Post qualification careers
For graduates of the ATT and CTA exams, there will be a bewildering choice of options and taxation career paths from which to choose.
Competitive
In an increasingly competitive arena, it is crucial to source as much information as possible if you want to give yourself the best chance of success - and the widest choice.
As companies and practices undertake rapid expansion - in the UK and abroad - the demand for talented finance professionals continues to grow. Tax practitioners likely to excel are those with the requisite qualifications, a global outlook, a commitment to contribute to their employer's profitability and, above all, the drive to succeed. For newly qualified tax practitioners entering the fray, there are a number of defined career paths within every tax line.
Public practice
Within public practice - firms of chartered accountants - you can choose between corporate and personal tax, between VAT and expatriate tax, between a UK-based role and an international position.
Commerce and industry
A role within commerce and industry - in corporate tax departments - offers the same potential for the development. For those interested in compliance, planning or project/advisory work, there are numerous sought-after opportunities within areas as diverse as energy, construction, financial services, IT, media and manufacturing.
Working abroad
Opportunities for tax consultants wanting to work abroad are particularly exciting. Business activities requiring tax advisory services internationally at the moment include new business start-ups, joint ventures, expansions, overseas mergers and acquisitions.
In fact, it should be stressed that these are real growth areas, where candidates with appropriate tax qualifications and a good cv can take their experience almost anywhere in the world. For those within big public practice firms, the specialists most in demand abroad are those with experience in either expatriate or corporate tax.
Within these fields, it is practitioners who can undertake planning and advisory roles who are proving particularly popular, and, although this has been true of roles within commerce and industry for some time, it is fair to say that practice-based tax services have also become more 'hand-holding' in recent years and will continue to do so as they strive to satisfy their clients' total tax needs.
A question of specialisation
A question often asked by qualified accountants considering a tax career, is whether it is better for newly qualified practitioners to specialise immediately after qualification, or to continue in a more generalist role to gain overall experience.
The short answer is that there is no right or wrong, and it is as much an individual choice, as one that is dictated by career path. Within commerce and industry, for example, an individual with a clearly defined career path should certainly specialist as soon as possible.
The same is also true of public practice, although it should be pointed out that in practice, if you are unsure which direction to take, there is no harm in gaining more generalist experience for a period; in fact, some firms prefer those who have had a general grounding.
Importance of CTA
Another common query concerns the importance of the CTA qualification, and whether it is necessary to undertake this after completing ATT exams. CTA exams are important for any tax practitioner's career. Within practice, you may find it difficult, if not impossible, to progress to managerial status without the further qualification.
In commerce and industry, where competition for places can often be fierce, the CTA certificate is basically essential. In fact, within this arena, the ATT exams are taken for granted as more of a stepping stone en route to final qualification.
Despite the current economic climate, where employers sometimes appear to be falling over each other in their attempts to land the best graduates who have qualified in tax, the margin between 'winning or losing' that coveted job can be incredibly slim. It is in these situations that your ability to market yourself is crucial in tipping the balance your way.
In conclusion, the jobs forecast for tax practitioners is undeniably bright. Not only are there many opportunities to reward those with hard-earned qualifications, but the diversity of jobs on offer, both nationally and internationally, make the coming years an exciting time for newly qualifieds.
