If you’re considering a career in accounting, one of the most important factors to consider is your earning potential. Accounting is a diverse field with a wide range of career paths, and your salary will depend on factors such as your experience, education, location, and industry. In this ultimate 2024 salary guide, we’ll explore the earning potential for various accounting roles in India, using INR instead of USD.
Accountant
An entry-level accountant in India can expect to earn an average salary of INR 3-4 lakhs per year. As you gain experience and move up the ranks, you can expect to earn up to INR 8-10 lakhs per year. The median salary for an accountant in India is INR 5 lakhs per year.
Chartered Accountant
Chartered Accountants (CAs) are highly respected and sought-after professionals in India. They typically work in a variety of roles, including auditing, taxation, and financial management. An entry-level CA can expect to earn an average salary of INR 7-8 lakhs per year, while experienced CAs can earn up to INR 20-25 lakhs per year. The median salary for a CA in India is INR 12 lakhs per year.
Cost Accountant
Cost Accountants work to help businesses control their costs and improve their profitability. An entry-level Cost Accountant can expect to earn an average salary of INR 4-5 lakhs per year, while experienced professionals can earn up to INR 10-12 lakhs per year. The median salary for a Cost Accountant in India is INR 7 lakhs per year.
Financial Analyst
Financial Analysts work to help businesses make informed financial decisions. They typically work in investment banks, consulting firms, and other financial institutions. An entry-level Financial Analyst can expect to earn an average salary of INR 4-5 lakhs per year, while experienced professionals can earn up to INR 15-20 lakhs per year. The median salary for a Financial Analyst in India is INR 8 lakhs per year.
Accounts Payable/Receivable Specialist
Accounts Payable/Receivable Specialists are responsible for managing a company’s accounts payable and accounts receivable functions. An entry-level Accounts Payable/Receivable Specialist can expect to earn an average salary of INR 2-3 lakhs per year, while experienced professionals can earn up to INR 6-8 lakhs per year. The median salary for an Accounts Payable/Receivable Specialist in India is INR 4 lakhs per year.
Tax Consultant
Tax Consultants work to help businesses comply with tax regulations and minimize their tax liabilities. An entry-level Tax Consultant can expect to earn an average salary of INR 4-5 lakhs per year, while experienced professionals can earn up to INR 15-20 lakhs per year. The median salary for a Tax Consultant in India is INR 8 lakhs per year.
Conclusion: A career in accounting can be very lucrative in India, with opportunities for growth and advancement. Your salary will depend on various factors, including your experience, education, and location. We hope this ultimate 2024 salary guide has provided you with some insight into the earning potential of various accounting roles in India.
Are Accountants in demand in India?
The demand for accountants in India has been steadily increasing over the years due to the growth of the economy and the increasing number of businesses operating in the country. According to a report by the Institute of Chartered Accountants of India (ICAI), the demand for chartered accountants (CAs) in India has been growing at a rate of 15-20% per year. This is because CAs are not only required by businesses to maintain their financial records, but also by the government for various purposes such as tax filings, audits, and compliance.
The job market for accountants in India varies depending on the industry and the city. The demand for accountants is higher in cities like Mumbai, Delhi, and Bangalore, which have a high concentration of businesses and financial institutions. The demand is also higher in industries such as banking, finance, and insurance.
Accountant salaries around the world
The average salary of an accountant varies depending on the country they work in. According to a report by Robert Walters, a global recruitment consultancy, the average salary of an accountant in India is around INR 7-8 lakhs per annum. This is lower than countries like the United States, where the average salary of an accountant is around USD 70,000 per annum (which is roughly equivalent to INR 51 lakhs per annum).
Some of the countries with the highest accountant salaries include Switzerland, where the average salary is around CHF 115,000 per annum (which is roughly equivalent to INR 95 lakhs per annum), and the United Kingdom, where the average salary is around GBP 54,000 per annum (which is roughly equivalent to INR 54 lakhs per annum).
Accountant salaries by city (India)
The average salary of an accountant in India varies depending on the city they work in. According to data from PayScale, the average salary of an accountant in Mumbai is around INR 5.5 lakhs per annum, while in Delhi it is around INR 4.9 lakhs per annum. In Bangalore, the average salary is around INR 4.8 lakhs per annum, while in Chennai it is around INR 4.1 lakhs per annum.
Accountant salaries based on years of experience (India)
The salary of an accountant in India increases as they gain more years of experience. According to PayScale, the average salary of an accountant with 1-4 years of experience is around INR 3.5 lakhs per annum, while an accountant with 5-9 years of experience can expect to earn around INR 6 lakhs per annum. An accountant with 10-19 years of experience can earn around INR 9 lakhs per annum, while those with 20 years or more of experience can earn around INR 12 lakhs per annum.
Accountant salaries based on company size (India)
The size of the company an accountant works for can also affect their salary in India. According to PayScale, the average salary of an accountant in a small company (with less than 50 employees) is around INR 3.5 lakhs per annum, while in a medium-sized company (with 50-200 employees) it is around INR 5.5 lakhs per annum. In a large company (with more than 200 employees), the average salary of an accountant is around INR 9 lakhs per annum.
Conclusion: A career in accounting can be very lucrative in India, with opportunities for growth and advancement. Your salary will depend on various factors, including your experience, education, and location. We hope this ultimate 2024 salary guide has provided you with some insight into the earning potential of various accounting roles in India.
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