Since the tax code has never been more complicated than it is today, more and more people are choosing to become a tax accountant. Fortunately for tax accountants, that trend is unlikely to change in the near future. The need for qualified tax accountants is greater than ever. If you are interested in a career with tremendous growth and earning potential, here is what you need to know to become a tax accountant.
Most qualified tax accountants have at least a four-year degree. The degree can be in accounting or another related field such as finance or business. If there is a certain type of taxation work you want to do when you become a tax accountant, you should consider that concentration when choosing your four-year degree. For example, if you want to work as a tax account for large corporations, you should choose a concentration that might be attractive to a larger business rather than an individual.
Choosing a School
This is possibly one of the most important aspects of becoming a tax accountant. You should choose a school that has a great program with a reputation of fostering student success. You should choose a school that has a comprehensive accounting program that offers the different concentrations you are looking for. You should consider the CPA exam pass rate for the students who have graduated from this program in the past, and you should also be aware of any job placement or other support services to prepare for graduation. While choosing a school can be a difficult decision, it could be the decision that catapults your CPA career.
Becoming a Certified Public Accountant
Once you have completed your four-year education, you must now become certified to be a Certified Public Accountant or CPA. The certification process includes a test that you must pass. The test is difficult, and many do not pass. According to the American Institute for CPAs, the pass rate for the CPA exam in 2013 was less than 50%. Certainly, proper preparation for the CPA exam is crucial for success. The amount of time required to prepare for the exam differs among students and seems to depend of the basic general understanding the student has of the test information.
Once you have become certified, you are now ready to begin your new adventure to become a tax accountant. However, do you choose to work for an accounting firm or start working for yourself? The answer to this question really depends on the individual. However, it is usually a good idea to gain experience working for an accounting firm, before you attempt to work on your own. This is especially true if you are going to work for small business or larger corporations. The experience will be a great resume builder and will give you insight on what it really takes to be successful on your own. For example, by working for an accounting firm, you will gain insight on how to market to potential clients and how to diversify your company by offering specialized services.
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With the right education and experience, this rewarding career choice is one that can open many doors in your future and expose you to many different areas of business. By choosing to become a tax accountant, you have endless possibilities for a successful career.