Staying relevant in an ever-changing tax landscape is essential. It’s no secret that the tax industry is continually changing, which means that tax professionals need to adapt. Find out how up-skilling is the guaranteed way to keep you on top.
Whether you work for one of the big four multinational finance firms, a humble not-for-profit, or have stretched your entrepreneurial muscles and started your own small-to-medium-sized enterprise, employers and taxpayers want the confidence of knowing that their tax professional has the right qualifications to manage their affairs.
A Charted Tax Adviser (CTA) designation is your sure-fire way of distinguishing yourself in the industry.
1. To keep your finger on the pulse
Australia’s tax system is one of the most complex in the world – something the Federal Government has recognised. Keeping your skills and knowledge up to date can be somewhat of a challenge. A CTA designation is an advertisement to employers and clients of your high standing and your commitment to maintaining currency in your profession.
Those carrying this designation have proved themselves to be of the highest calibre and equipped to provide the best tax advice.
But don’t take our word for it.
“The technical aspects of the qualification are superb,” says Iain Cooper, Financial Controller of Jacobs-Saudi Aramco & Director of Tax – Middle East at Jacobs.
“It was probably singularly the most important qualification I’ve done in terms of day- to-day tax calculations and having a deep understanding of how tax works.”
2. Helps develop a ‘wanted’ status (the good kind)
Okay…we admit it. Who doesn’t get an ego boost knowing companies or potential clients in the marketplace have their eyes on you?
You can be confident that a CTA designation will supercharge your employability and set you apart from other candidates.
This is because CTAs are required to absorb complex technical knowledge and develop a nuanced understanding of taxation issues; attributes that equip them to deal with a spectrum of business challenges. In a competitive job market, it serves as a powerful asset that can help you secure a competitive edge.
“I recommend it more to graduates coming up the ranks, if they want to be taken seriously as a tax adviser … This is a qualification that they need to obtain,” says Chrystal Kimber, Advisor, Bowden Liberatore.
3. A CTA is a ‘badge of honour’
They say tigers earn their stripes, and a CTA is a way to prove yours.
Tracey Rens, CTA and President of The Tax Institute Australia, says the program is now in its seventh year and should be considered the premier designation for tax professionals in this country.
“I see two key strengths of the CTA program,” she says.
“First, the rigor of the course content gives the tax industry confidence that CTAs are leading tax advisers with advanced technical knowledge.
“Second, the program’s focus on practical experience sets it apart from some other tax education programs on offer.”
The Tax Institute is licensed by the Chartered Institute of Taxation (CIOT), the UK’s leading tax professional body, to offer the CTA accreditation in Australia. In the UK, the CTA is the most prestigious tax qualification available to advisers.
“Our licensing arrangement with the CIOT is a testament to The Tax Institute’s reputation for technical excellence and high professional standards,” continues Rens.
“What is exciting for us about this collaboration is the enormous success of the UK CTA, which was launched over 20 years ago. According to the CIOT’s Head of Business Development and Marketing, the UK CTA is now regarded as a “badge of honour” and recognised as being “difficult to attain”.
“Many UK firms now require an adviser to hold CTA accreditation to be promoted to partner or even hired as a tax adviser,” she adds.
So why wait? A CTA designation is integral to your development as a tax professional navigating the Australian tax landscape and securing your professional currency.