Why mentoring is important for young professionals

 

Most people who are successful end up that way because they’ve sought out mentors to show them how to reach the top. In this blog, we will provide you with the valuable resources and information about why a mentor is so valuable to your career progression.

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

Experience is a valuable thing. And while there’s no substitute for earning it 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 further your career.

2. When to search for an mentor
There is an old saying that when the student is ready, the teacher appears. The 21st century version is that when you feel you have something to learn – be it technical skills, management skills or even life skills – you’re ready to seek out a mentor.

3. How to find a mentor
People often agonise over where to find an appropriate mentor, but it’s really not that hard. In fact, if you think about it, you’ve almost certainly been mentored throughout your life by relatives, former teachers and sports coaches.

The best way to find a mentor is to simply contact someone you admire – even if you don’t know them – and ask them if they would be interested in mentoring you. After all, imitation is the sincerest form of flattery.

There are no hard and fast rules about what makes a good mentor. If the individual in question is someone you respect, can teach you what you want to know and help you get where you want to be, they’re almost certainly good enough for your purposes, regardless of their location in the org chart, industry reputation or educational qualifications.

4. The mentor–mentee relationship
Like any other relationship, mentor–mentee relationships go through phases. In the early days, there may be a lot of enthusiasm on both sides, with the mentor flattered that someone is so interested in what they have to say and the mentee eager to learn all they can.

Over time, that initial enthusiasm will fade and interactions might become less frequent. And, if the mentor has done his or her job properly, at some point the mentee will have learnt all they can. At this stage, the parties involved may decide to stay in touch or go their separate ways.

However the relationship unfolds, the mentee should always show the appropriate gratitude and respect towards the person who has chosen to help them out.

---

The Tax Institute offers a Young Practitioners Mentoring Program for its member. Speak to a membership adviser on 1300 829 338 now for more information, or contact an adviser here.

---

Four qualities of great leaders

It’s common knowledge that becoming a great leader calls for a complex suite of skills. Although we recognise that talented bosses are equipped to rise to challenges and make tough decisions, we often forget that the ability to communicate, delegate, remain positive and stay creative are equally intrinsic to finding a leadership formula that works.
 
Whether you dream of heading up an accounting firm or working as a tax consultant, there are ways to hone your leadership credentials now. Here are four qualities of great leaders along with fail-safe tips for acquiring them.

Communication skills

The ability to articulate ideas and give clear direction to colleagues can separate a mediocre leader from a boss who excels. Failure to communicate effectively can lead to conflict and poor execution – factors that can impact bottom lines. From taking a professional writing course to volunteering to speak at an industry panel, there are plenty of ways to cultivate your powers of expression and make sure people understand what you’re trying to say.

The ability to delegate

Great leaders know that when it comes to freeing up the time and energy to focus on strategy, the ability to delegate is key. Overbearing managers run the risk of damaging relationships with staff members and impacting employee trust. You can master the art of delegation by looking at your workload and identifying the tasks you could outsource. The most effective delegators understand the responsibilities that are worth their efforts and those that should be passed on to someone else. They also trust their team to deliver great work without being micromanaged.

A positive attitude

The best leaders believe that you can turn around a missed opportunity and that failure is simply success in this disguise. This positive perspective is essential to becoming the kind of visionary leader staff members look up to and emulate. Whether it’s working with a charity or volunteering at a not-for-profit on weekends, offering your skills to those who need them can help you become more influential.

A creative approach

Fields such as tax and accounting might not be traditionally classified as creative, but creativity is still a powerful leadership asset that can help a company grow. Being a leader often means thinking outside traditional boundaries and drawing on the power of imagination to tackle complex briefs. Whether it’s taking a painting class or learning how to capture better photos, there’s no shortage of ways to catch the creative bug. Harnessing your creativity can supercharge your leadership skills down the track. Encouraging your team to think creatively and brainstorm together can help foster creativity in the workplace.

From communication skills to the ability to delegate, the right mix of attributes can see a leader succeed.

What are you doing today to hone your future leadership skills?

A helping hand up the career ladder

Ralph Waldo Emerson once declared: “What I need is someone who will make me do what I can.” As it turns out, it’s not only poets who need a helpful push to reach their potential.

How a mentor can help you

"The first step to finding a good mentor is, of course, coming to terms with the fact that you actually can benefit from having one," says billionaire Richard Branson. Undertaking the right tax course is necessary to have a career in the tax industry, but a mentor can help that career become great.

A wise and experienced mentor can:

• Prevent you from making rookie mistakes.
• Let you tap into their network of contacts.
• Reassure you and motivate you when you experience setbacks.
• Provide advice on how to improve both your technical and people skills.
• Act as a sounding board when you need to make big decisions, such as whether to invest in more tax training.
• Diplomatically point out your weaknesses and show how to improve them.
• Identify your strengths and suggest how you can better leverage them.
• Provide the kind of perspective that only comes from age and experience.

Finding a mentor

The good news is that finding a mentor has never been easier. Many companies – including all the 'Big Four' firms – have mentoring programs, and you can also find a mentoring match through the Small Business Mentoring Service or the Australian Businesswomen's Network.

If you want to identify and approach someone without going through a middleman, you can always attend the networking events featured on The Tax Institute's calendar and see if you run into anyone inspiring.

It can even be as simple as picking up the phone, reaching out via LinkedIn or sending an email to someone you admire to ask them to mentor you – they're likely to be flattered you even asked.

How to be good a mentee

Unless they are retired, your mentor is probably going to be someone in a senior position with lots of demands on their time. Respect the time they are selflessly giving to you by turning up to appointments and arriving well prepared with a list of issues you want to discuss. Mentor–mentee relationships can take many different forms, but keep in mind that it is meant to be a business-focused relationship and your mentor may not wish to hear about, or provide advice on, your personal life.

Finally, always show your mentor gratitude and respect, especially when bringing the relationship to a close.


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

Find out more  

Uni’s finishing. Now what?

As the end of your undergraduate studies looms closer, it’s time to start thinking about a crucial decision: enrol in further postgraduate tax training and education, or get yourself a job in the real world?

Either way, it’s a smart idea to implement the following strategies as a ‘final year bucket list’ in order to boost your chances of success in the path you ultimately choose.

Focus on the grown-up social network

You’ve reached the point in life where it’s time to spend fewer hours sharing funny cat videos on Facebook or picking the perfect Instagram filter, and a little more time polishing your LinkedIn profile and checking out the site for news and ads that might help you land that dream job or identify worthwhile tax training.

You should also be connecting with alumni, academics and other industry professionals who may be able to provide you with assistance or at least useful insights.

Get an internship

Even if you’re set on enrolling in a Master of Taxation, there’s much to be gained by getting some real-world work experience. And if you’re looking to score a graduate position, few things are more attractive to employers than evidence that you’re familiar with the unspoken expectations and conventions of office life.

The big four firms all offer well-regarded internship programs, as does the ATO. Many big corporations, such as Woolworths, Telstra and Google, also offer great accounting internships.

Build your personal brand

The most effective way to stand out from hundreds of other fresh graduates is to build your personal brand. Start by attending as many networking events as you can and make your face and name known to those who matter.

Also, don’t be afraid to share your knowledge and industry perspective by creating your own thought hub – you can start a blog for free or tap into LinkedIn's built-in blogging features.

Become a mentor

Evidence you can inspire others comes in handy whether you’re considering a career in the business world, academia or both. Your university probably has programs that allow senior students to provide guidance to or tutor junior and freshman students.

If they don’t, Volunteering Australia can match up individuals with a particular skill set (such as several years of taxation knowledge) with those who have need of such skills.

Cleverly combine work and study

If you’re a bit of an overachiever (although that’s never a bad thing), undertake further education while finding your feet in a demanding graduate position by custom designing your study. The Tax Institute offers numerous programs you can complete while working that can equip you with the practical skills you’ll need to hit the ground running as an up-and-coming tax superstar.

While celebrating a job well done for completing your undergraduate degree is duly earned, don’t waste those three years of hard work by failing to think carefully about your next move. Whether it’s further education or a graduate role, the time to think about your future is now.


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

Find out more 

Putting a wise head on a young career

Most people who are successful end up that way because they’ve sought out mentors to show them how to reach the top. Australia’s current prime minister, for example, always treated his old boss, John Howard, as a sort of father figure and regularly sought his advice during his quest to occupy The Lodge.

The advantages of having a sage adviser

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

Experience is a valuable thing. And while there’s no substitute for earning it 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 further your career.

The right time for outside input

There is an old saying that when the student is ready, the teacher appears. The 21st century version is that when you feel you have something to learn – be it technical skills, management skills or even life skills – you’re ready to seek out a mentor.

The mentor marketplace

People often agonise over where to find an appropriate mentor, but it’s really not that hard. In fact, if you think about it, you’ve almost certainly been mentored throughout your life by relatives, former teachers and sports coaches.

Many companies have mentoring schemes in place. If yours doesn’t (or you’d prefer to venture outside it), you can find a mentor through Chartered Accountants Australia, CPA Australia or the Australian Businesswomen’s Network.

Alternatively, you can simply contact someone you admire – even if you don’t know them – and ask them if they would be interested in mentoring you. After all, imitation is the sincerest form of flattery.

There are no hard and fast rules about what makes a good mentor. If the individual in question is someone you respect, can teach you what you want to know and help you get where you want to be, they’re almost certainly good enough for your purposes, regardless of their location in the org chart, industry reputation or educational qualifications.

The mentor–mentee relationship

Like any other relationship, mentor–mentee relationships go through phases. In the early days, there may be a lot of enthusiasm on both sides, with the mentor flattered that someone is so interested in what they have to say and the mentee eager to learn all they can.

Over time, that initial enthusiasm will fade and interactions might become less frequent. And, if the mentor has done his or her job properly, at some point the mentee will have learnt all they can. At this stage, the parties involved may decide to stay in touch or go their separate ways.

However the relationship unfolds, the mentee should always show the appropriate gratitude and respect towards the person who has chosen to help them out.

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.