As companies are focusing on cost cutting in times of economic slowdown, chartered accountants (CAs) and cost and work accountants (CWAs) are laughing their way to the bank.
According to Institute of Cost and Work Accountants of India (ICWAI), with companies looking for professional expertise in areas such as valuation management, strategic management, risk management and capital market analysis, salaries being offered for these services to CAs and CWAs have soared.
While the average salary for CWAs in the previous year was Rs 4.5 lakh per annum, this year the average salary has gone up to Rs 7.2 lakh per annum. The highest offer for cost accountant has been Rs 8.5 lakh per annum. In case of chartered accountants too, the average salary this year has been Rs 6.5 lakh per annum compared to Rs 5.55 lakh last year.
According to Uttam Prakash Agarwal, president, Institute of Chartered Accountants of India (ICAI), ?Chartered accountancy students have got better placements this year as compared to last year. Even though the job market is tight this year, there has been no slowdown for CAs in India .?
Some top companies which have hired CAs this year include Wipro, HDFC, Jaypee Capital Services, Price Waterhouse Coopers, Sony, L&T, HPCL, State Bank of India, Indian Oil Ltd, Bank of India, ONGC, Sebi and Power Grid Corporation.
Major companies and PSUs which participated in the direct recruitment process for cost and work accountants this year include, Indian Railway Catering and Tourism Corporation (IRCTC), Ircon, Food Corporation of India (FCI), Hindustan Zinc Ltd (Vedanata Group) and Nestle.
According to ICWAI, ?With all companies becoming more cost conscious and cost effective today, students are being trained in process management in different industries and valuation management, besides financial accounting.?
ICWAI has also revised the syllabus, effective from June 2008, for intermediate and final examinations. The new syllabus has been designed to address demands in areas such as valuation and strategic management, risk management and capital market analysis.
