Career In Accounting And Finance In India: Salary, Qualification & Top Colleges 2023
- Naief Khatri
- Updated Date: September 20, 2023
Table of Contents
A career as an accountant involves dealing with a company’s money matters. Accountants do things like calculate salaries, handle payments and receipts, figure out taxes, and more. They’re the folks who keep track of financial records. Accountants do all sorts of money-related tasks for individuals and businesses. Their main job is to take care of a company’s financial records, like keeping track of money coming in and going out, and making reports that show how well the company is doing. Know more about Masters in Accounting.
Sometimes, accountants also check the company’s financial records to make sure everything is accurate. They also prepare reports for tax purposes and handle other financial stuff to help the business run smoothly. If you want to become an accountant, you can study subjects like Commerce or Business Administration in college.
In this article, we’ll discuss about the career in accounting in india. We’ll talk about different areas where accountants work, what they do, how to become one in India, and some other job options if you’re interested in finance. Know more about Masters in Finance.
Career In Accounting
Accounting offers a range of exciting careers for those who are good with money. In this guide, we’ll take a look at some of these accounting careers, find out how much they typically pay in India (in INR), and learn about the important roles they play in the world of finance. Whether you’re interested in finance or thinking about a career in accounting, this guide will give you a glimpse of the opportunities available in this field.
| Career | Description | Average Salary |
|---|---|---|
|
Chartered Accountant (CA) |
CAs are highly skilled professionals who provide financial advice, audit financial records, and ensure compliance with tax laws. They often work independently or with accounting firms. |
₹7-12 lakhs per year |
|
Certified Public Accountant (CPA) |
CPAs handle financial tasks such as tax preparation, auditing, and financial planning. They work with individuals and businesses to ensure financial compliance and efficiency. |
₹6-10 lakhs per year |
|
Management Accountant (CMA) |
CMAs focus on internal financial management within organizations. They analyze financial data, create budgets, and provide insights to improve financial performance. |
₹6-9 lakhs per year |
|
Forensic Accountant |
Forensic accountants investigate financial discrepancies and potential fraud within organizations. They work closely with law enforcement and legal teams. |
₹5-8 lakhs per year |
|
Cost Accountant |
Cost accountants determine the cost of manufacturing products or providing services. They help companies optimize their pricing and cost structures. |
₹5-8 lakhs per year |
|
Auditor |
Auditors examine financial records, statements, and practices to ensure accuracy and compliance. They work in various sectors, including public accounting firms and government agencies. |
₹4-7 lakhs per year |
|
Tax Consultant |
Tax consultants specialize in tax planning, compliance, and providing advice on tax-related issues. They help individuals and businesses minimize their tax liabilities. |
₹4-7 lakhs per year |
|
Financial Analyst |
Financial analysts assess financial data to provide investment recommendations, evaluate the performance of stocks and bonds, and assist with financial planning. |
₹4-6 lakhs per year |
|
Bookkeeper |
Bookkeepers maintain financial records, record transactions, and reconcile accounts for smaller businesses. They ensure financial accuracy on a day-to-day basis. |
₹2-4 lakhs per year |
|
Accounting Clerk |
Accounting clerks assist accountants in tasks like data entry, invoice processing, and managing financial documents. They play a supporting role in the accounting department. |
₹2-3 lakhs per year |
Accounting Scope in India
The scope of accounting in India is vast and vital. It’s like the financial compass guiding businesses and organizations through the economic landscape of the country. Accounting students have a range of options to specialize in, and the top four majors are Public Accounting, Management Accounting, Governmental Accounting, and Internal Auditing. These specializations open doors to exciting career opportunities in various industries:
- Finance Industry: This sector offers well-paying roles for accountants, whether you’re just starting or have experience. You’ll handle financial audits, reconcile bank statements, and ensure accurate financial records. Some prestigious positions include Financial Controller, Financial Director, and Chief Financial Officer.
- Insurance: In this field, accountants hold positions like Assistant Manager, Associate, Executive, and Sr. Executive. They’re responsible for ensuring agents receive their salaries, commissions, incentives, and employee benefits accurately, with an average annual salary of INR 4 lakhs.
- Banking Sector: Bank accountants oversee daily transactions to balance the books. You can explore roles such as bank teller, investment banker, bank clerk, financial analyst, auditor, and loan officer.
- Corporate Sector: Accountants in this sector specialize in business operations, preparing financial documents, monthly budgets, and managing cash flow. Some roles include Corporate Accounts Manager, Salary Accounts Manager, Sales Account Manager, and Corporate Accountant.
- E-Commerce: In e-commerce, accountants gather, organize, evaluate, and report a business’s financial data. Key positions include Operations Executive, Accounts Executive, Jr. Accountant, Back Office Executive, and Sr. Accountant.
- Taxation: Tax accountants prepare tax provisions, schedules, returns, and reports for individuals, entities, and organizations. You can work as a Tax Accountant, Senior Tax Accountant, Tax Preparer, or Cost Accountant.
- Wealth Management: Wealth managers help clients manage their income, expenses, insurance, taxes, and financial goals. They devise strategies to meet these objectives. Job titles in this field include Wealth Manager, Equity Advisor, Asset & Wealth Management Specialist, and Financial Consultant.
- Education: If you’re inclined towards teaching, you can become an Accounting Instructor, Online Accounting Instructor, Adjunct Instructor, or Assistant/Associate/Professor of Accounting, offering full-time or part-time roles.
- Government Services: Working in government accounting is both challenging and rewarding. You can find roles such as auditor, accounting clerk, general accountant, financial accountant, cost accountant, accounting supervisor, and more, with competitive salaries, career growth opportunities, and excellent benefits.
Average Salary Based On Job Position
Every organisation hires Accounting professionals, from basic bookkeepers to Chief Financial Officers to have a clear picture of their financial operations. The average salary of these professionals depends on the position they hold. However, this field assures a steady career growth and increased remuneration with time and experience. The average salary of some of the job positions in the field of Accounting is given below:
| Job Positions | Average Salary (per annum) |
|---|---|
|
Cost and Management Accountant (CMA)
|
INR 7.1 LPA
|
|
Chartered Accountant (CA)
|
INR 7 LPA
|
|
Forensic Accountant
|
INR 7.2 LPA
|
|
Public Accountant
|
INR 11 LPA
|
|
Tax Accountant
|
INR 3.6 LPA
|
|
Auditor
|
INR 3 LPA
|
|
Finance Manager
|
INR 13 LPA
|
|
Account Manager
|
INR 6 LPA
|
|
Financial Controller
|
INR 22.5 LPA
|
|
Finance Director
|
INR 43.6 LPA
|
Top Recruiters For Accounts Graduates
A thorough analysis, recording, reviewing and reporting offer assurance of sound financial practices in any government, industry or even small- to- medium sized businesses as well as individuals. Due to the individual demand of different companies, the demands for accountants are constantly increasing and candidates can find jobs in the following private industries:
- Accenture
- Deloitte
- Ernst & Young
- TATA Consultancy Services
- Amazon
- Genpact
- ICICI Bank
- Wipro
- KPMG
- IBM
Candidates can also look for opportunities in the following public sector:
- Central Bank of India
- Ministry of Finance
- Indian Institute of Public Administration
- AYCL
- Biotechnology Industry Research Assistance Council (BIRAC)
Accounting Colleges in India
A number of esteemed universities in India offer Bachelors, Honors and Masters courses in Commerce that specialize in finance and accounting. Many coaching centers also provide training to clear the coveted ICAI examinations held every year.
- Christ College, Bangalore
- Delhi School of Economics (University of Delhi)
- Hansraj College, Delhi
- Loyola College, Chennai
- LSR, Delhi
- Madras Christian College, Chennai
- Presidency College, Chennai
- Presidency College, Kolkata
- Ravenshaw University, Cuttack, Orissa
- SRCC, Delhi
- St. Joseph’s Bangalore
- St. Xavier’s College, Kolkata
- Symbiosis Society’s College of Arts & Commerce, Pune
Click Here:Â Top 10 Commerce Colleges in India
How to get a Job after Completing Accounting Course?
In the world of business and money, accountancy careers will always remain in demand. If you’ve completed your Bachelors in Commerce (B. Com) and want to kickstart your career without pursuing further studies, here are some practical steps to get you started:
- Craft an Eye-Catching Resume: Your resume is your first impression. Tailor it to the job you’re applying for, highlighting your skills and achievements that align with the position. Keep it concise and engaging because employers typically spend only a few seconds reviewing it.
- Start Networking Early: Begin building your professional network during your college years. Connect with like-minded individuals who can assist you in landing your dream job or progressing in your career. Explore opportunities like joining professional associations, reaching out to alumni from your college, attending job fairs, or participating in networking events.
- Embrace Internships: Many companies offer internships for budding accountants. These internships expose you to various aspects of accounting, such as research, financial report preparation, and assistance. Internships are a great way to familiarize yourself with the corporate culture and gain valuable experience.
- Expand Your Skill Set: In addition to your academic knowledge, it’s crucial to be proficient in software tools like QuickBooks, Tally, and Microsoft Excel. These digital skills are becoming increasingly important in the modern accounting landscape, where technology plays a vital role.
- Register as Required: Depending on your career path, there may be specific registration requirements. For instance, Chartered Accountants (CAs) need to register with the Institute of Chartered Accountants of India (ICAI) to practice. While there isn’t a central registration body for all accountants, you may need a practicing certificate if you plan to provide public accounting services. Know more about CBSE Class 12 Accountancy Sample Paper.
Top Indian Cities To Get Jobs After Accounting
| Major Cities | Job Scope | Average CTC (per annum in INR) |
|---|---|---|
|
Mumbai
|
Finance Manager, Auditor
|
5-12 LPA
|
|
Delhi
|
Tax Accountants, Chartered Accountants
|
6-7 LPA
|
|
Pune
|
Public Accountant, Forensic Accountant
|
6-7 LPA
|
|
Gurgaon
|
Chartered Accountant, Tax Accountants
|
7-8 LPA
|
|
Bangalore
|
CMA, Account Manager
|
7-8 LPAs
|
|
Chennai
|
Finance Director, Auditor
|
4-7 LPA
|
|
Kolkata
|
Financial Controller, Forensic Accountant
|
5-10 LPA
|
|
Hyderabad
|
Public Accountant, Finance Director
|
5-7 LPA
|
|
Ahmadabad
|
Jr. Accountant, CMA
|
7-12 LPA
|
FAQS
Employment of accountants and auditors is projected to grow 4 percent from 2022 to 2032, about as fast as the average for all occupations. About 126,500 openings for accountants and auditors are projected each year, on average, over the decade.
An accounting degree lays the foundation for many careers in business, including entrepreneurial ones. Once you gain experience and establish business contacts, you may consider starting your own business. Whether in tax accounting or consulting, you can pursue several avenues with an accounting background.
You must enrol into a formal education or training program to become an Accountant. You must pursue a bachelor’s degree in commerce, accounting, or a related field. You are required to complete 10+2 in any of the streams from a recognised board in India.
Eligibility on how to become a chartered accountant after 12th: In order to become a chartered accountant after the 12th, you must have completed your 12th-grade studies. You will also need to pass an entrance exam set by the Institute of Chartered Accountants of India (ICAI).
Freshers who want to pursue a career as Accountant should enroll in an accounting course. That covers the basics of accounting principles, financial statements, and basic bookkeeping. They are various courses available in the market such as Tally ERP, Swastik, Finpro, Navigator, etc.
Preparing Statements: A career in financial accounting involves preparing different types of financial documents, such as balance sheets, income statements, and cash flow statements. These documents summarize financial performance for stakeholders, investors, and other parties outside the organization.
As an accountant, you can move to many different careers. You can work as an auditor or a tax consultant, or you can choose to go for management accounting. The best part of accounting is its work-life balance. The compensation in most of the finance professions doesn’t reach six-figure marks.
The numbers appear to show that finance majors can expect to earn more than accounting majors, however, if you get a professional accounting qualification in addition to your degree, a certified public accountant (CPA) could earn up to ₹12.5 lakhs per year.
Accounting and finance play vital roles within any organisation. You’ll manage and use accounting systems designed to help decision-making and control. You’ll also have the financial management techniques and risk management capabilities to value projects, investments and controlling risk exposure.
After studying accounting in Class 11, you can explore various career paths, including becoming an accountant, auditor, financial analyst, or even an entrepreneur. It’s a versatile subject that opens doors to numerous professions.
Articles Updates:
20/09/2023: Content update, InterlinkingÂ
20/09/2023: Add Faq and infographic
