To the outside world, accounting is a single career path, but insiders and those familiar with the industry know that there are different career opportunities as an accountant. According to Research and Markets, the accounting industry in India made a total income of approximately 1.1 lakh crore in 2020. This valuation, within four years (2016-2020), shows a compound annual growth rate of 7.7%.
Within the industry, the advisory sector amassed a total revenue of 50,000 crores, which is 47.5% of the entire industry's income in 2020. According to forecasters, in 2025, the accounting industry in India is predicted to have a revenue of 1.5 lakh crores.
Before applying for jobs in the accounting industry, it's imperative to know the area of specialty that suits you. There are determinants such as the subjects you studied and your academic qualifications to help with that.
Below are some of the accounting and advisory firms currently hiring in India:
Let's dive into a brief overview of the areas of specialization in the accounting industry.
Advisory is the most in-demand accounting service in India. A lot of firms in India need professional insight and guidance when it comes to their financials. Advisory services mainly entail providing professional advice and opinions on the financial situations of clients. Such situations may include advice on clients' account receivables and payables, cash flow management, invoicing, payroll management, etc. The average annual salary of a financial advisor in India is 4.3 lakhs.
This area of specialty entails providing value for organizations in events such as capital restructuring, assessments of loans, and other viable sources of funds, as well as mergers and acquisitions. Corporate finance also entails nurturing the accounts of clients to ensure that they're in good working order. Irrespective of your job role, you'll be a key risk evaluator, manager, and financial strategist.
To excel in this field, you must have strong communication and negotiation skills, an aptitude for business, in-depth knowledge of how numbers work, and the ability to function well when the stakes are high. The average annual salary of a corporate accountant in India is 5.8 lakhs.
Another name for this specialty is investigative accounting. It entails examining the finances of a company to determine if they've been doctored via fraudulent practices. Forensic accounting also entails sifting through a company's finances to get to the root of/resolve a financial dispute. Aside from the immense financial technicality required, this field also requires excellent communication skills to explain its discoveries in layman's terms to Indian clients. The average annual salary of a forensic accountant in India is 8 lakhs.
It will be taboo to discuss popular fields in accounting without including financial accounting. This is one of the most popular areas of specialization. It entails analyzing and reporting financial transactions. Financial accountants interact with cash-flow statements, income statements, and balance sheets. They use these financial statements to assess the financial performance of an organization.
This service is essential for Indian investors and regulatory bodies. Financial accountants require strong communication skills, a strong grasp of technical and financial analysis, and a curious mind. The average annual salary of a financial accountant in India is 3.2 lakhs.
Assessing risks is one skill set that every thriving organization in India appreciates. The risk assessment identifies current and potential financial problems and proffers solutions to those problems. An accountant in this field is a risk manager that helps Indian firms know what risks to take, prioritize, and avoid. Through risk assessment, firms stay ahead of the competition or at least favourably compete with them.
To excel in this field, one needs a logical and inquisitive mind and a solution-based approach to problems. The average annual salary of a risk manager in India is 9 lakhs.
Taxation is the soul of every industry and the economy in general. Tax problems are common among organizations and wealthy individuals. This demands tax advisers to solve specific tax problems on a one-off, temporary, or recurring basis. This field entails ensuring tax compliance and preparing tax reports/documents for clients.
Tax advisers must have excellent numerical skills, a strong grasp of the tax laws in India, and a solid analytical and solution-based approach.
Above all, they should be discreet. The average annual salary of a tax adviser in India is approximately Rs. 6 lakh.