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Contrary to what you may believe, careers in taxation have a lot to offer graduates, including variety, intellectual stimulation and plenty of early responsibility.
Tax is undoubtedly an intellectually challenging career. It suits academic people who enjoy the challenge of sophisticated problem-solving.
The tax environment is constantly shifting, the business needs of the client are always on the move, and the role of a tax adviser is to match the one to the other while finding the best solution for the client. Anyone who excels at this challenge can expect early responsibility and a high salary.
The taxation profession offers a variety of work both through client contact and technical calculations. Tax advisers need to be able to interpret complex legislation, construct logical and persuasive arguments, and communicate well with clients.
Who are the major employers?
The main employers in this area are the Big Four professional-services firms: Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers LLP. However, there are also many opportunities with smaller firms and clearing banks, in industry and commerce, as well as in private practice.
Job descriptions
What’s involved in tax?
Tax is divided into the following areas:
- corporate
- personal
- international
- VAT
- National Insurance
- inheritance
- trusts and estates.
The variety of taxation means that tax advisers may wish to specialise in a particular area of expertise or enjoyment. Someone working for one of the Big Four is likely to specialise in just one area, while someone working for a smaller firm would need to have a number of specialisms or a broad understanding of the whole area.
The Chartered Institute of Taxation
Anyone wanting a career in tax would usually take the Chartered Institute of Taxation (CIOT) exams.
The CIOT is the senior professional body in the UK concerned solely with all aspects of taxation. It maintains standards, organises training conferences, lobbies for the improvement and simplification of tax law, and makes recommendations to the Government.
What qualifications are there?
The usual first step for graduates is to register and take the exams of the CIOT’s sister organisation, the Association of Taxation Technicians (ATT). On passing these exams, they are then eligible to sit the exams of the CIOT.
Alternatively, those who already have a professional qualification – for example, in law or accounting – can go straight to the CIOT exams.
Admission to membership of the CIOT enables the use of the title ’Chartered Tax Adviser’, and there is usually a pay rise relating to this.
Study courses are on a part-time basis and there are a variety of course providers up and down the country, so look for a provider in your local area. The courses are also available through distance learning. The CIOT offers short residential training conferences to help prepare for the exams.
