[June2016]

Hi, I am looking to get some information on what types of jobs there are out there for tax related positions and what the salaries are like (specifically for NYC). Also what are the growth opportunities when you are in tax.

I was told today that there are no growth opportunities if you take the tax route.. I would like to eventually get a masters in tax after completing the CPA and before wasting time and money on something so specific I want to know what I can expect with a masters.

I understand that tax is a great route to take if you plan to open your own business eventually.. and I like the idea of that maybe one day in the future but that obviously doesn’t happen right away, so in the meantime what type of job prospects are there for someone interested in tax.

Anyone who has worked in the tax industry, please share your experience. Thanks

[Anonymous]

So before I address any of your questions – assuming what you just typed is what you know of the tax side – why are you personally choosing tax?

[June2016]

I have experience in a small cpa company mostly preparing tax returns and bookkeeping services. I enjoy the tax returns that are unique situations and require you to do some research.

Just want to hear about what else is out there besides the typical tax preparation and what the salary expectations are.

[Anonymous]

Assuming you want to go public, there's a good bet you won't be doing tiny individual or partner/s corp returns. You will not even really be “preparing” returns, you will be reviewing provisions, reviewing support, talking with clients about their changes/uncertain positions, preparing your section(s) of the return, and of course entering data..with some praying everything ties.

Obviously you can work your way up the tax ladder in a firm, though I guess what you're really asking about is industry? In which case, people usually head over to internal tax departments. There you'll be staff/senior level accountants and hope you can hit manager. You'll help keep books and most likely prepare provisions and pro formas. You'd be aiming for tax director/vice president/president at the top. Regional office tax director is a pretty common role filled by 20-something former Big 4 managers. I actually just mentioned this in a post this morning about someone starting in tax. Assuming you don't live in the middle of no where, there are plenty of tax departments for big/mid-size companies.

But if you're envisioning public giving you a ton of experience for personal firm stuff, you might have better luck staying at smaller firms. The knowledge you get from public will of course aid you, but being a master of SALTs or R&D credits or whatever won't exactly translate.

[June2016]

Thanks that was very helpful.

The opening my own accounting firm stuff isn't my main goal at this time and I am not even sure I want to work towards that. It's the first thing people seem to associate careers in tax with and I was trying to explain to that person that there is more than just doing tax returns, and they insisted that there is no future in a tax career.

I am obviously at a very early stage in my accounting career, working at a very small cpa firm is not something I want to do forever. I would like to get my career started by applying to a big4, but I don't want to end up jumping from audit to tax or vice versa since these are unrelated and I will just end up going back to entry level salary, so if I go into tax I want to make sure there will be more opportunities ahead.

What is the salary like for these positions? Is there a benefit of getting a tax masters or do you think a CPA is sufficient ?

[Anonymous]

Surprise, surprise.. people don't know anything about accounting jobs. Don't listen to those people, there are plenty of jobs in all service lines. Tax doesn't just mean tax returns, tax can mean a variety of things from indirect to transfer pricing to fin48 analysis. Is all of audit just counting boxes and making sure the same guy doesn't have power over every control? Well..maybe.

Anyway, I'm in the NYC area so that's my knowledge base. Starting tax is around, let's be conservative, ~59k. Yes, having a masters in tax bumps that up depending on the firm. Again, conservative, let's say ~65k. You'll need your CPA to survive in tax, most of the firms are shying away from EA. And then you can go on any goingconcern compensation thread to see what people make in the different regions in terms of raises, promotions, and bonuses.

[Ganbatte]

@bigfourexpert: Wow, you seem really knowledgeable…may I inquire what your career route has been like, what kinds of experiences you have had? I will be starting in Tax at a Big 4 next month (graduated in May this year so I'll be a freshie) and if you have any tips or advice for a first-year, it'll be greatly appreciated. I've been hearing so many negatives, such as the mental and physical health burdens of busy season, people feeling like they're treated as slaves, and being discontent with their jobs starting off in Big 4. Is the first-year in public accounting like hell?

7/14 FAR ☑
8/14 AUD ☑
10/14 REG ☑
1/15 BEC

[Anonymous]

All of that totally depends on the person. I can't get into specifics here, but if we were sharing drinks on a random day I could tell you lots of stories of all types of people absolutely succeeding their first few years and some people who totally cracked like an egg. The hours can totally depend on what market you're in and what clients you're on. There are people who work very normal 9-5 hours, and people who don't. Don't feel like you don't have a choice in the matter. If you feel like the balance is getting out of hand, talk to someone. I think other Big4 employees would agree that HR can actually be very receptive and work with you once you're in the system. And, contrary to what people think, nobody here is a workaholic robot with no feelings or consideration for others. You'll realize quickly that you and your colleagues are in the same boat and, for the most part, do look out for each other.

Tips for you – brush up on things like DTAs/DTLs or just in general study/take REG. The terminology will help.I have no idea what industry you'd be in (you might not either) so it's hard to give specific advice because the tasks you're assigned can vary widely depending on your market. Any other advice is just general that applies to anything – don't take it so seriously. No one is out to get you and, regardless of what you think, million dollar returns do not rest on your shoulders alone.

As for me personally, I took a very uncommon route to get here. I came with a sort of international specialty and not right out of college, so I have a slightly different perspective than someone like you who is going the traditional route.

[Ganbatte]

Thanks for the helpful tips and info; I had thought that there'd be no 9-5's in Big 4… 😛

One more question, as you had mentioned, I have no idea what type of industry I'll be working in, so what are some of the basic generalizations about the different industries/types of clients in a Big 4 firm (ex. pros/cons, which are more difficult to deal with)? This will probably vary a lot depending on which firm and one's personal preferences, but I would like to get a general idea regarding this area. I appreciate your advice 🙂 [And I'm sorry, OP, for hijacking your thread!]

7/14 FAR ☑
8/14 AUD ☑
10/14 REG ☑
1/15 BEC

[Author]

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