Revealing the Insights of IFRS Salary In India: How It Impacts Your Career!

IFRS salary in India 2024

Adopting International Financial Reporting Standards (IFRS) in India has significant implications for Chartered Accountants (CAs) and the broader accounting profession. IFRS convergence impacts various financial reporting, training, and compliance aspects, influencing both professional practices and educational curricula.

Evidence

1. Impact on Accounting Practices and Standards
   • The convergence of Indian accounting standards with IFRS, known as Ind AS, brings significant changes in financial reporting practices. This shift aims to enhance transparency and comparability of financial statements globally, benefiting Indian firms by facilitating more accessible access to international capital markets (Gupta & Pandey, 2019).
2. Challenges in Implementation
   • Implementing IFRS in India poses several challenges, including extensive training, IT infrastructure changes, and regulatory framework adjustments. Accounting professionals and firms must invest in education and technology to comply with these new standards (Sharma et al., 2017).
3. Educational Implications
   • The Institute of Chartered Accountants of India (ICAI) has integrated IFRS into the accounting students' curriculum, recognizing the importance of these standards in global business. This initiative aims to prepare future accountants with the necessary skills and knowledge to apply IFRS effectively.
4. Impact on Financial Reporting Quality
   • The adoption of IFRS has improved the quality of financial reporting among Indian firms, making financial statements more reliable and comparable. This change is crucial for enhancing investor confidence and fostering better corporate governance.
5. Sector-Specific Impacts
   • In the Indian banking sector, the convergence to IFRS is expected to significantly impact financial reporting processes, particularly in loan loss provisioning and financial instruments. Banks must adjust their accounting systems and practices to meet these new standards (Sangwan, N. (2018). Convergence to IFRS & its Challenges to Indian Banking. International journal of engineering research and technology, 3.).

So, what is the salary of IFRS in India? 

Key takeaways on IFRS salaries in India

1. On average, there are close to 5500 jobs listed at any time on job portals or corporate websites in India
2. 90% chance of getting called for an interview if you are certified by either ACCA or AICPA
3. 35%. Higher salary when IFRS certification is added to your pre-existing qualification.
4. The median India average wage for IFRS-qualified candidates is between Rs. 14-17 lakhs per year
5. Top companies hiring are in the Accounting/Audit Industry
6. Mumbai has the maximum number of IFRS jobs
7. 65% of IFRS jobs demand is for CA's
8. The 10 year average IFRS salary growth is ~ 20% YoY
9. CA's who do the IFRS get an average increase of 18% on salary after completing this course

Why should you be certified in IFRS?

Representing your skills as a certification gives you a way to share your abilities with a potential recruiter in a way that is simple, trusted and can be easily verified. Certifications provide employers and peers concrete evidence of what you had to do to earn your credential and what you're now capable of.

How do recruiters search for IFRS candidates?

The demand for IFRS in India is very high. Considering the number of job postings and applicants, it gets very tedious for the recruiter to filter the suitable candidates for an interview.

On average, at least 10000+ candidates are listed on a job portal or LinkedIn for every search a recruiter makes for IFRS skills. 

This is how the process works.

• Recruiter searches for candidates with keywords IFRS 
• The recruiter sees nearly 10,000 candidates coming up in search at any time.
• The recruiter applies filters for experience and city and adds qualifications like CA, B.com etc.
• Recruiters will still see close to 1000+ CVs, as most candidates put the knowledge of IFRS on their CV.
• As the recruiter has time to see only a max of 100 CVs, they further refine it with keywords ACCA IFRS or AICPA IFRS. 
• As certified candidates are few, these CVs are hand-picked and sent to the hiring managers for interview.

HR and finance Recruiters prefer if the candidate has been certified by an authoritative accounting body like ACCA, AICPA or ICAEW. Read our blog to find out which certification you can take from these three.

We strongly advise putting the keywords ACCA DipIFR or AICPA Certificate in IFRS on your skillsets when updating your profiles in both job portals or Linkedin. 

IFRS Salary data 2024

We looked at the average median salaries offered in major metro cities in India. The table below shows the salaries as well as average job openings at any point in time.

Salary by City

* The average median salary is the midpoint of the salary range, considering years of experience.  

Jobs by Industry

The table shows which industries have the maximum number of jobs and the average median salaries.

What underlying qualifications do recruiters demand in addition to IFRS skillsets? 

Recruiters prefer students who have the following educational qualifications on their CV

• 65% of recruiters are looking for a CA with IFRS skill sets
• 50% of recruiters look to fill students with graduates in finance
• 30% of recruiters look for ICWAI-qualified students

The basis on our understanding of the salaries, adding an IFRS skillset to your CV on top of your educational qualification can get you an incremental 20% to 30% salary and get you noticed by recruiters much faster.

Salary Growth Opportunities

Regarding salary growth opportunities, plenty is available for those working with IFRS principles in India. The demand for experienced professionals proliferates due to increased regulations and compliance requirements imposed on businesses by the government and other regulatory bodies.

Organizations need skilled individuals who can help them adhere to these new guidelines while maintaining accurate financial records. This means that those who specialize in IFRS will be highly sought after—and thus compensated—for their expertise.

In addition to essential salary growth opportunities, those specializing in IFRS may also be eligible for bonuses or other incentives depending on the organization they work for. These extras can add significantly to one's total compensation package and further increase the potential earnings associated with this type of job.

Pass the ACCA Diploma in IFRS exams with us in your first go

Closing comments

Adding IFRS certification to your pre-existing qualifications could give you a wage increase of up to 30%. That's according to the data collected from job portals and corporate websites in India.

 At Eduyush, we provide comprehensive training on IFRS and get you certified by either ACCA or AICPA so that you can improve your job prospects. 

If you are resitting the ACCA DIPIFR IFRS exams or find ACCA DIPIFR too overwhelming, do reach out to us, we can guide you with either training or substitutes.

Get in touch with us today and start your journey towards a well-paid career in finance!

Also read our blog on ACCA salary in India