The Ultimate Guide to Accounting for Creative Professionals in India

Last updated on May 7, 2023

Photo by Scott Graham on Unsplash

Accounting is an integral aspect of all businesses, big or small. It helps in understanding financial performance of the business, keeping up with important tax dates, and making informed strategic decisions. For creative professionals in India who are looking to take the next step in their career and make a transition into the world of accounting, this guide provides relevant information about the process, salaries, and requirements.

Real-Life Success Stories to Inspire and Motivate

Atul Goel, an engineer turned chartered accountant, faced several challenges during his transition. From figuring out how to balance two important exams simultaneously to stepping outside of his comfort zone and investing in an offline coaching institute, Atul successfully passed exams with flying colors in the first attempt. His success story stands as an inspiration to those who might want to learn from his journey and make the most of their situation.

Kiran Yevatkar, a budding finance analyst, struggled to get a job in the industry owing to lack of requisite skills. He enrolled himself in accounting courses and started gaining exposure to the accounting profession. With persistent efforts and hard work, he secured a position in a respected firm and is now one of the most sought-after finance professionals in the country.

Understanding the Requirements and Qualifications to Become an Accountant

The accounting profession in India is governed by the Institute of Chartered Accountants of India (ICAI). For those looking to step into this field, there are several examinations and qualifications that one needs to clear. This includes the ICAI Foundation Course for those who have passed their class 10 examination, the ICAI Intermediate Course for those who have completed their class 12 examination, and the ICAI Final Course for those who have cleared the ICAI Intermediate Course.

Apart from that, there are some other qualifications that are beneficial for those who wish to join this profession. The ICAI Advanced Course helps one build expertise in a particular field, while the Certificate Course on GST makes one aware of all the goods and services tax-related matters. There is also the Certificate Course on Information System Audit (CISA) to help one become adept at IT audits.

Apart from these courses, it is essential for aspiring accountants to hone their analytical and communication skills as well. Communication skills are very important for gaining an edge in the workplace. They help professionals interact better with colleagues and clients, and build better relationships.

Salary Insights in INR

The salary of an accountant in India varies depending on the city, experience, qualifications, and skill set. On an average, a fresher accountant in India can draw a salary between INR 2 to 3 lakhs per annum. With increasing experience and expertise in the field, the salary can jump up to 6 lakhs per annum. Chartered accountants with higher qualifications and experience can draw an average salary of INR 7 to 8 lakhs per annum.

Possible Challenges and Overcoming Them

Transitioning into the field of accounting isn't an easy undertaking. There are many challenges and obstacles one might face during the transition process. One of the biggest challenges is the sheer amount of material that one needs to read, revise and master in order to be successful. This can be daunting and can lead to feelings of anxiety and self-doubt.

To overcome these challenges, it is important to break down the material into smaller, attainable goals and to focus on one topic at a time. This helps in staying motivated and reducing stress levels. Additionally, it is beneficial to invest in offline or online coaching or classes to get expert guidance and mentor-ship, and to practice mock tests and sample papers to get an in-depth understanding of the subject.

Actionable Steps for Career Transition

Here are some of the actionable steps one can take in order to make a successful transition into the field of accounting:

• Get a hold of all the relevant exam material and read, revise, and master it.
• Invest in online/offline coaching classes that can help in understanding concepts better and gaining an edge over competition.
• Mock tests and sample papers should be solved to get an in-depth understanding of concepts.
• Develop analytical and communication skills to be successful in this field.

Conclusion

The accounting field has a bright future in India, given its increasing importance in the business world. For creative professionals who are aspiring to make a mark in this field, understanding the exam structure, qualifications, and salary requirements is essential for a successful transition. With hard work, dedication and the right attitude, anyone can experience success in this field in India.