Every person in this world follows passion and will to build a prosperous career in the field that interests him. Although the driving force is always what you want to achieve, the paycheck you will receive at the end of the month does matter too!
We all are highly concerned about how much money we are going to make to finance all our dreams. This concern makes us think of the professions that yield a handsome salary. Out of the major ones, accountant jobs in India are sought after for the career security, assurance, growth and remuneration that they offer.
Yes, it is not a piece of classified information that accountants earn a good fortune for the hard work they do. The average salary of accountants in India ranges from 3 to 5 lakhs per annum. This pay scale observes a hike with the job titles in the accounting category. Like, chartered accountant salary in India starts from 7.3 lakhs annually.
In 2019, this pay package improved after the increase in demand for chartered accountants in the country. However, to secure the job in a renowned firm, there are a lot of skills that matter apart from your accounting degree.
Skills That Can Influence Accountants’ Paycheck
Accounting is filled with a lot of layers and parts of the financial and economic structure of all the sectors in a country. That is why the demand for accountants is inelastic, and it does not go through frequent fluctuations. However, how much you will earn, how better a job you secure and how long you taste success in the industry depends upon your skills.
There is no denying that times have changed and a degree is not the only thing that the Indian companies seek. Your productivity and flexibility to adapt to the nature of your job is also a point of examination. Look at the areas of development that you must start working on immediately.
Effective Communication Skills
Every professional is well aware of the fact that small and startup companies pay lower than well-established firms and MNCs. The HR (Human Resource) department of all the big companies headhunts the individuals who have significant communication skills. Since company relations and market reputation depend largely upon the soft skills of its employees, you cannot expect any relaxation in this case. So, improve your communication skills and try learning one or two foreign languages if you please too.
Strong Interpersonal Skills
Interpersonal skills highly impact the efficiency and productivity of a team. If you do not possess the quality of maintaining a balanced and healthy relationship with your colleagues, it can affect your quality of work. This negligence is not something that the management of a company can afford. Also, accounting is more about working with a group of professionals and guiding them with the right financial decisions. Thus, you should focus on your interpersonal skills while applying for a high paying job.
In the accounting field, the work efficiency of junior accountants can get affected by the leadership they receive. If you have incompatible leadership qualities, nothing can come in the way of your increment. Your vision and determination to handle a team of different professionals matters a lot in the professional world. Like a CFO (Chief Financial Officer) might need to manage a team of 50 professionals at a time. Making all of them work with enthusiasm and coordination is a tricky task for sure!
Knowledge Of Accounting Software And Tools
Traditionally, the accountants had to lose a lot of sweat doing all the number crunching and balancing the “balance sheet”. Today, multiple accounting software and spreadsheets are available to reduce the effort and increase accuracy. You should learn all the nitty-gritty of these accounting tools so that you can not only ease your work but can also help your juniors effectively wherever they get stuck.
The higher the post of an accountant you acquire, the more your analytical skills will become important. Accounting is more about analysing the data of the company to look for cost deduction loopholes and profit increasing gateways! You should be able to read graphs, numerical data, geometric presentations in a faster and productive way.
Patience And Perseverance
Although every profession demands patience and perseverance, accounting jobs require these qualities the most. Preparing ledgers, journals, cashflows, reports, etc. involve a lot of vital minorities. Initially, you might fail a lot of times to get accurate results, but that does not mean that you should give up. Also, leading a team and working with different individuals in the same workplace would require you to be patient and persistent. Remember, short-tempered professionals often fail to become an effective team worker.
All the aforementioned qualities and skills are essential for you to accomplish your goals with a handsome salary. As you will gain experience, your remuneration will increase but with what margin will depend upon your efficiency.
Estimated Salary Of Accountant In India
As mentioned earlier, an accountant in India earns a fair amount of money as a fresher in the field. The difference in the annual package and perquisites depends upon the job title and the company or sector. The salary a chartered accountant gets is much higher than what a general accountant receives. Also, some sectors and firms do offer a marginally higher package for the same job title and post.
- Chartered Accountants - In the campus placement held by the ICAI (Institute of Chartered Accountant in India), the average annual package of a CA is around 7.36 lakhs. The highest salary structure is sound 3-35 lakhs per annum for the experienced and skilled professionals.
- Cost Accountants - Cost accountants earn around 5-6 lakhs annually in the country during the initial years of service. This amount hikes up to 17-20 lakhs per annum. International packages pay much higher than this as per records.
- Financial Accountant - Although a financial accountant starts his career with a package of 4-5 lakhs in India, the value of experience gets multiplied faster. A senior financial accountant can earn as much as 49-50 lakhs per annum. This is because the job role here demands a brain that understands and observes market mechanisms efficiently. Thus, experienced professionals make more money in this field.
- Company Secretary - A company secretary starts his/her career with an annual package of 2-3 lakhs. This amount increases with experience and productivity. One can expect 20-25 lakhs package after 10 to 12 years in the business.
- Chief Financial Officers - The CFOs earn 15-17 lakhs per annum during the first five years of service. This can jump up to as much as 50-55 lakhs per annum after gaining 7 to 10 years experience in the profession.
- Finance Directors - The starting package of finance directors ranges between 8-12 lakhs annually. The increment of a professional depends upon how productively he works.
- Cost Analysis - Cost analysts and chartered accountants are offered for more or less the same remuneration. The starting salary is around 4-5 lakhs per annum which can hike up to 25-30 lakhs.
Salary In Online Accounting Jobs
In India, online accounting jobs are still a fresh concept for many individuals. Since the idea of “work from home” was brought into existence after the COVID-19 pandemic hit the world, professionals are very much new to this. However, the annual package that the companies are offering is marginally different. Like, most of the MNCs offer travelling and food allowance to the employees. This amount is usually not added to the package of online accounting jobs. Apart from that, the annual package offered to accountants is more or less the same in both offline and online jobs.
Tally Accountant In India
Tally accountant in India is the desired job role, especially in the construction and manufacturing sector. You can learn tally to get an added advantage in your accounting career irrespective of the job title you take. It helps in enhancing the knowledge of inventory management, accounting, and taxation. Assistant Accountant, finance manager, accounts executive, accounts manager, etc. all require significant tally skills to increase productivity.
You can also expect a rise in your expected salary after acquiring a tally certificate. You may look for tally teachers and tutors on online platforms like Superprof. It is one of the leading platforms that help students find the best teachers in the world. You just need to enter your location and the subject. Scroll through the profile of hundreds of teachers to select the one that suits your interest and budget.
Accounting is one of the most desired professions that also yields a huge fortune and fame. You need to build your skills and gather enough knowledge to beat your contemporaries and secure the best position. The upper-level salaries differ from that of the entry-level salaries. However, it all depends on how well you adapt to the demand pattern of the market by acquiring the right skills.