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- Despite the threat of an economic slowdown, the Indian job market scenario looks optimistic.
- Here are the trending job roles for Finance and Accounting Professionals.
- These will be in high demand in 2023 as per Linkedin’s reports.
Job Scenario In India
Developed economies around the world are facing a storm of recession warnings, currency fluctuations, and record-high inflation.
Meta, Amazon, and Alibaba cut up to 10,000 jobs for cost-cutting, performance-related layoffs, restructuring, or other reasons.
Employees of major Indian start-ups Byju’s, Ola, and Blinkit were also not safe from the strike.
Despite the threat of an economic slowdown, the Indian job market scenario looks optimistic.
Here are the top five job roles for Finance and Accounting Professionals that are in high demand as per Linkedin reports.
Human Resources Specialist
Are HR Specialists in demand?
If there is one field that appears on the best career list regularly, it would be Human Resources.
HR Specialists are in charge of recruiting candidates and placing them in positions within an organisation.
They assist employees in navigating human resource procedures and responding to questions about an organization’s policies.
Qualification: Bachelor’s in business administration, psychology, human resources, management, or other relevant fields.
Skills required: Communication and Interpersonal skills, Decision-making, Detail Orientation, Employee Relations, working with Human Resources Information Software (HRIS), Payroll Processing, Technological Aptitude, and Management Skills.
Job Growth: The employment of human resources specialists is expected to grow 8% from 2021 to 2031.
Over the decade, there will be an estimated 81,900 job openings each year.
Estimated Salary: The average salary for an entry-level Human Resources Specialist is ₹2,40,000 per year in India. Senior HR Specialist on average earns ₹6,93107 per year in India.
Industries hiring: Information Technology, Consulting & Professional Services, Banking & Finance.
Human resources have always been critical to the success of any organisation. Organisations are now treating human resources as a strategic function.
That’s why we can safely say that the need for human resources specialists with complicated employment laws will only continue to increase, despite the advent of technology.
Actuarial Associate
Actuarial associates calculate financial risks, forecast potential growth risks, and develop strategies to reduce costs, and increase profits. In short, they assist companies, organisations, and individuals in making future decisions.
If you are an actuary, this in-demand job role would help you accelerate your career.
Qualification / Experience: Bachelor’s degree in business, statistics, mathematics, finance, or economics.
Skills required: Communication and Interpersonal Skills, Problem-Solving skills, Proficiency in Statistics, Computing Software, Analytical, Math, and Numeracy Skills, Knowledge of Business, Finance, Accounting, and Economics
Job Growth: The employment of actuaries is projected to grow by 21% from 2021 to 2031.
About 2,400 openings for actuaries are projected each year, on average, over the decade.
Estimated Salary: The average starting salary for Actuarial Associate in India is around ₹2,60,000 per year. The Senior Actuarial Associate on average earns ₹7,80,000 per year in India.
Most common industries: Consultancy, Insurance, Health and Care, Finance and investment,
There are 4 well-known institutes through which one could appear for Actuarial papers:
- Institute of Actuaries of India (IAI)
- Institute & Faculty of Actuaries, Uk (IFoA)
- Society of Actuaries, US (SoA) and
- Casualty Actuarial Society, US (CAS)
In India, you could start your Actuarial journey after the 12th Standard the same as Chartered Accountancy.
Check out this article to learn how you can become an Actuary in India or visit the website for more details.
Sustainability Manager
A sustainability manager is also known as a Chief Sustainability Officer/Sustainability Director. He is a member of management that is in charge of tactically leading the organization’s ESG reporting process.
Environmental, social, and governance (ESG) is a method of screening investments based on corporate policies and encouraging businesses to act responsibly.
He is in charge of assessing an organization’s impact on environmental health.
The sustainability manager creates long-term practices and strategies that adhere to established policies and guidelines
Qualification / Experience: A bachelor’s or master’s degree in business or a field of environmental science, such as biology, is required. Along with a few years of professional experience. CSO position often requires a Master of Business Administration (MBA).
Skills required: Excellent verbal and written communication skills, Maths knowledge, Analytical skills, Good attention to detail, Sustainability Reporting, Environmental Policy, and Life Cycle Assessment.
Estimated Salary: The average starting salary for a Sustainability Manager in India is around ₹5.6 Lakhs per year. Sustainability Managers with 9-14 years of experience could earn an average annual salary of ₹13.5 Lakhs.
Most common industries: Technical consulting services, Government, Manufacturing Healthcare
When asked about the areas Finance Professionals should look at, Kartik Radia, Founder, and CEO of Baker Tilly India said,
“There is little time left to focus on business strategies, return on investment (ROI) evaluations, financial framework, and even larger evaluations around Environmental, Social, and Governance (ESG).
These are high-impact and intuitive areas that ideally should deserve a higher level of time involvement from Senior Functional Leaders.”
Today’s C-suite recognizes that poor ESG performance poses significant financial risks and can negatively impact funding costs. That is why organizations in various sectors are focusing on ESG performance to obtain a competitive advantage in the market.
Insight Analyst
Insight analysts analyze data and insights to help companies make better business decisions. They may work with a variety of different types of data, including customer information, sales figures, market trends, or other relevant metrics.
Insight analysts are in charge of analyzing data and providing insights to assist organizations with better business decisions.
They could work with a variety of data, such as sales figures, customer information, market trends, etc.
Qualification / Experience: Bachelor’s degree in statistics, mathematics, computer science, business or economics, MBA.
Skills required: Communication Skills, Critical Thinking, Problem-solving, Business Acumen, Data Analysis, and Knowledge of SQL, Tableau, and other data visualization tools.
Estimated Salary: The national average salary for an entry-level Insight Analyst is ₹8,88,588 in India. A Senior Insight Analyst earns on average earns ₹16,72,116 in India.
Most common industries: Technology and Media, Professional Services, and Financial Services.
CA Sachin Chitlange, who is currently driving Finance Transformation at Capgemini India explained why he was fascinated by the power of data analytics.
The reason was “Its ability to help clients, working with the business to resolve that problem by presenting data in the right way.”
Insight analysts need to keep abreast to keep their skills relevant and retain a competitive advantage in the profession.
Tax Associate
What is the scope of Tax Consultant in India?
Tax Associates, also known as Tax Consultants or Tax Specialists prepare individual, partnership, or institutional tax returns. They make sure that all tax-related filings comply with federal, state, and local tax regulations.
Qualification: Bachelor’s degree in Tax, Finance, or Accounting, or relevant working experience in a relevant area.
Skills required: Good customer service skills, Strong analytical and problem-solving skills, Good communication skills, Arithmetic and Accounting skills, Familiarity with tax preparation and accounting software, and Tax Planning.
Job Growth: The estimated job growth for Tax Associates from 2020 to 2030 is reported to be at 7%.
Estimated Salary: The national average salary for an entry-level Tax Associate is ₹5,11,280 per year in India. The average salary for a Tax Senior is ₹10,00,000 per year in India.
Most common industries: Professional Services, Financial Services, Technology
Reskilling and upskilling will assist you in navigating the uncertainty of job prospects.
The salary estimates were acquired from Glassdoor and job growth estimates were acquired from the Bureau of Labor Statistics
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