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Guide on How to Become a Senior Tax Analyst?
Analysts thrive in every field. It is one of the most popular domains with a dynamic essence. Whether it is a data analyst, tax analyst, or content analyst, without a competent analyst, a company's growth can be doubtful. So let's focus on Senior Tax Analysts in this post!
If you are wondering what Senior Tax Analyst is about, read on!
Who is a Senior Tax Analyst?
● A Senior Tax Analyst is a professional expert reconciles tax accounts and estimates tax payments for state and federal income tax jurisdiction.
● The job of a Senior Tax Analyst also entails keeping client records, and write-ups, maintaining the ledger and updating it consistently.
● A Senior Tax Analyst should also reconcile bank and cash flow statements.
Job Description and Responsibilities:
As a Senior Tax Analyst, you will have a dynamic job experience with very versatile work experience. From dealing with clients to maintaining ledgers, the job encompasses a lot of duties. Let's point out some of the primary responsibilities of a Senior Tax Analyst.
● Maintaining paperwork and formulating reports like client accounts, general ledgers, write-ups, bank reconciliation, and financial reports.
● Discussing inter-company accounting with management.
● Managing the implementation of changes and updates to processes across various company entities and creating sales.
● Use tax reclassification journal entries for monthly closing.
● Reconciling sales data by auditing quarterly and annual tax accounts.
● Assisting and ensuring compliance with company internal control policies.
● Identifying areas of improvement and suggesting necessary changes.
Prerequisite Requirements
The job of a Senior Tax Analyst is certainly in demand but also requires some eligibility. Let's explore all the parameters one by one.
EDUCATION
● A Bachelor's degree in Accounting, Taxation, Finance, Business, or any other relevant field.
● Certification for Public Accountant license (CPA).
You will need much more than a Bachelor's degree to excel as a Senior Tax Analyst. You can acquire and master some skill sets as shared below:
● Accounting skills
● Business valuation skills
● Financial modeling skills
● Project financing skills
● Mathematical skills
● Proficiency in hedge funds, bonds, equity research, etc
● Expertise in M.S. O ce and other tax management tools
CERTIFICATION
Some certifications that you will need as a Senior Tax Analyst are as follows:
● Certified Public Accountant (CPA).
● Certified Management Accountant (CMA).
● Oracle Enterprise Taxation Management 2 Essential.
You can also enroll in courses like 'Advanced Tax Accounting.'
WORK EXPERIENCE
As this is not an entry-level job, some work experience is mandatory to start your journey as a Senior Tax Analyst.
● 5-9 years of work experience as a tax analyst or any other relevant field.
Salary Aspect
The career of a Senior Tax Analyst is promising, with a positive growth graph. But the perks of this profession don't end there. Besides being one of the most prestigious professional careers in accounting today, it also o ers a handsome salary.
The average annual salary of a Senior Tax Analyst in India is ₹7.3 Lakhs. In comparison, the average annual salary of a Senior Tax Analyst in the U.K. is £61,301 and $88,053 in the U.S. However, this figure is dynamic depending on the experience level, position, and company.
Conclusion
If you seek a career choice that opens the global platform for you, this might be your stop! In 2023, there are too many options and career choices. Choosing the right career path for yourself can be confusing and frustrating. But with proper guidance and perfect qualifications, you can ace any field and climb that success ladder.
To explore more career options and learn guides to help you reach your professional goals, remember to check out Careervira. Stay tuned and follow this page to know more about such trending career options for 2023!