Chartered Accountant or CA is a very popular career among commerce students. The majority of students from a commerce background aspire for taking chartered accountancy as a dream career. Every year, more than 1 lakh students join the chartered accountancy institute – ICAI. One of the chief reasons that drive such a huge number of students is the salary of a chartered accountant in India.
The CA designation deeply enrolls students in the field of accountancy. Chartered accountants are considered official accounting professionals. This job not only presents a bright career scope to students but also offers astounding salary packages. This is why the chartered accountant job is considered one of the highest-paying jobs in India.
In this article, we will discuss the salary of a chartered accountant in India. This article will provide a vivid picture of the career scope, the highest salaries, and the top recruiters of chartered accountants in India. So, let us begin by understanding the role of a CA.
Chartered accountants are the accounting professionals of an organization. They hold an important role in the finance and accounting field. The CA regulates and manages the financial operations of a business enterprise and keeps an eye to find the deficiencies in the financial structure of a company.
They carry out several tasks, such as preparing books of accounts, capital budgeting, tax planning, budget forecasting, etc.
Chartered accountants also contribute in the fields like auditing and assurance, management accounting, financial accounting, and reporting. The efficiency of operating these works generally determines the salary of a chartered accountant in India.
Before heading towards the salary of a chartered accountant in India, let us first understand what it takes to become a CA.
The chartered accountancy certification is offered by the Institute of Chartered Accountants of India (ICAI). For enrolling in the CA program, candidates must fulfill the eligibility criteria and clear the respective exams.
The eligibility criteria for pursuing the CA course are as follows:
To be a chartered accountant, one has to clear some milestones in the form of exams which are mentioned below:
After clearing the final exam, one can be certified as a chartered accountant by The Institute of Chartered Accountants of India.
The chartered accountancy course is designed for students who want to dwell deeper into the finance and accounting domain. The course imparts in-depth knowledge of accounting and taxation and trains them to deal with real-world problems.
The scope of CA is pervasive that is it is not limited to any particular working sector. Chartered accountants can work in several national and international business firms. You can also get employed in various government institutions or start offering your services as an entrepreneur.
The average chartered accountant’s salary is around 6-7 lakhs per annum, but with experience of more years, it keeps on increasing. The average annual starting salary is around 2.5 lakhs which goes to the highest average CA salary of 15 lakhs per annum.
The chartered accountant salary ranges based on the experience of a CA. The following table presents the salary of a chartered accountant in India based on experience:
|Years of Experience||Average CA Salary|
|0 – 5 Years||7 LPA|
|5 – 10 Years||12 LPA|
|10 – 20 Years||20 LPA|
|Above 20 Years||50 – 70 LPA|
The following points can enable a CA to get paid the highest salary of a chartered accountant in India.
The biggest players in the market are four prestigious firms which are Klynveld Peat Marwick Goerdeler (KPMG), Ernst & Young (EY), PricewaterhouseCoopers (PWC), & Deloitte. The major significant part of audits of public as well as private companies are done by the Big 4. These firms dominate the smaller firm & hire the best-chartered accountants for article-ship and full-time placement.
The Big 4 are the largest accounting firms specializing in financial management, auditing, legal services, actuarial, management consulting, &corporate finance. The people who have started their career with one of the firms of the Big 4 get a package of 11 lakhs initially, but with experience of 4-5 years, they start earning an average annual package of INR 24-25 lakh.
Here the salary of a chartered accountant in India depends upon the knowledge and experience they gain. The scope of growth in the Big 4 is ever-growing. There is no upper limit of salary for a chartered accountant in India as it is completely based on the work done each day.
Many big firms have only one or two Charted Accountants for the safety of accounts. So, the CAs play a major role in a company, and hence they are paid pretty well.
These companies are a part of dream league companies as each new chartered accountant aspires to be a part of them because of the endless benefits these companies provide.
Companies like MARICO, HUL (Hindustan Uniliver), RB (Reckitt Benckiser), and P&G (Procter & Gamble) offer jobs to rank holders who get a rank of 1 to 50 in the final chartered accountant exam. These companies are the best in the market, and hence they need the top Chartered Accountants to handle their finances.
The criteria of attempt are also considered by these organizations, as the CAs with the fewest attempts and highest marks are preferred over those with a larger number of attempts. The salary of a chartered accountant relies on how updated an individual is regarding the amendments in the financial laws and handling a firm’s accounts accordingly.
To be effective, CA also needs to be continuously updated with the knowledge, amendments occurring, its consequences & how to overcome those challenges so that it does not affect the profits of the business & position in the market.
There are various IT companies such as Infosys, TCS, Wipro, and Reliance Industries where many CA’s can work with good pay & less workload. CA gets paid according to their skills & profiles with an average of INR 8-10 lakh initially which goes to 40- 60 lakh with many years of experience & high position. They have multiple works in these companies therefore, the responsibilities of CA are very crucial.
There are ample numbers of opportunities for a Chartered Accountant in government sectors. Public Sector Undertakings like Bharat Heavy Electrical Limited (BHEL), Oil and Natural Gas Corporation (ONGC), Steel Authority of India Limited (SAIL), Coal India Limited (CIL), National Thermal Power Corporation (NTPC) generally employs fresher CA through campus placement whose marks are between 55% – 60% in CA final with two or more attempts.
The earnings in PSUs can be from INR 8 lakh to 20 lakh per annum. The PSUs have finance departments, so they need qualified CAs to handle finance-related matters. Although CA in PSUs has limited growth & exposure to the Big 4, the work-life in PSUs is smooth, and one can enjoy life and have personal time.
|Reliance Industries||12 LPA|
|Hindustan Unilever Ltd.||12 LPA|
|Aditya Birla Sun Life||9.5 LPA|
|Bharti Airtel||6 LPA|
The initial chartered accountant salary in India may depend upon factors like the number of attempts or marks or even the candidate’s rank. Still, later on, all that matters is the knowledge, skills, passion for learning every day, and the capability to withstand the obstacles and handle the stress that comes with the work.
Those with a sheer will and appropriate skills can earn pretty good. When one is working long and smart daily and constantly learning to deal with the day-to-day changing world, there is no limit for a charted accountant’s salary in India.
Ans. The average salary of a chartered accountant in India is around INR 7 lakhs per annum. This states that a CA earns around 58,000 in a month. This can increase greatly depending on the knowledge and skills acquired by the professional in the course of work. The CA salary majorly depends on the work experience.
Ans. The salary of a chartered accountant in India ranges around 6-7 lakhs per annum. The average starting salary is around 2.5 lakhs per annum and the highest salaries go up to 15 lakhs per annum. Chartered accountants with fine years of work experience get a great salary package in various high-end business firms. They can also earn while practicing.
Ans. The starting salary of a chartered accountant in India is around 2.5 lakhs per annum. Hence the starting CA salary is 20,000 in India per month. This increases as the candidate gain more knowledge and experience of the involved work operations. The chartered accountant salary can be the highest at 15 lakhs per annum or more.
Ans. The CA designation itself is one of the highest-paying career options however, chartered accountants also get recruited at various reputed job profiles. Some of the fields of CA which earn more are the account executive, finance controller, finance analyst, finance manager, business analyst, accountant, senior account executive, and many more.
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