Public Accounting: Audit or Tax?
Well there are pros and cons to each. Moreover, the work varies with each.
Audit: pros:
You work in teams,which is more "fun."
There are a LOT more audit positions than tax. Every government agency has an audit division.
Long term , you can make as much money with audit as with tax.
Neutral: You must have a thorough understanding of accounting standards and audit standards.
cons: Because there are audit programs, many firms have the thinking that an "educated guerrilla" can do an audit. If you are not , therefore, very efficient, you won't last at a public accounting firm.
Tax: Pros: Usually takes a lot more specialized knowledge. Thus,job positions tend to be a bit more stable than audit.
They tend to pay a bit better for tax pros since firms don't view the positions as "anything an educated gorilla" can do.
Neutral: You must have an understanding of the Internal Revenue Code, regulations and rulings and know how to do tax research.
Cons: There is little teamwork in tax preparation. You are on your own much more than with audits. Tax also can involve some very sophisticated analysis and research.
If they change the tax code to a flat tax or sale tax, tax positions can disappear. However, there will always be openings for auditors.
I am currently an accounting major who is looking to go into public accounting. The problem is I haven't taken a tax or audit class yet. The classes I have taken are intro to financial and managerial accounting, and information systems. I want to start building my resume now towards one or the other. However, I don't know what is a better fit for me.
If someone could share their experiences with one or the other that would be great.
The things I want to know is:
What does your daily work consist of?
How is the nature of work like?
What characteristics do you think you need to enjoy the work?
What are the pros and cons?
Where does each field lead you in the long-run?
Sources: https://goo.gl/ud3Am2