Four tips to prepare for a career in corporate tax

There's never been a better time to conquer the area of corporate tax. Here are some tips for those interested in doing so.

1. Get the right qualifications

Needless to say, an organisation facing a tax bill in the tens or hundreds of millions of dollars isn’t going to hire any old suburban accountant to take care of their books. The right tax-training course can set you up with the know-how you'll need and ensure you stand out from the graduate crowd. Aside from all the other facets it covers, the Graduate Diploma of Applied Tax Law at The Tax Institute includes a subject that provides students with a comprehensive understanding of how public companies, private companies and corporate groups are taxed in Australia.

2. Line up an internship

Getting your foot in the door is often half the battle when it comes to a career in corporate tax. While the big firms like KPMG and PwC offer well-regarded internship programs, it's also worth looking at the Australian Tax Office and the finance internships offered by many of the nation's largest companies, such as Telstra and Google.

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.

3. Know how to network

What you know is undeniably important in the field of corporate tax law, but so is who you know. It’s wise to establish relationships with people working in the industry well before putting the hard word on them for an internship or graduate position. You can do this by asking individuals if they’d be willing to meet you for coffee, joining LinkedIn groups and attending industry events, of which The Tax Institute has a great list.

4. Do your research

You don’t want to be left speechless when a potential employer starts quizzing you on your thoughts about the pros and cons of a “Google tax” or be caught searching the buffet for that “double Irish Dutch sandwich” you overheard someone talking about. If you’re willing to put in the effort – both before and after being offered a position ­– you can enjoy an interesting and well-salaried career in the field of corporate tax.

How to shine at a networking event

Whether you’re a seasoned tax professional or junior practitioner, few activities have as much potential for business development and career advancement as networking with peers, influencers and prospective clients.

A networking function can help you forge real-world connections with people you might otherwise only know via email or social media. It enables you to represent your organisation to potentially valuable, influential contacts. However, making and nurturing contacts at such occasions can be challenging if you don’t take the time to prepare.

Here are some ideas on how to best represent your firm at a networking event.

The value of career mentors

Many successful people have sought out mentors to show them how to reach the top.

A mentor can be viewed as a kind of workplace parent-figure – someone who can warn you against making short-sighted moves that could damage your career. They will, instead, encourage you to do those things that may be uncomfortable at first but will reap great rewards in the long term.

Experience is a valuable thing. And while there’s no substitute for learning the hard way, there’s also no rule against leveraging the wisdom of others.

A true mentor will provide honest feedback on how you’re performing and offer suggestions on how to improve your performance. They may also introduce you to people in their own network who can help you further your career.

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.

How to network 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 a 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.

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.
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Adrian Cartland’s life as a Principal in a law firm

Employer: Cartland Law

Position: Principal

I was drawn into tax when I was in University. I had always known that I wanted to work in a business related area of law, and then in my final year of law I did tax as a subject and was inspired by the ability to use tax planning to assist commercial objectives. I was also fascinated by the large an effect tax law has on shaping people’s decisions and legal relations. For example, giving your assets away to a trustee of a discretionary trust who might choose to give income and capital back to you (but might not) seemed a strange concept when I first learned about it in trust law. But when you consider the ability to use such a trust to distribute income amongst family members on lower tax rates (not to mention asset protection benefits) this otherwise strange legal relationship made more sense. Tax law has a constant impact on the world around us, from influencing the cars we drive, the beverages we drink, to how we make decisions for our future.

I am now a principal at Cartland Law. Within my role I do a lot of tax structuring advice and drawing of opinions on tax matters, as well as running a number of disputes against State and Federal tax departments. In particular I do a lot of advice on State taxes, as well as Income and Capital Gains Tax, GST, and trust law. I am very fortunate to have a practice that is mostly tax technical work, as well as drawing the documentation to implement advices. In addition to my tax practice, I am the founder of a Start-up that has built an artificial intelligence named Ailira (Artificially Intelligent Legal Information Research Assistant) that automates legal research and assistance. The first thing that I have taught Ailira has been to provide research answers to natural language questions on tax law. As you can imagine I now spend a lot of time on technology development and running a tech company.

I have had a number of successful outcomes from disputes with tax offices, and it is fantastic to be able to give clients a great result. I have also competed successfully in the ‘Golden Gavel’ competition a number of times, which is a speaking competition on a humorous legal topic. A few years back I won the national competition by doing a monologue in an Arnold Schwarzenegger accent in the persona of “the Taxinator”.

Being part of The Tax Institute is essential for any tax practitioner. I joined so that I could learn as much as possible by attending Tax Institute events and using Tax Institute material. I have been assisted in my career by making fantastic contacts and gaining a deep knowledge in tax law.

My advice for graduates is to meet as many people as possible and understand how offices and professional firms operate. The connections that you make early on in your career will blossom into long standing relationships later. You are setting up your foundations now, and you should make the most of networking with other professionals. Likewise, set yourself on a path of constant learning, because if you sell advice for a living (as we professional advisors do) then you will be best served by having as much knowledge as possible.

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

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.

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 

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

How to best represent your agency at networking events

Whether you’re a seasoned tax professional or a junior accountant hoping to accelerate your career, few things have such potential as the chance to network with your peers. Networking events can help you forge real-world connections with people you might only know via email or social media and allow you to represent your agency’s values to the industry at large.

However, making new contacts in a social setting can be challenging if you don’t take the time to prepare. Here’s how to best represent your employer at a networking event.

Reach out to fellow attendees on social media

If you’re representing your employer at a networking event, social media can be a powerful tool. Tweeting about the fact that you’ll be attending using the event’s hashtag or registering your interest in meeting new people on the relevant Facebook or LinkedIn page can encourage fellow attendees to seek you out. It also shows that your agency prioritises industry engagement and participation.

Put your best foot forward

Although networking functions can take place at informal venues, that doesn’t mean you should cast aside your professionalism. It’s important you dress for the occasion, ensure you have plenty of business cards and take the time to introduce yourself and thank your host.

Industry events can feel much more laid-back than a meeting in the office, but it’s also worth monitoring your alcohol consumption and reminding yourself that you’re still ‘on the job’. At the same time, don’t be afraid to relax when talking about yourself and your employer’s work. Letting your personality shine through is often your best shot at building relationships.

Have a clear strategy in mind

There’s no point attending a networking event if you’re clueless about what you plan to achieve. Are you hoping to find potential clients, promote a taxation service that’s new to your agency or simply expand your professional network? If you’re unsure about what your employer expects from you, it might be worth scheduling a meeting beforehand to talk it through. Networking events can provide powerful opportunities to grow a business, so it’s worth your while to use them to your advantage.

Once the event is over, ask yourself how well you represented your agency and if you’ve met your goals. And don’t forget to nurture the relationships you built by making the effort to connect with your new contacts on a regular basis.


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.

Turbocharge your career in 2015

Determined to give your tax career a hearty push along in 2015? Here are some strategies to attract promotions and pay rises over the coming months.

Higher learning equals higher earning

Being better informed than most people can really help you get ahead, says Linda Descano, global head of content and social at financial group Citi. “Go long on industry knowledge and really, really understanding both the big picture issues and the skills to dive deep and understand technical concepts,” she advises. There are a lot of ways you can acquire knowledge but postgraduate tax education, particularly a tax course such as the Graduate Diploma of Applied Tax Law, is one of the most efficient ways.

Network online

With the launch of apps such as butN, Networkr and CoffeetheApp, 2015 is likely to see the ‘Tinderisation’ of online networking (meaning, making business connections via the internet is going to get even quicker and easier). Of course, LinkedIn remains the leader in online networking so, if you’re not already, now is the time to fully exploit its potential, in particular by joining groups related to the industry, such as The Tax Institute. “These groups are full of influencers and even a small compliment from them can do wonders for your reputation, and ultimately your career growth,” says Jawad Khan of the blog Business 2 Community.

Be a mad professor

Find a niche that you can make your speciality. Soak in every bit of information you can on that topic, join groups and start a blog – before long you'll be a recognised expert. Global advertising giant Ogilvy & Mather does this with their staff, calling it “declaring your minor”. “Once declared, we will work together to build skill-sets around those passions so you become a known resident expert in your field of study,” says senior Ogilvy & Mather executive John Manley.

Be exceptional

Extraordinary workers progress at an extraordinarily pace. And, like the saying goes, the difference between ordinary and extraordinary is that little bit extra. “If you're assigned a piece of work, do it – and then deliver just a little bit more. You'll delight your customers, and the word will get around,” says technology and marketing expert Mary Shacklett.

You don’t need to be a genius or put in 100-hour work weeks to advance your career this year. Just by putting in place the above strategies, and working that little bit smarter and harder can yield big results.

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

Find out more

The benefits of on-the-job networking

Most job-networking advice follows the same script: hit the pavement, connect with industry peers on social media, get yourself known. But what can you do to advance your career without jumping ship.
Here are five tips on how to get all the benefits of networking without leaving your current company.

1. Join company clubs and groups

If you work for a mid-sized or larger firm, it’s likely they have clubs and groups that bring people together from different areas to share knowledge, skills and experience. Do they have meet-ups and team sports outside of work? This can be a good way to have fun while getting to know your colleagues better.

2. Polish your skills

One of the best ways to gain a competitive edge within your own company is to join a group or association. Workshops, seminars and conferences can give you a bird’s-eye view of industry trends and best practices. If the extra skills and knowledge you gain can benefit the company, your employer might even be prepared to pay for the cost of membership.

3. Volunteer

This is another good way to broaden your horizons – and career options – without joining the throng of job hunters. Unpaid or pro-bono work can show that you are sensitive to social causes while also raising your profile with colleagues and managers. If you can get them to join in as well, it can be a good way to bond with them.

4. Nurture relationships

Everyone wants to carve out a great career path, but some forget this can only be achieved by doing the right thing by their colleagues and the company. Getting ahead in your career depends very much on the relationships you build along the way. Polish your listening skills, look for opportunities to make other people’s jobs easier and provide a helping hand whenever possible. It will pay dividends later.

5. Be thankful

A quick ‘thank you’ email takes only a few seconds and shows the recipient you appreciate what they did for you. Other small gestures – such as treating a colleague to lunch or bringing a cake to the office – might seem a little cheesy, but they can go a long way towards making you a valued and well-liked person around the office.

Also keep in mind that hiring and training a new employee is expensive, and most companies are willing to invest heavily in retaining their best staff. If you can give them reason to do so, the rewards can be great.


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.

Seven time-saving ways to search for a job

Looking for a job? You can get sucked into spending hours on job sites and networks if you're not careful. Here are seven ways to cut that process down to 15 minutes a day.

 

1. Have a plan

Simply outlining what you're looking for can make the job-seeking process more focused so that you spend less time sorting the potential from the rubbish. Do a little research upfront to find out what's realistic in terms of your role and salary expectations to set some parameters.
 

2. Identify and use keywords

Use the keywords that employers and recruiters use, for example 'graduate' is preferred over 'degree holder'. Don't forget to identify the different categories that they may use. Tax roles, for example, may be placed under 'accountancy' or 'finance', so be sure to check both. Also add these keywords to your job-seeking profile to increase the chance of someone finding you.
 

3. Save searches

Most job sites and job boards, including LinkedIn, allow you to sign up for a profile and save your search, including all the terms and parameters you set (keywords, salary, location). Automate this process instead of entering the same information every time you visit.
 

4. Create alerts

If you prefer push notifications, on most sites and networks you can create alerts that deliver jobs that match the terms and parameters you set and have them sent to you via text or email. You can also employ tools like Google Alerts to find relevant postings and have them notify you.
 

5. Sign up to newsletters

Sign up to the newsletter of each organisation you're interested in. Not only will the 'we're hiring' message be fresh when you get it, you'll also have recent news about the organisation on hand, which you can use in your interview.
 

6. Join relevant groups

Joining networking and industry groups is often a good way to find a job that may not be formally advertised. It's also an excellent way to get to know your potential employers. LinkedIn Groups, for example, let you get close to people you're not connected to, and you can respond to posts and keep an active profile to get noticed. Make sure your settings provide you with a daily digest of the group's posts so you don't have to spend all day on LinkedIn waiting for a job alert.
 

7. Recruit your network

Make sure the people around you know that you're looking for a job and, if you can, brief them on the type of role you're after. They may see something in a medium you don't check (e.g. newspaper) or hear something from people you don't know or can't contact. More seekers means more potential for opportunities.
 

Job seeking does take time, but with a little upfront investment you can reduce the effort you need to find and filter suitable roles. Set up your profile and alerts properly and it will pay dividends when trying to land the perfect job.

 

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 survival tips for university students

Prying yourself away from the beach, off the couch or out of bed early enough to make it to uni after a holiday or study break can be a real challenge. If you’re heading back to uni this semester, here’s a quick guide to help you get the most from your time on campus.

1. Set realistic expectations

You may have been a top performer at high school, but at university you’ll meet other high achievers. Don’t get too precious about ranking, just focus on learning as much as you can. Getting your parents to understand the reality of university will also help relieve some pressure.

2. Keep on top of study

Orientation week is a party, but you’ll hit the ground running in week two. Do all required study when you’re supposed to. Doing little chunks on a regular basis is better than trying to read an entire textbook before the exam. It means you can ask your tutor questions about the bits you don’t understand so that references don’t go over your head later.

You’ll also occasionally take subjects that are too difficult or that you don’t find interesting. Keep these in check – you don’t want to do them again!

3. Start networking

Socialising is a big part of university life. In addition to your classmates, you’ll also find an array of clubs and societies that cater for different interests, from sports to religion, politics to partying. This is your chance to meet a range of people, not only the undergrads who’ll be future industry peers, but others who’ll widen your worldview.

4. Know your deadlines

Your lecturers and tutors may have already scheduled exams and assignments, so familiarise yourself with this timetable and set yourself some soft deadlines – for example, a due date for the first draft of an assignment.

Lecturers and tutors often have hundreds of students, so asking for an extension is incredibly difficult without a very good excuse (e.g. medical issue, death in the family), and they often attract penalties.

5. Find study/life balance

Identify what you want from your time at university. If you’re working part-time and/or getting involved in various clubs and societies, make sure your commitment is in line with this goal. Are you doing too much studying and not enough of anything else, or vice versa? No one will tell you what the right balance is – you need to figure it out for yourself.

Enjoy your return to study this semester and stay tuned to the Careers in Tax blog for more helpful tips and advice.

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.

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Your first years in tax

Once you've landed that sought after graduate position in tax, you will want to make the most of the opportunity. What you do in the first few years after graduation can make a remarkable difference for your career. Below are a few of the key areas that should be kept in mind.

Study

After finishing university, the last thing on your mind may be further study. It can beneficial to take a short break, however there are a lot of benefits to attacking your professional study with an aim to finish it as soon as possible. Taking an extending break can also be the end of motivation for a lot of people.

The material you will cover in your post‐graduate studies should help you a lot in your job. This is particularly the case for tax subjects or tax specialist studies.

Enthusiasm for further study is highly valued in the tax field. This may help with your performance reviews. Promotion to Senior Accountant/equivalent role is also often tied in closely with completion or nearing completion of your study.

Networking

Many young tax practitioners may find the thought of networking intimidating, or see it as something to do later.

At this early stage in your career, the focus should be on making and keeping contacts. This should be a worthwhile pursuit in any case, but can make the world of difference later on.

The people you meet at university, in your post‐graduate study, at work or elsewhere may be valuable contacts in the future. You may be able to help each other in a number of ways which you may not be able to anticipate now. Knowing someone can make a real difference, although you will only get back what you put in.

Experience

One of the quickest ways to progress in the tax field is to get your hands on as much work as possible. Practical experience with a technical topic or with any of the other valued skill sets is hard to beat. It is in your first few years that you will have the most freedom and time to broaden your knowledge and skill set.

The sheer depth and breadth of the tax law and other things you need to learn can be intimidating at first, and it is not unusual for graduates to find it tough going at the start. Applying yourself now and working towards a thorough understanding of the law will help you progress through this, and set you up for later success.

If you have a strong interest in any area, you should see whether your employer can support you with this in a mutually beneficial way.

As a final comment, a good work/life balance should always be kept in mind. You have a long career ahead of you and it is important to keep things in perspective.

Contributed by Andrew Simpson, Client Manager at Grant Thornton.

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.

Turn your travels into a career opportunity

Whether it’s a summer holiday or gap year, travel can expand your horizons and boost your career prospects. You can have your fun in the sun (or snow) while adding some serious clout to your CV. Here are three ways to take your career to new places.

1. Work placements and internships

Spending a few months doing work experience may not seem particularly appealing, but what if that work experience was in the Bahamas? Work placements and internships help you get ‘on-the-job’ experience in a supportive environment, and help you find out whether a role or career path is right for you. It’s also a great way to live like a local at your destination.

Internship placement agencies or the Australian branch of a multinational company may be able to help you secure work experience in another country.

2. Volunteering

Working abroad as a volunteer is another valuable way to give your career a boost. Building houses in Cambodia has little to do with tax, but it shows initiative and a willingness to undertake hard work. Be mindful of the complementary skills this experience offers. Did you show leadership? Did you solve problems? Did this show your ability to collaborate?

Do your research and you’ll find a number of public, private and not-for-profilt organisations offering international volunteer programs, such as Australian Volunteers International. Pick a project that interests you and if it directly adds to the skills you need for your career, all the better.

The government’s Australian Youth Ambassadors for Development Program also provides skilled young Australians with the chance to volunteer in Asia, the Pacific and Africa, so it’s worth checking out whether you’re eligible.

3. Networking opportunities

You’ll meet a lot of new people when you travel and they will come from all walks of life. Don’t squander the opportunity to have a chat; the HR manager of the company you want to work for could be gazing at the Mona Lisa at that exact same moment.

Be friendly and polite, but also be prepared to leave them alone if they just want to get on with their holiday. Most people are more relaxed when they’re away, though, so you’re likely to gain an insight you wouldn’t otherwise. If you’re really prepared you might even have a contact card on you. Otherwise, it’s all good practice for dealing with a range of different people.

From acquiring international experience for your next role to simply showing a willingness to step outside your comfort zone, directly or indirectly, travel is a great addition to your CV; so don’t forget that what you’ve learnt while away can help your career. If nothing else, it’s a talking point that could help you bond with an interviewer – or your new colleagues.

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Five networking tips to help your tax career

In an effective network, a good connection serves two purposes: as a source of job leads and as an implied recommendation for said role. Being able to name a person in common is a good way to warm an interviewer and puts you front of mind.

How do you build an effective network? Don’t wait until graduation; you can start while you’re studying. Here are five tips.

1. Network as a student

Get friendly with your fellow undergraduates; you never know when they will have the chance to recommend you for a role or vice versa. Also be aware that professors, lecturers and tutors are professionals too and may be able to put you in touch with industry contacts.

2. Do work experience

We’ve already mentioned the value of work experience, which includes the ability to network within your host organisation. Don’t forget they also have connections in the industry, so take every opportunity to meet new people in the sector through people you already know.

3. Attend industry events

Whether it’s for the tax industry or a related sector such as business, attending conferences and networking events is a good way to make connections. Your alumni association and organisations such as The Tax Institute are easy places start.

4. Find connections via social media 

Social networking platforms, such as LinkedIn and industry forums are a great way to make initial contact with people who may turn into professional connections. Make sure your profile is professional and up-to-date, then join relevant groups. Be active by asking questions and participating in discussions.

5. Apply for a formal graduate program

A number of organisations in the public and private sector offer formal graduate programs that include networking components. You will network with other program participants and industry professionals, and may even have a mentor.

The best way to network is through people you already know, but if you don’t know anyone, the key is to have confidence to introduce yourself. If you find yourself alone at a function, approach people in groups of three or more (so you’re not interrupting a deep discussion). Introduce yourself and show interest in the people who are in the sector you want to get into.

It’s a good idea to have some kind of professional contact card to swap for a business card as well. Don’t forget to follow up with a polite, personal email: “It was nice to meet you at [event]…” Good luck!

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

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Your must-read guide to finding a job in tax

With the end of the academic year approaching, it’s time to plan your future in tax! To help kick-start your career, here’s a rundown of where jobs are advertised, as well as how to uncover hidden opportunities through networking and keeping up with industry job trends.

Job-listing sites

A great place to start looking for a job in tax is with the general job sites and career portals:

• SEEK
• MyCareer
• Australian Public Service

Search the “Accounting” industry category and use key terms like “tax” and “graduate” to find entry-level positions. You can set up regular email feeds for jobs that are custom fit to your preferences for location, experience level, salary and sector.

Recruitment agencies

Agencies such as Hays, Talent2 and Randstad post advertisements on their websites. In addition to searching the advertised jobs, you can create an account, submit your résumé and register for employment. The agencies have teams of recruiters to help tailor your approach and recommend you for placements.

Industry-specific recruitment agencies and portals

There are a number of industry-specific recruitment agencies and job portals to service the local and global taxation industry. These vary in the degree to which they can offer individually tailored placement assistance, but all allow you to search the listings and submit your résumé. Some of these include:

• Accountancy Options
• Brewer Morris
• Tax Jobs

Industry Organisations

Industry associations support their members’ careers by providing job listings. The Tax Institute’s Job Seeker Section offers a direct link to opportunities within the tax profession Australia-wide. Submit your résumé for the attention of prospective employers, search the listings and register as a jobseeker to receive alerts.

Professional social networking sites

Social platforms are another great source for finding jobs. With a raft of positions posted to social media giant LinkedIn, it’s the preferred medium for recruiters and employers.

LinkedIn enables you to search for jobs and offers an additional valuable dimension – an opportunity to establish a professional network through which to grow your personal industry presence and attract the attention of your dream employers. This requires setting up a well-considered student profile to help you shine in a competitive job market. For more on setting up your profile, check out how to build a great student profile on LinkedIn.

Networking – tap into the world of unadvertised opportunities

Many jobs are not advertised. To access this ‘hidden’ market, become an active online and offline networker.

• Networking online: Networking sites and industry associations are excellent platforms for connecting with other professionals in your industry, prospective employers and agents. They are also essential to keeping up with industry developments and job market trends, best done through ‘following’ companies, joining online groups, participating in industry forums and learning about industry events.
• Networking offline: Follow up your online connections and continue to build your networks in the real world by attending industry events. Keep up to date with these through the Tax Institute’s Professional Development page.

Networking is an important part of sharing tax knowledge and understanding your industry. For more on how to secure a graduate job, see our tips to help you land a graduate job in tax.

Graduate programs

Many advertised positions require a minimum of one to two years’ experience. Graduate programs, offered by both the government and private sectors, provide an excellent base on which to build your experience. Find out who offers programs by checking the careers sections on the websites of the major accounting firms, banks and government departments.

Whether you are ready to enter the job market or simply planning your career path, the sources here will help you stay one step ahead in the job hunt.

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.



[Sources]
http://socialmediatoday.com/leaderswest/1440796/infographic-77-all-jobs-are-posted-linkedin
http://www.npr.org/2011/02/08/133474431/a-successful-job-search-its-all-about-networking