A career in accounting involves reporting of company financials to different stakeholders, which can either be internal management or shareholders, lenders, creditors, debt holders, etc. As such, the accounting career can be very challenging. But if you can sustain the pressure and grow in your job then the same can be lucrative and rewarding. So, today we will discuss some of the top accounting careers in India. Let’s start.
The Institute of Actuaries of India (IAI) is the governing body for education & training of actuaries in India. The course of actuarial science was introduced in India in the year 2002 and since then it has been one of the most sought after courses. A candidate is recognized to be skillful enough to be a successful Actuary when he/she clears the Actuarial Common Entrance Test (ACET) exam to become a member of the IAI. Since the course requires a strong ability in mathematics and statistics, it is mostly opted by commerce students.
As an Actuary you are supposed to evaluate the uncertainties in the future and determine its financial impact based on available information of the past. It is important to reiterate that actuaries need to be good at mathematics and statistics coupled with good modeling skills. Besides, you also need to be business savvy and good at communicating your ideas to be a successful Actuary.
The average salary of an Actuary in India is around INR8.11 LPA with the top 10% earning more than INR50 LPA. (source: Payscale)
If you are a Chartered Accountant, then it means that you are a member of the Institute of Chartered Accountants of India (ICAI). ICAI is the regulating authority that can offer chartered accountancy course and certify you as a Chartered Accountant. A candidate can become a Chartered Accountant after completing the chartered accountancy course offered by ICAI. Given the educational background, the commerce graduates with good grades are expected to be more suited for chartered accountancy.
Despite being challenging, chartered accountancy is still one of the most sought after careers in India. A Chartered Accountant may be appointed as an executor, company directors, and dispute arbitrators. As a matter of fact, the Companies Act mandates that only a certified Chartered Accountant can be appointed as the auditor of any company in India. A career in chartered accountancy is seen as a lucrative option as it is believed to offer strong career growth opportunity. In a growing economy like India, every year there is a need for around 10, 000 chartered accountants.
The average salary of a Chartered Accountant in India is around INR7.83 LPA with the top 10% earning more than INR20 LPA. (source: Payscale)
The surge in the unethical activities witnessed in both the corporate world and government bodies has resulted in dire need of qualified Company Secretaries in the country. The career scope of Company Secretary in India is also supported by the emergence of institutions like the Institute of Company Secretaries of India (ICSI) which govern and regulate various professional courses and are responsible for conducting the examination for Company Secretary.
As a Company Secretary, your responsibilities can include the incorporation of a company, amalgamation between companies, the formation of a new company, reorganization of an existing company and winding up of a stressed company. The horizon of responsibility has expanded from the traditional tasks (of supporting the board of directors and managing administrative affairs) to managing corporate governance and legal matters of an organization. As such, the career of company secretary warrants utter dedication and a keen eye for detail. One of the most important attributes of a Company Secretary is the ability to communicate effectively with people of its company in order to make sure that the company practices are acceptable – both legally and financially.
The average salary of a Company Secretary (a.k.a. Corporate Secretary) in India is around INR5.82 LPA with the top 10% earning more than INR10 LPA. (source: Payscale)
Increasing competition in the market has forced many organizations to focus more on the costing in order to maintain desired profitability while beating the market competition. Such a business environment has resulted in the interweaving of cost and management accountancy into the management systems, and this in a way has heaved the demand for Cost Accountants. The Institute of Cost and Works Accountants of India (ICWAI) is the governing body that regulates various professional courses and conducts the exams for Cost Accountants.
Cost Accountants are also known as Management Accountants. As a Cost Accountant, your responsibilities will include collection and assimilation financial information, followed by analysis and then report preparation for the management. Their work is purely for internal use only. Over a period of time, Cost Accountants have become an integral part of any corporate strategy.
The average salary of a Cost Accountant in India is around INR5.01 LPA with the top 10% earning more than INR10 LPA. (source: Payscale)
To be a successful financial analyst, you need to be good at critical thinking and mathematics and have an analytical bent of mind. Besides, you should have a good understanding of accounting, business, and economics, along with soft skills like excellent communication and interpersonal skills.
Now the term ‘Financial analyst’ covers a broad job profile that can be broken down into many categories. For instance, the accountants (a.k.a. budget analysts or controllers) prepare budget reports of a company, while a credit analyst analyses the credit records of a borrower to identify any plausible risk in lending money. On the other hand, an investment analyst investigates the investment data to suggest suitable investments to their clients, and risk analysts develop a specialised skillset to assess various investment risks.
The average salary of a Financial Analyst in India is around INR4.02 LPA with the top 10% earning more than INR9.91 LPA. (source: Payscale)
So, by now you must have realized that a career in accounting requires not only technical knowledge but warrants very good numerical, communication and analytical skills coupled with attention to detail. Nevertheless, it can be concluded that these accounting qualifications will open doors to a vast range of career options that revolve around management and analysis of financial accounts of companies. Hope this piece of article will help you decide your career path in accounting.