, particularly those courses that feature practical skills such as the Graduate Diploma of Applied Tax Law, is a pursuit well-received by employers. This is a trait that helps demonstrate your dedication, determination to succeed and budding management skills.

 

While qualifications alone are not the golden key to your first job, they do equip you with a number of desirable traits that employers are looking for. Take note on how you can improve during the selection process and bolster your chances of taking home the prize.

 

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.

A to-do list for first-year tax students

In a competitive environment such as the tax and accounting industry, it’s never too soon to start laying the groundwork for your future career. Here are five things you should aim to get sorted during the first year of your university tax course.

 

Develop a good grasp of the tax system

 

You can't build a house without a firm foundation, and gaining a solid understanding of the Australian tax system as soon as possible is the first step to a great tax career. You can – and probably will – spend a lifetime learning all its intricacies, but you'll want to nail the basics early on. (You may find enrolling in The Tax Institute’s CTA1 Foundations taxation course an effective way to achieve this.)

 

In particular, get your head around GST

 

It's the aspect of the tax system you’ll encounter more often than any other and, as you’ll soon come to learn, there’s a lot more to it than just whacking 10 per cent on top of the cost of many (but not all) goods and services.

 

Set up an internship

 

There's no better way to acquire practical experience and make some useful connections than through an internship. Australia's Big Four firms – Deloitte, PwC, KPMG and Ernst & Young – are the prestige destinations. All four have student programs, so bookmark these pages and visit them as often as you can:

• Deloitte
• PwC
• KPMG
• Ernst & Young

 

But don't limit your search to major (or even minor) accounting firms – companies in almost every industry have finance departments where you can pick up practical experience.

 

Attend at least one industry event

 

Getting your name out there at networking events is a perfect way to make contacts that will help you down the road. The Tax Institute has a calendar of key industry events that are listed by state so you can find one close to home.

 

Join The Tax Institute

 

This one should be a no-brainer. Aside from free access to the Taxation in Australia journal – which can make all those assignments much easier – discounted rates on tickets to seminars and events, and a quarterly student newsletter, there's the price: zero. Zip. Nada. Join up right now.

 

Your first year at uni will be a remarkable period of personal and intellectual growth. By all means enjoy your new environment, but don’t forget to do the legwork that will set you up for a great career when you graduate.

 

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 management skills to aim for

Although you may have just begun your career in the taxation industry, it’s never too early to start learning the skills you’ll need to rise to the top of the organisational chart.

As your career progresses, it becomes less about your own technical abilities and more about your ability to get the best out of others. Here are five managerial skills that will earmark you as a future C-suite high-flyer.

Keep thinking like a newbie

Zen Buddhists prize ‘beginner’s mind’, which roughly translates to observing situations without any limiting preconceptions. The experts at the Harvard Management Review also believe it’s useful to regularly look at established processes with fresh eyes, advising, “Fire yourself. What would you do differently if this were your first day on the job?”

It’s very easy to slip into the habit of passively adopting established systems as your career progresses, but the way to make your mark is to be constantly asking, “Is this really the best way to do this?”

Be weird

Granted, it’s a risky strategy to be determinedly unconventional early on in your career, but once you’ve established you’re competent, you can afford to be a little more out there. Just perhaps not before your first six-month review.

Striking out from the by-the-book way of managing can pay dividends, says executive coach Michael Holland. “Normal managers feel unproductive when some of their back-to-back meetings are cancelled for the day. Weird managers invest cancelled meeting time with walking and talking among their employees.”

Remember, being a maverick never hurt the likes of Steve Jobs and Sir Richard Branson.

Delegate

Get into this habit from day one of your career. If there’s an admin assistant – or even someone who’s in the same role as you but a little more inexperienced – that you’re able to farm out some of your grunt work to, do so. Yes, they probably won’t do it exactly the way you would have, but as long as it’s done to an acceptable standard they’ll be learning useful skills while freeing you up to concentrate on higher-value tasks.

“You really want to give people the flexibility to manage their own time relative to their own work deadlines and strike their own dynamic in terms of how to be spending their time,” says Google executive Jonathan Rosenberg to the MIT Technology Review.

Don’t gossip

Socrates once observed, “Strong minds discuss ideas, average minds discuss events, weak minds discuss people.” The modern, corporate equivalent might be: “Junior staff with strong prospects of rising in the organisation are always diplomatic, junior staff with weak prospects of advancement slag off the boss, their colleagues and the firm’s clients, mistakenly believing their words will never come back to haunt them.”

Keep on learning

Once you've finished uni, aced a job interview and passed the probation period at that prestigious graduate position you lined up, it can be very tempting to think you’re home and hosed. But if you're not learning anything new, chances are you're stagnating. One of the best ways to ramp up your knowledge base and skill set is to investigate the possibility of undertaking postgraduate tax education.

It’s never too early to start preparing for the day you move into the corner office. Cultivate good habits from the get-go and you’ll be ready to hit the ground running when you’re given your own team to manage.


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.

 

 

 

Acing your first annual performance review

If you’re about to complete your freshman year in a full-time taxation position, you’ll know there’s nothing more daunting than your first annual performance review.

This age-old management practice aims to foster improvement by offering constructive feedback, but it can also be a catalyst for serious stress. However, acing your first performance review is easy if you stay calm and make the effort to prepare. Here are three strategies for passing this professional-development rite of passage with flying colours.

Do your homework

Performance reviews spark anxiety when you feel like you’re not in control. That’s why it’s critical to spend some time assessing your own achievements, goals and professional milestones – as well as any areas that could use some improvement.

Taking time to conduct a self-assessment will show your manager that you’re willing to accept feedback and do whatever it takes to improve. If you’ve already anticipated the issues your boss might discuss with you, you’re less likely to feel blindsided.

Don’t be afraid to voice your needs

Your first performance review isn’t just a method of gauging your strengths and weaknesses – it’s also an opportunity to ask for support. Whether that means discussing a staffing issue that impacts your workload or asking if you can enrol in a taxation course to brush up on a new aspect of legislation, identifying how your employer can help you thrive is likely to earn you respect.

However, it’s equally essential to demonstrate to your manager that you’re prepared to take responsibility when it comes to meeting the demands of your role. A positive attitude and a motivated spirit are the hallmarks of a high performer.

Focus on how your accomplishments add value

Many first-time employees think listing their achievements is enough to win a glowing performance review. But if you’re hoping for the kind of meeting that might result in a pay rise, you’ll have to demonstrate how your successes create value.

Did you come up with a new procedure that improves accuracy or invent a processing technique that saves your colleagues time? Identifying the ways in which your contributions create measurable gains for your agency can help you reach your professional goals.

Performance reviews might cause anxiety, but they’re also a tool for evolution and growth. The employees who prepare, identify problem areas and illustrate the ways in which they’ve created value are most likely to see this process pay off.


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.

Landing that graduate position

So you’re hunting for that elusive graduate position, wondering what employers in the tax industry want and how can you impress them. Here are three pieces of advice, plus some career words of wisdom straight from the horse’s mouth.

1. Having a good personality matters

If you’ve managed to graduate with your degree firmly in hand, you’re probably more than up to the technical side of the job. What employers will be keen to establish is whether you’ll be a good cultural fit. Try to establish a good rapport with them and let your personality shine through.

2. Don’t place too much emphasis on your tax education

Trust us, your employer understands you only completed one or two tax courses and have largely forgotten what you learnt. There’s no need to talk up your skill set given they’ll be enrolling you in taxation education if they decide to hire you.

3. Exaggeration is acceptable – lying isn’t

Interviewers expect you to talk yourself up – it demonstrates you’re keen to get the position – but they won’t appreciate being seriously misled. Make sure you don’t cross the line by pretending to have a Master of Taxation when you actually don’t.

Here’s what two respected tax professionals look for in their job applicants.

Daleen Van der Merwe, HR manager at DKM

“When employing graduates, we pay more attention to whether their attitudes and personality are such that they will fit into our existing team, rather than focusing just on their academic record. They need to be the type of person who is prepared to ask questions and be ready to learn. They also need to be comfortable with starting at the bottom and have realistic expectations.
“We’ve found that those who’ve done extra study, such as a Master of Taxation, straight after their undergraduate degree are overqualified and inexperienced. We prefer that people come to us and then do the CTA1 program while working here.”

Martin Booth, partner at Moore Stephens

“I used to focus heavily on the academic side, but then found that I also had to give thought to cultural fit – is the person going to have the ability to get along with other staff? Are you going to be confident putting them in front of clients? That said, you still need to have a fairly good CV behind you.
“If someone took the initiative and did the CTA1 at their own expense before applying for a job here, that would certainly be to their advantage. The issue many employers have with Gen Y is not so much a lack of skills as an attitude of entitlement. So someone who is going to invest their own time in broadening their skill set, either before or after being employed here, would always be looked favourably upon.”

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.

Getting the most out of your Gen Y colleagues

The common perception surrounding today’s graduates is that they are entitled, unmotivated individuals who know nothing of hard work. So how can you best work alongside the bright young things that are your Gen Y colleagues? Here are five quick tips on how to work productively with younger staff.

1. Treat them as people first

Senior staff may be content to quietly toil away at their desks all day, but young workers also want to work in a place where they can connect with others. Before asking whether that spreadsheet is ready first thing Monday morning, ask your Gen Y colleague about his or her weekend. Make it clear that you see them as real people, not just cogs in the corporate machine.

2. Challenge their skills

Young workers have oodles of energy, so don’t be afraid to use it! Despite the stereotype, Gen Yers are eager to learn. The best option is to give them stretch assignments that will challenge their skills, while still making sure they get support and recognition along the way. They are the leaders of tomorrow, so you will also be laying a solid foundation for their future.

3. Acknowledge their achievements

Another popular stereotype is that young people are self-absorbed. But weren’t most of us self-conscious and hungry for approval early in our own careers? Let them know you appreciate their contributions, however insignificant. If they feel valued, they will also feel more positive and motivated.

4. Be flexible

Your Gen Y colleagues grew up in a world that indulges them with an almost endless variety of ways to access information and complete a task. This doesn’t mean letting go of all structure, but you will get better results from your Gen Y workmates if you let their creativity and initiative flourish, just as long as they are clear on what they need to deliver. Give them space to work smarter, not harder, and they will be more productive and satisfied.

5. Be socially responsible

Generation Y is already rising through the ranks as the next wave of leaders and policymakers. They have grown up in an age of rapid social change and pressing environmental concerns, and they want to take a leading role in shaping their future. Jump on social media to discover which issues matter most to them. Make the workplace green – reduce paper usage, conserve energy and put in bike racks for staff who pedal to work.

Remember that Gen Yers really do want to make a contribution and forge a valuable, lasting career. Are you ready to offer the flexibility, support and recognition that will convince them to stay with you?

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.