A Chartered Accountant’s job requires specialized financial skills in handling and maintaining the overall financial health of the company. This is why it is also considered among the top-paying jobs in India. This blog shares some of the high-paying CA industries in the country and the salary packages that they offer to these skilled professionals.
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The pay range of a Chartered Accountant is bound to vary from one professional to another. This is attributed to various factors, such as the industry they work for, the organization they are hired in, the size of the firm, the location of the company, and more.
Let us assess the industry impact on the salary of a CA.
Since Chartered Accountants hold specialized skills in finance and accounting, these two industries generally tend to create a higher demand and in turn higher pay packages for these professionals, as compared to other industries. This is also because CAs in financial and accounting firms are required to handle complex financial operations on a day-to-day basis. This requires special expertise in the domain, which CAs are well equipped with.
As such, they are better able to demand higher pay packages working in these sectors compared to their counterparts employed in any other industry, such as IT or Manufacturing. Examples include the ‘Big 4’ accounting companies in India - EY, PwC, Deloitte, and KPMG. They are named so because they are indeed the world’s largest accounting firms, offering a wide array of services such as consulting, risk management, audit, financial advisory, assurance, and tax compliance.
Also Read: How to Become a Chartered Accountant
Highest-Paying Industries For CA In India
As discussed in the above section, the industry that a CA works for has a considerable impact on their salary drawn. Finance and accounting companies generally tend to pay higher remuneration packages to CAs in return for employing their expertise and skills in handling complex financial structures in their organizations. Likewise, CAs working in the IT sector, for example, may be paid relatively less than their peers working in the Big 4 accounting firms in the world.
This section throws more light on the different industries that offer attractive pay packages to CA employees:
1. Finance and Banking: This tops the list of high-paying industries for CA professionals, given the critical nature of the financial work involved. CA employees in these sectors generally tend to earn better pay than those in other industries.
Average salary of CA in the banking sector (approx.): Rs 5.5 lakh - Rs 17 lakh per annum
2. Multinational Corporations (MNCs): These are also high-paying companies, offering lucrative pay packages to CA professionals. Examples of MNCs include Procter & Gamble (P&G), Reckitt Benckiser (RB), Hindustan Unilever (HUL), and Marico. CAs working in these companies generally tend to earn more than their counterparts in start-up firms or small business organizations.
Average salary of CA in MNCs (approx.): Rs 75 lakh - Rs 1.1 crore per annum
3. Big 4: These include the top 4 companies in the world - Deloitte, KPMG, EY, and PwC. CAs working in any of these top firms are liable to earn a high pay package.
Average salary of CA in Big 4 firms (approx.): Rs 8 lakh - Rs 20 lakh per annum
4. IT Sector: Several IT companies hire a dedicated audit team and the CA employees in these firms are paid quite well for handling these crucial operations.
The average salary of a CA in the IT sector (approx.): Rs 4.2 lakh - Rs 20 lakh per annum
5. Public Sector Undertakings (PSUs): These refer to companies where the government holds 51% of the stake. They also offer competitive salaries to CAs. Examples include OIL India, ONGC, and HPCL.
Average salary of CA in PSUs (approx.): Rs 3.9 lakh - Rs 22.1 lakh per annum
6. Teaching/Training: CAs are also hired by coaching institutes to train CA exam candidates and offer guidance and support via offline or online classes. These professionals are offered competitive salaries based on the work experience they have, their skill set, and their ability to handle students.
Average salary of CA in the Teaching sector (approx.): Rs 2 lakh - Rs 14 lakh per annum
7. Consulting: Experienced CA professionals can also choose to work as freelance consultants, offering their expert advice on finances, taxation, and similar matters on platforms such as Fiverr or Upwork in return for a competitive rate. The rate may vary depending on location; higher for big cities and lower for small towns.
Average salary of CA in the Consulting sector (approx.): Rs 3.9 lakh - Rs 24 lakh per annum
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Tips To Earn The Highest CA Salary In India In 2024
While the salary packages for CAs are likely to vary depending on several factors, the industry they work for being one of them, some ways can help professionals secure higher pay. Some of these helpful tips are as follows:
- Widen your knowledge base: Increased knowledge is the key to earning higher salaries in every industry, and it is no exception for Chartered Accountants either. By enhancing their knowledge in their specific domain, CAs can command higher pay packages from their hiring organizations.
- Secure a higher rank in CA competitive exams: This is yet another way of making yourself attractive to potential employers offering high remuneration packages to CAs. A higher rank in the competitive exams is an achievement under your belt, which you can proudly showcase during interviews and recruitment processes.
- Move to a lucrative-paying location: Bigger cities like metropolitans generally tend to pay attractive salaries to their CA employees, as compared to smaller towns and cities. Consider relocating if you aspire to earn better.
- Try and make fewer attempts to clear CA exams: The fewer your attempts at clearing the exam, the better your image in your resume and the higher the prospects of earning a better salary package from a prospective employer.
- Work on your communication: This includes both written and verbal skills. CAs who are good communicators are better able to assume managerial and leadership positions in their organization and this makes them eligible for attractive salaries.
- Consider joining a good CA firm: This would help you gain the desired experience and knowledge in the domain, and employment in a branded CA firm would also look good on your portfolio.
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Chartered Accountants are an integral part of every industry and sector in the world. Nearly every organization requires the expertise and specialized skills that these professionals hold in the domains of auditing, finances, and taxation. This makes them entitled to rewarding salary packages in these sectors and a promising career trajectory.
If you too want to tread this path or wish to enhance your knowledge in the domain to make yourself attractive to future employers, consider signing up for an online Chartered Accountancy course from Amity Online. The program is ideal for both working professionals and students, equipping them with the latest industry-specific skills and offering the convenience of learning in your own time and place.
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