ACCA Salary in India: 2024 trends
ACCA salary in India
Discover the lucrative ACCA salary in India!
ACCA Salary in India - As an ACCA member, you know that pursuing a career in accounting and finance can be highly lucrative. But did you know that the average salary for ACCA professionals in India is among one of the highest when compared to other countries?
ith more and more ACCAs graduating each year, it is becoming increasingly competitive in the market. As such, understanding what kind of salaries top employers offer skilled accountants and financial planners is essential if you want to unlock your full earning potential.
In this blog post, we’ll discuss how much money you can make with an ACCA certification in India today – so read on!
Key Topics Covered
- What does ACCA qualification guarantee
- ACCA salary in India
- ACCA scope in India for salary increment
- Planning to migrate, find out the ACCA salary overseas
What Does an ACCA qualification in India guarantee?
An ACCA qualification from India guarantees, first and foremost,
- That you are certified as a Charted Accountant enhances your CV and differentiates you from other finance professionals.
- ACCA-qualified students tend to earn at least 70% more than graduates.
- ACCA qualification is globally recognized and a benchmark for good practice in financial management.
- It opens up opportunities to look for jobs globally. Read our blogs on ACCA in Australia and Canada.
- In addition, you will also have the necessary skills and knowledge to become a financial auditor, business analyst and financial adviser.
- Moreover, as an ACCA member, you will also have access to an extensive network of like-minded professionals.
- ACCA qualification helps you secure a better job opportunity and salary.
ACCA Salary in India
According to 2023 average surveys by job portals in India;
- ACCA salary range in India for freshers is between ₹9-₹11 lakhs per annum or from ₹50-₹80 thousand per month.
- Professionals working with multinational companies with an experience of more than 10 years have reported earning anything up to ₹55 lakhs annually.
Average Salary of ACCA salary by industry in India
The average median salary of ACCA members in India across sectors is as follows
- Accounting and auditing sector -₹ 21.5 lakh per year
- Taxation sector -₹19.4 lakh per year
- Financial reporting sector -₹ 20.6 lakh per year
- Internal audit sector -₹ 19.9 lakh per year
- The ACCA salary in india for freshers is₹ 10.2 lakh per year
The above figures show an average salary of what an ACCA-qualified accountant can expect. The salary depends on several factors, such as the company's size, experience, and location.
The salary of ACCA members in the accounting and auditing sector is higher than in other sectors as they provide services like financial statements, taxes, and audit reports to the company.
Factors affecting ACCA salaries
Geographical Location
- City: Major cities like Mumbai, Delhi, Bangalore, and Hyderabad typically offer higher salaries than more miniature cities and towns. This is due to the higher concentration of multinational and large Indian corporations in these urban centres.
- Cost of Living: Salaries tend to be higher in cities with a higher cost of living, as companies need to compensate for the increased expenses associated with living in these areas.
- Financial Services: ACCA professionals working in banking, investment firms, and insurance companies often earn higher salaries due to these sectors' complexity and regulatory requirements.
- Corporate Sector: Large corporations, particularly in industries such as IT, pharmaceuticals, manufacturing, and FMCG, often offer competitive salaries to ACCA professionals.
- Consulting Firms: ACCA professionals in top-tier consulting firms like the Big Four (PwC, Deloitte, EY, and KPMG) generally earn higher salaries than those in smaller firms or other sectors.
- Public Sector and Nonprofits: Salaries in the public sector and nonprofit organizations tend to be lower than those in the private sector, but they may offer other benefits like job security and pensions.
- Entry-Level: Newly qualified ACCA members or those with limited experience typically earn lower salaries, ranging from INR 3-5 lakhs per annum.
- Mid-Level: Professionals with several years of experience, including roles such as senior accountants or financial analysts, can expect to earn between INR 6-10 lakhs per annum.
- Senior-Level: Senior roles such as finance managers, controllers, or CFOs can command significantly higher salaries, often exceeding INR 15 lakhs per annum, depending on the company size and industry.
- ACCA Membership: Fully qualified ACCA members generally earn more than those still pursuing their qualifications.
- Additional Qualifications: Other relevant certifications (e.g., CPA, CFA, MBA) can increase earning potential by demonstrating additional expertise.
- Educational Background: Graduates from prestigious institutions or those with higher academic achievements may have a competitive edge and command higher salaries.
- Technical Skills: Proficiency in accounting software, financial modelling, and data analysis tools can enhance salary prospects.
- Specializations: Specializing in taxation, auditing, financial planning, or risk management can lead to higher salaries due to the specialized knowledge required.
- Multinational Corporations: Working for a large multinational company often comes with better salary packages, additional benefits, and opportunities for international assignments.
- Reputation: Companies with a strong market reputation and financial stability are more likely to offer attractive compensation packages to retain top talent.
- Demand for ACCA Professionals: Salaries tend to be higher in regions or sectors with a high demand for ACCA-qualified professionals.
- Supply of Qualified Professionals: An oversupply of qualified professionals in the market can put downward pressure on salaries.
- Performance: High-performing individuals who consistently exceed expectations may receive higher salaries, bonuses, and promotions.
- Negotiation Skills: Strong negotiation skills during the hiring process can also significantly impact the initial salary offer and subsequent salary increases.
ACCA Scope in India for Salary
Accounting professionals with an ACCA qualification get a higher salary than those without an ACCA. This is because those with an ACCA can work in a broader range of sectors and locations.
- The average salary of an auditor without an ACCA is Rs 8.2 lakh per year, whereas auditors with an ACCA earn Rs 12.4 lakh per year.
- Similarly, the average salary of financial analysts without an ACCA is Rs 8.2 lakh per year, whereas financial analysts with an ACCA earn Rs 12.6 lakh per year.
- However, if you are a CA from the Institute of Chartered Accountants of India, you will be preferred more over an ACCA if you wish to work in India. Job portals and our 5000+ existing alumni indicated to us over a survey that CA's command a premium between 15% to 30% over an ACCA qualification in India.
Please read our blog to understand how much ACCA cost in India.
How to increase your salary with an ACCA qualification?
Now that you have added an ACCA qualification, we recommend adding the following skills to your CV to differentiate yourself from other professionals.
- With the Fourth Industrial revolution upon us, ACCA members must gain digital skillsets like Data analytics, blockchain, cybersecurity and RPA. These skills tend to attract high-paying and large MNC employers. After obtaining these skills, professionals tend to get a 15% to 50% hike.
- Financial reporting certifications like IFRS or USGAAP will give you a competitive edge. At any time, there are close to 10K+ jobs listed in India where the demand is for knowledge of IFRS or GAAP.
- Soft skills like business acumen, communication, and leadership skills weigh in on your growth to become a CFO.
Investing in these skills signals to the recruiters that you are keen on growth and investment in yourself and can add value to their organizations.
Average Salary of ACCA Members Overseas
There is no denying that the salary of an ACCA member in India is lower than that of an ACCA member in other countries.
- The average salary for an ACCA member in Canada is around $74,000 annually. However, this can vary depending on the province or territory in which you work. For example, the average salary for an ACCA member in Alberta is about $94,000 per year, while the average salary for an ACCA member in Quebec is about $68,000 per year.
- In the UK, the average ACCA salary is £49,000. However, this can vary depending on experience and location. London is typically where you will find the highest paying jobs for ACCA members
- The average ACCA salary in UAE is $72,000 a year. However, with the right experience and skills, it's possible to earn upwards of $100,000. With its booming economy and ample opportunities for advancement, you can be sure to find a rewarding and lucrative role in this dynamic region.
- If you are an ACCA member in Ireland, you can expect to earn a salary that is above the national average. The average ACCA salary in Ireland is €72,000. Due to Brexit, a lot of companies have moved based to Ireland and ACCA members are in high demand.
Although the salary of ACCA members working in India is significantly lower than that of ACCA members in other countries, the cost of living in India is also significantly lower than that of the countries above. As such, the ACCA members working in India do not earn less than they deserve.
Conclusion
The ACCA qualification is one of the most sought-after accounting qualifications in the world. The salary of an ACCA member in India is lower than that of an ACCA member in other countries. However, the lower salary is justified by, the lower cost of living in India.
The salary of an ACCA member is worth the effort and the time that one puts in to earn the qualification.
If you want to increase your salary, getting an ACCA qualification is your best decision. The effort and time you put in to earn an ACCA qualification will be worth it once you see the difference in your salary.
If you would like to know more about ACCA training or need ACCA study materials, do visit our website eduyush.com
Also read IFRS salary in India
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Questions? Answers.
You have an unlimited number of attempts to pass the ACCA (Association of Chartered Certified Accountants) exams.
ACCA does not impose a limit on the number of times you can retake an exam.
You can keep attempting until you successfully pass each exam, which provides flexibility for candidates to learn and improve their performance over time.
Yes, ACCA offers exemptions for certain exams for candidates who have completed certain academic programs or have relevant professional qualifications.
To request exemptions, you will need to provide documentation and submit an exemption application to the ACCA. Review our comprehensive exemptions calculator to know more.
The pass rate for the ACCA exams varies from exam to exam and from year to year. In general, the pass rate for the ACCA exams is between 35% to 50%. Read our blog on subject wise pass rates to know more.
The answer to this lies on your context and individual career objectives.
The ACCA (Association of Chartered Certified Accountants) membership provides numerous benefits, including:
- Professional development opportunities, such as access to the latest technical resources, CPD modules and e-learning tools
- A global community of like-minded professionals to collaborate and share knowledge with
- The ability to connect with employers through the ACCA Jobs service
- Eligibility for reduced rates on a range of products and services, such as insurance, stationery and more
The consequences of non-payment of the annual subscription fees are
As a member:
1) you can't call yourself an ACCA member, and you won't be able to use the ACCA name or logo.
2) You also won't be able to use any resources, including the online resources.
3) if you're working as an accountant, you may be unable to use the term "ACCA-qualified" or "ACCA-registered".
4) If your membership expires and isn't renewed within three years. In that case, your name will be removed from the Register of Members.
5) If you need to apply for CPA accreditation with another accounting body like CPA Australia or Canada, you will be required to furnish a good standing certificate from ACCA for five years. If you haven't paid your membership fees, you won't be able to get your good standing letter
As a student
1) You will not be able to use the members' website or log into MyACCA. You will lose access to many resources, including past exam papers and helpful articles.
2) You will no longer be eligible to sit the examinations or progress through the qualification.
3) You won't be able to pursue any other qualifications like the DIPIFR
If this is something that happens accidentally, then it is usually quickly resolved by simply paying the outstanding amount of 89 GBP.
If you're looking to become a chartered accountant in the United States, the value of the ACCA qualification cannot be understated.
To be accepted into one of the regional accountancy bodies that confer chartered status (such as the AICPA), you must have completed an accredited course of study from a college or university and have spent at least two years working in the accounting field.
The Association of Chartered Certified Accountants is globally recognized as one of the leading institutions for providing such accredited courses, and their stamp of approval on your degree will go a long way in getting your foot in the door with some of the top accounting firms in America.
It is a difficult question because it depends on your specific situation and goals.
However, in general, we would say that the CA (Chartered Accountant) certification is better for those interested in pursuing a career in accounting and finance.
In comparison, the CFA (Certified Financial Analyst) certification is better for those interested in investment banking or portfolio management.
The ACCA (Association of Chartered Certified Accountants) certification is more internationally recognized than the CA or CFA, so it may be worth considering if you're interested in working abroad.
Ultimately, though, the best way to decide which certification is proper for you is to speak with experts in each field and get their advice.
The decision of whether ACCA or a degree is better for you depends on your individual goals and circumstances.
ACCA is a professional accounting qualification that is recognized and respected globally and it is focused on accounting and finance. It is a good option for those who want to pursue a career in accounting or finance and do not want to spend the time and money required to earn a degree.
On the other hand, a degree program offers a more well-rounded education and provides a broader range of career options. It also provides more in-depth knowledge in specific field of study and it is good for those who want to pursue a career in a field outside of accounting and finance.
Both ACCA and a degree can be valuable qualifications, it depends on the person's career goals and what they want to achieve in the long term. It's also worth noting that in some countries, it is mandatory to have a degree in order to practice as an accountant.
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