Job trends for tax graduates

At the turn of the financial year, the short-term trend for jobs is usually accountancy based. What are the long-term trends tax graduates should heed?

Mid-year is always a busy time for tax professionals as individuals and organisations work to sort out their tax affairs following the turn of the financial year. As a result, tax graduates looking for work will find that tax accountancy roles are plentiful, ranging from filing individual tax returns to assisting larger businesses by joining corporate tax teams.

 

Core strengths

 

According to the government’s Job Outlook website, job prospects for tax accountants are high, with this trend to continue for the next five years. In the same period, job prospects for finance managers and analysts have an above-average rating. These three core areas for tax graduates are healthy and can all provide stepping stones to more complex areas of the tax industry if desired.

 

The nature of each of these areas, however, is shifting. In accounting and financial management, the roles will be less about compliance and more about providing advisory services, taking a holistic view of a client’s financial position. The complexity surrounding superannuation and trust structures in particular will require a tax professional’s advice.

 

The effect of tax reform

 

Changes to the tax system will inform the trend for tax analysts. The ongoing saga with the carbon tax is one to watch as it will affect a number of organisations directly and may have indirect follow-on effects for other organisations.

 

Further into the future, comprehensive tax reform is another item on the agenda that tax graduates will need to follow. There are roles on both sides of reform in policy research, advisory and development at the Australian Tax Office and other stakeholder organisations, as well as post-reform roles educating clients and rolling out the changes.

 

Globalisation

 

Globalisation will continue to occur with both Australian organisations going global and international interests being directed here. There are many legal and financial implications that intersect with the tax sector, including inbound and outbound employment, business and trade.

 

Understanding different tax jurisdictions will be an advantage if you want to work for multinational organisations, import/export businesses or in the foreign investment sector. There are a number of advisory and compliance roles in these areas, as well as a requirement for business planning and tax-structuring skills.

 

Being across the tax implications of foreign workers earning an income in Australia and Australian workers being employed elsewhere will also be helpful. You may work with individuals or the employing organisation.

 

While there is a general demand for tax professionals in the foreseeable future, you can ready yourself for specialisation by taking a look at what’s happening at different levels in the sector and angling towards the niche that interests you.

 

 

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Putting her degree to work

One semester of tax was enough to give Michelle Goodhew a taste of her career options after university, but it wasn't quite enough to teach her all she needed to know about the industry. Fortunately a vacationer role, and now a supportive environment as a graduate at Grant Thornton, has given her a great start in the tax sector.

What did you study?

I studied a Bachelor of Commerce majoring in Accounting at the University of Wollongong.

 

When did you start thinking about a job in the tax sector?

I started to think about a career in tax while I was applying for vacationer positions in 2012. I was leaning towards the tax sector as I felt that it was something I could take everywhere. It seems that everyone has to deal with tax, even if they don’t want to.

 

What were your expectations of working in the tax sector?

 

As I commenced my career in tax, I really wanted to put into practice what I had learnt at university, broaden my skills and knowledge, and kick-start my career within an area that would provide a solid foundation for wherever my career takes me in the future.

 

How would you describe your current role?

 

My current role involves helping our clients meet their requirements in areas including tax compliance and consulting work. What I most enjoy about tax is that it’s a challenging job and you’re always faced with something new. There is a great culture at Grant Thornton, which has enabled me to broaden my networks on both a global and national scale because I work with colleagues across our network of firms in a collaborative environment to reach the best outcomes for our clients. It’s a great experience to be able to learn from colleagues outside my office and also share my experiences with them.

 

What are the main differences between what you learnt at university and what you do at work?

 

I think the biggest difference from university and work is that you’re actually dealing with real-life examples where there are no written-down solutions and are constantly gaining exposure to new tax issues. University offers a brief snippet on what the tax service line is about, but there is no way you can learn everything about tax in one semester at university.

 

Which skills or knowledge from university have been most helpful for work?

 

The skills that I have found the most helpful from university, which I now use in my day-to-day work, would have to be time management, working in a team environment and a base of tax knowledge. It is important to utilise all these skills on a daily basis as we are constantly working with different team members and required to manage our jobs independently.

 

What advice would you give to students looking at a career in tax?

 

Get as much work experience or as many vacationer roles as you can while studying at university. It’s the best opportunity for you to not only get your foot in the door, but also ensure you enjoy the service line that you choose.

I found my way into the Grant Thornton graduate program during my vacationer role there the year before. This meant there was no stress trying to find a graduate job while sitting my final exams. My advice is to get your applications in early!

 

What are you passionate about outside of work?

 

I own a horse that I train in the early mornings and compete with at various competitions on weekends.

 

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From study to practice

Many students start their career before they even look for a job by identifying the area they wish to enter. Joseph Sahyoun, a recent graduate from the University of Sydney, found a graduate tax position at Grant Thornton, applying both the knowledge he acquired during his degree and on-the-job skills.


What did you study?

I did a Bachelor of Business, majoring in accounting and finance at the University of Sydney. I knew early on that I was passionate about business because of the integral role it plays within our society, and I wanted to understand what makes these businesses survive and evolve in our rapidly-changing society.

During university, my goal was to one day work in the professional services industry, and Grant Thornton has provided me with this opportunity. I’m also currently completing the Chartered Accountants Program. With this qualification, I one day hope to use the skills I’ve learnt to work overseas

When did you start thinking about a job in the tax sector?
 

The first time I seriously considered a role in tax was after completing my first tax subject at university. I enjoyed how it was very practical in nature and it was quite easy to see how relevant tax is in a wider business context.

Tax is also an area that is constantly featured in the news and is often at the top of many political agendas. This made me realise just how important tax is, not only to different companies but also to the wellbeing and prosperity of Australia as a whole. I was drawn to be part of an environment that is constantly changing and requires continuous learning and development.

 

What were your expectations of working in the tax sector?
 

Before working in tax, I expected there to be ‘busy periods’ during different parts of the year, which has so far turned out to be true. I also expected a variety of work, which has ranged from consulting to compliance. This has provided me with exposure to many different areas of tax and broadened by skills and knowledge base.

 

How would you describe your current role?
 

Starting out as a tax consultant, my role is central in driving the right information needed for our projects and collating the research to provide a good base for other team members to undertake their responsibilities to complete a project. This has taught me to be accountable for my work and as a result is often rewarding.

Another highlight of my role is the opportunity to interact with colleagues from our international network within Grant Thornton. So far I’ve worked with colleagues from the London, New York and Shanghai offices. This has been a great experience as it has increased my knowledge about different international tax issues.

 

What are the main differences between what you learnt at university and what you do at work?
 

I found that uni was more theoretical and that it scratched the surface on a wide range of different topics. Working in tax is more practical due to the regular client interaction and in-depth research that is often required.

What skills and knowledge from university have helped most at work?
 

The main skills I learnt from uni that help me day to day are time management, working in groups, critical thinking and the ability to review my own work.

In terms of knowledge, I found that my basic accounting subjects helped me greatly as they laid the foundation for what I do in terms of understanding the nature and operations of the different clients I have.

What advice would you give to students looking at a career in this area?

I would advise students to apply for a vacationer role as it is a great way to compare what you have learnt in your first few years of uni and see how it is applied in the real world. It is also important to speak to as many people in the industry to gain knowledge and insight, especially your lecturers and tutors as many have worked in the private sector before.

 

What are you passionate about outside of work?
 

Aside from spending time with my family and friends, I am obsessed with sport, mainly soccer and rugby league. I play soccer for my local club every Saturday as a central defender.

 

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

Find out about Student Membership.