Welcome back my friendly neighborhood stalkers! So this week I thought I would bring to you a little bit of the excitement I’ve been experiencing with my tax competitions. Here at the Fisher School of Business, we have the opportunity to participate in a couple different national tax competitions. Both are offered through one of the big 4 accounting firms. The earlier competition is the Deloitte Tax Case Study Competition. This competition invites various programs across the country to elect a team of four students. These students are then given a list of possible technical tax topics that may be covered on case day. After weeks of using up all available down time to review and familiarize yourself with said tax topics, the competition culminates in a five-hour session of intense tax battle within the confines of an abandoned (it’s Saturday) Deloitte office. Attempting to fulfill all requirements within those five hours is next to impossible and that’s the point. Deloitte wants to give potential and future professionals an idea of what some of the more demanding aspects of a career in tax may be.
The results of the case study are sent to a central location where all the teams are scored and then ranked. 1st, 2nd, and 3rd place winners receive $2,000, $1,000, and $500 a person with a scholarship going to the school to boot. An additional 7 teams are given honorable mentions with a $200 consolation prize going to individual team members. The results come in a about a week so if you never hear about the results from me just assume the worst! Haha.
As I am writing this, I am gearing up to have my first team meeting for the PWC xTax competition. This competition combines underclassmen and graduates alike in teams of five to propose solutions for hypothetical tax issues. From what I gather, this will involve tax theory as apposed to existing technical tax law or regulations. The teams are given a couple of weeks to develop a solution and then present this solution to a panel of PWC judges (taped presentation). One major difference with this competition is that there are multiple teams at every participating school. On a school level, winners receive a cash prize and are given a chance at competing at the national level. Five teams from around the country are selected as finalists and are flown to Washington DC. As you can probably imagine, I am really excited to give this competition my best shot.
My advice to anyone ambitious enough to seek out these opportunities: be dedicated and run with it! Find out what you can as you’re gearing up to come into the program next fall and go out of your way to prepare ahead of time (while you still have it). So far, they have been extremely beneficial experiences and I think anyone would do well to add this sort of experience to your list of professional qualifications.