Tax exams whilst doing ACA audit training contract

lavine7

I'm in the final year of my undergrad and after a masters, I will be beginning an ACA training contract in audit.
I have an interest in tax and see getting a qualification such as the AITI one as something I think that could be beneficial for my future career, which I would see as being in industry.
As I'll have Part 1 exemptions (accounting masters in DCU), I'm considering taking Part 2 of AITI in my first year of training contract as my FAEs will not begin until year 2.
After that, I plan taking a 12 month break having completed Part 2 of AITI to go back and focus on FAEs.
In the final year of my contract I would plan to go back and complete Part 3 of the AITI exams. All resulting in having both ACA and AITI by the end of my training contract (assuming all passes along the way!;)).

Does this seems a viable plan and been attempted before? Does anyone have any recommendations/opinions on the above?
It seems a lot of work but I believe coming out of a training contract with both qualifications would be highly valuable to me for furthering my career.

All comments appreciated.

Legend100

lavine7 wrote: »

I'm in the final year of my undergrad and after a masters, I will be beginning an ACA training contract in audit.
I have an interest in tax and see getting a qualification such as the AITI one as something I think that could be beneficial for my future career, which I would see as being in industry.
As I'll have Part 1 exemptions (accounting masters in DCU), I'm considering taking Part 2 of AITI in my first year of training contract as my FAEs will not begin until year 2.
After that, I plan taking a 12 month break having completed Part 2 of AITI to go back and focus on FAEs.
In the final year of my contract I would plan to go back and complete Part 3 of the AITI exams. All resulting in having both ACA and AITI by the end of my training contract (assuming all passes along the way!;)).

Does this seems a viable plan and been attempted before? Does anyone have any recommendations/opinions on the above?
It seems a lot of work but I believe coming out of a training contract with both qualifications would be highly valuable to me for furthering my career.

All comments appreciated.

I have a few friends who did what you plan to do, seems to be becoming popular to those who do the macc and would have no exams in their first year.

It is possible but a word of warning, you will be in for a very tough training contract doing this, I did Aca first and then the tax exams straight after I qualified and the tax exams are very difficult!!! And add to that the Aca exams are much harder under the new course (I was the last year of the old course)

Best of luck with it

Pandoras Twist

Would you be able to get study leave? Would your employer sponsor your exam fees/tuition?

lavine7

Pandoras Twist wrote: »

Would you be able to get study leave? Would your employer sponsor your exam fees/tuition?

No idea, still a year and a half off starting my training contract. My real question in all of this would be the relevance of the qualification to my career. I see it in industry with hope of going onto something along the lines of Financial Controller.

Will I add much value to myself coming out from a training contract with both these qualifications for positions such as Financial Accountant with a view of becoming Controller after a number of years.
I'd imagine most large firms in industry would have specialised tax departments so does that negate the need for their accountants to have such a specialised understanding of such issues?

ZeroTFA

lavine7 wrote: »

I'm in the final year of my undergrad and after a masters, I will be beginning an ACA training contract in audit.
I have an interest in tax and see getting a qualification such as the AITI one as something I think that could be beneficial for my future career, which I would see as being in industry.
As I'll have Part 1 exemptions (accounting masters in DCU), I'm considering taking Part 2 of AITI in my first year of training contract as my FAEs will not begin until year 2.
After that, I plan taking a 12 month break having completed Part 2 of AITI to go back and focus on FAEs.
In the final year of my contract I would plan to go back and complete Part 3 of the AITI exams. All resulting in having both ACA and AITI by the end of my training contract (assuming all passes along the way!;)).

Does this seems a viable plan and been attempted before? Does anyone have any recommendations/opinions on the above?
It seems a lot of work but I believe coming out of a training contract with both qualifications would be highly valuable to me for furthering my career.

All comments appreciated.

I am doing this at the moment. I can honestly say it is tough but manageable. Plus it is very helpful if you were planning to do the tax elective in the FAE.

Though it might be hard to get time off depending on the audit department you work in e.g. if the busy season runs from December to March so you might have to take the exams in Autumn rather than summer.

I find that having a masters is a good advantage for some parts of the Part 2's as you will have covered most of CAT and have a good bit of business taxes already studied though a good proportion of Vat is most likely new.