As a tax professional in the UK, you have various options regarding where and how you want to develop your career. We teamed up with Gianina Ticu, Tax Manager EMEA at Freshworks to help guide you through one of the most significant career decisions you could ever make – whether to qualify in-house or pursue your tax qualifications through the Big 4 accounting firms – Deloitte, PwC, EY, and KPMG.
In this blog, we’ll explore the differences between these two paths, discussing the advantages and challenges of each to help you make an informed decision about your tax career withÂ
In-house tax roles can be quite appealing for many professionals because they provide a unique perspective on a single company or group of companies. Working directly for an organisation, often as part of their finance or tax department, allows you to focus on the specific tax affairs of the company, developing a deeper understanding of its tax structure and needs. Additionally, in-house tax professionals often have more opportunities to develop their commercial awareness, as they are exposed to the business’s inner workings and directly impact its financial health.
In contrast, qualifying through a Big 4 firm offers a more traditional route, with access to structured training programmes and various clients across different industries. The Big 4, consisting of Deloitte, PwC, EY, and KPMG, are the largest accountancy firms globally, offering a wide range of services, including audit services and tax advisory work. These roles often involve working on audits, offering tax advice, and handling tax compliance matters for multiple clients on a day-to-day basis.
In the UK, two leading professional qualifications for tax professionals are the Association of Chartered Accountants (ACA) and the Chartered Tax Adviser (CTA) designation. The ACA, offered by the Institute of Chartered Accountants in England and Wales (ICAEW), is a globally recognised qualification that equips professionals with technical knowledge in accounting, finance, and tax. The CTA, awarded by the Chartered Institute of Taxation (CIOT), focuses specifically on taxation and is viewed as the gold standard for tax advisers.
Both qualifications can be pursued in-house or through the Big 4, although the route to qualification may differ slightly. In-house trainees may have more flexibility in their learning journey, while Big 4 trainees generally follow a more structured path with access to a wider range of resources.
As an in-house trainee, you will be part of a smaller team, often working closely with senior tax professionals within your organisation. This can lead to increased responsibility and exposure to various areas of tax. In-house trainees can benefit from more direct mentoring, as they typically work close to experienced professionals who can provide guidance and support.
However, one potential drawback to qualifying in-house is the lack of access to formalised training programmes that the Big 4 firms typically offer. In-house trainees may need to be more proactive in seeking out training opportunities and staying up-to-date with industry developments.
Staying current with tax regulations and developments is crucial in today’s ever-changing financial landscape. As a participant in webinars held by the tax authorities, I am subscribed to receive notifications about upcoming sessions. This lets me stay informed about the latest topics and determine whether they are relevant to my professional needs. The webinars cover various tax areas, including corporation, indirect, and international employment taxes. It’s like a constant studying process, where I must keep updated with the latest information. In addition to webinars, I subscribe to various publications, such as the OECD, providing valuable insights into tax developments. To ensure comprehensive knowledge, I also rely on resources from the Big Fours, who summarise essential tax updates and analyse crucial tax issues. By utilising these resources, I can stay ahead of the curve and provide my clients with accurate and up-to-date advice in this complex field.
Tax Expert Comment – Gianina Ticu
Trainees at the Big 4 firms typically join a structured training programme, working alongside a cohort of peers who are also pursuing their tax qualifications. This shared experience can foster a sense of camaraderie and support as trainees navigate their professional development together. The Big 4 experience often involves internships and rotations across different departments, providing exposure to various aspects of tax and the opportunity to develop a wide range of skills.
While the Big 4 firms provide more structure and resources for trainees, they can also demand longer working hours and a higher workload. Balancing work commitments with the demands of pursuing a professional qualification can be challenging, and trainees may need to develop strong time management skills to succeed in this environment.
Working with calendars is a crucial aspect of our work, particularly when it comes to meeting specific tax deadlines. These deadlines are incredibly tight because tax numbers are the last numbers incorporated into the financial statements, and they cannot be prepared until the final profits have been calculated. As a result, once the finance team closes the books, the tax team is left with only a very small window of time to prepare this information. This leaves no room for mistakes or delays. To ensure efficiency and accuracy, I have found that working backwards from the deadline and coordinating tasks accordingly is a practical approach. By prioritising and managing our time effectively, we can meet these tight deadlines while maintaining high precision in our work.
Tax Expert Comment – Gianina Ticu
Ultimately, qualifying in-house or through a Big 4 firm will depend on your preferences and career goals. Both options can provide valuable experiences and opportunities for growth as a tax professional, but they differ in terms of the learning environment, exposure to different industries, and the level of support available.
Learning on the job is an essential part of professional growth and development whichever path you choose. It requires a willingness to dig into the past, researching and understanding why certain practices have been done in a particular way. This helps build a strong knowledge foundation and enables individuals to make informed decisions in their field. In the tax industry, for example, professionals must stay ahead of changes and proactively approach tax matters. Tax teams can provide valuable insights and strategies by anticipating obligations and changes that may affect businesses. This proactive approach is far more effective than being reactive and waiting for prompts from tax authorities. Overall, continuous learning on the job is vital for success in any profession, as it allows individuals to adapt to new challenges and stay at the forefront of their field.
Tax Expert Comment – Gianina Ticu
In-house tax roles may be better suited for individuals who prefer a more focused approach to their work, enjoy delving into the intricacies of a specific organisation, and value the opportunity to develop their commercial awareness. These roles can offer greater flexibility in learning and development but may require more proactive effort to seek training opportunities and stay informed about industry developments.
On the other hand, the Big 4 firms offer a more structured environment for trainees, with access to a wealth of resources, internships, and rotations across different departments. These roles can provide broader exposure to various industries and clients, fostering a more comprehensive understanding of tax law and practice. However, the demands of working for a Big 4 firm may be higher, requiring a strong commitment to time management and balancing professional development with work responsibilities.
It’s essential to consider your career goals and personal preferences carefully when choosing your tax career path. Reflect on the type of work environment and learning opportunities that best suit your needs, and research potential employers thoroughly to understand their culture, values, and expectations. By making an informed decision, you can set yourself up for success in your tax career, whether you qualify in-house or through a Big 4 firm.
Once you have decided on the path you wish to take, preparing yourself for the job market is essential. Tax professionals should keep their skills sharp and up-to-date, staying informed about changes in tax law and guidance from HM Revenue & Customs (HMRC). Additionally, networking and building relationships with other professionals in the field can be invaluable when seeking new opportunities or advancing your career.
The choice between qualifying in-house or through the Big 4 is ultimately personal, and there is no right or wrong decision. Both paths can lead to a rewarding and fulfilling career in tax, offering unique experiences and opportunities for growth.
By carefully considering your preferences, goals, and opportunities, you can make the best decision for your tax career and set yourself up for success.
Whether you pursue your tax qualifications in-house or through one of the Big 4 accounting firms, remember that your tax career is yours to shape and grow. Stay proactive in your professional development, seek out valuable experiences and connections, and embrace the opportunities that come your way. With dedication and perseverance, you can build a successful and rewarding career in taxation, no matter which path you choose.
Whether you’re considering a move to an in-house role or the Big 4, our expert tax recruitment services at The Consultancy Group can guide you through the process. We offer personalised career advice, exclusive job opportunities, and valuable industry insights to help you find the perfect fit. Get in touch today!
