“I just wanted to be a businessman, and to me, the best way to understand business was to be an accountant.” – Aubrey McClendon
We cannot deny the fact that there is a craze among youngsters to become Chartered Accountants in India. There are many reasons behind this. One of the most common reasons is that Chartered Accountants are considered to be prestigious and respected professionals in Indian society.
Chartered Accountants are perceived as intelligent, successful, and well-paid individuals in the country. All this accounts to Chartered Accountant becoming the most desirable job.
You will have opportunities to join top companies, explore rewarding career paths, and land a high-paying job. But most of the Chartered Accountants have one burning question:
How much does a CA actually earn in India?
Recently, NDTV reported that in the recent 58th campus placements at The Institute of Chartered Accountants of India (ICAI), most of the CAs got high-paying jobs. Major domestic postings offered up to ₹23.70 lakh per annum and international placements touched a whopping ₹49.20 lakh per annum.
The average salary for Chartered Accountants in the country is ₹10.5 lakh per year, with 2,105 out of 2,713 professionals readily finding jobs. This shows that there is a huge demand for CAs. If you are thinking of becoming a Chartered Accountant, this can lead you to a rewarding career with good pay.
But wait, is the answer really that simple? Not really! Just like any other job, your salary as a CA depends on multiple factors like experience, type of industry and place.In this article, we will look at CA salaries in India. It will help you understand how much CAs earn and how you can plan your financial future better.
Average, Starting and Highest Salary of CA in India:
|₹10 lakhs per annum
|₹6.6 lac per annum
|₹2 crore per annum
Understanding Factors Impacting Chartered Accountant Salary
Chartered Accountants are skilled professionals who play a major role in the Indian economy. They are like gatekeepers who keep the country’s financial health in check by offering invaluable services such as Auditing, Financial Planning, etc.
If you are working as a Chartered Accountant, your role will be pivotal in ensuring a prosperous economy. You will be responsible for auditing, taxation, and offering financial advice. All these services are crucial to ensuring success in any business organisation. Thus, you can get handsome salaries.
The average salary for a CA in India is around ₹10 lakhs per annum. However, the actual income depends upon a multitude of factors, such as:
Experience: One of the most important factors that affects the salary is experience. The more experience you have, the more valuable you are to your employer. Therefore, you can command a higher salary. Entry-level Chartered Accountants can expect a salary of around 6.6 lakh and those with experience can expect a salary of around 10 lakh per annum.
Location: The location where you work can also affect your salary. Chartered Accountants who work in metro cities earn more than those who work in smaller towns and rural areas. This usually happens due to the higher cost of living and more opportunities in these areas.
Industry: The industry you work in also affects your salary. Chartered Accountants who work in particular industries, such as Finance, Banking, and professional services, can expect to earn more than those who work in other industries.
Employer: The company where you work also impacts your salary. Chartered Accountants employed by MNCs generally earn more than those working for start-ups & small businesses.
Qualifications: The qualifications you have can also impact your salary. Chartered Accountants who have additional qualifications such as MBA, can expect higher salaries.
Starting Salary for Chartered Accountants in India
The starting salary for a Chartered Accountant in India is around ₹6.6 lakhs per annum. However, this can vary depending on the factors mentioned above.
Highest Salary for Chartered Accountants in India
The highest salary for a Chartered Accountant in India can be over ₹2 crore per annum. However, this is only for a very small number of Chartered Accountants who are at the top of their profession.
Demand for Chartered Accountants in India
The demand for Chartered Accountants in India is increasing day-by-day. There are many factors that impact this demand.
- Firstly, the growing Indian economy has led to a higher demand for financial experts in different industries.
- Secondly, the increasing complexity of business regulations, both within the country and globally has also amplified the need for skilled accountants who can manage complicated financial systems.
- Lastly, the need for businesses to follow the global accounting standards has emphasised the importance of Chartered Accountants who possess sound knowledge of international financial practices. Therefore, there is a growing demand for Chartered Accountants.
How to Become a Chartered Accountant in India?
- You can register for the CA Foundation course after 12th. You can apply through the official ICAI website.
- The CA Foundation course is divided into four subjects and two groups. You have to study diligently for the exams.
- After clearing CA Foundation, the exams will be conducted twice a year, usually in May and November.
- You can enrol in the CA Intermediate course to clear your understanding of accounting, auditing, taxation, and related subjects.
- Before CA Intermediate exams, finish Articleship training at a CA firm or under a practising CA.
- You have to attempt the CA Intermediate exams, which occur twice a year.
- You have to sign up for the CA Final course after completing CA Intermediate and finishing Articleship.
- Be ready for the CA Final exams. The course will cover advanced topics, so make sure to prepare thoroughly.
- Now, you have to go for CA Final exams, which are conducted twice a year, usually in May & November.
- You have to go for General Management & Communication Skills training to improve your communication and managerial abilities.
- Now, you have to apply for ICAI membership. After approval, you can become a qualified Chartered Accountant.
A career as a Chartered Accountant in India can offer you both financial stability and professional growth. The CA designation improves your professional credibility and opens up many new opportunities in the finance sector.
Kamaldeep Singh is an accomplished digital marketing specialist, and has been associated with the education industry since 2022. With a flair for knowledge, he finds joy in learning and sharing insights on education, technology, digital marketing, and self-care through his writing. He is passionate about cars, tech-gadgets, and loves long drives.