Moving from audit to tax after ACA

[JasonBarber]

Hi guys,

I am in a big 4 firm in London and am coming up towards the end of my three year ACA contract, which was spent entirely in audit. I would very much like to make a move to tax but am not sure what my prospects are. The only tax experience I have is what I've studied as part of the ACA. I've mentioned the idea to my firm, but they say at the moment there are just no opportunities for just-qualified audit staff to move into the tax department, even though this is something that would have been relatively easy to do two years ago.

What is the general consensus on someone in my position who has decided that a career in audit is not for them, would like to move to tax, but is rather "trapped" by their firm at the moment? Should I stick it out in audit until the market improves or look for a job elsewhere? I feel it is unlikely that I can secure a job in tax that will pay the ?45k+ that I will soon be earning in audit, given my lack of tax experience. What is your advice?

Thanks,
Jason

[info@pro-tax.co.uk]

Hi Jason

In an ordinary market your move as an ACA into tax would have been quite straight forward and in the past all the Big 4, many Top 20 and some boutique accountancy firms actively seek newly qualified ACAs from an audit background to specialise in tax. Unfortunately we are still in a recovering market and as such your choices are limted. I would try and speak to your employer and see if you can get a temporary transfer into a tax department. If you are happy to undertake personal tax, as we approach the 31st January tax return deadline, you may find your personal tax department with your current employer would happily take you on for 3 months to help cover the busy period. You might even find one of your corporate tax teams may have a need at year end for some temporary cover.

The market is picking up though and we expect the Big 4 and Top 20 to start recruiting in volume more, and this will include newq ACAs to specialise in tax.

Happy to discuss this further if you want to call me on 0203 008 4487.

Regards

Pat Keogh
Pro-Tax Recruitment

[JasonBarber]

Hi Pat,

Thank you very much for your prompt response.

I am glad to hear there is a possibility in the future that the firms will recruit recently qualified ACA's with audit backgrounds to specialise in tax.

As a follow up, do you think it would be worth me undertaking the CTA qualification in the meantime? Or would having both the ACA and CTA be superfluous? I ask because in my firm there is no chance of gaining tax experience anytime soon, even on a three month basis, as I am booked well into the future on audit engagements.

I fear that my lack of knowledge of tax beyond the ACA will hinder me when it comes to trying to move across.

I'd appreciate your thoughts on this.

Thanks very much,
Jason

[info@pro-tax.co.uk]

Hi Jason

Sitting the CTA would definitely have three clear advantages:

1. It will give you theoretical knowldge.

2. Will show any future employer or your current employer that you are serious about specialising in tax.

3. Any future employer will save costs on not needing to pay for your study support.

Studting for the CTA is a great idea and it will also occupy at keast 12 months of your time so by the time you have sat and passed the exam we should be able to offer you a move into tax.

Regards

Pat