Soft versus hard skills

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

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

Get a customer-facing part-time job

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

Obtain a further qualification

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

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

Take up a team sport

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

Study a second language

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

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

Find out more about our education program and professional development subjects.

Score maximum marks for class participation

University isn't just about acing your exams and carving out a career path. Don’t forget the ‘here and now’, which includes participation in weekly classes – an important element in most university curriculums.

Believe it or not, there once was a time when students at tertiary institutions would meet regularly with their lecturers on a one-to-one basis or, at most, alongside just one or two classmates. After tutorial groups expanded to accommodate anywhere up to 20 people, universities looked for ways to encourage everyone in these groups to prepare for and participate in discussions. They did this by setting aside a certain allocation of marks for ‘classroom participation’.

Here are five tips that will help you earn maximum marks for this part of your course assessment.

Lifelong learning – the key to optimal earning

After you have completed a decade and a half of primary, secondary and tertiary education, it can be tempting to call it quits when it comes to further tax training.

However, if you’re smart enough to make it to the end of a university degree, you’re probably also smart enough to realise that taking it easy is, eventually, a recipe for career and income stagnation.

Exam day tips to achieve the best results

Exam day has arrived.

You may feel ready, or you may not. Whatever the case, there’s no more time left to study. However, there are still a number of things you can do to ensure you achieve the best marks possible.

Survival tips for uni students

Prying yourself away from the beach, off the couch or out of bed to make it to university after a holiday or study break can be a challenge.

If 2017 is your first year at uni, here’s a quick guide to help you get the most from your time on campus.

6 unlikely tips to help you train your memory

Your studies can feel like an overload of information with only a fraction of it becoming knowledge. Retain more with these six tricks to train your memory.

1. Repetition

While we don’t expect you to recite textbooks like a multiplication table, repeating something you’re trying to learn helps lodge it in your memory. A typical path might be your lecturer saying something important, you mouthing it and then writing it down to read later. Saying it, writing it and reading it means it has been repeated three times in different ways, creating different pathways to your brain. (Teaching it to another person counts as a fourth!)

2. Building blocks

Memorising is easier when you have a foundation and then make connections between the new information and your established knowledge. If you need to remember a slab of information, break it down and add it to your memory piece by piece. For example, when trying to remember a case study, start with the who and what, and then gradually add the when, why and how.

3. Finding patterns

A mnemonic device is a common technique that links information to patterns that are more memorable, for example remembering the number of elements in a contract then expanding that to the actual elements. Commonly, mnemonics use a phrase where the starting letter of each word relates to the piece of information or short rhymes such as Thirty days has September.

4. Storytelling

The human brain is attracted to a narrative, so developing a story can help you remember details that might otherwise escape you. Turn information into characters you can describe and explain the consequences of their actions. What happens when GST meets BAS? Humour also makes information sticky and telling someone the story further embeds it in your memory.

5. Write a song

Delve into the meaning of nursery rhymes and you’ll find many are mini lessons in history effectively passed down by putting rhyme and music together. Choose a piece of simple music and write a short song about what you’re trying to learn. You may also find that someone else has done the hard work, like this economics rap on Hayek versus Keynes.

6. Create a game

Many games are geared to aid learning, and memory games reward recollection, such as matching a piece of information with another. Creating the game is often as important as playing it because it helps you structure information for easy recollection. You can also make a game for two or more people as learning in a group and constructive socialising also assists memorisation.

People respond differently to different techniques, so have a go at some of these to see which works best for you. You can also combine these tricks to enhance the effect.

Good luck with your studies this semester!

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.

Are you making the right decision about your study mode?

Deciding to pursue postgraduate tax training is more than just deciding on the learning institute. The big question is how you should study, face-to-face or via distance. We look at some of the things you might want to consider before making your decision.


Planning
Face-to-face
Face-to-face learning relies on a prescribed schedule. And for some, that's a good thing. Being able to diarise and stick to a given timetable has its benefits. An established teaching structure means that learning and assessments are paced, can be planned for and must take priority. For those who have a tendency to procrastinate, face-to-face learning can help avoid backlogs.

Distance
Some prefer the flexibility of being able to schedule their own learning – they can slot in studying when it’s convenient and take control of their education. Tax courses taught online, like the Graduate Diploma of Applied Tax Law, offer that flexibility, with the only requisite being access to the internet. No longers are geography and other commitments barriers to advancing your career through education.

Focus
Face-to-face
For some, classroom environments are conducive to positive studying outcomes, and face-to-face learning can be specifically structured to enhance focus and concentration. Attending lectures in person may help to avoid interruptions, distractions and delays to educational progression.

Distance
Others prefer the comfort of their own homes or offices when they study, and online studying provides immediate access to education, without the travel or the inconvenience of booking time out of the office.

Eugene Berkovic, director of taxation at GMK Partners, considers this to be a plus. “From an employer’s point of view, distance learning allows students to better manage and balance work commitment and study. This will often make them more productive and efficient.”

Maximising learning
Face-to-face
Face-to-face education allows for the opportunity to ask questions, enter into discussions and practise newly acquired skills in real time. It also means assessment pieces can be enhanced by the contributions of your peers and the testing and tweaking of skills.

Distance
Advances in technology mean that tax training online is not a bar to proper learning. In fact, many suggest that comprehensive electronic and printed resources, online support and frequent online contact with tutors can be of such a high standard that they enhance the learning process.

Networking
Face-to-face
One of the great bonuses of face-to-face learning is the forging of professional relationships. For Berkovic, networking is one of the benefits of meeting like-minded professionals in a learning environment.

Distance
Having said that, distance learning provides opportunities for engagement without geographical barriers through things such as group web/teleconference tutorials, which are designed with participant interaction in mind.

The quality gap between distance and face-to-face learning has narrowed. For busy professionals, distance learning no longer means compromising on standards. It can, however, mean achieving advancement without compromising on professionalism, and that's something worth considering.

Take the next step in your tax career with the Graduate Diploma of Applied Tax Law.
Find out more by visiting the website or calling 1300 TAX EDU (1300 829 338).

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.

5 tips to help you get top marks on your exams

The exam season has arrived! Preparing for your exams is a great time to affirm your own knowledge and credentials as well as hone your time-management skills. While it’s easy to get bogged down when preparing for the end-of-semester period, improving your study habits now will have you feeling ready well before crunch time. We’ve compiled a five-step guide to help you successfully navigate the exam period.

1. Study when it’s right for you

Every person has natural peak periods during the course of the day where they feel at their most motivated, alert and focused. Whether you thrive during early mornings or consider yourself a night owl, plan your study schedule for when you are at your sharpest. Prioritise complex study content for periods of high motivation, saving the easier material for when your attention wanes.

2. Summarise your notes, rinse and repeat

You don’t have to relearn everything from the semester to perform well in your exams. Condense your lecture notes into points that cover the key syllabus topics of your subjects. Whether you learn visually, by reading it aloud or by sound, the process of shortening your notes will ensure you fully grasp your exam material.

3. Review the exam questions

Nothing’s better than a test run! Get your hands on some exam questions and practise writing your answers. Not only will be you familiar with the style and format of your test, but a run-through is sure to quell unruly nerves. The Tax Institute’s ConTax Newsletter includes example exam questions around tax topics that may be useful while your unit coordinators may also be able to provide copies of past exams.

4. Maximise what you can do

Time spent commuting or performing low-concentration activities – such as cooking dinner or even showering – doesn’t have to be considered the time wasted. Take the chance to make use of these periods by reading through your notes, browsing your lecture material or testing your memory by recalling key points. While you won’t be able to learn anything too complex, continuing to familiarise yourself with your study points will promote faster learning and memory recall – helping you reach your end goal quicker!

5. Test yourself

Your ability to learn the material and then refashion it in your own words is a tried and tested method that shows just how thorough of an understanding you have. Try creating flashcards from your study notes or using the syllabus as question cues to test your knowledge.

While the study period can be tense, it’s important to remember to balance your study time with adequate rest and relaxation. With a positive outlook and by focusing on your goal, you are moving another step closer to a successful career in tax.

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.

Tools and tips to help you ace group assignments

Group assignments are an essential component of learning, yet when ‘group assignment’ is uttered it’s often followed by a collective eye-roll or groan. Thankfully, gone are the days of group assignments being the bane of everyone’s tertiary-education experience. We’ve found the best tools and thrown in a couple of handy tips to help your group assignment run as smoothly as possible.

Online databases

Most universities and institutes will have an electronic resource database that students can access for free. This is where you and your group members can access hundreds of online resources, such as journals and case studies, which can support your studies and research.

Depending on the course you study, The Tax Institute has additional resources available from subject sponsors. For example, if you are studying a Graduate Diploma of Applied Tax Law you will have access to resources from sponsors such as Wolters Kluwer CCH and Thomson Reuters.

There are also a number of free or subscription-based databases and search engines useful for finding and accessing articles in academic journals, repositories or other collections of articles. For example, the Australasian Legal Information Institute is a free online resource with state-specific tax and law databases, news and journals.

Collaboration apps

From managing to-do lists to sharing links and files, Trello is a great project management application. Trello brings everything together in the one place and represents your assignments as ‘boards’. Creating a board is simple to do, as is adding lists and cards. This function makes it easy to organise work and breaks large assignments into manageable sections. You can assign tasks to fellow users and set due dates, or allow users to claim items they would like to complete. Trello integrates files not only with your computer but with just about every other platform, including OneDrive, Google Drive, Dropbox and many more. Trello’s basic features are all available in the free version.

Slack is another great collaboration app that allows users to discuss ideas, ask questions and share files instantly with team members, all in the one place. Slack has different channels that allow for conversations to be organised in different ways from groups to topics. Slack's basic package is free to use. 

When you’ve complied all your research from online libraries and databases, you can use Evernote to bring all your documents into the one place. Evernote is a great app that allows you to save and share web articles with your group members, as well as take in-text notes. Evernote also has task-tracking capabilities, which allows you to discuss progress with your team. 

Allocate tasks to each member

Group assignments often go awry when there’s zero accountability or if boundaries are blurred. Using a collaboration app, such as Trello, is a great way to assign roles and responsibilities to each group member based on their talents and strengths. In saying that, it is also important to be flexible when it comes to offering support and sharing the workload. The most effective collaborative projects are a game of give and take.

Set expectations from the outset

If you want to deliver an exceptional group assignment, communication is key. Setting clear time frames and establishing deadlines in advance will ensure that important tasks unfold smoothly. During your initial meeting, remind group members to flag issues and obstacles as soon as they occur. Once again, using an app like Slack can help create on open dialogue, set clear expectations and will get you closer to your goal.

Embrace active listening

Unlike working independently, group assignments mean committing to listening to your partners’ perspectives and putting yourself in their shoes. The art of taking the time to listen and provide feedback on other ideas will make your fellow collaborators feel respected and trusted. Making every effort to cultivate strong working relationships can determine whether your joint project succeeds or fails.

Understand how to negotiate conflict

Even if you set clear expectations and listen to your team members’ input, problems will occasionally arise. If team members disagree on something, allow them the time and space to communicate their issues and vote on the outcome as a group. Knowing how to overcome conflict and turn criticism into constructive feedback is an undeniably powerful skill.

It’s worth remembering that career success isn't related to hard skills alone. Whether you aspire to become an accountant or dream about a career in corporate tax, a knack for soft skills such as communicating and collaborating with clients and stakeholders is more likely to ensure that you excel. What are your top tips for collaborative working?

Need the perfect resource tool, have a look at membership with The Tax Institute. Find out more today!

Lifelong learning is the key to healthy earning

After a decade and a half of primary, secondary and tertiary education, it can be tempting to call it quits when it comes to further tax training. But if you’re smart enough to make it to the end of a uni degree, you’re probably smart enough to realise that deciding to take it easy is a recipe for career and income stagnation.

Pay off that student debt quicker with more study

After a minimum of three years studying, you'll probably be keen to start making a dent in that student debt. Counterintuitive as it may seem, postgraduates, with a median salary in full-time work of $79,000, are likely to get their student debt paid off more quickly than those with only undergrad qualifications who, on average, earn noticeably less. Note that these are averages – a postgraduate qualification in tax is likely to be far more lucrative than one in, say, art history.

Power up the greasy pole

With around half of all high school students now proceeding to university, the brutal truth is that an undergraduate degree is an increasingly necessary but still insufficient qualification for a successful professional career.
A basic degree may get you in the door, but if you want to shimmy up that career ladder, you'll almost certainly need to undertake further study. The good news is you don’t necessarily need to commit to something as time-consuming as a Master of Taxation, as a practically focused qualification, such as a Graduate Diploma of Applied Tax Law from The Tax Institute, will provide you with the skill set you need to take on more challenging roles.

Make valuable connections

Career success at least partly comes down to who you know as well as what you know. The impressive thing about undertaking education after you’ve started a career is you get the double whammy. That is, you learn valuable new skills and get the opportunity to network with other postgraduate students in your industry – people who may be in a position to offer you that dream job later down the track.

Achieve life-study balance

One of the advantages of learning later in life is that the educational institution you attend will recognise you have a living to earn and possibly a family demanding your attention. This being the case, institutions such as The Tax Institute put a lot of effort into designing flexible courses that can be completed in a way that causes students the least amount of stress and disruption.
Like they say, you should never stop learning – especially if you want to see your career soar.

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

Find out more

Scoring maximum points in assessable class participation

University isn't just about acing your exams and carving a career path. It’s important you don’t forget the here and now, and that includes participation in your weekly classes – an important contributing factor in most university curriculums. 

Believe it or not, there once was a time when students at tertiary institutions would meet regularly with their professors on a one-to-one basis or, at most, with just one or two of their classmates. After tutorial groups expanded to accommodate anywhere up to 20 people, tertiary institutions were forced to find a way to encourage everyone in these groups to prepare for and participate in discussions. They did this by setting aside a certain amount of marks for ‘classroom participation’.

Here are five tips that will help you earn maximum marks for this part of your course assessment.

1. Show up

It sounds straightforward enough, but with the demands of other courses, work and personal commitments, it can be very tempting to skip a tutorial here and there. Avoid that temptation as participation is impossible if you’re not present. Also, show your classmates and teachers you take tutorials seriously by turning up on time, staying until the end and switching off your phone.

2. Prepare

Do the required readings and any homework that’s been assigned. Think about the issues that are likely to be discussed and anticipate the kind of questions that might be asked and how you would respond to them.

3. Fake it ’til you make it

It’s well recognised that contributing to discussions is easier for some groups than others. Extroverts are much more comfortable sharing their thoughts than introverts. Historically, it’s been much more accepted for men to express strong opinions than women. And those from Western backgrounds are typically more comfortable debating with an authority figure such as a teacher than those from Asian backgrounds. Nevertheless, in school – as in the workplace – you’re going to need to learn to speak up, even if you initially find it unfamiliar and uncomfortable to do so.

4. Play well with others

Your mark isn’t determined by the total amount of time you spend speaking, so don’t dominate the discussion. Make your observations succinctly and respond maturely if your classmates or teachers disagree with you. Also don’t put down other people or respond to their contributions with condescending remarks.

5. To be seen as extraordinary, contribute something extra

Everyone has done (or should have done) the background reading, so they’re not going to be particularly interested in you simply repeating something you’ve read. Instead, provide an individual analysis of the material everyone has consumed and raise an issue or make an argument that will take the discussion in a new and interesting direction. Trust us, even if your classmates don’t appreciate it, the (no longer bored) teacher who’s handing out marks for classroom participation will.

As esoteric as the discussions you may be having are, rest assured that being ‘encouraged’ to take part in them via marks for classroom participation is to your ultimate benefit. Learning how to formulate a compelling case, distinguish between strong and weak arguments and analyse data will stand you in good stead throughout your career, as well as all other aspects of your life.

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.

Surviving the semester: Unlikely tricks to train your memory

Your studies can feel like an overload of information with only a fraction of it becoming knowledge. Retain more with these six tricks to train your memory.

1. Repetition

While we don’t expect you to recite textbooks like a multiplication table, repeating something you’re trying to learn helps lodge it in your memory. A typical path might be your lecturer saying something important, you mouthing it and then writing it down to read later. Saying it, writing it and reading it means it has been repeated three times in different ways, creating different pathways to your brain. (Teaching it to another person counts as a fourth!)

2. Building blocks

Memorising is easier when you have a foundation and then make connections between the new information and your established knowledge. If you need to remember a slab of information, break it down and add it to your memory piece by piece. For example, when trying to remember a case study, start with the who and what, and then gradually add the when, why and how.

3. Finding patterns

A mnemonic device is a common technique that links information to patterns that are more memorable, for example remembering the number of elements in a contract then expanding that to the actual elements. Commonly, mnemonics use a phrase where the starting letter of each word relates to the piece of information, or short rhymes such as Thirty days has September.

4. Storytelling

The human brain is attracted to narrative, so developing a story can help you remember details that might otherwise escape you. Turn information into characters you can describe and explain the consequences of their actions. What happens when GST meets BAS? Humour also makes information sticky, and telling someone the story further embeds it in your memory.

5. Write a song

Delve into the meaning of nursery rhymes and you’ll find many are mini lessons in history effectively passed down by putting rhyme and music together. Choose a piece of simple music and write a short song about what you’re trying to learn. You may also find that someone else has done the hard work, like this economics rap on Hayek versus Keynes.

6. Create a game

Many games are geared to aid learning, and memory games reward recollection, such as matching a piece of information with another. Creating the game is often as important as playing it because it helps you structure information for easy recollection. You can also make a game for two or more people as learning in a group and constructive socialising also assists memorisation.

People respond differently to different techniques, so have a go at some of these to see which works best for you. You can also combine these tricks to enhance the effect.

Good luck with your studies this semester!

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.

Find out about Student Membership.

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.

Three essential study habits for continuing students

Even the best students can have bad study habits. As classes commence, ensure you begin a pattern of good study habits to increase your learning capacity and encourage success this year.

You’re no longer in high school where teachers set homework and monitor its completion, so you need to be accountable for your own progress as you study. Following these guidelines will keep you on track to achieve your educational goals.

1. Know thyself

You’ve been at uni long enough to know what works and what doesn’t. Consider if you study better alone, with a study buddy or in a group. When is a good time to study? Are you a morning or night person? Do you have other commitments during the day? Where do you prefer to study? At home, at the library, at a friend’s house?

It may be that you study contextually, for example you can do your readings on the bus, but any serious note taking needs to be done sitting at your desk. Apportion time to the different types of study according to your style.

Be realistic about what you can and can’t achieve study-wise. It’s no good having a grand schedule that you can’t achieve because it only dissuades you from studying.

2. Get organised

Allocate an area for study that is both comfortable (but not too comfortable!) and free from distractions. When you are in this zone, you will study. You won’t check the footy score, you won’t watch cat videos, you won’t create Facebook memes.

Tidy your study area and have everything you need within reach so you can’t procrastinate or distract yourself on the pretext of cleaning up or fetching something.

3. Have a routine

Develop a routine and stick to it. The first few weeks when uni resumes is usually the hardest because your class schedule may be in flux and dates for extracurricular activities have not yet settled. Do the best you can and block out time in your diary for study, even if there’s not much to study yet. By doing so and then making it a regular occurrence you’ll find each session easier to start, which reduces the barrier to procrastination.

If you’ve fallen into bad habits with your study, there are plenty of practical tips to help you turn them around, but it’s these three essential habits that form the basis of much of this advice. Practise these and you’ll be well on your way to conquering your study load.

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.

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 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 – for instance, it isn't as challenging as you’d like – 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.

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 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.

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.

How to get top marks on your exams

The exam season has arrived! Preparing for your exams is a great time to affirm your own knowledge and credentials as well as hone your time-management skills. While it’s easy to get bogged down when preparing for the end-of-semester period, improving your study habits now will have you feeling ready well before crunch time. We’ve compiled a five-step guide to help you successfully navigate the exam period.

1. Study when it’s right for you

Every person has natural peak periods during the course of the day where they feel at their most motivated, alert and focused. Whether you thrive during early mornings or consider yourself a night owl, plan your study schedule for when you are at your sharpest. Prioritise complex study content for periods of high motivation, saving the easier material for when your attention wanes.

2. Summarise your notes, rinse and repeat

You don’t have to relearn everything from the semester to perform well in your exams. Condense your lecture notes into points that cover the key syllabus topics of your subjects. Whether you learn visually, by reading it aloud or by sound, the process of shortening your notes will ensure you fully grasp your exam material.

3. Review the exam questions

Nothing’s better than a test run! Get your hands on some exam questions and practise writing your answers. Not only will be you familiar with the style and format of your test, but a run-through is sure to quell unruly nerves. The Tax Institute’s ConTax Newsletter includes example exam questions around tax topics that may be useful, while your unit coordinators may also be able to provide copies of past exams.

4. Maximise what you can do

Time spent commuting or performing low-concentration activities – such as cooking dinner or even showering – doesn’t have to be considered time wasted. Take the chance to make use of these periods by reading through your notes, browsing your lecture material or testing your memory by recalling key points. While you won’t be able to learn anything too complex, continuing to familiarise yourself with your study points will promote faster learning and memory recall – helping you reach your end goal quicker!

5. Test yourself

Your ability to learn material and then refashion it in your own words is a tried and tested method that shows just how thorough of an understanding you have. Try creating flashcards from your study notes or using the syllabus as question cues to test your knowledge.

While the study period can be tense, it’s important to remember to balance your study time with adequate rest and relaxation. With a positive outlook and by focusing on your goal, you are moving another step closer to a successful career in tax.

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.