Around the start of every financial year, all are in a frenzy to file taxes. Some are busy trying to understand the latest amendments to the tax regime; others are trying their best to file taxes in a way to save money.
Tax is an unavoidable part of our life, indeed. While trying to do all of this without missing the last day to file tax returns, everyone secretly wishes someone could take care of all the paperwork for them.
This is when the tax professionals step in.
These are the experts who:
- know the nitty-gritty of tax law
- come up with innovative ways to help individuals and organizations save money
- do all the calculations
- file the paperwork
- explain what needs to be done in a simple way
- Complete all of this within the deadline and allow you to breathe peacefully
By now, you might have a brief idea of individuals with a formal education in tax, can accomplish. To help you understand why you should be a part of this crew who is helping companies and individuals save money and protect themselves from any penalties, we have created a list of pointers. We hope, by the end of this blog, you will understand why you should make a career in taxation.
10 Reasons To Choose Taxation As A Career
We are sure that by now, you know tax professionals play an essential role to ensure businesses can function smoothly. But, along with being the pillars of business success, there are a few solid reasons to make a career in taxation. Let’s get started.
Here are a few top reasons to choose taxation as a career:
1. Say goodbye to career stagnation
Taxation is one of the very few careers that bring new challenges every second day. If you think you are good at number-crunching, then tax is undoubtedly going to push those buttons.
Also, it is not just about calculations; having a deep understanding of the law and keeping up with ever-changing legislation is no easy feat! Considering the nature of this job, you will work with new clients day in and day out – each with a different requirement. This will not only put your mathematical side of the brain at work but also encourage you to solve complex challenges using logic and tax expertise.
2. Excellent Compensation
Who doesn’t want a job which pays them well? A career in taxation will prepare you to bag an excellent salary package. Once you start as a trainee, the pay might not seem much. However, with a few years of experience, you can certainly draw in a big pay packet!
Your earnings can vary depending on the job profile you choose in this field, and your company. According to Payscale.com, an entry-level auditor can earn more than Rs. 4,60,000 per annum.
According to a report published on Economic Times, the new tax regime — GST in 2017 — the created need for 1.3 mn professionals. This is just one example that demonstrates the ever-growing demand of these professionals.
Moreover, according to the Ernst and Young report on Tax Insights, the industry needs a mix of talent – those with in-depth, in-country tax knowledge and those who can collaborate and think strategically to coordinate projects across borders.
4. Work In Almost Any Industry
From retail to entertainment, construction to non-profits, one essential thing ties almost every industry together is finance professionals. These are the ones that help manage the monetary side of the business and advise them to make it better.
When you train as a tax expert, you will acquire skills that can be relevant to almost any domain of your choosing. Thanks to this, you won’t have to worry about being stuck in just one or two fields – you can explore as much as you want to.
5. Get Prepared to be an Entrepreneur
Tax professionals have the liberty to choose their workplace. You can either work with companies and tax firms or even start your venture.
While pursuing a post-graduate degree in Taxation, you will gain the expertise to run a business with a proper structure and varied techniques to ensure it is profitable.
6. Explore Varied Job Profiles
There is a host of career profiles to choose from. Some of the top ones include:
- Financial Advisor
- Tax Collector
- Chief Financial Officer
- Tax Consultant
- Tax Accountant
- Corporate Tax Advisor
- Wealth Manager
Each of these roles serves a different purpose and offers different compensation. You can choose a profile based on your interests and professional goals. If you are interested in learning more about each of these job profiles, go through our previous blog here.
7. Global exposure
When one thinks about tax specialists, they often picture someone stuck behind a desk, browsing through financial records making complicated calculations. Anyone seldom imagines this as a fast-paced career with exciting opportunities to work globally.
By choosing to work in this field, you can get to work in some of the most exciting parts of the world. Isn’t that every professional’s dream?
8. Career Progression
Once you have a diploma in taxation from a reputed institute, you will be prepared to pursue any of the job profiles mentioned earlier. However, if you are interested in getting a deeper understanding of any particular domain, there are courses available for that as well.
For instance, if you want to become a GST specialist, you should consider signing up for the GST Practitioner Training and Certification Course. Such programs are available across India. All you need to do is check the rating, reviews, and program outcomes.
Such options will help you become a master in niche domains, and allow you to progress in your career.
9. Work with a Variety of Companies
By mastering the art and science of taxation, you can get a chance to work with the Big Four: Deloitte., PwC, EY (Ernst & Young), KPMG. These are the top accounting firms in India and across the world which are known to hire the most number of finance professionals.
Apart from these ones, you can work with companies such as Genpact, WNS Global Services, Tata Motors, Wipro Technologies, National Small Industries Corporation Limited (NSIC); or with tax consultancy firms, government departments, financial institutions, etc.
10. Personally rewarding
A good pay, constant growth, plethora of work environments to choose from, intellectually challenging – all of these factors lead a personally rewarding career.
If this is the type of career that interests you, it is time to start signing up a diploma in taxation program.
By now, we are confident that you have a brief idea of why you need to make a career in taxation. Hopefully, our ten reasons will encourage you to choose a career which has an ever-increasing demand, offers excellent compensation, growth, and no stagnation.