10 reasons to consider an intensive course with The Tax Institute

Education providers sometimes offer intensive, compressed versions of their courses. It’s an alternative that’s becoming increasingly popular with students, who report higher satisfaction levels because of the time they save with this study mode.

Moreover, researchers over the past 20 years have concluded that intensive courses do no disservice to students’ educational outcomes and, in fact, offer many advantages.

The Tax Institute’s fast-tracked ‘CTA1 Foundation intensive’ subject provides students with tax fundamentals in just 6 weeks, as opposed to the usual 14. Students can accelerate their professional growth and can update their knowledge of Australian tax basics in record time.

Here are our top 10 reasons to enrol in The Tax Institute’s CTA1 Foundation intensive.

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).

7 tips to leverage your training strategy

Are you looking to create a strong training strategy in your team?

We have provided seven tips to help you prepare and implement a successful training strategy.
1. Listen to your team
In order to determine your teams training needs, talk with your team, get their feedback and try to work out from a practical sense any trends that are happening that need addressing.

2. Reward and encourage post-training
To have a successful training strategy you need to ensure that the team implements their learning. It is always good to recognise those who show initiative in implementing the training and reward them in various ways.

3. Conduct a skills-gap analysis
If the organisation is going to spend money on training, they will need to identify the return on their investment. Write down how the training will impact the team productivity and that it would be a worthwhile exercise.

4. Keep your program regular and fresh
With the changes in the profession and technology, training is best implemented on a regular basis rather than annually. This will provide the team with up-to-date knowledge and career satisfaction that they know their job and capabilities are growing. If you do not have the resources internally, it is always good to look externally such as monthly tax update webinars [hyperlink].

5. Create the right mix of technical and non-technical training
Having a right mix is crucial. If you provide too much technical training, you will not provide your team with the time to absorb all the details and more importantly, they will not have the time to implement this in the workplace.

6. Customise training via feedback and suggestions
To identify this, it is always good to have a meeting with the team, whether it be a few weeks or a few months in.

7. Collaborate and keep training consistent
By providing consistency, this will reinforce the training and ensure that the team absorbs the information. This can be done in break out training or team meetings which are dedicated to discussing the weeks training topic.

To find out more about how you can utilise The Tax Institute’s applied tax training for your company, please contact Anil Fernandez via email anilfernandez@taxinstitute.com.au or call (02) 8223 0069.

Otherwise, jump onto the website for further information taxinstitute.com.au/education or call 1300 TAX EDU (1300 829 338).

2016 training trends

In order to remain competitive in today’s fast-paced and ever-evolving tax and accounting landscape, it’s critical for professionals to keep both their knowledge and skills timely and relevant. From a firm’s perspective, an ongoing commitment to implementing the right learning and development strategy is essential to nurture and manage the internal talent pool.

We have identified three key trends in 2016:

Leverage the training mix

Experts agree when it comes to training, there is no one size-fits-all approach. Getting the training mix right is about ensuring teams remain updated on both soft and hard skill sets. National director at Grant Thornton Stacey Smith says its program includes a mix of soft skills and non-technical training, regular tax updates concentrating on specialised topics, as well as programs nurturing commercial skills.

Putting knowledge into practice

Meanwhile, with the rapid changes in digital capabilities, cloud-based accounting software and rapidly evolving client expectations, experts highlight the importance of ensuring tax and accounting professionals have regular technological updates. At Perks for instance, Oakes says training includes technology-driven value-add skills, particularly from junior level upwards.

The test-and-learn method

When it comes to tailoring the training within a firm, experts agree a customised approach can be achieved through measuring testing and learning. At Perks, Oakes says the firm runs an annual skills gap analysis, which involves getting feedback from staff to be able to tailor the training program accordingly.

Engaging the team in training helps to maintain currency of both technical and non-technical skill sets. At the same time, consistency in delivery, testing and learning, and being open to adapt and customise a program are critical in ensuring all individual learning needs are addressed across any organisation.

To read more about these key trends, download our white paper.

To find out more about how to achieve your chosen path, please visit taxinstitute.com.au/education or call 1300 TAX EDU (1300 829 338).

Tax training: How regularly should you invest in training your staff?

It’s perhaps unsurprising that those who spend much of their time assessing the merits of various forms of investment also tend to be enthusiastic about spending to develop human capital. After all, the return offered by a competent, well-informed staff member is obvious enough to have even the most tight-fisted executive reaching for the company chequebook.

Here, four senior staff members from leading accounting and financial services firms explain why money spent on tax training, such as the CTA1 Foundations, is money well spent.

Good staff demand it

Firms seek to recruit quality candidates and quality candidates seek firms that will provide them with the opportunity to develop themselves professionally.

“Our preferred candidates come from the top two universities and we look for graduates who present professionally, have good passes and are articulate in both written and oral forms of communication,” says Anne Goode, associate director at Moore Stephens.

Ross Forrester, a director at Westcourt who is similarly interested in recruiting high-calibre graduates, argues such individuals place a premium on training. “Young staff are hungry for knowledge, so much so that they place more value on a firm that will invest in helping them develop their career than one that will offer them a bigger salary upfront.”

Firms require it

“Accounting and financial services firms are knowledge organisations,” says Forrester. “An investment in staff training is needed to remain competitive in the marketplace.”

While noting all staff can benefit from tax training, Forrester points out that the returns are particularly high for those in the early stages of their career. “Staff coming from a low base of knowledge generate a better outcome per training dollar spent.”

Clients expect it

“Our clients have high expectations of our staff and assume they will be competent tax advisors,” says Leigh Dyson, senior manager at Barringtons. “We invest in training our staff in the expectation they will remain with the firm and develop into technically competent advisors. And while training is important for everybody, that first two to three years in someone’s professional development is probably the most critical period.”

Which course?

There’s no shortage of options when it comes to tax courses, but the Tax Institute’s CTA1 Foundations is highly endorsed by tax professionals.

“We looked at quite a few different courses but found CTA1 is something our graduates could apply immediately,” says Daleen Van der Merwe, HR Manager at DKM Group. “They feel they’ve learnt something, their self-confidence grows and the company is reassured that they’re being provided with a consistent standard of education.”

Many employers claim their staff are their most valuable asset, but the ones who are sincere demonstrate it by providing those staff with opportunities to develop their skills through a range of training options.

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.