AVERAGE SALARY FOR CHARTERED ACCOUNTANTS IN INDIA In 2024
Chartered Accountancy is one of the most sought after careers in India, it’s known for the higher esteem, recognition and the earning potential it offers when compared with other career trajectories. The major fact that attracts students to the profession is the high pay scale offered for qualified Chartered Accountants in India and abroad. The average salary for Chartered Accountants in 2024 has enhanced when compared with previous years.
CAs play a vital role in various sectors, including corporate firms, government agencies, and independent practice. Which makes them capable of acquiring higher earnings, In this blog we will discuss the factors influencing CA salaries, average earnings across different levels of experience, and industry-specific variations in India.
CA Salary in 2024 in India
There are various factors that contribute to the salary package of Chartered Accountants in India, With entry-level Chartered Accountants in India earning an average salary between INR 8-15 lakhs, and experienced professionals making well over INR 25 lakhs, the earning potential in this field is very promising.
CA Salary Based on Skills
Chartered Accountants need three basic skills to serve their clients: analytical skills, compliance skills, and reporting skills. They are valued and paid based on how strong these skills are. In the industry, skills like budget management, strategic accounting, management auditing, financial analysis and controlling, and financial reporting are among the highest-paid, with average salaries exceeding 8 lakhs per year. On the other hand, tax compliance and tax consulting are paid slightly less, with average salaries around 7 lakhs per year.
Professionals who develop and enhance their skills across different areas can earn significantly more, with salaries often reaching around 25 lakhs per year.
CA Salary in India 2024: Based on Experience
Experience plays a key role in determining your salary as a Chartered Accountant, in addition to your skills. Practical experience is highly valued when calculating your pay, but your willingness to learn and stay updated also adds to your worth.
A CA fresher typically starts with an average salary of 7 lakhs per year, while those with over 10 years of experience can earn more than 20 lakhs per year. As you gain experience and continue to practice, you build a strong reputation and can establish a well-regarded personal brand in the industry.
CA Salary in India 2024: Based on Job Profile
Chartered Accountants are sought after for more than just managing taxes and accounts—they bring a wide range of skills to the table. The salary of a CA can vary greatly depending on the job profile they are hired for. For example, positions like CFO, Account Executive, Financial Controller, and Accountant typically earn over 20 lakhs per year. On the other hand, roles like Account Assistant and Business Analyst have lower salaries, with pay around Rs 10,000 per month.
CA Salary in India 2024: Based on City
Where you work affects your salary, as companies consider the cost of living in different locations. Bigger cities usually offer higher salaries to match the higher living costs and to attract and retain professionals. For example, Gurugram and Chennai offer some of the highest CA salaries, averaging over 8 lakhs per year. In contrast, cities like Jaipur and Ahmedabad tend to pay lower, with average salaries around 5 lakhs per year.
Highest Paying Employers to CA’s in India
The Big 4 companies, PwC, Ernst & Young, Deloitte, and KPMG are the highest paying Financial consultancy firms that offer a professional and competitive work environment, making them highly attractive to CAs. Working at these firms allows CAs to explore different aspects of their profession, and they are also some of the top-paying employers in the industry.
Employer | Salary PA |
|---|---|
Reliance Industries | Rs 25- 45 Lakhs |
Deloitte | Rs 14-35 Lakhs |
KPMG | Rs 14- 32 Lakhs |
ICICI | Rs 11- 25 Lakh |
How to Earn the Highest CA Salary in India
Score Well in CA Exams
If you achieve high marks in the CA exams, your chances of getting a well-paying job increase significantly. High-ranking candidates are often hired by top companies, where starting salaries can reach INR 20-25 lakhs per year. If you also have additional skills, you may be eligible for even higher pay.
Excel in CA Final Exams
The marks you earn in the CA Final are the most important for securing a high-paying job. The CA Final is an advanced level exam that builds on everything you’ve learned in the earlier stages. Your success in this exam can determine both your job prospects and salary package, especially since PSUs also base their selections on your final marks.
Gain Practical Training Experience
Practical experience is invaluable. Some students might opt for dummy Articleships to pass their CA Final on the first try, but this often results in a lack of real-world experience. During interviews, your practical training will be closely scrutinized by experienced professionals. While good grades may get you shortlisted, your hands-on experience will play a key role in securing the job. Consider doing your Articleship with a top accounting firm in India, where you can earn a stipend and gain experience that will lead to higher salaries later on.
Chartered Accountant Remuneration Through other Basic Sources in India
Fees
Fees are the payments a Chartered Accountant (CA) receives for providing consulting services, such as managing accounts for individuals or businesses. For CAs who practice independently, fees are a major source of income.
Commission
A CA can earn a commission when they help clients resolve financial issues, such as getting loan approvals, preparing financial records for mergers, or making a company’s books look attractive to investors. This type of income is common for both individual CAs and firms that manage finances for other companies.
Bonus
CAs who excel in their work may receive extra compensation in the form of a bonus as a reward for their exceptional performance.
Build Strong Knowledge
Having a deep understanding of your subjects is crucial. When your concepts are clear, your chances of securing higher salary packages improve. While a high starting salary isn’t guaranteed, working for multinational corporations or top organizations can lead to rapid growth in your earnings over a few years.
Pass in Fewer Attempts
The number of attempts it takes to pass the CA exams matters when it comes to landing top jobs. Companies like KPMG, Deloitte, EY, and PwC often shortlist candidates who pass in two or three attempts. Once shortlisted, you’ll have the chance to showcase your abilities in an interview. While public sector units (PSUs) don’t consider the number of attempts, passing the CA Final on the first try can significantly boost your overall package if you aim to work for top firms.
CA Salary in India v/s Other Countries
While CA salaries can vary from country to country, these differences often reflect the cost of living and the value of human resources in each place. According to an ICAI study, here are the salary differences for Chartered Accountants in various major countries.
Country | Fresher CA | Accomplished CA | Highest CA Salary |
Australia | AU$74k | AU$64K | AU$113K |
UK | £28.4k | £32.1k | £62k |
USA | $51K | $78.7K | $267K |
DUBAI | AED 100K | AED 123K | AED 615K |
India | ₹698.2k | ₹744.3k | ₹2m |
Conclusion
In conclusion, the salary of a Chartered Accountant (CA) can differ significantly based on factors such as experience, job profile, location, and the specific employer. Achieving a high salary in this profession often involves excelling in exams, building strong knowledge, passing exams in fewer attempts, and gaining valuable practical experience. While the earning potential is promising, it varies across countries and regions due to differences in cost of living and economic conditions. By focusing on these factors and continually improving skills, CAs can enhance their career prospects and secure rewarding positions with competitive salaries.
FAQ’s
Q: What is the average monthly salary of a CA?
A: The average monthly salary for a Chartered Accountant (CA) in India is approximately INR 55,000. This can vary based on skills, experience, and the specific role.
Q: What is the annual salary for a CA who tops the CA Final exams?
A: A CA who tops the CA Final exams can earn around INR 36 lakhs per year for international positions and INR 22.5 lakhs per year for domestic positions. Top performers often have access to high-paying opportunities.
Q: Can a CA earn a salary in crores?
A: While most CAs earn between INR 40-50 lakhs per year, it is possible to earn over a crore annually, especially for those with successful practices or senior consulting roles.
Q: Is it possible for a CA to earn INR 5 lakhs per month?
A: Yes, a skilled and experienced CA can earn INR 5 lakhs per month, especially in high-demand roles or senior positions.
Q: How does experience impact a CA’s salary?
A: Experience plays a significant role in determining a CA’s salary. With more years of experience, CAs can command higher salaries and access more senior positions and opportunities.
Q: What factors influence a CA’s salary in different cities?
A: A CA’s salary can vary depending on the city due to differences in the cost of living and local demand for financial professionals. Major cities often offer higher salaries to match the higher living costs.
Q: Do CA salaries differ for those working in top accounting firms versus smaller firms?
A: Yes, CAs working in top accounting firms like PwC, Deloitte, or KPMG often receive higher salaries compared to those in smaller firms, due to the larger scale and higher demand for their services.