Over the past 12 months, the market for qualified tax professionals working in Practice across Ireland has increased significantly. This rise is a direct consequence of the growing economy coupled with greater confidence amongst Irish companies to grow and foreign companies to invest in Ireland which has led our Practice firms, both big and small, to increase the size of their departments.

So what does this mean for tax professionals and what are your options?

This is, of course, good news for tax professionals who are currently looking for a new opportunity, particularly professionals who have recently passed their tax exams and are considering whether to broaden their experience in a different environment. So what are your options and what would be the best move for you? The answer to this question depends on a number of circumstances which is unique to each individual:

• What experience have you gained, which tax heads have you worked on and do you have a preference?
• Are you looking to make the step up from a small firm to a large one or vice versa?
• What is your motivation for moving – is it career progression, experience/exposure, work-life balance, salary?

Both big and small practices offer different opportunities so it’s important to know what these are so you can decide which best match your long term goals. 

Large Practice (Big 4 / Top 6)

• Opportunities for career progression is greater, particularly given the growth mentioned. Generally speaking, if all was to go well and a good impression was made, you would expect to receive a promotion between 12 to 24 months.
• The type of tax work is specialised to one specific tax head. Benefits to specialising allow you to become a highly skilled professional within a certain tax area. This can suit if you prefer working in one area over another but these skills can also increase your long term prospects if you have ambitions to move to an industry role, like the large multinationals and PLC’s that operate in Ireland, down the line.
• Working in a larger company gives you exposure to the largest domestic and international clients in the country.
• Big 4 / Top 6 are very competitive in regards to remuneration and would typically offer higher basic salaries than the smaller firms with more attractive benefit and bonus packages.

Smaller Practice (Top 10 / Top 20 – Small-tier)

• In a smaller firm, you would work across a variety of tax heads, if not all, for your clients. This would typically depend on the time of year (deadlines) as to what area you would be working on. In some Top 10 firms it can be more specialised to one or two areas but the smaller the practice the more varied the work is a general principle.
• Small practice would usually work with smaller clients. This can suit professionals who are looking to get more hands on experience with their clients and you can gain a better understanding and insight into SME’s and sole traders.
• Work-life balance is better but at certain periods throughout the year you would be expected to work longer hours depending on the specific deadline and work load etc.
• If you are potentially looking at one day setting up your own business, getting small-tier practice experience can help considerably. You would get a great insight into small businesses but it will also help to develop your own network if and when the time came.

To gain a better understanding of your options, the market and the Practice that would best suit you. Email j.lynch@masonalexandersports.ie or call 01-6854414 in confidence.