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Hey
Just wanted to some little advice.I’m about to sit my final paper for December (p6) if I have passed P7 in June.
Over the course of last 3 years, September 2013 to be exact I started ACCA and never thought I will get to this stage, however now I am, throughout this monstrous journey I have had the ups and downs, the prospect of job, sometimes loved tax sometimes the audit or even the management side of it, what in your opinion is the best role to start with I’m only 22. And have been working as an assistant accountant for almost 6 months, I enjoy tax alot even though i haven’t done many tax returns or anything. Should I pursue a tax career or audit career and let’s assume with my head firmly placed on Tax, do you doing another qualification after this like the CTA is it worth it in your honest opinion?I was considering doing ACA but feel like that’s just ‘another’ accounting qualification like ACCA better to speoclise in a particular field. Don’t you think ?
Sorry for the long message.
By the way I take your advice extremely seriously!! Big fan!ACA would mean you’re standing still so forget that
The two wealthiest former students that I know of were both tax specialists and have both been retired now for a number of years
There will never be a surplus of tax specialists, there will never be no demand for tax specialists, tax is the way to go!
To make your journey to riches and retirement quicker, I suggest that the ATII qualification in the UK is a must if you plan working in the UK
If the UK has no appeal then specialising in International tax would be sensible – but I don’t know the appropriate qualification for that, sorry
You mention the completion of tax returns. I hope that that does not represent the peak of your ambition!
Tax planning and tax minimisation strategies will reap higher rewards and should be substantially more mentally stimulating
I can think of no good reason to talk you out of tax specialisation other than the one drawback that put me off ….. tax rules change every year and that represents the need continuously to work to be up-to-date
There’s no resting on your laurels drawing on previous years’ experiences
If tax doesn’t now appeal, the other specialist route would be IT, but that again involves continuous effort to stay up-to-date
Hope that helps 🙂
Mike your advises always helps. i am here after a long time and so happy after reading this answer. i think you remember your student… 🙂
Mike i have also a question related to this. i am working in a well known telecommunication network in Pakistan as a finance executive will this experience count in acca ??? i have also previous experience of a chartered accountant firm where i was doing articles. also tell me how to add experience in my acca account. will be really thankfull to you for answering this
A finance executive in a Pakistani telecommunication network company? That sounds like it could be good experience – so long as “finance executive” isn’t a euphemism for call-centre response worker
It always seems to me that the rise to higher positions is directly correlated to moving jobs every 2 years or so – expanding horizons and getting a diversity of experiences until you find that CFO position that you were aiming for
Has that helped?
yes it helps. but my question is . is it count in per requirement of acca? one of my p7 fellow told me that only accounts and auditing experience count, not finance, i think he was wrong.
I agree that tax drawback is the rules changing year on year but I think to stand out from crowd you gotta do something different otherwise it’s all the same.
Haha the tax return!! I have greater ambition than that I hope so anyway.
I have started to do self research and like you said ACA will hold me ‘still’ but with tax at least get somewhere plus the government in UK have open up vast amount of opportunities especially for tax. I think wise to go for CTA.
Thank you very much Mike. I appreciate your time and effort in writing your response.
And Guddo what’s the company called? I have few friends who work in Pakistan, 2 in Lahore and 1 in Islamabad.
guddo, I can’t imagine that it doesn’t count. Don’t you have a copy of the ACCA rules about cpd?
please send any link of cpd rules if you have. i think its on accaglobal website.
Guddo, try this link:
https://www.accaglobal.com/content/dam/ACCA_Global/Members/Doc/cpd/1943-quick-guide-to-CPD.pdf
If that’s no help I suggest that you email ACCA direct, explain your situation and seek their advice
THANKS mike. you always help in study matters as well as other matters thanks for giving your time…..
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Mike … Is there any change in p7 report format is exam-able in sept-16 attempt…?
Yes, there certainly is – the revisions are reflected in the revised chapter on audit reports within the free course notes on this site
Read those and then, if you have a problem, come back to me
Hi Mike
hope your well..
I started this post around 7 months ago asking you advice for CTA..
well the time has come now and i think i need your advice more than ever.
well im currently in the same role Assistant Accountant, i would say around 60% of my work is based around Account Prep, 30% around VAT and 10% on Tax.
Now the dilemma i have is as the firm is small i don’t get much tax work to do so my tax experience is like virtually none (tax return is the BIGGEST thing i get to do, that’s bad for me) i have spoken to the owner and said if i don’t get more tax work i am leaving straightaway as i believe Account prep and VAT is not what i enjoy. i absolutely hate doing VAT its such a mess, Account is still okay but that’s not for me in the near future.i have spoken to another firm about Tax work and they have agreed that they will support me in my CTA studies and give me pure tax consultancy work to do as well. first 3 to 6 months are without pay as i will be learning which i don’t mind to be honest at least i will be in the field i enjoy. Now my question is Whether i should take the CTA exams straight after my P6 result which is due in 2 weeks time, I m not sure how well it went but regardless i am positive. is it better to take it after passing P6 or wait for around a year or 2 years and than do CTA?
Thanks Mike.
sorry for the long Message!!Hi Sam
Hope that P6 went well for you
Why not make a start on your CTA? Pass or fail P6, any work on CTA will be beneficial. If you have failed P6, CTA work will help you prepare for a resit and …
… if you’ve passed P6, work now on CTA will mean that you’re already started down the road to a tax qualification
Furthermore, it will demonstrate to any new employer that you are motivated sufficiently to take the initiative in studying
I think it could be a good move to let your existing employer know that you are actively looking for alternative employment that will offer you greater chances in your chosen (tax) field
Their reaction could be interesting
Let me know how you went on with your P6 results 🙂 – I’ve got fingers, arms and legs crossed already!
I think you should have had it!!
Mike, my friend who also wants to study for CTA wanted some advice as well.
She is currently off work due to personal commitments and will not be going to work anytime soon. shes an affiliate. should she start studying for CTA beforehand or wait whilst in the tax role? as in clear the papers and than work?and secondly, what would your personal specialization would have been IHT or VAT?
i m going for Corp tax and Personal tax is that a good combination?
I found that, in my case, a prolonged period away from studying makes it doubly hard to get back into the routine
If your friend isn’t working and won’t be starting employment in the near future, this is surely an ideal opportunity to get stuck into some preparation work for the tax exams that she is apparently aiming to do some time
Furthermore, it should make job-hunting easier when she can say, hand on heart, “I’ve already started studying for my CTA exams and am hoping to take them in June (or whenever is appropriate to aim for)”
My specialisation? I’m not sure that that is appropriate … I always thought that tax was tax and that, if you were on top of one part of it, you were on top of all the various sub-divisions
I’m really not the one to advise on specialities within the world of tax – as you may have gathered
Why not post your question on the F6 forum and ask Tax Tutor for his take on the matter?
Yea I agree with that.
Okay i shall do that.
I was thinking about Early retirement actually Haha!! Corp tax has the highest Financial reward compared to others than 2nd in line is Individual Tax (income).
anyways thanks for your time!
Hope you had a good Festive break!
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