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.

Member profile: Elise Lee

Employer: WLF Accounting & Advisory

Position: Senior Tax Specialist

Describe a little about yourself

I didn’t have a clear idea of what I wanted to do as a career until I finished my first year of University. I had studied a wide range of subjects during my time at University ranging from Catering to Sports Sciences, Accounting and Economics. I knew I wanted a career that could provide me with a good work/life balance. I worked part-time in a restaurant while I was completing my degree and I didn’t want to keep working the hours that went with that kind of job. It wasn’t until my third year of University that I knew accounting was the right career for me.

Describe your current role

I am a Senior Tax Specialist in the Specialist Tax Advisory division of WLF Accounting & Advisory. I prepare advice on a wide and ever expanding range of topics, which have recently included things like:

• Charity and Not-for-Profit establishment, where I assist entities to gain registration with the ACNC and access to tax concessions such as the Income Tax Exemption, FBT Exemption or Rebate and deductible gift recipient (DGR) endorsement;
• Determining eligibility for the CGT Small Business Concessions and assistance applying the relevant concessions;
• Determining eligibility for and assistance applying for the R&D Incentive;
• Determination of the best tax structures for payments and assets transfers on employee terminations; and
• The GST implication of changing business circumstances.

What are your career highlights? 

Completing the tax effect accounting for a large consolidated group, along with a small team of my colleagues, was a really satisfying moment achieved after weeks of very long work days. I also really enjoy going on secondment, either to complete a special project or become part of a client’s team to fill an expertise or staffing gap.

Why did you join The Tax Institute? 

I joined the Tax Institute to gain access to all of The Institute’s online resources and access the member discount for CPD events, such as the Tasmanian State Convention. I also use their CGT Small Business Reliefs and Division 7A handbooks often and look forward to getting the updated versions.

What advice can you give to graduates?

Don’t worry if you don’t know how to do something yet. Your mentor didn’t know how to do it either at one point. The first few months or more realistically years of your career are a huge learning curve. Use all of the resources available to you to find out how things are done, this will give you the basics you need to get started and ask the right questions.

Who or what inspires you?

My colleagues and clients inspire me. My colleagues are always coming up with unique solutions to the different situations and scenarios we encounter. They are really focused and dedicated people who always put in 100%, yet they are able to maintain a healthy work/life balance most of the year.

Find out more about the importance of a healthy work/life balance in our recent blog post here.

What do you do to unwind? 

I like to spend time with my friends and family, testing out the local restaurants and cafes of Hobart, sun-baking on our deck or walking our rough collie Darci along Howrah beach or at the dog park.

Favourite holiday destination?

Camping at Port Arthur or on the East Coast at my husband’s family shacks.

Four ways to kick-start your accounting career

The right work experience gained while studying can mean everything when you want to get your foot in the door. Employers want to see you’re more than just a good student.

Whether or not you’re earning a salary, internships and junior roles will pay dividends when it comes to launching your career in the competitive world of tax and accounting. A short four-week stint at an accounting firm or tax office, for example, could be all it takes to set yourself up for success.

But why is this experience so important?

Firstly, it shows prospective employers there is more to you than just the knowledge learnt from accounting textbooks. Work experience will also nurture the non-accounting skills you’ll need to be a valued employee, give you solid project experience and a relevant work history. It will also prove you can work well with others, do the work you’re given and that you can handle pressure.

Here are four possible ways to get a jump on your accounting career while still studying.

1. Volunteer bookkeeper

Demonstrate your initiative by actively seeking out opportunities that will provide you with practical experience. Offering your time as a volunteer at a local charity or non-profit helping to handle their books can be a valuable addition to your CV. You’ll gain plenty of hands-on experience, as well as possibly getting the chance to spearhead the implementation of new systems and processes that will continue after you’ve left.

Also consider the insight programs many large financial institutions and professional services offer. These vary in length and range from offering information to involving you in group activities and assignments. They are a good way to show potential employers what you can do and, in some cases, lead to a formal internship.

2. Clerk or assistant positions

Many accounting firms prefer to take and shape recruits early via formal apprenticeships and placements, often advertising for roles such as trainee accounts clerks and trainee accounting assistants. Similar junior roles can be found inside large companies in other sectors that have their own in-house finance departments or accountants.

The alternative is to gain experience in a closely related field. Again, joining a firm as a junior bookkeeper will help you gain relevant skills you can build upon and from which you can jump sideways into accounting when the right role comes up.

3. Non-accounting work experience

Don’t dismiss roles that are not directly in accountancy or financial services. Many firms value external experience and the maturity and people skills they teach. Most experience offers transferable skills, however unrelated it may seem.

By gaining experience as a paralegal, for example, you will acquire solid writing and research skills, commercial awareness and client-relationship skills that will stand you in good stead for your future accounting work.

4. Temping

A great way to spend your mid-semester break is as an office temp. Not only will you be able to apply for more relevant vacancies within that firm as they come up, you’ll already be known and valued – giving you an edge over external candidates. Not to mention you’ll know all the ins and outs of the company.

Even retail roles will show employers you have people and numbers skills, which will at the very least help build your work ethic and show you are able to run projects and manage people.

Don’t forget to keep building your formal skills

The Tax Institute’s education programs are another good way to ensure you build the right mix of relevant skills and qualifications. Find out more information on tax and accounting courses that can set you up for a successful career.

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

Find out more

The X factor: Four ways to stand out in your firm

So you’ve blitzed the competition and landed a role at the accounting organisation of your dreams. Congratulations! But don’t get too comfortable just yet.

It pays to remember that winning over your employer is only the first phase when it comes to proving your worth. Taking the initiative and making regular contributions can go a long way towards helping you stand out as your firm’s newest shining star.

Here are four tried-and-tested strategies for moving past the first rung on your career ladder.

Be as proactive as possible

When you’re a new hire at the start of a learning curve, it can feel daunting to take the reins – you don’t want to appear like you’re overstepping your rank. But whether you offer to help an overworked colleague, volunteer for a new project or voice your opinions in a meeting, taking decisive action shows your employer you want to be considered a future asset.

Invest in your professional development

Few things impress a boss more than an employee who is committed to improving their knowledge and learning new skills – even if they already have a degree under their belt. Enrolling in a Graduate Diploma or applying to become a registered tax agent at The Tax Institute is proof that you’re willing to continually invest in your professional development. This sends the message that you’re unwilling to be complacent, and also increases your value as an employee in the process.

Flag issues as they arise

Although it’s tempting to take on tasks without thinking about the consequences, the ability to anticipate and articulate obstacles and issues is a powerful quality that will put you ahead of the pack. From a bottleneck sparked by a client project or a resourcing shortfall that will put your firm behind a deadline, flagging potential problems with your manager isn’t just testament to your skills as a communicator – it’s also proof of your commitment to doing the best job.

Implement a new initiative or system

Remember that star employees don’t just follow instructions – they’re team players who are unafraid to bring new ideas to the table and reinvent the status quo. Implementing a working method that eliminates reconciliation errors, coming up with a project-management system that leads to greater collaboration or simply suggesting a social activity that your colleagues can enjoy together are sure-fire ways to set yourself apart.

It’s important not to rest on your laurels if you want to prove you’re the kind of hire who is prepared to do whatever it takes to master your role.

Whether it’s showing you’re willing to make effective decisions or mustering the courage to talk about problems, stepping out of your comfort zone can help establish your professional credentials in a way that could see you climbing that career ladder sooner than anticipated.


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

Find out more 

Member profile: Lauren Whelan

Employer: HLB Mann Judd

Position: Senior Tax Consultant

I’m a Sydney girl born and raised. I went to UTS and completed a Bachelor of Business majoring in accounting and marketing. After I decided to go down the accounting route, I started at Mann Judd in the corporate tax department and in my first year had a rotation into business advisory and audit. In 2014 I completed my studies with the Institute of Chartered Accountants (ICAANZ) and in June 2015 I graduated from my first subject in the Chartered Tax Advisor Program with The Tax Institute.

Describe your current role

I work in the Corporate Tax Division where I have the opportunity to assist the firm’s clients in all of their tax needs – whether it be their company tax return, advising on how to restructure or sell their business in the most tax cost efficient way, or even preparing a tax return for a celebrity!

What are your career highlights?

While I have received opportunities to work with some of the leaders of tax in Australia, a career highlight that comes to mind is recently working with a family business to restructure their business. This not only restructured the owner’s debt, but has also allowed the business to grow and minimised a potentially very large tax bill. This was really a career highlight for me as this client, who reminded me of my own family and their business, gave our firm a glowing recommendation and made me feel like I was making a ‘difference’ to his business.

Why did you join The Tax Institute?

In a world where almost every graduate accountant has their CA, I wanted to stand out from the crowd and continue to develop my knowledge in tax to ultimately further my career.

What advice can you give to graduates?

When starting to look for a job, always go into it with a positive attitude. No matter how big or small the firm may seem, there will always be great opportunities presented to you  - don’t hesitate, make sure you take them!

Who or what inspires you?

Taylor Swift – as a songwriter and performer, I appreciate anyone that has the persistence and determination to see a project from start to finish. Furthermore, at 25 she is the youngest woman to ever be included on Forbes’ 100 Most Powerful Women list, proving that young people can make an impact in whatever career they may choose. And best of all, whenever I have had a bad day she has taught me to ‘shake it off’.

What do you do to unwind?

Well apart from obviously listening to Taylor Swift too often, I love to travel to warm  holiday destinations (or dreaming about the next one).

Favourite holiday destination?

Hawaii – it’s cheap to get to, can offer everything from traditional Hawaiian luaus to jet skiing to shopping like a celebrity and every meal is supersized.


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

Find out more

Public or private: Which pathway are you suited to?

A key decision for accountants and tax advisors early in their careers is whether to choose corporate or public practice. Deciding between the two really comes down to what motivates you in the workplace and how well you think the two career types would suit your personality.

The people’s person

Public practice is arguably the more challenging of the two, offering you the chance to get to grips with lots of different companies, clients and business sectors. It’s a great opportunity to garner broad knowledge about the commercial world and international tax, in many cases requiring you to liaise with colleagues from other countries and jurisdictions.

The financial rewards can also be higher. The big firms are recruiting enthusiastically, which means opportunities to develop your career are in abundance, and there is usually a clear path for those determined to make partner.

However, public practice can be highly demanding, sometimes stressful and often requires periods when you work long hours and are travelling away from the office and from home.

Private preferred

Corporate practice offers the chance to learn about a business and an industry sector in greater depth. While the monetary rewards are not always as high as public practice, there is still scope for bonuses, share schemes and other perks.

A better work-life balance is one of them, not only due to the fact that you can typically expect to work more predictable, nine-to-five hours, but also because the more progressive companies will offer other benefits such as flexible working. There is also every chance that with such highly valued and specialised skills your job will be highly secure too.

Not everyone is suited to the corporate side. It can mean the professional challenges are less diverse and are often not fast-paced. A long tenure at one or two companies may not be for everyone either.

The opportunities for career advancement on the corporate side, however, are bright. For example, tax professionals are increasingly in demand at publicly quoted companies to help finance professionals with their reporting.

A background in accountancy is increasingly important in the boardroom as well. It means those looking for senior roles can expect to be considered for the top jobs – 95 per cent of Australian CFOs say this increases the likelihood of someone being appointed to the executive board.

No matter which accounting pathway you choose, hard work, further education, perseverance and dedication will see you thrive.

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.