India’s rising number of accountants has created a challenge for firms, with firms often looking to attract talent through job postings, recruitment services and other avenues.
The country is still struggling with a shortage of qualified accountants and accountants are increasingly opting for other forms of employment.
According to the World Bank, there are currently only about 4,000 accountants in India.
According to the National Council of Accountants, the current unemployment rate of accountancy graduates is 8.6% and for those who have not started their careers, it is even higher at 22.5%.
The current unemployment rates for accountants have risen by an average of 17% in the last four years, with the country in need of an additional 1,400 new accountants to meet the demand.
Many accountants fear that the current labour market is not conducive to their skills, which is why many are leaving the country for better opportunities.
The National Accounts Department of India said that an average entry level accountant in India currently earns between Rs 1.75 lakh and Rs 2.75 crore.
It expects that the entry level salary will be around Rs 1 lakh per month, while an entry level salaries for the management and senior management will be between Rs 2 lakh and 4 lakh.
The entry level accountants can earn as much as Rs 1 crore in a year, with their pay growing as they progress up the management level, the department said.
This will increase the salaries of these accountants as they go up the ranks, the report said.
The minimum salary for entry level level accountant is around Rs 2 crore per month.
According to a survey conducted by the National Accounts department, there were 1,937 registered accountants, out of which 8,894 were in the managerial level.
Of these, 2,527 were managers, and another 2,862 were senior managers.
The survey said that among the accountants working in the management, there was a significant drop in the proportion of accountant in the entry-level category.
This is mainly due to the increase in the number of entry-stage accounts in recent years.
In the year to March 2019, there is a shortage in the labour force of about 8.9 lakh persons.
According the report, an estimated 12% of the workforce is non-commissioned officers, or NCOs.
These accountants represent 6.2% of total staff and accountancy accounts represent 1.6%.
This is a sign that the labour market for the accountancy is not the best for accountancy, with those who do work for the accounting profession also struggling to make ends meet.