The Association of Chartered Certified Accountants (ACCA) is a recognized global accounting body. As such, their members can work in various countries across the world.
India, one of the world's most populous countries, produces many ACCA-qualified accountants yearly. So what is the average salary of an ACCA member in India? Let's take a look.
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 also opens up many career opportunities for qualified professionals.
- 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. This access will help you secure a better job opportunity and salary than those who still need an ACCA qualification.
ACCA Salary in India
Average Salary of ACCA Members in India by Sector
The average median salary of ACCA members in India across sectors is as follows -
- Accounting and auditing sector - Rs 19.5 lakh per year
- Taxation sector - Rs 18.4 lakh per year
- Financial reporting sector - Rs 18.6 lakh per year
- Internal audit sector - Rs 17.9 lakh per year
- The ACCA salary in india for freshers is Rs. 8.2 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.
Which accounting profession pays more?
As mentioned above, the average salary of ACCA members in India differs by sector. But what profession will pay better?
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 of ACCA members working in countries such as the UK, Australia, and New Zealand can go as high as $100,000.
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.
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.
No, not at all. If you're proficient in the key subjects, then getting a high percentage means very little. The focus should be on becoming knowledgeable and skilled in the core areas of accounting, taxation and finance. Passing exams is simply a formality.
That being said, a high score still looks good on paper and may open doors when applying for jobs. But ultimately, it's your understanding of the material that will matter most in your career.
If you complete the Qualification, you can use the designation 'Chartered Certified Accountant' (ACCA or FCCA).
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
FCCA stands for Fellowship of the Association of Chartered Certified Accountants. To become a Fellow, members must have five years of professional experience and meet continuing professional development requirements. FCCA members can use the post-nominal letters FCMA(UK) or FCCA(Cy).
FCCA is a prestigious title that certified accountants can use to demonstrate their experience and professionalism. It may also help them command higher salaries and progress within their chosen organisations.
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.