CA salary in India has always been a critical topic of discussion for both students and professionals. It is indeed the dream of every chartered accountant to earn 6 digit salaries every month. That’s why CA students and professionals work very hard, day in and day out, because this dream of a high-end salary is actually a reality.
A lot of chartered accountants in the industry command salaries which are quite envious and many seem to think only a few of them can earn such hefty salaries.
But one has to remember that money is given to jobs done skillfully. Or in other words, people pay for skills. If your skills are top-notch then your salary can be higher than any of the peers you envy.
Experience also matters because salaries depend on work experience too. A CA graduate during their early years may earn less compared to a CA professional who has been in the industry for over a decade.
However, there have been instances where CA fresher salaries have rivaled even the veterans in the industry. This is an absolute possibility because it depends on one’s ability to apply their knowledge in solving critical financial problems of corporations.
If you are able to do this then probably you may demand a salary which is the highest in India. It is all in your hands.
If you would like to test your current knowledge or skills and how you can improve them, feel free to reach out to IndigoLearn today. Our team will help you and give you the appropriate guidance.
Now that we know what’s very important to earn big numbers, let’s look at the various salary packages provided in different industries along with some highest & lowest numbers.
The Minimum CA Salary in India
Let’s address the elephant in the room first.
While maximum salaries may always differ, there has to be a set standard for the minimum salaries. It is applicable for every industry and it applies to the CA industry as well.
The minimum recorded salary for a CA fresher is INR 3-4 lakhs per annum, though it happens rarely. Most CA freshers experience a starting salary of anywhere between 6-7 lakhs per annum.
Chartered accountants who have taken multiple attempts to clear their exams may sometimes experience lower salaries at the beginning of their careers but as they gain experience, they demand more. If you want to start your CA career with a big boost then it is important to clear CA exams in less attempts.
We also highly recommend not to pursue any jobs which offer low salaries or salaries below this mark because it devalues your credibility as a CA.
Improve your skills and demand a higher minimum salary if you are getting into the industry as a fresher. You may also choose to learn real-time skills by taking up internships in reputed firms. This will enable you with better prospects than most of your peers.
Chartered Accountant Salary for Freshers
According to recent reports, the annual average salary in the year 2020 has increased from INR 7.4 lakhs to INR 8.9 lakhs during the placements. It is due to the increase in demand for chartered accountants, which has drastically shot up to 37%.
There were 2,393 new jobs offered in 2020 compared to the 2,135 jobs offered in 2019. The then president of ICAI, Mr. Atul Kumar Gupta, has confirmed that the role of chartered accountants has increased during and post the pandemic. This number is bound to grow consistently in the upcoming years.
So, there are a lot of opportunities available for CA students. Nevertheless, the chartered accountant salary for freshers is totally dependent on how you perform in the CA final. To help you with a better understanding, we have created a list of CA salaries of freshers for different CA final outcomes.
Here they are,
CA Fresher TypeSalaries
As you can see, your CA final performance definitely determines your salary. Successful CA final students who have cleared it in a single attempt and those who have topped it have taken home grand salary packages.
For example, the maximum domestic salary package for a CA fresher in 2019 was 24 lakhs and in 2020 was 23.3 lakhs. So, CA freshers with the best CA final performance have a lot of opportunities.
It is also important to remember that if you have done multiple certifications or any specialization then your opportunity to demand a higher salary increase, even as a fresher.
International companies with offshore placements also put forward higher packages. These packages can go all the way up to 75 lakhs. Students who have excelled in international taxation or global financing and have a practical knowledge around these sectors can leverage it to reach such high salary packages.
And without a doubt, CA final top rankers are always given higher packages and they will also have better opportunities. So, every CA student should concentrate on achieving the best outcomes in their CA final and then you will have mind blowing opportunities as a CA fresher.
The numbers speak for themselves.
Highest Recorded Salaries offered to Chartered Accountants
CA professionals and students in India have experienced some of the highest recorded salaries. You may have seen these numbers multiple times but this shows the reality of the earning potential. ICAI does not disclose specific details around salaries so there might have been higher salary packages now.
However, these are the recorded ones.
Type of Offer
Your salary can also be one of the highest recorded salaries if you wish to. All you need to do is concentrate on your upcoming exams and ace them. While doing that, do some additional courses on the sidelines to improve your skills.
Salary of CA in India as Per Job Role
Your job role and work profile in the industry does matter. Here’s a quick list of salaries based on the job roles.
Job Roles/Work Profile
As you can see the salary increases as you increase your skills and expertise. Job roles related to venture capital and private equity have the highest domestic salaries.
The first two sections of job roles in the list above are what most CA freshers will get during their articleship and as you grow up the ladder you will start getting more salaries.
It is also often seen that within 5-10 years, most CA professionals earn an average salary of 35+ lakhs per annum. So, if you are able to garner the practical skills of any of these roles early on then you have a higher opportunity of earning big salaries.
Also, the three core skills that employers assess in chartered accountants are monitoring ability, compliance, and analytical capability. Empowering yourself with these core skills will make you an invaluable asset.
Another industry trait is that you can concentrate on one specific role and master it to a level that breaks many barriers. That also leads to unprecedented salaries that you have never imagined.
Choose your direction wisely. We at IndigoLearn to help you out if you need some expert advice.
The Big 4 Salaries
Of course, every CA wants to work in the Big 4 - KPMG, PWC, EY, and Deloitte. Who wouldn’t want to?
Keeping the salary packages aside, these companies give you the best CA experience. They also have multiple employee benefits. You also have a huge potential to climb the corporate ladder. Likewise, any CA that comes out with an experience in the Big 4 will have higher market credibility and he or she can demand higher salaries.
If you are wondering why these firms are called Big 4, these firms have been around for over a century and their combined revenue exceeds USD 157 billion as of 2020. So, not only will the salaries be great but your potential to grow will be monumental.
Now, about the Big 4 salaries, they range anywhere between INR 6-8 lakhs for fresh graduates to INR 25-30 lakhs and above for CAs who have 5+ years of experience. As you gain more experience, your earning potential increases.
But you have to understand that these companies put a lot of pressure on you. So, if you are willing to grow faster, despite the pressure from every direction, then the Big 4 firms are the ideal place.
Score the best ranking in your CA final and you can be part of these prestigious firms.
Chartered Accountant Salaries in Government Jobs
The Indian government jobs or the jobs in public sector undertakings (PSUs) are the most demanding jobs. They help you grow financially as well as career-wise. Anybody who has worked with a PSU will have multiple opportunities in MNCs, corporates, and so on.
The reason behind this is that CAs in large PSU professionals are exposed to a wide range of sub-functions / domains within the Finance & Accounting Domain at a very large scale, which cannot be experienced in all corporations. You will be dealing with high volumes and hence, they are the most challenging and they test you every day.
As for the salaries, PSUs offer anywhere between INR 7-16 lakhs as their initial offerings and they can increase over time, albeit the percentage of salary hikes can be less compared to the corporates.
If you are looking for a challenging environment, in terms of sheer volume, then PSUs are the best place for you to start.
Chartered Accountant Salaries in CA Firms
CA Firms can be a great place to begin your career as a fresher. These firms often deal with different companies ranging from startups & SMBs to billion-dollar conglomerates.
They are a mixture of different sectors. So you get exposed to a wide variety of opportunities from the get go. You may be working with a corporate client today and tomorrow you might be working with a PSU or a government tax official.
The opportunities to learn are indeed a lot in CA firms. However, the salaries can be very limited in these firms for freshers. Most freshers are welcomed with starting packs ranging from INR 4 lakhs to INR 8 lakhs.
If you are unable to land great deals in all these big places then CA firms are going to be your best buddies. They will help you gain knowledge across multiple industries and sectors.
Chartered Accountant Salaries in IT/ITES Firms
A lot of CA students and freshers consider these firms to be the last resort. While the salaries can vary depending on the experience in IT/ITES firms, a lot of CAs prefer not to work in these companies due to limited opportunities to learn and grow.
Also, a lot of tech companies hire CA firms to do the job. The total number of internal team members for critical financial aspects is always less. However, if you do have a good understanding of economic law or you have it as part of your CA final, then you can choose to be part of their legal departments.
IT legal departments pay hefty salaries to their employees. They can range anywhere from INR 8 Lakhs to INR 20 Lakhs depending on the experience.
In Short, what is the Range of Chartered Accountant Salaries in India for a fresher?
To sum it up and give a salary bracket for a fresher, then you are looking at a range of INR 5 – 75 lakhs. The minimum, as mentioned above, is INR 5-8 lakhs and the maximum depends on your CA final results, your knowledge, and your skills. Depending on these factors, you can secure a brilliant salary package.
We do, however, strongly recommend that you follow opportunities where you can learn & grow your skills. When you concentrate on skills, money automatically follows.
Remember The Key - 50% Certification & 50% Skills
That is the magic formula to make the most money.
Your CA certification will only play a limited role in deciding your future and destiny. It certainly equips you with knowledge but to gain skills you have to go out of your way to gain them.
If you need a mentor to guide you then choose one with vast experience and follow their advice. At the end of the day, the ball is in your court. How effectively you play it, determines the trajectory and its reach. Do not fall into the common trap of completing certifications to get better salaries but never learning necessary skills. Concentrate on improving your skills as you go through your academics.
That’s the only way and the best way to experience a fantastic chartered accountant salary in India.