Seeking Career Advice [Tax Accountant]

angelo44 on 23/02/2018 - 17:06
Last edited 23/02/2018 - 18:29

Hi Guys,

I'm 23 years old and graduated from university in 2016.

During my time at university i was very ignorant and regrettably didn't learn much about future careers, graduate programs and so on. I also did poorly due to mental issues (achieved an average score of 60).

Anyway, I began working at a very small tax accounting firm at the beginning of 2017. After several months at this firm i started developing major depression. This was because i was stuck doing individual tax returns for most of the time. I was also working with older foreigners who i found it difficult to socialise with. At the end of last year i left my firm as i was getting too depressed.

Since that time i have been unemployed.

I'm really not sure what to do next; my questions are ;

1) Should i be 'picky' about where i work next? I really don't want to work at a place like i did last time. However, i don't have the skills or experience to really work anywhere better. Should i just take any job i can get even though it may be similar to my previous job?
2) When should i start my CA? Does anyone know how much CA roughly costs? I ask this question because i don't have much money at the moment - should i look to start it when i get my next job in a firm? What should i do?
3) How can i get over regret and being depressed about university ? i wish i could go back in time and change my actions at university. I believe i am an intelligent person who can socialise well. I believe if i had of known how graduate programs work etc i may have been able to land a job at a good firm and not find myself in the shithole i am in now. (this makes me feel suicidal)
4) Does anyone else have any general advice? I've decided to create a linkedin profile but i don't even know how to use it properly. Is linkedin important? How can i use it to help my situation?

edit; also should i try recruitment agencies? how do they work?

sorry for the rambling
thank you for reading.

Education & Work

Comments

  • toniyellow on 23/02/2018 - 17:28
    +5

    Have you seen your GP about your depression? There are also online treatment options and you can call lifeline anytime if you are feeling bad
    https://www.lifeline.org.au

    You can read the requirements on the CA website and add up the fees. Being able to find this information yourself is an important step in being successful. 'I did not know about graduate programs' is not a great excuse, university careers centres run info days about them all the time. If you don't get in the habit of seeking out information, then there will always be something you don't know about out there.

    • angelo44 on 24/02/2018 - 09:55

      Yes, i went to my GP last year and was referred to a psychologist which has helped a bit.
      Thanks for the advice, appreciate it.

  • loke on 23/02/2018 - 17:52

    Same boat as you OP, I'm thinking that it might be worth looking for something I'm really interested in and heading back to uni

    paid ~1k abouts per unit for CPA and associate member fees of ~300 thereabouts

    CA seems more expensive via quick googling CA fees

    https://www.charteredaccountantsanz.com/-/media/32bac3cf3602…

    https://www.charteredaccountantsanz.com/-/media/f447e2ae736f…

    And yeah claim as a deduction when you have a related job

    edit: see this thread too, plenty of constructive replies : https://www.ozbargain.com.au/comment/5642736/redir

  • hakkenuh on 23/02/2018 - 18:02
    +1

    If you join a decent accounting firm (even small ones) you can easily get them to pay for your CA, provided you stay at the firm for the duration of the program.

    • Iamnotcheap on 23/02/2018 - 18:33
      +1

      And just for OP FYI - you cannot do CA without a supporting firm, unlike CPA.

      If tax is what you interested in, just apply for one of the big 4 or mid tier (score isn’t always important, it’s about what you are like overall, and also if you willing to do the hard yards now as you will learn on the job - uni just helped with some background knowledge).

      But, +1 on the mental help, this could be the precursor to why you may not be entirely sure what you want or whether you are actually enjoying it. Get this sorted first before you lock yourself into something you not sure of.

      As an auditor (CA) myself, not sure how the tax guys do it - it seems to be a very dry topic. In other paths you are out and about and meeting a range of new clients, rather than behind the same desk on a daily basis.

      • angelo44 on 24/02/2018 - 09:15

        Hi thanks for the advice, however i think i'm too late to apply for most graduate programs as i graduated in 2016.For example, i was looking at applying for RSM graduate program for 2019 but according to their website ' Yes! We accept applications from those who have recently completed either a Bachelors or Masters degree within the last two years"
        Does this mean i am ruled out?

        • Iamnotcheap on 24/02/2018 - 09:50

          No, you not ruled out.

          You have been working, albeit a short time frame, since you graduated. You don’t have to enter through a graduate program per se. They can still bring you on as a graduate/first year accountant even if you have worked many years in industry.

          You can a) apply through the program, b) apply through an alternative site like seek - a quick search showed me several listings, c) apply through a job agency - they can probably offer several employers and they can assist in tips to interview well as they get paid only if you hired, d) pickup the phone and call Human Resources / Human Capital and ask them how you could apply given your timeline of events (will work for any firm you interested in).

        • angelo44 on 24/02/2018 - 10:00

          @Iamnotcheap:

          Ok thanks for this, However,
          From what i Understand, it would seem like a waste of time for me to apply to such positions. Although I have the intellectual and social capacity to work at such places, on paper I have average marks, no extra curricular activities and some basic work experience. I don't want to be negative, but given how competitive these graduate programs are - wouldn't my chances of landing a graduate job at one of these firms be extremely small?

          Also, do you know how recruitment agencies work? I've seen them on seek and online as well. I'm thinking about contacting one. How does the process work?

        • Iamnotcheap on 24/02/2018 - 10:39

          @angelo44:

          Your negativity sadly is getting the better of you.

          It’s no longer just about grades. I work for a big 4, and there has been a huge shift to no longer what’s on paper but how you can work in a team environment etc. I have seen some pretty smart people come through that cannot communicate; people skills are just as important. As said the firm will train you in-house for what you need to know.

          As I said, you will not be entering directly through the grad program as they are focused on uni students; rather you will enter as a grad but it will be through (commonly) a standard interview process.

          Process with an agent is exactly the same, they contracted to screen individuals prior to interviews, so that HC doesn’t have to go through hundreds of applications.

          To gain the best results make sure your CV is no more than 2 pages (don’t worry about a cover letter necessarily), hone in on your skills, work experience, tech savvy etc.

          Don’t over think this otherwise you will continue to be negative or not be as confident as you require to land a job. You’d be surprised that it isn’t actually difficult as what it reads to be.

  • doweyy on 23/02/2018 - 18:02
    +3

    Is tax definitely what you want to do OP? If you like accounting, have you considered audit or financial accounting as paths at all?

    • angelo44 on 24/02/2018 - 10:02
      +1

      I think this is a problem i have too.
      I did want to do tax when i graduated university but after working last year i'm not sure anymore.
      However, the fact that i was working in a place with people i didn't like and wasn't learning anything new were contributing factors.
      I want to try tax again, but at a better place so then i'll be able to know if i like it or not.
      I'm actually creative and analytical. So i'm not sure which type of accounting is best for me. What do you think?

  • [Deactivated] on 23/02/2018 - 18:07
    -2

    find a job with young people
    maybe in a call centre

    • Third_Gear on 23/02/2018 - 19:20

      Actually this is really good advice. Inbound call center jobs are a good way to meet people and do something a bit different to help build up some confidence while figuring out what to do next. Great way to build up contacts too!!

  • original15 on 23/02/2018 - 18:54

    Strongly recommend just having a chat with a doctor about your ups and downs and general health
    Can understand how much a workplace can impact your mental wellbeing
    In terms of careers have you ever thought about graduate programs? Your degreenis probably just recent enough. Intakes for 2019 will be soon or have just launched, imagine you would be able to find a couple of places that aren’t putting much or ANY emphasis on Uni results. But keep in mind it it SUPER competitive to get a place but the programs are normally geared towards development and helping the grads with their new careers

  • chumlee on 23/02/2018 - 18:55
    -1

    Sounds like accounting is not for you and can't blame you. I get depressed every tax time when I see my accountant stuck in his tiny office with no windows and just artificial light like a reptile

    Explore other things

  • monkeybusiness on 23/02/2018 - 23:53

    Sounds like you need help to treat depression first. Forget about the CA until at least you have sorted the mental health issues.

    CA is extremely difficult and challenging. You need to be mentally prepared to have little to no life for the duration that you will be studying it. If you think uni is hard, this will be 10x harder as it is a professional industry body exam. Studying CA is depressing enough and will only make your depression worse if you haven't sorted out your prior issues before hand. Its not a matter of cost as most accounting companies will cover the financial cost of it, but more your mental well being that you should be worried about. Get help!

    By the sound of things, accounting (or tax) may not be for you. Have you explored other career options? You can always leverage off accounting into other industries

  • TheBilly on 24/02/2018 - 15:21

    Dont be so rigid, do anything. Try everything, find what makes you happy, stick with it. Mental health is more important than a career, doing something that makes you happy helps with that.

    Regards
    Ex Accountant

  • [Deactivated] on 26/02/2018 - 16:33

    As someone that does accounting, I recommend you explore the commercial accounting path more than the tax route (Im talking about financial/management accounting).

    More opportunities in the long run and more $

    • angelo44 on 26/02/2018 - 22:27

      Hi thanks for the response.
      Do you work In commercial accounting ? What's it like ? What would an entry level job be like ?

      • [Deactivated] on 27/02/2018 - 16:22
        -2

        Yes i work in commercial accounting and started off as an assistant accountant. Worked my way up from a small company now working in an ASX top 50.

        The scope of learning and career progession is much broader in this field.

  • skywards on 14/03/2018 - 12:08

    Accounting firms have high turnover of staff as graduates get their CA and leave. Firms can pay for you CA, given that you stay with them for X amount of time, or you have to pay it back if you leave before then.

    Join another one, see if the culture is better.

    As to your mental health, do you have hobbies outside work? Go see your GP would be a good start.

    • fossilfuel on 17/03/2018 - 22:57

      For anyone who has trouble coming up with hobbies or ways to destress, here's an excellent document provided by the Centre for Clinical Interventions.

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