The Truth About CA Salaries in India: Facts and Figures Revealed
By Workloudly, 02-05-2023
The Chartered Accountancy (CA) profession, with its distinguished reputation and illustrious standing, is one of the most coveted and sought-after professions in India. With over 3 lakh CAs currently practicing in the country, it is also one of the most prominent accounting bodies globally.
The field demands a formidable level of skill, knowledge, and expertise in the complex realms of finance, accounting, and taxation, among other related disciplines. As a CA, one can expect to work in various fields such as auditing, taxation, corporate finance, and advisory services. However, one of the most important factors that determine the attractiveness of this profession is the CA salary in India.
In this data-rich article, we will explore various aspects of CA salary in India and provide you with detailed information on the average salary of a CA in India, including important factors such as CA campus placement, CPA salary in India, accountant salary in India, and CA articleship salary. Our comprehensive guide will not only address fundamental queries about the Chartered Accountancy (CA) profession, but also delve into the nitty-gritty of the profession.
Whether you’re considering a career in accounting or already an accountant seeking to expand your knowledge of the field’s remuneration, this article will cater to all your needs. We will cover critical issues, such as what the monthly income of a CA in India is, the number of CAs in the country, and the best Indian city for a career in accounting.
So, let’s dive in and explore the world of CA salary in India!
Section 1: What is a CA and What Do They Do in India?
Chartered Accountants, commonly known as CAs, are professionals who specialize in accounting, auditing, and taxation. They are highly skilled individuals who possess a deep understanding of financial and business management.The regulating organisation that oversees the practise of chartered accounting in India is the Institute of Chartered Accountants of India (ICAI).
CAs are accountable for carrying out a broad variety of financial and accounting duties, including creating and auditing financial statements, keeping track of finances, and advising both people and corporations on tax matters. They also play a crucial role in ensuring compliance with various legal and regulatory requirements.
One of the primary duties of a CA in India is to provide financial advice and guidance to their clients. They work with individuals, businesses, and organizations to help them manage their finances effectively. This includes providing advice on tax planning, investment management, and risk management.
CAs in India play a vital role in the economy, contributing to industries such as banking, insurance, and finance, and ensuring their efficient functioning. In addition, CAs are highly sought after by companies and organizations for their expertise in financial planning and management.
When it comes to CA salary in India, the profession is known for offering lucrative career opportunities. In India, the remuneration for CAs averages around INR 7.36 lakhs per year, with variations based on experience, location, and industry. It is observed that those employed in banking and finance sectors generally receive higher compensation compared to other industries.
In conclusion, CAs are highly skilled professionals who play a vital role in India’s economy. CAs in India bear the responsibility of ensuring individuals and businesses manage their finances efficiently and adhere to diverse legal and regulatory obligations.
With the average salary of a CA in India being quite high, it is no surprise that the profession is highly sought after by many individuals.
Section 2: Average CA Salaries in India
The rising expansion of the Indian economy and the growth of numerous enterprises have resulted in a continuous growth in demand for Chartered Accountants (CAs). Consequently, the salaries of CAs in India have been on the rise as well. In this section, we will delve deeper into the average salaries of CAs in the country.
Average CA Salaries in India
According to the latest data from PayScale, the average salary of a CA in India is ₹789,000 per year. This translates to an average monthly salary of ₹65,750. The income of a CA can, however, vary widely based on a number of variables, including work experience, region, sector, and employment type.
CA Salary in India Per Month
As mentioned earlier, the average monthly salary of a CA in India is ₹65,750. However, this is just an average figure and the actual salary can vary depending on the above-mentioned factors. For instance, a CA working in a metro city such as Mumbai or Delhi can expect a higher salary compared to someone working in a smaller city or town.
CPA Salary in India
CPA (Certified Public Accountant) is a globally recognized professional designation for accountants. While CAs are more common in India, there are also CPAs who work in the country. India’s Certified Public Accountants (CPAs) earn an average annual income of $1,400,000, as per PayScale, which exceeds that of Chartered Accountants (CAs). Nevertheless, the number of CPAs in India is fewer than that of CAs.
Accountant Salary in India
Apart from CAs and CPAs, there are also other types of accountants who work in India. The average annual income of an accountant in India, according to PayScale, is $273,000. This is much less than the salary of a CA or CPA. It is crucial to remember that an accountant’s duties and employment tasks are distinct from those of a CA or CPA.
CA Articleship Salary
CA Articleship is a mandatory training program that all CA aspirants must undergo before they can become fully qualified CAs. During this period, they work under a practicing CA and gain practical experience in different areas of accounting. According to the latest data, the average stipend paid to CA articleship trainees in India is ₹15,000 per month.
How Many CAs are There in India?
As of April 1, 2022, there were about 3.51 lakh chartered accountants (CAs) in India who were members of the Institute of Chartered Accountants of India (ICAI). This surge in the number of CAs highlights the growing need for accounting experts in India.
Is CA Worth It?
Becoming a CA requires a lot of hard work, dedication, and perseverance. However, it is a highly rewarding career with ample opportunities for growth and development. The average salary of a CA in India is quite high compared to other professions, and CAs are highly respected in the business world. If you have a keen interest in accounting and finance, and are willing to put in the effort required to become a CA, then it is definitely worth it.
Which City is Best for CA in India?
While CAs can work in any city in India, there are some cities that offer better opportunities and higher salaries compared to others. Some of the top cities for CAs in India include Mumbai, Delhi, Bangalore, Chennai, and Hyderabad. These cities have a large number of businesses, both big and small, and offer plenty of opportunities for CAs to grow and develop their careers.
Section 3: CA Salaries in India by Location
When it comes to CA salaries in India, the location is a crucial factor that plays a significant role in determining the pay scale. Different cities in India have different living costs, and hence the salary of a CA can vary significantly based on the location. In this section, we will take a closer look at CA salaries in India by location.
As the financial capital of India, Mumbai is renowned for its thriving business sector, making it a prime location for Chartered Accountants (CAs) seeking higher salaries. CAs working in Mumbai can expect an average annual salary of approximately INR 7.5 lakhs, surpassing the national average. Additionally, the cost of living in Mumbai is comparatively high, which further justifies the higher pay scale.
Delhi is another city that offers a lucrative salary to CAs. The average salary of a CA in Delhi is around INR 6.5 lakhs per annum, which is slightly lower than Mumbai. However, the living costs in Delhi are relatively lower, which means that the CAs can save more money.
Bangalore is known to be the IT hub of India, and hence it has a booming economy. The average salary of a CA in Bangalore is around INR 6 lakhs per annum, which is slightly lower than Delhi. However, the cost of living in Bangalore is lower than both Mumbai and Delhi, and hence the CAs can lead a comfortable life. Looking to relocate to Bangalore? Check this out.
Tamil Nadu’s capital city, Chennai, is well-known for its auto sector. The average salary of a CA in Chennai is around INR 5.5 lakhs per annum, which is lower than Mumbai, Delhi, and Bangalore. However, the cost of living in Chennai is relatively lower, which means that the CAs can save more money.
Kolkata, the capital of West Bengal, is celebrated for its rich cultural and historical heritage. The average annual salary of a Chartered Accountant (CA) in Kolkata is around INR 5 lakhs, which is lower than that of the other cities previously mentioned. However, the cost of living in Kolkata is relatively lower, and hence the CAs can lead a comfortable life.
The Telangana state capital, Hyderabad, is well-known for its IT sector. The average salary of a CA in Hyderabad is around INR 5.5 lakhs per annum, which is lower than Mumbai and Delhi but higher than Kolkata. The cost of living in Hyderabad is relatively lower, and hence the CAs can save more money.
In conclusion, the location plays a significant role in determining the salary of a CA in India. While Mumbai and Delhi offer the highest salaries, the cost of living in these cities is also high. On the other hand, Kolkata offers the lowest salary, but the cost of living is relatively lower. Therefore, CAs must keep in mind the location factor while deciding their career path.
Section 4: CA Salaries in India by Industry
Chartered Accountants (CAs) are in high demand across various industries in India. The salary of a CA in India varies depending on the industry they work in. In this section, we will discuss the average CA salaries in some of the major industries in India.
1) Banking and Financial Services
The Banking and Financial Services industry is one of the largest employers of CAs in India. With the rise of digital banking and fintech, the demand for CAs in this industry has increased significantly. The average salary of a CA in the Banking and Financial Services industry in India is around INR 8-12 lakhs per annum.
Consulting is another industry that employs a large number of CAs in India. CAs in consulting firms work on a range of projects, from financial due diligence to mergers and acquisitions. The average salary of a CA in the Consulting industry in India is around INR 10-15 lakhs per annum.
The Manufacturing industry is a significant employer of CAs in India, with CAs working in various roles such as finance, accounting, and taxation. The average salary of a CA in the Manufacturing industry in India is around INR 6-10 lakhs per annum.
4) Information Technology (IT)
The Information Technology industry in India is known for its high salaries, and CAs working in this industry are no exception. CAs in IT firms work on various projects related to taxation, accounting, and financial analysis. The average salary of a CA in the Information Technology industry in India is around INR 12-18 lakhs per annum.
E-commerce is a rapidly growing industry in India, and CAs working in this industry are responsible for managing the finances and taxation of e-commerce companies. The average salary of a CA in the E-commerce industry in India is around INR 8-12 lakhs per annum. It is worth noting that the above figures are just indicative and can vary depending on the size of the company, the location, and the experience level of the CA.
In conclusion, CAs in India can earn lucrative salaries across various industries. The demand for CAs is expected to increase in the coming years, making it a promising career option for those interested in finance and accounting.
Section 5: Other Factors Affecting CA Salaries in India
While the demand for Chartered Accountants (CAs) in India is on the rise, several other factors can impact their salaries. Here are some of the key factors that affect the salary of CAs in India.
- Industry and Company Size: The industry and company size play a crucial role in determining the salary of a CA. For instance, CAs working in the banking and finance industry tend to earn more than those working in the manufacturing sector. Similarly, CAs working for large multinational corporations may earn more than those working for smaller companies.
- Work Experience: Work experience is another important factor that impacts the salary of CAs in India. As per the latest data, the median salary of a CA with 0-1 years of experience is around Rs. 4.5 lakhs per annum, while CAs with 10-19 years of experience can earn up to Rs. 24 lakhs per annum.
- Geographic Location: The location also plays a significant role in determining the salary of a CA in India. For instance, CAs working in metropolitan cities like Mumbai and Delhi tend to earn more than those working in smaller cities or towns.
- Job Profile: The job profile of a CA can also impact their salary. For instance, CAs working in finance or auditing roles may earn more than those working in taxation or advisory roles. To apply for remote jobs as a CA do check this out.
- Certification: Having additional certifications such as CPA (Certified Public Accountant) or CFA (Chartered Financial Analyst) can also impact the salary of a CA in India. As per the latest data, CAs with CPA certification can earn up to 15% more than those without it.
Despite these factors, the demand for CAs in India is anticipated to increase, and there are an increasing number of CAs in the nation each year. As per the latest data, there are over 3 lakh CAs in India, with the number expected to grow in the coming years. With the right mix of skills, experience, and certifications, CAs can earn a high salary and enjoy a fulfilling career in India.
Section 6: Is Pursuing a CA Degree Worth It?
Pursuing a CA degree in India can be a challenging journey, but is it worth it? Let’s examine the advantages and disadvantages of becoming a chartered accountant in India in more detail.
Firstly, let’s talk about the salary of a CA in India. The most recent data indicates that a Chartered Accountant in India makes an average annual pay of about INR 7.36 lakhs. However, this figure may vary depending on various factors such as experience, location, and the type of company or industry you work in.
Despite the high earning potential, pursuing a CA degree in India requires a lot of hard work, dedication, and commitment. The course is rigorous and demands a high level of proficiency in accounting, taxation, auditing, and other related subjects. Moreover, the exam process of becoming a CA in India is known to be one of the most difficult in the world, with a pass rate of around 5-10%.
However, despite the challenges, becoming a Chartered Accountant in India can be highly rewarding. CAs have a wide range of career opportunities available to them, including working in top accounting firms, consulting companies, government organizations, and even starting their own practice. Additionally, the demand for CAs in India is constantly increasing, with more and more companies seeking out their expertise and advice.
Furthermore, pursuing a CA degree in India can also lead to global opportunities. Many Indian CAs have successfully established their careers abroad, working in top companies and organizations across the world. The CA degree is highly respected and recognized globally, which can open up a wide range of opportunities for those who hold it.
In conclusion, pursuing a CA degree in India can be a challenging journey, but it can also be highly rewarding. Despite the challenges, the high earning potential, wide range of career opportunities, and global recognition make it a worthwhile pursuit for those who are willing to put in the hard work and dedication required. So, if you are passionate about accounting and finance, pursuing a CA degree in India may be the right choice for you.