Getting a look at a career in taxation by competing in the Young Tax Professionals Case Competition
Hi, we’re Amanda, Fatima, and Kelvin, the runner-up team for the 2021 Young Tax Professionals (YTP) Mini-Case Competition! This competition is the first tax case competition the three of us have ever participated in and we must say, we wish we had done something like this sooner. To provide a quick overview of the competition itself, we were tasked with preparing a report which addresses tax issues and tax planning ideas for a client based on a simulated real-world case. Next, we prepared a video presentation and responded to questions from a panel of judges.
Here are our individual experiences and key takeaways from the competition.
When I heard about the opportunity to participate in this competition, I jumped at the chance to do so because I want to pursue a career in tax after graduation. It was a little difficult balancing our full-time studies and other extracurriculars with this competition, but this was a great experience, and anyone interested in tax should participate! I recommend anyone interested to plan ahead of time with your group, so you are not overwhelmed with studies, co-op, or extracurriculars!
The past year had us adapting to the new virtual work environments, so I figured now would be the best time to try yet another new thing and step into the world of tax competitions. This seemed like the perfect place to apply my course knowledge to a case that I may encounter in my professional career. As luck would have it, the opportunity presented itself in a term in which I was taking full-time studies, had a part-time job, and was engaged in other extracurriculars. However, I reasoned there will always be various stressors at each point in life, so I must follow through and try this new experience. As you can see, we’ve successfully crossed the bridge! Just step outside your comfort zone, and as Amanda suggested, schedule your time wisely. Let curiosity drive you as you make the most of your university experience.
I decided to compete in the YTP case competition to further my competency in taxation and as a professional. Working on a real-world tax case provides a great environment to review tax concepts taught in the classroom and apply those concepts which quite frankly is what counts in both the Common Final Examination (CFE) and the real world. The YTP case also provides a terrific opportunity for you to have a panel of professors and industry professionals judge your work (submission and presentation) and for them to provide candid and constructive feedback. I felt that the YTP Case Competition was like any other team extracurricular activity, in that if you plan, have a robust tax knowledge base, and work cohesively I am confident you will achieve success.