wow!!! this is reli enlightening!!! never thought that there is actually such complications with the banking industry with regards to their product liine...but its kinda true..all their product is kinda complicatrred and reli requires an exspert to advice them on it.

Thanks for the advise I was really hesitant about entering tax because later on there'll be less opportunities to move out.. But this is really helpful advise, now I know what I should do to improve and make myself more valuable if I decide to leave the professional field Esp since first job, don't really want to lose out in terms of opportunities...

sigh, agony!

You heard it right. KPMG is paying about RM2900 to fresh grad without professional qualification and those ACCA grad should b getting an additional of RM100

---

Added on January 21, 2011, 7:14 amWell, I actually resigned from my position as an Audit Senior with Ernst & Young and has always been interested in Advisory field (particularly in M&A Transaction Services). So I applied and got asked for an interview for M&A with Deloitte and KPMG as well as Management Consulting with Deloitte Consulting (SEA). Do any of you know what's the current basic pay and allowances given as well as working environment and interview questions asked by these companies? Appreciate if any of you can advise in these matters. Thanks in advance

This post has been edited by jolin_t: Jan 21 2011, 07:14 AM

Glad to help. I was in your position when I started out too. A lot of companies are hiring tax accountants these days to do their annual tax filing and admin because of self-assessment. This is the bread-and-butter of our line, you cannot escape this. If you are leaving the firm for this type of role, always check whether you have to do "more" than compliance. If the answer is "no" then perhaps you should stay in the firm because the future of pure compliance staff is not very bright for your skill development.

If you really want a tax career in commercial, to make yourself in-demand you should be able to address deferred tax, transfer pricing, FRS 139 and GST. That is what will segregate you from the average compliance staff in an accounting firm. This is really a case of where a jack-of-all-trades is better than being a master. A tax advisor adds value by identifying and mitigating risks to prevent penalties, and helps to improve cash flow when possible. To be able to do this, you must be aware of as many issues as possible to nip problems in the bud before they blow-up.

I notice these days a lot of my juniors don't want to do compliance, and opt to join special divisions like advisory, tp, gst and transaction tax. I would not advise you to do this if you plan to leave the firm. Specialised fields limit your career movement. Compliance is still the core work we do unless you have the good fortune to be hired by someone as large as Petronas.

This post has been edited by CKJMark: Jan 21 2011, 09:52 AM

I think KPMG is offering 2.7K and additional RM100 for those with professional papers
Not sure abt EY though, probably the same.

So you suggest freshies to join compliance then move to specialised division?
Is it really hard to get job in commercial line with tax experience?
If I'm aiming to be finance manager in future, is tax suitable?

And do most tax ppl get stuck in the accounting firm?

Yes do compliance first, and if you really want to then go to a specialisation. Just bear in mind that specialisation is going to narrow your prospects outside the firm. A lot of commercial tax jobs are compliance centered. Probably for every 500 compliance jobs out there, there is one transfer pricing position? Actually in the last 2 years, I've only seen one TP position being advertised on jobstreet, and that was for an overseas company, not Malaysian. Tax positions in commercial are very often "well rounded positions" where you need compliance + 'lain-lain'

Most companies don't need tax advice everyday. They don't restructure or enter into cross-border business contracts daily. They don't draw-up their transfer pricing policies monthly. The don't change their GST / Service tax systems regularly. When they do, it's once-in-a-while. So if you specialise in advisory / GST / TP / Transaction tax, your experience is not going to be relevant in the day-to-day running of things for most companies.

But they all do file tax returns daily, they do provisions monthly, they do estimations quarterly, and they deal with IRB very often. So compliance, like it or not, is a big part of tax inside and outside the firm. Like I said earlier, its better to be compliance based with TP knowledge, than vice versa.

It's not hard to get a job with tax experience in commercial line if you are aiming for middle management. If you want upper management, then it will be challenging because there are not many openings. The jobs are there and they pay well, but there are not many out there. If you choose to specialise, then your options are even more narrow. Most tax managers are a function of the finance department. Only really big companies have a tax dept of their own. By 'big' I mean banks, petronas, Maxis, UEM, FELDA size entities.

By finance manager, I assume you mean managing the entire finance department. Tax experience is nice, but it is not key to the post's responsibilities. You need a good understanding of accounting and other disciplines. Depending on how specialised you are and whether your accounting skills have "berkarat' or not by the time you reach that position.

Judging based on my experience, no, most tax people don't get stuck in accounting firms. I was the last of my batch to leave the firm. 90% of my seniors and managers and peers have already left before me. If you do tax, doesn't mean you HAVE to do tax when you leave. Most of us left to join commercial companies as in-house tax, some have left for overseas research firms (IBFD, CCH,ITR), but you can do activity based costing consultancy, HR management on remuneration planning, or lecturing. Whatever floats your boat.

This post has been edited by CKJMark: Jan 21 2011, 04:10 PM

wanna ask, is big 4 bonus high? or low?

What do you think working at the age of 20 at PwC and completing the final 5 professional papers as a part time student?

I think when you join PwC, you'll start to notice that most of your batch mates come from Australian and UK universities.
Most of them will be doing their studies part time too. So the firm recognizes this and you will be given enough study leaves.
Also, I'm not sure which month you'll finish the course should you continue to be full time, but if you do join now, chances to get in is high due to the on going peak period.

First question, do you think you're mature enough, and are wise enough to be able to endure such punishment? Frankly said, when I first started work when I was 20 (i graduated with acca at 20), I really had a huge culture shock migrating from a full time study environment to a working one. Presently, I think all the big 4s demand much out of their staff (in terms of commitment and willingness to learn), and after what I've been through, and what my juniors have since been through, I don't think many are able to take such pressure. I've seen many break down, cry, quit, and all end up bitter and disillusioned.

Now, I'm not discouraging you, and I think if you can take the pressure, and is willing to sacrifice a few years (you may easily wave it off as 'JUST' a few years, but it's not), I definitely encourage coming out at 20. You mature faster, and if you screw up, you have more time to recover.

But when you come in at 20, please do start with the right mindset. (many of us come in not suitably mature, which I am guilty of) Work on your appearance (it matters, alot!), try to be pleasant to have around (and smile/laugh alot!) and be tactful.

Also, be prepared to feel stupid and like there's a whole world to learn in the first 6 months. (but try to figure it out on your own). As a fellow PwC-er (and i'm sure any other big4), I do not think highly of people who needs to be spoon-fed and can't figure things out on their own even after a little guidance.

Out of curiosity, do you mean guys as well? Either way, you are hanging on really well there. I have a rough idea of who you are, since a friend of mine is from your batch..

How is the experience leading someone older than you ?

Hahahaha... hardly the best thing in the world.

Have you considered internship / vacation trainee stints during holidays? Helps with the transition.

If you have the option of full-time study before joining the workforce, I think that is a better option.

This post has been edited by CKJMark: Jan 24 2011, 10:00 AM

They offer me a 4-years training contract which covers the whole of my tuition fee provided I complete my studies in the time span given.

I'm just worry about me managing the pressure and juggling between work and studies.

It will be quite a challenge. Me, I prefer the easier way. I would finish my studies first before joining the firm. Joining the workforce 1-2 years later isn't going to cripple your career nor is it going to be a terible disadvantage to you.

compliance work is it very much similar to audit work?..

hows PWC salary for non-accounting job ... like IT helpdesk ? anyone ?