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Salary of a Chartered Accountant in India: A Perspective by BBC News

Introduction:

When it comes to the earnings of a Chartered Accountant (CA) in India, many are left wondering how much they truly make. It is without a doubt one of the most frequently asked questions among CA students. In India, the average income for a CA is considered quite good.

However, it is crucial to acknowledge that earning a handsome CA salary in India demands a great deal of attention and hard work, especially to pass all the Chartered Accountants in India examinations.

The CA salary in India for the year 2021 is influenced by various factors. The continuous growth and demand in India's finance sector have increased the need for Chartered Accountants in employment.

Speaking of the salary specifically, the average annual salary of a CA in India ranges from 6-7 lakh rupees to 40 lakh rupees. It is important to note that the Big 4 firms, as well as organizations in the industrial sector, pay the highest salaries to CAs in India.

When we consider the Chartered Accountant salary outside India, the annual compensation ranges from 27 to 60 lakh rupees.

Now, let's compare the CA salary in India with that of other countries. It is important to note that there may be variations in CA income in different nations, as it is dependent on the standard of living and the perceived value of human resources in each country. According to a study conducted by the Institute of Chartered Accountants of India (ICAI), the following are the chartered accountant salary discrepancies among major countries:

- Dubai: Freshers - AED 100k, Accomplished - AED 123k, Highest - AED 615k

- Australia: Freshers - AU$ 74k, Accomplished - AU$64k, Highest - AU$113k

- UK: Freshers - £28.4k, Accomplished - £32.1k, Highest - £62k

- India: Freshers - ₹698.2k, Accomplished - ₹744.3k, Highest - ₹2m

- USA: Freshers - $51k, Accomplished - $78.7k, Highest - $267k

Now, let's explore the various ways to secure the highest CA salary in India:

1. Obtain a high score in the CA exams: Scoring well in the CA exams significantly increases your chances of landing a high-paying job. If you achieve a high rank in the exams and are hired by a top corporation, your starting income as a CA can easily reach $20-25 million per year. Additional abilities and skills may also make you eligible for further compensation increases.

2. Possess knowledge: Having a clear understanding of the subject matter and strong conceptual clarity increases your chances of being selected for higher-paying positions. It is important to note that high packages do not necessarily translate to a high starting wage for new employees. However, working for a multinational corporation or a top organization improves your prospects of career growth and higher salaries in a few years.

3. Fewer attempts: Unless you have an exceptional reference, the number of attempts you make to pass the CA exams matters in securing a great job. Top firms like KPMG, Deloitte, EY, PWC, or other leading CA firms usually shortlist candidates who have passed in two or three attempts. This shortlisting gives you an opportunity to showcase your abilities in an interview. Public Sector Undertakings (PSUs), on the other hand, often shortlist candidates regardless of the number of attempts. Therefore, if you aspire to work for the Big 4 or other top accounting firms, aim to pass your CA Final exam on the first attempt to enhance your overall package.

4. Excellent results in the final exam: While the grades you obtain at each level of the CA exams are important, the marks you achieve in the CA Final exam are particularly crucial for securing a decent job with a higher salary. Your selection and package will be based on the marks you obtain after a certain number of attempts since you won't be able to pass the CA Final exam unless you have a strong foundation of knowledge gained from earlier levels.

5. Excellent practical training experience: Many students choose dummy Articleships to pass their CA Final exam on the first attempt. However, the experience gained through practical training holds immense value. During interviews, experienced professionals can assess your practical training experience within a short span of time. Applying for training at India's largest accounting firms not only provides valuable experience but also offers a stipend of around Rs 20,000. These firms are known for offering the highest wages to their employees.

It is also important to consider the salaries of Chartered Accountants in large corporations in India:

- Big 4 (EY, Deloitte, PWC, and KPMG): Undoubtedly, the Big 4 are among the leading firms in India that hire the highest number of CA freshers. Working with these companies provides valuable experience, and the salary and other benefits are also quite substantial. On average, freshers working in a Big 4 CA firm are paid between 12 and 25 lakhs per annum.

- Public Sector Undertakings (PSUs): As mentioned earlier, PSUs often shortlist candidates based on their marks, regardless of the number of attempts made. Some PSUs like ONGC, HPCL, BSNL, and others offer competitive salary packages ranging from 6 to 15 lakhs. Your selection in these PSUs will be based on your performance in the interview.

- Information Technology Companies: Companies such as Infosys, Wipro, and Microsoft hire a significant number of CA candidates and offer salaries ranging from 7 to 10 lakh rupees per year. These companies have fully-fledged audit teams.

- Banks: Many CA candidates find employment opportunities in banks, such as ICICI and HDFC, which typically offer salaries ranging from 5 to 10 lakhs.

- Indian Accounting Firms: Several Indian accounting firms hire CA candidates to handle office work and to meet the increasing demand for audits. Some of the top accounting firms in India include Haribhakti & Co., Singhi & Co., Chaturvedi & Shah, among others.

In conclusion, the salary of a Chartered Accountant in India varies based on factors such as abilities, knowledge, job profile, and the reputation of the firm. Freshers who pass the CA exams face different salary ranges depending on the number of attempts made. However, with the right skills and dedication, CAs in India can expect attractive compensation packages and ample opportunities for growth in their careers.