Staying in practice deepens and strengthens your tax technical knowledge, you have more use of your tax legislation and internal training is structured and frequent.
As practices by their nature, are split by specialisations, this gives you the opportunity to specialise in one particular area of tax and become an expert in this field. Furthermore there is a clear distinction between compliance and advisory work.
In practice, job titles are clearly defined, the timeframe and what is requirement to get there are clearly defined. The level of turnover is moderately high and as such there are regular openings for promotion.
Often underestimated, if you train in practice, you may start with a large group of people of the same age, background and interests. Not only do they provide support but can be friends for life.
Obvious I know, but you get to work on the tax matters of various companies and as such work can be more varied.
Opportunities to second to international member firms are plentiful.
Without doubt working in industry allows a deep understanding of one company, witness the full tax cycle/project to completion and gain commercial awareness not afforded in practice.
No timesheets! Probably the second biggest advantage of industry, however be warned within industry there are other administration burdens not encountered in practice.
A good level of work-life balance can be achieved in industry and perhaps more evident in practice, however, don’t be fooled into thinking all industries work 9-5. For many, there is constant deadlines to be met whether it be for monthly or quarterly reporting, acquisitions/group restructurings and conference calls with overseas colleagues with significant time differences.
Tax professionals within industry have the chance to diverse from tax and move within other functions and often become strategic decision makers in an organisation.
Salaries are often higher in industry for certain positions.