The art of enjoying your holidays

If you're a student or recent graduate, the holiday period is a welcome chance to relax and think about your options for the future.

No matter whether you've been nice or naughty this year, Santa will gift you three public holidays over Christmas, Boxing Day and New Year’s Day. Many of you will spend those days with family and may find yourself fielding questions about your studies and career prospects. Here’s a guide to making it through the holiday period with your sanity intact.

Take time to reflect

With all the rushing around, buying presents and planning your celebrations, it can get a little hectic in the lead-up to the holidays. Make time to take stock of everything you've done throughout the year, from your studies to your extracurricular activates. Focus on things you’re proud of and identify areas where you can readily communicate wins. If you find this part difficult, start your statement with “I did really well at….” or “I found I really enjoyed…”.

Arm yourself with a plan

Someone will inevitably ask, “What do you plan on doing with your degree?” Your answer could be to get up and refill your drink, or you could prepare by completing a career-mapping exercise, which will help you work out your options. If you really aren't clear on your next step, try to arrange some work experience during the summer break. This will help you identify what you enjoy and where your strengths are.

Network, network, network

With all the festivities and events you’re likely to attend over summer, there’s a very good chance you’ll get chatting to someone who can help you out. Whether it’s career advice or a foot in the door at a new job, there’s a wealth of advice and information out there. Make it work for you.

Enjoy yourself

You've worked hard to get where you are, so enjoy your time off over the summer holidays. Whether you head off on overseas travel or spend time relaxing with friends and family, you want to be refreshed and ready to tackle your career in the New Year.

May your holidays be filled with the love of friends and family. Merry Christmas from The Tax Institute!

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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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Preparing to ace your interview

So your application has been accepted and you've scored that important first interview. If you’re unsure what to expect, don’t panic. Here are some tried and tested techniques to help you nail the interview process and embark on the first step in your tax career.

Do your research

Put your well-honed research skills into practice and check out the organisation you’re meeting with. Starting with its company website, research the services it offers, the specific practice or areas it operates in and who its clients are. Many firms also post FAQ’s in their career section. You can even get some background info on the person you’ll be meeting with, by looking up their profile on the company website and LinkedIn. This will help to put you at ease and demonstrate your genuine interest in the organisation during your interview.

Understand what they’re looking for

Go back and read the job advertisement you applied for. Make sure you have a good understanding of what the role entails and the key skills the organisation is looking for. This will help you to prepare answers to potential questions – and identify queries of your own.

Brush up on industry news

At your interview, be prepared to show your knowledge about current business and social issues that might impact your work. Again, this will demonstrate your interest in the position and the industry – and set you apart from other candidates.

Know yourself

If you're able to clearly explain what you’re looking for in a role and you’re confident in your strengths, you're bound to make a good impression. Run through your resume and practice describing your long-term career goals and areas of interest. Try to come up with some specific examples, such as work experience you've done or industry events you've attended, to show your passion for the industry. If you can highlight what you've learnt from these experiences, you’ll come across as confident, motivated and keen to learn.

Questions and answers

Preparing and rehearsing your answers to common questions will help you at your interview, in case nerves kick in or you’re not sure what to say. If you've already thought about your answers you’ll always have a good fallback.

By the same token, remember that you are also trying to find a job that’s a good match for you. Develop three to five questions that you can ask the interview panel about the workplace culture, training and career opportunities and the type of person they're looking to hire. And on the day, be open and honest about yourself to ensure the job you land is the right fit, both for your personality and your goals.

Preparing well for your interview and putting your research ability, industry knowledge and people skills to work will help you to make a good impression on the day. Good luck!

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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.

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Mapping your tax career for 2014 and beyond

A new year brings new career opportunities whether you are looking to move into the tax sector or a related field. By creating a career map, you can see where your knowledge and skills can take you and plan how to reach your goals.

Are you a planner or are you a ‘take it as it comes’ person? No matter which side you’re on, you can benefit from a career map, which takes into account your qualification/s and/or level of experience and portrays the career opportunities open to you in chart form.

There are a number of career mapping services available online, but you can easily develop one using a large sheet of paper, some sticky notes or a mind-mapping tool. Here’s where to start:

Drawing your map

In the middle of the ‘map’, put yourself and your qualification. Around this, write down each occupation currently open to you at this level, as well as the skills, knowledge and experience that you’ll need for the role, or will acquire on the job. Draw a line from the centre of the map (you) to each of those roles.

Moving on, treat each entry on the map as if you had achieved all that you could in that role and again consider each new occupation open to you from there. Continue repeating this process until you’ve reached the limit of your knowledge (or interest).

Choosing a path

The map shows you the potential opportunities open to you, and where skills, qualifications and experience may overlap. There may be, for instance, more than one way to get to a particular role. You can then use the map as a guide to make sure your next step is in the right direction.

Planners can trace a path from the centre to their ultimate career goal via all the other roles that precede it. Those without an ultimate destination should look at the elements of the roles that appeal to them – for example, if you like dealing with people you may prefer an advisory role compared to a number-cruncher role – and head in that general direction.

Once you have a path, set your course for 2014. Your goal may be to get a job, or to gain experience, or to acquire particular skills by the end of the year. Make sure your main objective aligns with the map and has milestones along the way so you can track your progress.

A career map should present the scope of possibilities open to you at any point in your career. Roles do evolve and new posts emerge – just look at the marketing sector, for instance, and the rise of social media-related positions – so don’t close yourself to opportunities that aren't apparent to you now. Revisit and revise the map throughout your career… you never know what exciting new possibilities lie just around the corner.

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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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