An increasingly integrated global economy surely calls for expertise in IFRS, especially in the Indian context where businesses are adapting to the adoption of these standards to be on par with the rest of the world. With companies moving toward the adoption of IFRS-compliant financial reports, there is an unprecedented rise in demand for qualified professionals. In terms of career options and greater value added to professionals, the chances are immense.
Salary and Growth
- IFRS professionals in India: ₹ 7-18 lakhs annum.
- Entry-level salaries: ₹ 7-9 lakhs.
- Mid-level ₹ 10-15 lakhs.
- Senior professionals: over ₹ 18 lakhs.
Professional salaries increase up to 20-30% at major corporations based on the IFRS certification. Predicted growth is at an annual rate of 10%. The IFRS skills contribute to more career development in relation to business convenience in aligning with globalised norms.
Increasing Demand for IFRS Professionals in India
With the increasing demand for experts who can work more efficiently in the standards of India after the transition from Ind AS to IFRS, over 140 countries have started implementing IFRS, and businesses in India are ever eager to hire experts who can guide them through this complex transition. Industry reports state that the demand for IFRS professionals has shot up by over 20% over recent years.
The demand for IFRS professionals will also increase in the market. The World Economic Forum is of the opinion that demand would also rise by 10% annually for ten years ahead. This also means that the importance of global compliance would go even deeper.
Overview of ACCA’s Diploma in IFRS
The ACCA Diploma in IFRS is accepted all over India and abroad by employers and recognized worldwide. It gives practicing finance professionals the practical skills to understand, interpret, and apply IFRS standards in a business context.
So if you are thinking of eligibility criteria for the ACCA Diploma in IFRS, then you just landed at the right place. This diploma would be enrolled once a candidate can have either a professional qualification or relevant experience in the field of accountancy. More precisely, candidates are usually eligible if they:
- Possess a professional accounting qualification.
- Have at least two years of relevant experience in accountancy if they do not hold any professional qualification.
The diploma is highly beneficial to finance professionals who want to specialize under IFRS or even those looking to transition into other positions requiring international accounting skills.
Factors Influencing IFRS Salaries in India
Like most other professions, there are various factors influencing the salaries paid to IFRS professionals. For your convenience, here are some of these critical determinants:
1. Experience: It is through experience that one’s salary increases. That is, there is a set of a lower salary for the entry-level of newly hired professionals, and long-time experience accommodates for steep salary increases.
2. Industry: Professionals working in the IFRS field will have different requirements in various industries, and generally, salaries reflect this. For example, for the banking, finance, and IT sectors, some of which are in greater demand than others, they will be paid more than individuals working in smaller industries.
3. Location: Salaries also depend upon the city or region you are stationed. Larger metropolitan cities like Mumbai, Delhi, and Bengaluru pay IFRS professionals a handsome package due to the multinational presence of companies and financial institutions in those regions.
4. Additional Qualifications: A Diploma in IFRS is highly valuable, but when you have additional qualifications, such as a CA designation or a CPA certification, it may bring you more money in terms of salary.
Diploma in IFRS salary in India – Average Range
The ACCA Diploma in IFRS is taken for the right professionals, as salary structures can vary vastly, based on the factors above. Here’s the breakdown:
1. Junior Accountants: Typically someone who has just started with an organization, this area of accountancy, on average could be anything between 4-6 lakhs per annum. This may be a small number, but it serves quite a good foundation for growth.
2. Mid-Level Professionals: Mid-level professionals who have approximately 5-8 years of experience. It can be measured in terms of salary between INR 8 to 15 lakhs per annum. At this stage, specialization either by industry or function is where most professionals come into play and lead to higher levels of salary.
10+ years of experience for the managerial level with senior professionals would be reflected in the salaries of INR 18 to 30 lakhs annually. Depending upon the complexity and scale of the project, or even working as a head of finance IFRS experts have more meaningful responsibilities.
3. Specialist Positions: Specialist positions like IFRS consultants or technical advisers can even pay salaries of up to INR 30 lakhs per annum. Generally, the specialist professions require strong technical expertise as well as professional guidance for multinational corporate concerns on a wide variety of finance matters.
4. Industries: The IFRS practitioner working in a banking, finance, or an IT sector is likely to receive a higher salary package as compared to the one found working for industries categorized small, like manufacturing or retail. Example: An IFRS expert in finance will earn in a range of between INR 15 lakh and 25 lakhs per annum.
Career Growth with IFRS
1. Accelerated Career Advancement: ACCA Diploma in IFRS is not a “ticket to a job”; on the contrary, it accelerates career development because professionals enhance their knowledge and experience.
2. Levels of Leadership: The IFRS specialist often leads to further elevated positions such as Financial Controller, Finance Director or CFO. The positions have better remuneration packages and strategic responsibilities.
3. Salaries Increasing with Experience: In India, IFRS professionals, having an experience of 5 years, earn around INR 10-15 lakhs per annum. Professionals with above 10 years of experience can get up to INR 25+ lakhs per annum.
4. Global Career Opportunities: IFRS expertise opens opportunities globally, especially in regions where it is considered a regulatory standard, thus increasing earnings and career options for most people globally.
How SOE Global Prepares You for a Rewarding Career in IFRS
. So, here’s why SOE Global is the right choice for your IFRS journey:
1. Expert Faculty: You will be taught by experts whose depth and breadth of experience with IFRS will ensure that you graduate equipped with academic theory and also practical skills.
2. Comprehensive Career Support. You will benefit from resume building, interview coaching, job placement, and more as you prepare for working life.
3. Flexibility in Learning Options. Different modes of learning, including classroom, online, and hybrid learning, are made available so you can access what suits you best about your schedule and learning style.
4. Real-World Case Studies Engage practical scenarios that bridge the gap between academics and the application of the real world of business.
5. Mock Exams and Feedback Participate in regular mock exams with feedback, ensuring you are properly prepared for all your ACCA examinations.
Conclusion
ACCA Diploma in IFRS is not just a qualification; it is a passport to a challenging but rewarding career with high growth potential and a Diploma in IFRS salary in India is also impressive. Moreover, with SOE Global by your side, the road to international financial reporting is going to be very rewarding.
So, if you are still wondering what qualifies one for the ACCA Diploma in IFRS, then do not hesitate to reach out to SOE Global at 073580 02200 for Free Expert Guidance. It is your time to make a smart investment in your future.