Which is better: Tax or Audit?

FutureIRSAgent · 02-03-2012, 11:48 PM

Hi Guys, am new to this site. I graduated from college in June 2011 with a BS in Accounting. I plan to go for my Masters in Taxation, but everyone keeps saying Audit is better than Tax because there are more jobs in Audit than Tax and the pay is better. If Audit is better, should i go for a MS in Information Systems instead? Thanks for the answers.

artloversplus · 02-04-2012, 12:19 AM

IMHO, CPA should be on the first priority, if you can get in to big 4 that is even better.

FutureIRSAgent · 02-04-2012, 12:49 AM

Thanks but i really don' twant to work for a big firm. My plan now is to get into the FBI or IRS once i get my CPA.

geo1113 · 02-04-2012, 08:56 AM

FBI: Federal Bureau of Investigation

IRS: Students & Recent Grads: IRS Student and Recent Graduate Employment Opportunities

workingATbig4 · 02-04-2012, 04:58 PM

IRS agent? Do you enjoy self-torture?

turtlerock · 02-04-2012, 07:25 PM

Being a Revenue Agent (or Tax Compliance Officer) in the IRS can be some tough work at times, depending on the BU you work in and how cooperative your reps and tax payers are. But overall it can be rewarding. It's a very committed job though - not like a big 4 firm, but in it's own right. Best thing though is that working hours are strictly regulated in the fed service so it's rarely if never that you'll work outside of normal business hours.

I will say that CPA will be the best bet there, and TAX over audit as well. Anything you ever need to know about audits will be taught to you as a Revenue Agent either in training, or on the job through OJIs or just living and learning it. What they WILL want you to know before coming in is accounting first, and then tax second. The accounting so that you know the overall processes of the business and finances that you will be auditing. The tax so that you will be knowledgeable enough once the audit is through to be able to speak intelligently with reps (most likely other CPAs and tax professionals) on the tax issues that are at hand in the audit.

WARNING: The IRS (and most gov't agencies) are currently in a hiring freeze that I think was just extended (or is trying to be extended) through 2013 or 2014, so unless you are willing to wait (they WILL HAVE TO hire eventually) you may be out of luck.

moss · 02-04-2012, 07:26 PM

hahaha IRS agent - your hair will gray before you hit 30.

turtlerock · 02-04-2012, 11:21 PM

That's a bit harsh analysis for a Revenue Agent. The most senior RA I work with is 35 y/o, has been an RA for 10 years, and has a full thick head of black hair.

FutureIRSAgent · 02-05-2012, 12:27 AM

Thanks for the replies. I will do the MS in Taxation. But do you guys think an MS in Taxation is good for a future FBI Agent?

geo1113 · 02-05-2012, 01:31 AM

FBI investigates financial crimes. Forensic accounting is the ticket. That means you want to get a job in auditing, not tax.

FutureIRSAgent · 02-05-2012, 01:52 AM

Thanks geo1113. I was planning to have a MS in Taxation but since Tax is not for FBI, do you think i should have a MS in Information Systems

turtlerock · 02-05-2012, 04:05 AM

FutureIRSAgent,

Are you looking to be a Special Agent in the FBI? If you noticed on the FBI link provided a few posts ago it says:
FBI SPECIAL AGENT ENTRY PROGRAMS

All applicants for the Special Agent position must first qualify for one of five Special Agent Entry Programs:
Accounting
Computer Science/Information Technology
Language
Law
Diversified

Accounting
To qualify under the Accounting Entry Program, candidates must:

-Have been certified as a CPA; or
-Possess, at minimum, a four-year degree with a major in Accounting and three years of progressively responsible accounting work in a professional accounting firm or comparable public setting, such as state comptroller or the General Accounting Office.

Therefore, as long as you have your CPA you meet these requirements, no matter what your masters is in. However, if you are looking into a staff position in the FBI like Finance Division:
While not required, the following educational backgrounds are most applicable to work in the Finance Division:
Accounting
Finance
General Management
Economics

So it looks a bit different, mainly the CPA. What position would you be going for on the IRS side? Revenue Agent/Tax Compliance Officer, Revenue Officer, or Criminal Investigations Division?

geo1113 · 02-05-2012, 11:03 AM

I would say MS in IS and a job in audit is more useful to the FBI than the tax concentration. But if you really want to find out, contact the FBI directly. You graduate in June, so you should have time to talk to FBI recruiters. Do they come to your campus? If not, find an event where they recruit. If you can't find an event, call a local office and see if they can point you in a direction. Speak to the accounting firms to determine their demand. Get a consultation with the career center at your school. It could also make sense to get the job and start down the path to getting those three years of experience that the FBI seeks and get the MS at night and have your employer pay for it.

OP, we can find info for you and even have some insight but everyone who tells you what is better may or may not know what they are talking about. It's always best to get info from the horse's mouth. The Internet is a great resource but there is no substitute for a direct conversation. For example, when my son was doing auditions, I read the info on the schools' websites, but when I had questions, I called the school, and they were always willing to give more details.

Good luck. I know this is a time of uncertainty. Just do the best you can. Seek out the information to get your questions answered (and this post was a start). And as I write this, I think getting down to the career center at school tomorrow could be the easiest way to acquiring the info you need.

FutureIRSAgent · 02-05-2012, 12:41 PM

My plan is to become an FBI Agent but in case it doesn't work out, my backup plan will be to become a IRS Revenue Agent, that's why i want to have an MS in Taxation and ultimately my CPA License. Remember guys, it is important to have a plan b when it comes to career choice.
turleneck, do you work for the IRS and do you work overtime during tax season

turtlerock · 02-05-2012, 01:30 PM

I work for the IRS in an administrative position in support of a group of Revenue Agents. I talk to them everyday, all day about a lot of stuff from their jobs, to business, to how they got to where they are now since I am also considering a further career in the IRS.

Minimum qualification for a Revenue Agent at GS-5 is just a bachelors in any business degree that is supplemented by a certain amount of accounting credits. We have RAs that got degrees in marketing and did accounting classes over the summer after they graduated and were hired as GS-5. Career ladder is GS 5/7/9/11 uncompetitive meaning you will automatically advance to the GS-11 level and then must compete with all the other GS-11s for GS-12 and so on. GS-13 is the highest for RA and that pay starts at about $90,000/yr depending on locality pay. The most recent RAs hired in my group have made GS-11 in 3-4 years, but this is expected to slow because of the hiring freeze. A lot of the senior RAs in my group say that they would prefer to go into management (group RA management) now.

If you posses your CPA, that should qualify you to start as a GS-7. No one in my group has their CPA and the most sr agent in my group has been an RA for going on 11 years now. I think other RAs in other groups do have their CPAs. IRS WILL NOT be recruiting for RAs on college campuses. Those positions are filled through openings posted on the USAJobs website. IRS DOES actively recruit for CID on college campuses especially those with good business programs. I have also extensively interviewed and talked with the CID Agents in my building about that.