How to Become a Tax Analyst?

8 minute read
How to Become a Tax Analyst?

The career opportunities in the finance industry are extensive as the current market is growing steadily. And one of the best careers in this field is that of a Tax Analyst. A Tax Analyst is a person who handles taxes. Generally, they are hired by big businesses and organizations but some may even follow private practice and offer their services to individuals. Tax Analyst is a great career for any person who loves to work with numbers and has an intuition for finance law. If you want to know more about how to become a tax analyst, you can get details about the roles and responsibilities of a tax analyst, the steps to become a successful one, and in-depth information regarding the colleges in this blog.

Name of the Course  Tax Analyst 
Duration of the Course 1 to 2 years 
Role Handle numerous tasks related to taxes
Top Recruiters  Jackson Hewitt Deloitte 
Average Annual Salary  Depending on the country 

Who is a Tax Analyst?

Tax Analysts are professionals who are responsible for handling the tax returns of companies. They help businesses with not only preparing but also filing taxes to make sure the company meets the tax regulation and requirements. Apart from researching the tax laws, they will also pay close attention to the financial records of the company. Not to mention, they will also share their valuable knowledge with the business.

Role of a Tax Analyst

When you become a tax analyst, you will be responsible for handling various tasks. Some of them might be directly linked with the tax-related segments of the company, whereas others might not be directly related to the taxing options.

  • Analyse numerous tax policies to make sure the business is complying with local tax laws
  • Calculate the taxes of the company
  • Review and finalise the tax documents
  • Identify ways to save taxes

How Can You Become a Tax Analyst?

In your Class 12th exam, you need to score at least 60% to be eligible to study accounting upon graduation. From there, the upcoming career path will become easier.

What do you need to do if you don’t know how to become a tax analyst? You need to conduct thorough research to know if the job profile is right for you or not. To help you, here are some steps you need to remember to become a successful tax analyst.

  1. You need to have a science background while studying in class 12th. Your class 12 marks should be more than 60% if you want to study PG abroad. 
  2. Make Sure You Complete Your Education: Are you searching for How to become a tax analyst? Make sure you complete your bachelor’s degree. If you want to pursue a master’s, you cannot do it without a bachelor’s degree.  Whether you choose taxation, accounting, or finance field, consider completing courses in Business Law, Accounting, Financial statement analysis, Financial management, Taxes, etc. 
  3. You can also apply for internships as it will help you know the current market trend. You can also save yourself time and effort later. 
  4. Gain Experience: This is one of the most important things you need to keep in mind. When you have more experience, you can get to know more about the financial and taxation industry. Consider using our eBooks to broaden your knowledge. 

Courses to Become a Tax Analyst

In the taxation field, you can leverage the benefits of many courses. While searching for How to become a tax analyst, there are countless universities worldwide that offer marvellous courses that will help students sharpen their skills Here are the different types of taxation courses you need to consider:

Diploma Courses (1 Year) Bachelor Courses (2 years) Master Courses (3 Years)
Diploma in Taxation  B.Com in Fundamental of Auditing  M.Com in Accounting & Auditing 
Advanced Diploma in Taxation B.Com in Taxation  M.Com in Accounting & Taxation 
Diploma in Tax & Company Law B.Com in Tax Procedures & Practice  M.Com in Taxation 
Diploma in Accounting & Auditing  BBA in Accounting & Finance  MBA in Banking & Taxation 

Top 10 Universities Abroad for Tax Analyst Courses

Are you planning to complete your study to prove yourself as a successful tax analyst? Are you worried that you don’t have sufficient knowledge on how to become a tax analyst? Here is the university ranking list that will help you get started.

QS Subject-Wise Ranking 2022 University Name Country  Fees
1 Harvard University  USA USD 58,000 (INR 48 Lakhs)
2 Stanford University  USA USD 62,000 (INR 51 Lakhs)
3 Massachusetts Institute of Technology  USA USD 30,000 (INR 25 Lakhs)
4 University of Oxford UK GDP 26,000 (INR 26 Lakhs)
05 University of Chicago USA USD 31,000 (INR 26 Lakhs)
06 University of Cambridge UK GDP 27,000 (INR 27 Lakhs)
07 The London School of Economics and Political Science  UK GDP 25,000 (INR 25 Lakhs)
08 University of Pennsylvania  USA USD 36,000 (INR 30 Lakhs)
09 University of California  USA USD 14,000 (INR 12 Lakhs)
10 New York University  USA USD 35,000 (INR 29 Lakhs)

Admission Processes

The admission process for a tax analyst might become complicated. This is where the professionals at Leverage Edu are there to help you. In some specific Universities, the admission process is not only complicated but also time-consuming. But when you don’t know How to become a tax analyst, contact us and we will be able to help you with the process.

Eligibility Criteria 

You need to make sure that you’re eligible to study taxation abroad. Many students ask why they need to study taxation to become successful tax analysts. The reason is that you will be able to learn more things as the environment is more competitive. You can gain more knowledge. And if you’re pursuing your degree from a highly-reputed university, you can receive great job offers. 

Undergraduate Taxation Law Course Post Graduate Taxation Law Course
10+2 examination is a mandatory requirement  Relevant Bachelor’s degree 
The candidate’s score must be more than 50% The score of the bachelor’s degree needs to be more than 50%

English Language Proficiency Test 

This is a crucial part. Without scoring properly in the IELTS or TOEFL exam, you won’t be able to get admission to the university. This is a mandatory exam that needs to be completed with good marks. Don’t forget to contact Leverage Edu if you want help with your IELTS exam.

There are four sections in the IELTS test. Depending on your score, you can choose the university. Keep in mind that top universities require a higher score.

Country  Required IELTS Marks
USA You need to score a minimum of 6.0 in four different sections 
UK IELTS Score of 5.5-6.5 would help you apply to more universities 
Australia  Overall 6.5 IELTS score is required 
Canada A minimum 5.5 IELTS score is required 

Application Process

The application process will depend on your needs as well as the university. But here are some steps you should follow: 

  1. Call us and we will help you shortlist your favourite universities. Make sure you submit your application to multiple universities. 
  2. Compile all essential documents. 
  3. Consider the application deadlines and start the application process for accommodation, students visa, and scholarships/student loans
  4. Accept the offer letter
  5. Don’t forget to get your visa approved. 

Required Documents 

The documentation process is one of the most essential steps you should consider. But don’t make mistakes as it might end up jeopardizing your application. The documents you need to submit are::

  • Educational certificates. If you’re going for a bachelor’s degree, a 12th mark sheet is required. On the other hand, a UG mark sheet is required for PG degrees. 
  • Letter of recommendation
  • Letter of intent 
  • Financial documents 
  • Statement of purpose 
  • Passport
  • Visa

[Source: The Indian Express]

Average Cost of Studying Abroad 

Whether you want to pursue your taxation degree in the USA or UK or any other country, it will always prove more expensive than India. But creating a budget will help you save a significant amount of money. 

Country  Fees (Yearly)
UK GBP 25,000 or (INR 24 Lakhs)
USA USD 40,000 or (INR 32 Laksh)
Canada CAD 21,000 or (INR 13 Lakhs)
Australia  AUD 40,000 or (INR 22 Lakhs)

Career Scope for Tax Analyst

As per the current growth trends, the accounting and tax industry will grow more than 8% by 2030. This is one of the most lucrative things that convince students to apply in foreign universities. Many reputed colleges come with great programs in terms of education and additional qualifications for the students.

Even if you start as an intern, you can still climb up the ladder while also boosting your chances of success. 

[Source: The Telegraph India]

Credits: Youtube – New Trader

Jobs & Salaries

When you complete your UG or PG degree in accounting or any other relevant field, you can give interviews to companies. Most companies will never hesitate to offer a high-paying salary structure to the tax analyst due to the demand in the market. However, remember that the salary of a PG will always be higher than the salary of a UG.

Country  Average Salary Per Year of a Tax Analyst
Australia  AUD 77,000 (INR 42 Lakhs)
Canada  CAD 62,000 (INR 37 Lakhs)
USA USD 60,000 (INR49 Lakhs)
UK GBP 45,000 (INR 44 Lakhs)

Top Recruiters in the World 

Getting a job in a top recruiting company will undoubtedly help you gain more experience as a tax analyst. They will not only compensate you well but you will also be recognized for all the hard work you do and the efforts you devote to the company. 

Country  Top Recruiters for Tax Analysts
USA Jackson Hewitt (61,000 USD or INR 49 Lakhs)
UK H&R Block (55,000 GBP or IR54 Lakhs)
Australia  Deloitte (68,000 AUD or INR 37 Lakhs)
Canada  Gram Tax & Accounting (63,000 CAD or INR 38 Lakhs)

FAQs

Q. What is the primary objective of a Tax Analyst?

Ans: A tax analyst needs to calculate the taxes of a business properly. They also need to handle the tax file returns. 

Q. What are the skills required to become a Tax Analyst?

Ans: You must have strong analytical skills as well as strong interpersonal skills. 

Q. Is Tax Analyst a great career path?

Yes, you can leverage the benefits of a new work field and professional life. When you’re committed to your work, your efforts won’t go in vain. 

If you want to get into a high-ranked university, you’ll need more than just good grades; you’ll also need flawless application because the competition is fierce. You may enlist the assistance of Leverage Edu specialists to assist you with the application process so that you can realise your goals. Call us immediately at 1800 57 2000 for a free 30-minute counselling session.

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