TAX OR AUDIT? l Why I Chose Tax and How to Decide for Yourself l Advice from a CPA

Hi everyone!
I wanted to talk to you about how I decided to choose tax over other accounting professions such as auditing or consulting. If you have any questions, please leave them in the comment box below. Enjoy!
-Jen
Instagram: @FinancialMatter
📷 Equipment Used:
Sony Alpha a6000 Camera: amzn.to/2LFjQiq
Amazon Basics Lightweight Tripod: amzn.to/2ZnVwtk
Disclaimer: this video is based solely on my five years of experience in public accounting

[@MszAshanti]

This video is so help. I’m literally applying for internships in both areas. In my interviews I’m getting the impression they want my dedication to one over the other. However, your bullets with tax resonates with me much more. I’m more excited about prospective tax internships now. Thank you!

[@izayzo3245]

I’m a junior accounting student and I’m going through my first round of recruitment. All the different internship options make it hard to decide a path. This was a great video that answered a lot of questions thank you!!

[@FinancialMatter]

Josh Quezada glad it was helpful!

[@Johnny-nv7oh]

Do u like accounting I’m thinking abt going to college for it

[@Loreyna32]

I defiantly agree with being in the office and going straight home lol!

[@FinancialMatter]

yess!

[@shantanuranjandey317]

As a Tax Consultant at Deloitte, I can say that there is a high demand for this job. Also, there's a lot of scope too !

[@PrakashMagar-k5v]

What's now ia there a high demand for now too

[@Roady-yn4kz]

im interviewing for a tax position at kpmg and this was really insightful. thanks!

[@rahuls5420]

Is the role offered analyst in advisory working in tax technology hub team

[@TookAnotherLeap]

"there are two things that are guaranteed in life and that's death and taxes" lol!! Thank you for the helpful advice! I'm attending a virtual job fair for accounting students on Friday and seeing which lane I want to pursue more.

[@FinancialMatter]

Good luck at the virtual career fair!!

[@Chironex_Fleckeri]

I can totally see myself doing this for 2500 hours a year for the next 35 years. This is a thrilling career!

[@FinancialMatter]

not sure if you're joking or not haha

[@robreich6881]

Lol

[@Chironex_Fleckeri]

@@robreich6881 Lol indeed. Why did the auditor cross the road?

[@CSGO-ds9iz]

@@Chironex_FleckeriI don’t know. Why??

[@Chironex_Fleckeri]

@@CSGO-ds9iz to test if it exists

[@angelimendoza97]

I applied for an Audit Associate job but I was referred to and got accepted into the Tax team! The learning curve is a bit steep as I was unemployed for 4 months and graduated 3 yrs ago outside US. Thank you for this insight!!!

[@FinancialMatter]

No problem Angeli! Let me know if you have any questions related to tax/ working in the tax field!

[@SJ-cf7hb]

Is it possible to switch from Audit to Tax in a public accounting firm? Since there's two different qualifications

[@PrakashMagar-k5v]

​@SJ-cf7hb possible but need to restart your carrer as per my knowledge

[@conorrichard9829]

Great video! I’m currently an undergraduate student at UC Berkeley and this really helped me for what types of internships I might apply for my junior summer.

[@FinancialMatter]

Glad it was helpful!

[@nathanrodriguez7740]

Thank you for this video I appreciate it and hope you continue to create more great content

[@bornin4k]

Been a minute haha, thank you for sharing your insight!!

[@angelaangela9543]

I had an interview for a tax associate position in one of the big 4 and unfortunately I was rejected. However I was endorsed to another position which is Audit Associate. May I have any insights on what to prepare for the interview? And what are the qualities/technicalities that are needed for this position. I am a BS Accountancy grad but no experience yet. Thank you for the response if ever you see this ma'am.

[@silentninja4850]

Thank you for this video! I didn’t truly understand tax until I watched this.

[@FinancialMatter]

Glad it was helpful!

[@codymarcusen5704]

I'm starting a MAcc program in the fall and am trying to decide which track to do. Found this incredibly insightful. Thank you for posting!

[@FinancialMatter]

Cody Marcusen Anytime!

[@jokkon13]

+1 for Tax. Notice there are more tax youtubers than audit; the audit folks are still vouching expenses in the audit room working OT at the moment.

[@arpanjoshi547]

😂

[@arosales2050]

Thank you for sharing! This is extremely helpful

[@FinancialMatter]

Glad it was helpful! Let me know if you have any questions :)

[@RVC0902]

I like that it's not mutually exclusive with audit. That you can do tax but also have experience in Audit

[@FinancialMatter]

Yes! 🙂👍

[@cathyluo259]

Couldn’t agree more. Thanks for sharing🥰

[@anubhavganguly5838]

Wow, thanks for such insights! Could you pitch in some more insights about transfer pricing?

[@FinancialMatter]

Sure thing! TP refers to the rules & methods for pricing transactions within and between enterprises under common ownership/ control. In Big 4/ public accounting, TP was it's own separate group/team. In private accounting, I would read the transfer agreements, create workpapers each month/ quarter and make journal entries.

[@spring3009]

Thank you so much for sharing this! It is so helpful🥺🙏❤️

[@FinancialMatter]

Glad it was helpful! ✨

[@KarolinaMau]

Thank you for inspiration. Im writting my bachelor.. hard times with quarantine and etc. You helped me thanks for your vids!🤍🙏🏻

[@FinancialMatter]

thanks for your encouraging words!

[@maivnkaujlis]

Thank you for this video! I'm currently auditing but I am thinking switching over to doing taxes. I will be done with my BSN next year but I will head for my Masters in Accounting. What do you recommend ?

[@FinancialMatter]

For tax, Masters in Accounting can be helpful but most (if they choose to get a masters) get a Masters in Taxation (MST). Both are great but the MST is more specific to what tax professionals do and may factor into compensation.

[@566johncena]

Thank you ☺️ This video was really helpful and I hope you upload more videos !!

[@FinancialMatter]

Glad it helped!

[@NaderM-i3v]

What if you enjoy working in both teams and independently? How does this influence your choice between applying for an audit intern or tax intern?

[@kat-zj1oh]

you're back yay! I got accepted to Fullerton and committed!

[@FinancialMatter]

congrats kat!

[@jamessinclair1486]

I'm interested in using the software to do my crypto taxes where they calculated for me. They said that all I need to do is once I get that report I can send it to any CPA regardless of they are knowledgeable in Crypt or not and they can send it to the IRS. Is this true? Thank you

[@Okelaokelala]

Hi, thank you so much for making this video! I am actually wondering whether experience in technology such as taking a class in python programming language will be useful as a tax professionals? Thanks again!

[@FinancialMatter]

Hey Ellen! I haven’t seen people in tax use python yet but you should still take it if you’re interested in the class! Some tax programs I’ve used are Alteryx, Excel, Tableau, OneSource, etc. All programs you can learn on the job!

[@briellec6373]

What review material did you use when studying for the CPA? I recall you mentioning that you are a self-studier so I am curious!

[@FinancialMatter]

I used Becker to study! highly recommend! it's pricey but some accounting firms will reimburse you for partial or full cost

[@briellec6373]

Thank you for your reply! I actually like Becker I did a demo of it. I would love to know more about your study routine. How long and how often you studied and how you did it using their program! :)

[@FinancialMatter]

Brielle hey! I studied almost everyday but didn’t study in between getting my results. I received my scores for the last section the week I started working. Lmk if you have any other questions! My first few videos on KZbin I go over my CPA tips!

[@briellec6373]

@@FinancialMatter Thanks! How long would you study each session? Did you do the final reviews? How many mock exams?

[@FinancialMatter]

Brielle I would take about a month and a half to study for each (without working). I did take the practice exam and I do recommend it. I believe I took 2 practice exams for each section.

[@GolusMUM96]

Heya! Can you please list down the softwares that will be helpful for a tax profile?

[@romeoechoe9304]

Hi I am an International student taking up Master of Accounting. i havent started my intake yet but Im already working as one of the tax team in an accounting firm in Australia and I had also been working 3 yrs back in my home coontry. Will this help me get for PR in the future?

[@asianguyroady7247]

So I just found I passed the CPA exam! If I do tax, will they still sign off the hours to get an A license? Thanks!

[@FinancialMatter]

Congrats on passing the CPA Exam! The experience requirement depends on each state. 1. Go to: www.thiswaytocpa.com/licensure/state-requirements/ 2. Click on the state you want to be licensed in 3. Scroll down where it says Experience Requirements For my license, I had to gain 1 year of experience in public accounting (or its equivalent) which included intensive and diversified experience in auditing or accounting.

[@asianguyroady7247]

@@FinancialMatter Awesome thank you!

[@bilbojumper]

I haven't been able to get any internships and I'm about to graduate and can't find a job :(. I'm thinking of just trying to study for cpa exam anyways.

[@FinancialMatter]

Hey! Don't give up on searching! I think it's a great idea to start studying for the CPA exam as you continue to apply for other internships.

[@bilbojumper]

@@FinancialMatter hey thanks i actually acquired one recently but it's not paid. I still think im going to go the CPA route and slowly try to teach myself more IT and math.

[@FinancialMatter]

@@bilbojumper Congrats ! I had an unpaid internship too at one point. Hopefully you can make the best out of it!

[@courageouscpa5546]

Great video. Would you say you're more of a fan of business returns or individual returns? I went in thinking I would love doing individual returns, but actually loved business and hated individual returns.

[@FinancialMatter]

If I had to choose..Business returns! haha

[@thediaryofdove]

I am so glad i found your video. I am starting my masters in accounting with a tax concentration, but I also want to double my concentration with business analytics. I think analytics is extremely important and could open me up to more jobs such as possibly being a tax analyst or etc.. However, getting a double concentration would require 4 semesters vs 3 semesters. Would you say knowledge in business analytics is worth it?

[@FinancialMatter]

It’s up to you! It would make you more marketable and will allow you to pivot in your career if you end up not liking the field. If you can afford the classes + the time it takes to do a double concentration, it might be worth it~

[@-ip8ps]

Have you ever done GAAP-IFRS conversions as a tax accountant?

[@FinancialMatter]

Hi Gina! I have not come across that during my career in tax yet!

[@ellielots3051]

This is off topic of but sort of related but I got a letter yesterday that I was being audited :( This has never happened to me before and I don't know what I did wrong. I used turbo tax and don't make that much. Can anyone give me advice? Super stressed right now.

[@FinancialMatter]

Hey! Generally speaking, as long as you have the proper documentation for the income and deduction or credits you put on the return it should be okay. I recommend keeping the documents organized by tax year.

[@blackway8527]

Hi, thanks for this very useful video. As you were talking I realize your system is similar to ours (I am French). That's why I would like to know in witch country you are (I am thinking about having an experience in an other country in a few years...) Thanks in advance.

[@FinancialMatter]

glad you found this video helpful! That's a great idea & experience!

[@remuspierre8038]

Incredible advice

[@ZeteticPlato]

Boom! She gets it

[@chantel2689]

I feel like I'm very similar to you! This is what I wanna go into in the future :)

[@fueifsumvzkh9253]

Is accounting and CPA a good major? Would you recommend a masters of accounting with a concentration in AIS?

[@FinancialMatter]

Fueifsumvzk h I have a video on how I chose my accounting major if you’re interested. What was your major in undergrad?

[@dinimeandrianawati]

Hi greetings from Indonesia. I graduated from taxation in the best uni in Indonesia ( University of Indonesia). But in career, I must understand about finance and accounting also. I also know a lil bit about audit. In your opinion, should I be a tax consultant?

[@FinancialMatter]

It really depends on what you see yourself doing! You learn most of the technical things on the job so it's up to you. I preferred tax over audit because of my tax college course, the type of work I was going to do, and because it required less traveling.

[@JaneParkerBowls]

What sub-service line of Tax did you work in? I know you mentioned you were in Corporate Tax, but was there a specific industry of clients your team was assigned to?

[@FinancialMatter]

Great question ~ mostly they were companies privately held as opposed to publicly traded!

[@JaneParkerBowls]

@@FinancialMatter thanks for responding to all the questions. Just realised I spammed a bunch xD just not that many tax accountants on KZbin (as opposed to audit)

[@FinancialMatter]

@@JaneParkerBowls one of the reason why I started this channel ! :) lmk if you have any other questions!

[@yunayo1755]

If I am going toward tax, do you think it will be a good idea to get any MS in accounting, MBA in accounting or Master in Taxation?

[@FinancialMatter]

Hi Yuna, I would say that if you go into tax, I would get a MST (Masters in Taxation) rather than something broader. However, if you feel like you might not be in tax during your whole career, you can pursue the other two instead (MS in Accounting or MBA).

[@talibabdul9556]

Not necessary - depends on which area of tax you’re keen to move to. Advisory vs Compliance vs Tax Management Consulting.

[@kodiac4231]

I am looking at taking a summer internship at one of the big 4. From what I can see they only have a position for auditing in my city. Is it easily to switch from departments within the big 4?

[@FinancialMatter]

I've seen it happen! You should be able to as long as you communicate your interests during of after your internship/ receiving a full time offer.

[@kodiac4231]

@@FinancialMatter Thanks for the reply. Just another question though would you be expected to travel on a grad scheme as an audit?

[@FinancialMatter]

@@kodiac4231 In an audit internship, I believe you would only travel nearby to different client sites. Whereas in full-time, you could be asked to travel to different client sites (some that could be located in different states), depending on your clients/preferences expressed. This of course has changed due to the p@ndemic so may be remote for now.

[@luism8546]

For someone who wants to be a self employed CPA. Do you think working in tax is better?

[@FinancialMatter]

Hi Luis, I haven't seen practices that only do audits; however, I have seen tax practices that target high net worth individuals, trusts, private companies, etc.

[@luism8546]

@@FinancialMatter Do you get that kind of experience at big 4?

[@GDPWorking]

I like travel too.

[@shubhamkhanna4383]

Hi Jen, I was just curious to know that did you complete your ‘Corporate Tax’ course before joining the ‘Intern’ position? Or in other words did you have knowledge of Corporate Tax while joining intern position? Thank you!

[@FinancialMatter]

Hey Shubham! I did complete the course but you don't need to know anything about tax in order to intern since all of the learning you do is on the job! Let me know if you have any other questions!

[@shubhamkhanna4383]

Thank you so much Jen for taking your precious time to reply back! I do have one more question. It is I am going to apply for US Tax Co-op Position

[@shubhamkhanna4383]

Financial Matter Sorry, So I was asking. I have full one year left to prepare for the position. Could you recommend me what skills or technicalities should I work on beforehand? Again thank you so much!

[@FinancialMatter]

SHUBHAM KHANNA sure some of the basic skills for first year would be: willingness to learn, communication, basic tech skills (excel), writing professional emails, and being a pleasant person to work with (majority is team based). I would say people prefer associates who can ask questions in batches instead of one at a time. Lastly, after you finish a few tax engagement, you should be able to apply what you learned from one to another (even if it’s one thing). If you’re working in public accounting they will most likely have a training (one should be one that’s general about the firm, but another one should be basic training on common M-1 adjustments and how to do a basic tax return). Hope that helps!

[@shubhamkhanna4383]

Financial Matter Thank you for your instant responses and giving me some insight of the key skills required. Also, I really appreciate your youtube channel!

[@harinderkaur3400]

What are the courses to get into to become a tax consultant?

[@FinancialMatter]

The only tax course I took in undergrad was Individual and Corporate taxes! ~

[@haroonusman6426]

Does tax accountancy involve working with interest?

[@FinancialMatter]

It shows up in different areas: Interest Income, Interest Expense, 163j (interest expense limitation), etc. Sometimes we have to look at Promissory notes. Also, for individual returns, there are interest on mortgages.

[@sneezy9200]

Can auditor be an accountant ?

[@FinancialMatter]

Yes! Accountants can be auditors if they choose that field~

[@elininny]

thank you for the helpful contents :)

[@FinancialMatter]

My pleasure!

[@bronsonkatz8307]

Do you have to get a masters to get into tax big 4?

[@FinancialMatter]

Not at all! I don't have my masters just a B.S.

[@edithdamarisdiazcorrea7398]

That's you for open our vision! How foreign accountants can work in USA?

[@FinancialMatter]

hello, after some research it looks like there are several ways to obtain U.S. employment including employment-related green cards (permanent residency), exchange visitor work and study visas, and seasonal and temporary worker visas. Hope that helps!

[@edithdamarisdiazcorrea7398]

@@FinancialMatter thank you!

[@JaneParkerBowls]

what are the exit opportunities for public tax accountants?

[@FinancialMatter]

If you work in corporate tax, you can go into private accounting (work in a tax department for a company). There’s also jobs in the government sector (IRS, FBI). You can also go into education (professor, teacher, etc.)

[@JaneParkerBowls]

@@FinancialMatter awesome yea I might look into government after or perhaps a company

[@FinancialMatter]

@@JaneParkerBowls that’s great! I ended up moving to private accounting after 6 years in public

[@arutom6438]

How long is it gonna take to become a tax accountant, my friends are recommending me to become a tax

[@FinancialMatter]

I graduated in 4.5 years, interned in college and received a full time offer in tax. I deferred my start date to study for the CPA exam for a couple of months. Everyone's timeline is different though. Could be shorter or longer depending on your journey.

[@arutom6438]

@@FinancialMatter is it better to start at college or university

[@daphnehuang4731]

I enjoyed taxi class the most during college. However, due to various reasons, I didn’t pursue a career then in tax. If I’d like to be a seasonal tax preparer( I have a full time job), what should I start doing to be qualified or considered by employer as I currently do not have much tax preparation experiences except for 1 year at a cpa firm long time ago?

[@nicolesitu5078]

i really like the way you speak

[@FinancialMatter]

Thanks Nicole!

[@roydevesaiii5230]

Pretty morbid lmao