Gaining insight into tax beyond the classroom
Hi fellow School of Accounting and Finance (SAF) students!
I’m Helena, a Master of Accounting (MAcc) student who joined the Young Tax Professionals (YTP) program not long ago. You may be wondering, “What is a MAcc student doing in the YTP program and not preparing for the CPA Common Final Examination (CFE)?” I am here to share my experience to help you gain some insight into the YTP program and the taxation field.
As someone who loves problem-solving and who spent most of my co-op work terms in tax, I came to the realization that I enjoy sitting down and figuring out taxation issues because I like helping people with their tax planning. It is a role that suits me well and leads me to consider tax as my Day 2 role for my CFE exam and potentially working in tax in the future.
When I was presented with the opportunity to join the YTP case competition, I immediately signed up without hesitation. Since I am considering pursuing a career in tax, I would like to gain as much insight as possible in the industry and sharpen my technical knowledge in various taxation topics.
The YTP case competition helped me to prepare for the CFE as I had the chance to sit back and review certain tax rules. I thought I knew these rules by heart, but I spotted subtle sentences in the Income Tax Act (ITA) that I had not known previously. In addition, the feedback provided by professors and tax experts was always valuable and insightful. Although it was a worthwhile experience, it was definitely somewhat stressful to have the YTP case competition on top of the MAcc course load! Trying my best and pushing through allowed me to improve my time-management skills which I find extremely useful in all kinds of scenarios.
I recommend SAF students from all years to join the YTP program. If you are an undergraduate student who is thinking of joining the YTP, I would say, take advantage of this opportunity! You will get insight from friendly alums and tax professionals working in tax, as well as a head-start on CFE case writing and a taste of real-life advisory experience.