Most accounting students know the two major areas of public accounting: Audit and tax. They probably also know the stereotypes associated with those jobs. Generally, audit involves traveling, a lot of client interaction and being on site. Tax, on the other hand, involves corporate tax preparation, researching tax law in the audit firm and tax planning. However, there are tax people who travel widely, shy audit associates and everything in between.
So why is it important to consider the “Tax or Audit?” question? Recruiters want to know your answer, and you meet then almost as soon as you step on campus. In addition to an informational panel with recruiters during the MAcc Career Foundation Seminar, there were two mixers before the first day of class. These events are great opportunities to ask questions about what it is like in each field. It can be hard to consider whether you want to do audit or tax at the same time you are starting the MAcc program if you do not have professional experience. Start thinking about it now. Do you click on news about recent tax changes, or get immensely bored trying to figure out if your student loan qualifies for a tax credit? Do you find “The Smartest Guys In The Room” fascinating, or could you care less about GAAS? Don’t choose a career path because you think your personality “fits” into one category or another. If you want the best of both worlds there are several smaller firms that require cross training for all entry level accountants. You can also apply for both tax and audit jobs at different firms, just not both within the same firm. Each career path can be challenging in different ways, both can offer great opportunities if you do your job well, and both can be rewarding. Most importantly, try not to over think it. Pick the area you find more interesting and go with it.