Topics: Career change · Specific fields · All topics
DanielParis, France

For the past eight years, I've been working in different European countries in investment banking, corporate finance and my own small business, an Internet site. I'm currently at an investment bank in Paris, performing private placements and providing mergers-and-acquisitions advisory services to technology companies. I've worked on a number of different tax issues for clients and myself, and I've decided I'd like to become an independent international tax adviser to wealthy individuals.

I've consulted with several law professors and tax professionals as to how I might proceed, but they've had no suggestions, not even books or basic degree requirements, i.e., law, accounting or tax.

Does one need a degree to legally offer such advice in the European Union? If so, which would you advise? Are there tax degrees? It seems everyone has either a law degree with some tax expertise or an accounting degree, but neither focuses on the practical aspects of individual taxes. I'm not interested in getting a law degree. What path do you suggest following? An easy route might be to train at a big accounting firm and eventually split off.

Frances's advice

You've already done 75% of your homework in that you know very specifically what you want to do. Plus, you've put together about 90% of the jigsaw puzzle. So, where to go from here?

You'll have to be creative and find ways to connect with people who are doing exactly what you want to do. In our experience, there are almost always people who are doing the kind of work others want to do -- the hard part is having the perseverance and resourcefulness to seek them out. When you run into what looks like a dead-end, you must continue and find ways to keep going until you get the information you need. Although you've spoken with several professors and tax professionals, you haven't found the right person to talk to yet. Keep looking for individuals who work on their own and find out what path they took to get there. Find out what qualifications they had when they began and how they built their network of customers.

Meet as many people as needed to begin to formulate a plan to get to where you want to go. Figure out which path suits you best, the qualifications you will need (legally and educationally) and a strategy to find customers. Talk to expats about the services they'd want from a tax adviser. You will, of course, need to have the proper legal credentials, so do your homework carefully. If a law degree is necessary, you may have to reconsider your plan. It's doubtful there's a "magic bullet" degree which will give you exactly what you want, so you'll have to find the kind of degree program which can best be customized to get you the credentials you need.

A final note: You must consider the financial consequences of your move. You'll need to be realistic about how long it will take you to establish yourself and build the kind of income you need to support yourself (and family, if applicable). If you don't have the resources to see you through the first few (what could be lean) years, joining a big firm might be the most practical path.