TAXATION consultancy offers excellent job opportunities, says Mark Redmond, director of education with the Institute of Taxation in Ireland. It is expected that the demand for taxation consultants will continue to grow. Taxation consultants may find employment in a variety of workplaces ranging from banks to accountancy firms to Government departments to most large companies.
What about the job itself? No, tax consultants are not stuck behind desks, says Redmond, a lot of taxation people are out and about meeting clients, at home and abroad. If a major business deal is in progress, a taxation adviser will be present at the table, he adds.
So, what type of person is best suited to the career? "Tax planning is about being creative so you must have a creative mind. You need to have very good application as it is a demanding career but a rewarding one," he explains. In addition, good interpersonal skills are needed.
Redmond divides taxation into compliance and consultancy and says that computer literacy is needed for both areas but is essential in the area of compliance. Compliance is essentially the nuts and bolts of the system - filing returns for clients while consultancy involves tax advice. Tax compliance is deadline driven. he says, so you must be able to work under pressure.
The AITI offers the only professional taxation qualification in Ireland. To become a member, students must pass a three-part examination. Exemptions are granted for various other professional or relevant third-level qualifications. The AITI is affiliated to the Confideration Fiscale Europeene and the qualification is recognised throughout Europe.
There are a number of paths a school-leaver may take if he or she wishes to become a tax consultant. Twenty years ago, almost all tax consultants were accountants. Ben Lynch, education director with the Institute of Chartered Accountants, says that a lot of accountants in practice are very much involved in the taxation area. They may be involved in advising clients and companies about taxation. A number would become specialists in the area, he says. Tax is covered in the ICA's syllabus at three levels with the final level being a case study.
There are four main professional accountancy bodies in Ireland and, of these, members of the Chartered Institute of Management Accountants tend to be least involved in taxation. It is mainly accountants in practice who deal with taxation, explains Tony White, divisional director of CIMA. However, if a management accountant develops an interest in taxation, he or she may pursue it.
Today, about 30 per cent of the members of AITI are accountants while 10 per cent are solicitors. The bulk of the membership is made up of school leavers or third-level graduates who sit all or part of the AITI's examinations. There is an array of third-level qualifications in commerce, business, finance and accountancy available to schoolleavers, many of which will qualify students for partial exemptions from AITI's exams.
The advantage of doing a business or other general qualification first is that it widens your employment options. If you are determined on taxation consultancy from the beginning, it would be wise to check the extent to which taxation is included in the course and exactly what AITI exemptions you will be entitled to.
DCU offers the only full-time programme which is designed to prepare non-business graduates for a career in accountancy. The professional diploma in accountancy is a one-year course which, in addition to giving students exemptions from various accountancy examinations, also gives students full exemption from part one of the AITI exams.