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Tag: career in accounting and finance

Top 7 Highest Paid Finance Jobs in India

Posted on by Imarticus Learning

Being the world’s fifth largest economy, India’s finance sector consistently seeks interest from aspirants across the nation, aiming to contribute to the nation’s growth. From corporate finance to banking, myriads of finance domains are open to welcoming skilled candidates with the potential to become valuable assets. 

Along with being an in-demand career all year long, the sector is especially experiencing growth in extending job opportunities across diverse finance domains- all thanks to emerging technologies like AI and Blockchain.

The hiring of white-collar jobs in India recorded a significant rise, with the total number of jobs increasing by 23% in 2022. This growth was led by around 49% of job positions claimed under financial services, implying that there is an increasing number of job openings in the financial sector in India.

Do you wish to become a part of this dynamic industry?

Let us take you through a detailed list of the top 7 highest paid jobs in India that will help you navigate your future career.

1) Financial Analyst

Financial analysts inspect financial data and make deductions so that organisations can make intelligent financial decisions. Based on macroeconomics and microeconomics data, they make predictions about the organisation’s future performance, enabling better data-driven decisions. You can pursue a US CMA Course to acquire the skills required to become a financial analyst.

Key job responsibilities:

  • To conduct market research to recognise financial trends
  • To analyse financial data to create reports

The average salary for a Financial Analyst in India is INR 484,260 per annum in 2023.

2) Financial Advisor

A financial advisor makes decisions for clients regarding investments, personal finances, etc. They identify and recommend the most relevant services and products to fulfil the client’s needs.

Key job responsibilities:

  • To regularly update clients’ investments and constantly scout new investments
  • To provide a neutral standpoint on business development projects

 The average salary for a Financial Advisor in India is INR 564,554 per annum in 2023.

3) Investment Banker

Investment bankers primarily act as intermediaries between companies seeking capital and investors looking to allocate their funds for potentially profitable opportunities. They are versatile entities that work across processes like capital raising, market research, risk management and more. 

Key job responsibilities:

  • Key participation in Mergers and Acquisitions
  • Manage associated financial risks 
  • To counsel clients on investments

 The average salary for an Investment Banker in India is INR 17,94,292 per year in 2023.

4) Chief Financial Officer

A chief financial officer (CFO) ascertains the correctness of the company’s financial statements and reports. They work with financial auditors and accountants to prepare financial reports. They can be deemed as the leading figure in the financial domain of any organisation.

Key job responsibilities:

  • To use financial data to frame policy decisions.
  • To analyse the company’s commercial strengths and weaknesses and advise necessary actions

 The average salary of a Chief Financial Officer in India is INR 358,2104 per annum in 2023.

5) Compliance Officer

A compliance officer monitors and reports a company’s activities. Usually, public or private companies hire compliance officers to ensure their activities follow the predefined guidelines released by the company’s governance agencies. 

Key job responsibilities:

  • To develop, execute, and manage a company’s compliance program
  • To create and coordinate appropriate reporting channels to solve compliance issues

The average salary for a Compliance Officer in India is INR 522,392 per year in 2023

6) Senior Accountant

As the name suggests, a senior accountant oversees the financial entries comprising processes like revenues, expenses, liabilities, investments and more to create well-compiled and accurate records. Overall, it can be safe to say that a senior accountant is the backbone of any financial body 

Key job responsibilities:

  • Prepare financial records with utmost accuracy
  • Verifying and allocating accounts payable
  • Train junior accountants
  • Assess financial journal entries to keep records

 The average salary of a Senior Accountant in India is INR 6,05,000 per annum in 2023.

7) Hedge Fund Manager

Hedge fund managers help investors obtain the best return for their investments. After analysing the local and international markets, economy, consumer behaviour, and other related aspects, they create a financial strategy.

Key job responsibilities:

  • To offer investment recommendations to clients considering risk tolerance and predictions
  • To conduct market research and analyse trends

 The average salary for a Hedge Fund Manager in India is INR 2,800,000 in 2023.

Conclusion

Despite facing back-to-back global economic concerns, whether the global pandemic or post-pandemic recession, the future of the finance sector in India seems promising. In order to help you prepare for the optimistic future, our list of best finance jobs will enable you to navigate a career in your field of interest.

Hoping to get a headstart?

The Certified Management Accountant course from Imarticus can be your guide to navigating the complex realm of finance with ease. If you’re inclined towards accounts and financial reporting, this course is the best choice for you!

The Impact of International Financial Reporting Standards (IFRS) on Global Accounting Practices

Posted on by Imarticus Learning

International Financial Reporting Standards (IFRS) are a collection of accounting principles for the financial statements of public corporations that are designed to make them consistent, transparent, and easily compared throughout the world. IFRS now provides comprehensive profiles for 167 countries, including those in the European Union. The United States utilises a different system, the generally accepted accounting standards (GAAP).

The implementation of IFRS has considerably influenced worldwide accounting procedures, and an IFRS expert is one of the most lucrative career options after Bcom. This blog will analyse the influence of IFRS on worldwide accounting practices.

Harmonisation of accounting practices

Harmonisation of accounting procedures is decreasing disparities in accounting standards globally to make financial reporting similar and comparable. Implementing International Financial Reporting Standards (IFRS) has enhanced the comparability of listed corporations’ financial reports across nations.

Harmonisation is crucial because it brings worldwide accounting standards into accord, eliminating the knowledge gap between the sources of capital and the individuals to whom they have committed their money. IFRS Accounting Standards give the information needed to hold management responsible and are relevant to regulators worldwide.

Transparency and Comparability

Here are some ways in which IFRS promotes transparency and comparability:

  • Quality: By creating a uniform set of principles-based accounting standards, using IFRS can help improve the quality of financial information.

  • Comparability: By appropriately implementing IFRS, firms will be able to compare their financial results as they will be using the same accounting principles.

  • Transparency: According to IFRS proponents, they increase disclosure while reducing information asymmetry. Compared to financial statements that do not use IFRS, those based on IFRS are more transparent when predicting economic conditions.

  • Consistency: Investors can compare financial reports without regard to jurisdictional borders, thanks to the surface of IFRS adoption.

  • Globalisation: The adoption of IFRS by national authorities marks a crucial turning point in the financial markets’ globalisation.

Challenges to achieving transparency and comparability in financial reporting under IFRS include:

  • Consistency: Investors can compare financial reports without considering jurisdictional borders with the help of IFRS application consistency. Consistency, however, can be challenging to attain, particularly in emerging economies with a shortage of resources and knowledge.

  • Limitations and problems: There are problems and limitations with IFRS-based financial reporting that can influence its ability to be compared across borders.

  • Relevance: Keeping IFRS current in a changing environment might be difficult. Through its Primary Financial Statements initiative (PFS), the IFRS Foundation strives to enhance the organisation and clarity of financial statements.

  • Cost and effort: Companies must adapt at least part of their systems and procedures when converting to IFRS Accounting Standards, which can be expensive and time-consuming.

IFRS aims to establish a common accounting language of transparent financial reporting.

Economic Efficiency

IFRS Standards are believed to contribute to economic efficiency in several ways:

  • Helping investors discover opportunities and hazards around the world, therefore enhancing capital allocation.
  • Providing a high-quality, internationally recognised set of accounting standards that offer openness, accountability, and efficiency to financial markets worldwide.
  • Enhancing the worldwide comparability and quality of financial information enables investors and other market players to make educated economic decisions.
  • Increasing the information efficiency of investors’ decision-making.
  • Lowering the cost of financing and decreasing foreign reporting expenses for firms by employing a single, trustworthy accounting language.
  • Improving the efficiency of financial institutions.
  • Increasing analysts’ understanding of essential signals helps anticipate future earnings per share (EPS) changes.

Impact on US GAAP

There are several ways in which the convergence of these standards could impact the accounting world. Here are some key points:

  • The convergence of GAAP and IFRS might lead to greater comparability between nations and reduce the requirement for analysts to modify LIFO (Last In, First Out) inventories in their comparative research.

  • Acquired intangible assets are recognised at fair value under GAAP but only under IFRS if they match specified requirements.

  • There are various areas where GAAP and IFRS diverge, including consolidation, the income statement, inventories, the earnings-per-share (EPS) computation, and development costs.

  • The convergence of GAAP and IFRS might affect company management, investors, stock markets, accounting professionals, and accounting standards setters.

Practical Challenges

The adoption of IFRS has been challenging. One of the practical difficulties is the need for the education and training of accounting experts to ensure that they are familiar with the new standards. Another issue is the need for consistent interpretation and execution of the standards across different countries.

Potential for Improved Financial Reporting Quality

Adopting IFRS has been proven to have favourable effects on financial reporting quality, leading to advantages for investors and the whole market. Here are a few points to consider:

Increased access to external financing: Improvements in reporting quality can boost a company’s access to external finance, eventually increasing investment and investment prospects.

Strengthening the financial reporting supply chain: Financial statements prepared in conformity with globally accepted financial reporting standards are a critical instrument for the proper functioning of markets. Improving financial reporting quality can assist in enhancing the financial reporting supply chain.

Better decision-making: Accurate and transparent financial records can help stakeholders make better-informed judgments.

Accurate and transparent financial accounts: The quality of financial reporting is an essential component of every multinational organisation. It ensures that financial statements are factual and transparent, allowing stakeholders to make intelligent decisions.

Improved operational success: Techniques for boosting the quality of financial reporting can aid organisations in maintaining accurate and trustworthy records, which is crucial for attaining operational success.

Better control over data management: Improving the financial reporting process can help firms obtain better control over data management, which can help stabilise their financial reporting processes against problems.

Better evaluation of financial reports: Evaluating the quality of financial information can help identify potential problems that affect the quality of financial reporting broadly, such as revenue and expense recognition on the income statement, classification on the balance sheet, and disclosures in the notes to the financial statements.

Higher trust in financial reports: High-quality financial reports can boost confidence in the firm and its financial statements, leading to increased investment and stronger relationships with stakeholders.

Conclusion

The implementation of IFRS has had a considerable influence on worldwide accounting procedures. It has provided worldwide financial markets with openness, comparability, and economic efficiency. While there are practical barriers to implementing IFRS, the benefits of a single, trusted accounting language are evident.

Imarticus Learning has collaborated with Rathinam College of Arts and Science to offer a Bachelor of Commerce (B.Com) program specialising in investment banking and financial analysis. The courses are designed to prepare students for tomorrow’s industry by providing them with entry to masterclasses and seminars from sought-after industry leaders and professionals. Enrol in this course and choose the most sought-after career options after Bcom. B.Com from Rathinam will be eligible for students who have earned at least 50% marks in the 12th grade.