Tales of a STEP student in lockdown

I am going to share with you some of my experiences of studying for the STEP Diploma during the COVID-19 pandemic.

I am a Chartered Tax Adviser, currently working as tax manager with a firm of accountants that specialises in private client work. My clients are mainly high-net-worth individuals and their families, some of them foreign-domiciled. Like many professionals with tax training, I felt that I had a tendency to approach client issues (and perhaps life) wearing ‘tax-tinted’ spectacles, and so I wanted to broaden my professional knowledge base. Trusts feature as an aspect of many of my clients’ affairs and I reached the view that a greater understanding of trust law and administration would add great value.

My firm was very supportive of my request to study for the STEP Diploma. Shortly after enrolling, I was sent the study manual for my first paper, the STEP Advanced Certificate in UK Tax for International Clients, which I was due to sit in May 2020. Then came the first lockdown…

I have to say that at this point STEP was absolutely brilliant at communication with its students and I was swiftly reassured that the exam would proceed, but would be sat online rather than at an assessment centre. They adapted to the ever-changing circumstances efficiently and kept me well-informed over the entire programme, for which I was very grateful.

As anticipated, I sat my first paper in May 2020, before sitting the STEP Advanced Certificate in Administration of Estates - England and Wales paper in November 2020, the STEP Advanced Certificate in Taxation of Trusts and Estates - England and Wales paper in May 2021 and finally the STEP Advanced Certificate in Administration of Trusts - England and Wales paper in November 2021. Picking them off one at a time suited me perfectly. I was delighted to complete the Diploma, achieving a pass in one paper, a merit in another paper and a distinction in the other two, with a merit overall.

My personal approach was to study consistently for a couple of months before each exam. This was not too onerous during lockdown since there was very little social activity to distract me. I realise that candidates will have their own tried and trusted approach that works for them. However, what I would say is that there are areas across the syllabus that were unfamiliar to me, particularly in the areas of trust and estate law and administration. There was a lot to learn and I would not have been able to cover it properly if I had tried to do it in a last-minute rush nor would the knowledge have stuck so well.

Having taken the STEP Diploma, I feel much more rounded as a professional advisor. The study programme has filled some important gaps in my understanding and knowledge, particularly in connection with trusts. Trusts often feature in wealth and tax planning, but knowing about tax is not enough; you also have to be able to read and interpret a trust deed and understand what the trustees can and cannot do.

It is good news that STEP has launched a new flexible diploma, and I am sure that this will be of great benefit to many candidates and will encourage even more students to sit the exams. Although tax is my core area of practice, my own objective in studying for STEP was to fill vital knowledge gaps and, in turn, develop as an all-round private client tax advisor, but I appreciate that everyone enrolling will approach the qualification with their own objectives and motivations.

If you decide to study for STEP, I wish you all the best and I hope you enjoy it and get as much from it as I did.

How should I approach studying for STEP qualifications?

• Take the papers in a timescale that suits you.

• Get as much benefit as you can from the study material.

• Use the flexibility of the new STEP Diploma to meet your objectives.

• Above all, enjoy yourself!