February 13, 2020 at 3:55 pm #2930292capitanestevanParticipant
My fellow ninjas,
Would like to get some input. I have about 5 years of audit experience but I'm sort of interested in learning tax. My firm likely wouldn't allow me to transition to the tax department as it's fully staffed so I'd likely have to look for employment elsewhere. I'm assuming that'd come with a significant drop in salary as I have no tax experience. Ultimate goal would be to start my own practice one day.
Other information: I have 3/4 exams passed, currently waiting on AUD score, feel decent enough about the exam.February 14, 2020 at 9:02 am #2930949jombeParticipant
I thought about the same thing… but I never went through with it, because I didn't want to take the pay cut & tax didn't necessarily provide whole lot more opportunities. However, for you, if your end goal is to start your own practice and is willing to take the pay cut, I think you should do it. I love the idea of having your own practice, i.e. be your own boss, but I am just not the entrepreneur type. Good luck!February 14, 2020 at 11:56 am #2931105mvhooverParticipant
I transitioned at 1.5 years of experience, so luckily I did not go through the paycut problem. Tax has definitely opened doors for my career. Audit was useful, but audit does not give you the tools to help your best friend with their business or your neighbor with business, etc. Tax definitely puts in the trenches with business owners who are trying to save money and make smart decisions. If your ultimate goal is to be a CPA firm that is well-rounded, you would either need to hire a Tax partner, or learn it. Learning it is like starting a new job. The only thing that transitions is knowing your accounting skills, language, professionality, etc. I would bet you could find a firm who would be willing to teach you tax, but also wouldn't cut your pay too much because they need someone to also help out on audits during the fall. My firm has one auditor, period. She has told me that I am her number one choice if she ever gets overwhelmed and needs assistance. Good luck, its worth it if you want that career path!February 14, 2020 at 12:52 pm #2931192vbmerParticipant
Have you considered going into industry for a couple years and boomeranging into Tax as a Senior or Manager? I know a couple people who've done this.
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