Why Tax over Audit? Experts answer…
If you are interested in a career in accounting but are confused as to whether to choose Tax over Audit or Audit over Tax, you are not alone.
Many young professionals and accounting students face the same dilemma. They’re constantly asking themselves “Why Tax over Audit?” searching for information, and comparing audit vs tax to gain an understanding of the vital differences between a tax and audit.
In this post, we’re going to answer the “Why Tax over Audit?” question, alongside many other burning questions and give you an insight into why a lot of people choose tax over audit and let you decide which way you’d like to go in the end. In order to make a great decision in this area, taking some time to look at audit pros, tax exit opportunities, and the intricate difference between tax and audit is of vital importance.
Although this article seeks to provide you with valid and up-to-date information, it is important for you to also talk to as many people in the Tax or Audit field as possible. This way, you can base your decision on sources that are directly relevant to you.
What is the Difference Between Tax and Audit?
We are about to outline more than one difference between tax and audit for you, as observing just one fundamental difference between tax and audit can be the spark that ignites your decision and helps you answer the “Why Tax over Audit?” question.
Below is a tabularized representation of the differences between choosing a career in tax vs audit.
|Tax has a more specialized focus.||Has a broader focus than tax.|
|Tax may bring in more yield when it comes to profiting from practice.
|The average annual salary for an auditor is over 10% less than that of a Tax Accountant.|
|There may be significantly fewer positions at some organizations.
|A career in auditing may open you up to more opportunities for employment within organizations.|
|Operates on a slightly more independent basis.||Since the auditing appointments and fees are set by the client, an auditor may never gain economic autonomy.|
|In Tax, you may have fewer interactions with your clients.
|There is a higher demand for direct interaction with your clients|
Tax Exit Opportunities
In Tax accounting, there is what is referred to as “BIG 4” which is usually the name used to collectively refer to the four largest professional accounting services network in the world.
After spending some time working at these companies, the Tax exit opportunities include:
- Becoming a Chief Financial Officer in an upcoming company with growth potential.
- Establishing a personal tax practice.
- Doing a corporate tax service for a Fortune 500 company.
- Exploring another tax firm for further exposure and knowledge.
Audit Vs Tax Exit Opportunities
Tax Exit opportunities
Audit Exit opportunities
|In Tax, your exit opportunities exist in international tax as well as Federal, state, and local tax.
|On the other hand, Audit exit opportunities are more diverse and broad. Common exit opportunities
include fund accounting, corporate accounting, management accounting, internal audit. From
here, the exit to investment banking is quite difficult but still a possibility.
|Tax has more predictable hours & it isn’t as busy as a career in Audit||Audit lets you work in teams and allows for greater collaboration.|
|It comes with the comfort and stability of having a set workspace||Gives you an easier opportunity to climb the social ladder.|
|It provides more variety of work and several types of clients||A career in Audit allows you to see the full scope of business.|
|You are able to quantify the value you provide to clients.||Audit sets you on a continuous journey of exposure and learning.|
|There will always be a demand for Tax services (despite IT innovations)|
We sure hope this article broke down information into bite-sized pieces, helped you understand the differences between audit vs tax accounting, and eventually answer the “Why Tax over Audit?” question.
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