Are you interested in a stable and rewarding career in finance? Look no further than accounting! However, average salaries vary widely based on specialisation, firm type, experience level, and location. In this article, we’ll learn about accountant earnings, covering everything from public accounting to management roles. Join us as we explore the exciting world of accounting salaries and trends!
Average Salary Based on Accounting Field
Tax Accountant
Tax accountants are professionals who help individuals and businesses with their tax returns. They know tax laws and ensure everything is done correctly according to the rules. On average, tax accountants make about ₹5.1 lakhs per year. In big cities, they can earn around ₹5.4 lakhs. If they have more than 5 years of experience, they can make about ₹5.8 lakhs annually.
Auditor
Auditors are responsible for checking financial records and activities to ensure they are correct and follow the rules. On average, auditors make around ₹6.3 lakhs a year. In big cities, they can make closer to ₹6.7 lakhs. Experienced auditors with 5 or more years on the job can earn around ₹7.2 lakhs per year.
Forensic Accountant
Forensic accountants use their accounting expertise to uncover financial crimes like fraud. On average, they make about ₹7.8 lakhs a year. In bigger cities, they can make up to ₹8.2 lakhs yearly. Those who have been doing this for 5 years or more can earn around ₹8.9 lakhs annually.
Management Accountant
Management accountants are essential in helping companies make smart business decisions by creating financial reports and budgets. On average, they earn around ₹6.1 lakhs per year. In big cities, their average annual salary is closer to ₹6.4 lakhs. With 5 years of experience, management accountants can make about ₹6.8 lakhs per year.
Financial Accountant
Financial accountants are responsible for keeping track of a company’s financial activities. On average, they earn around ₹5.3 lakhs per year. In big cities, they make about ₹5.6 lakhs annually. Those with over 5 years of experience can take home roughly ₹6 lakhs annually.
Average Salary Based on Firm Type
Big Four Firms
The Big Four accounting firms, Deloitte, EY, KPMG, and PwC, offer some of the highest salaries. New associates earn ₹6.5-7 lakhs on average at Big Four companies. Managers take home ₹16-18 lakhs, while partners make roughly ₹1 crore annually.
Mid-Size Firms
Employees are paid fairly well at medium-sized accounting firms. Entry-level accountants typically earn around ₹5-6 lakhs per year. Managers make an average of ₹12-15 lakhs annually, and partners can earn up to ₹75 lakhs per year.
Small CPA Firms
CPAs at small firms earn decent salaries. New CPAs make around ₹4-5 lakhs per year. Experienced CPAs make about ₹8-10 lakhs, and partners can earn up to ₹40 lakhs annually at small CPA companies.
Conclusion
While tax accountants and auditors represent traditional accounting roles, newer fields like forensic accounting and management accounting also demonstrate promising growth. Salaries at the Big Four exceed those at mid-size and smaller firms. Location, reputation and specialisation of the firm, in addition to individual qualifications and experience, determine accountancy pay to a large extent. However, securing a well-paying accounting career across different domains is possible with hard work and persistence
