IFRS salary in India
The International Financial Reporting Standards (IFRS) is a set of accounting standards that provides a common framework for financial reporting. IFRS is used by companies in more than 140 countries, including India.
International Financial Reporting Standards (IFRS) are the global standards of financial reporting that provide a framework for how companies should present their financial performance and position.
There is a growing demand in India for qualified professionals who can use IFRS principles to report financial information accurately and effectively. If you're considering a career in accounting and want to know more about an IFRS salary in India, keep reading!
So, what is the salary of IFRS in India?
- How do recruiters search for IFRS candidates
- IFRS salary in India by city
- Qualifications sought by recruiters
- Updated IFRS Standards list
- On average, there are close to 5000 jobs listed at any time on job portals or corporate websites in India
- 90% chance of getting called for an interview if you are certified by either ACCA or AICPA
- 30%. Higher salary when IFRS certification is added to your pre-existing qualification.
- The median India average wage for IFRS-qualified candidates is between Rs. 12-15 lakhs per year
- Top companies hiring are in the Accounting/Audit Industry
- Mumbai has the maximum number of IFRS jobs
- 60% of IFRS jobs demand is for CA's
- The 10 year average IFRS salary growth is ~ 15% YoY
- 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 Diploma in IFR or AICPA Certificate in IFRS on your skillsets when updating your profiles in both job portals or Linkedin.
IFRS Salary data 2022
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 CityAverage median salary
|City||Avg. Salary range *||No: Jobs|
|Mumbai||Rs. 13.6 to 16 lacs||1500-1800|
|Delhi NCR||Rs. 12 to 15 lacs||1000-1200|
|Bangalore||Rs. 13 to 16 lacs||600-800|
|Pune||Rs. 11 to 13 lacs||200-400|
|Chennai||Rs. 12 to 14 lacs||200-400|
|Hyderabad||Rs. 13 to 15 lacs||200-400|
* 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.
|industry||Avg. Salary range *||No: Jobs|
|Accounting/Audit||Rs. 16 to 18 lacs||400-600|
|IT Firms||Rs. 14 to 16 lacs||300-400|
|Outsourcing companies||Rs. 12 to 15 lacs||600-800|
|Banking and financial||Rs. 14 to 18 lacs||300-400|
What underlying qualifications do recruiters demand in addition to IFRS skillsets?
Recruiters prefer students who have the following educational qualifications on their CV
- 60% of recruiters are looking for a CA with IFRS skill sets
- 30% of recruiters look to fill students with graduates in finance
- 10% 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.
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.
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