I have done a CA and an MBA. How much can I earn monthly?

Updated on : January 21, 2022 by Melvin Avila



I have done a CA and an MBA. How much can I earn monthly?

Well, first of all, the income base grade projection alone is unfounded.

It's like saying I have some paneer cubes and some raw veggies. How good will my plate taste?

Well, the flavor of the dish depends on several factors, including the recipe for making that dish.

Similarly, companies don't pay you for your degree. They pay you for what you bring to the table.

There are many people who do not have a degree and they are doing very well. On the contrary, there are people with multiple degrees and they still have a hard time achieving their wish life.

So ask yourself a better question instead: how much value can I

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Well, first of all, the income base grade projection alone is unfounded.

It's like saying I have some paneer cubes and some raw veggies. How good will my plate taste?

Well, the flavor of the dish depends on several factors, including the recipe for making that dish.

Similarly, companies don't pay you for your degree. They pay you for what you bring to the table.

There are many people who do not have a degree and they are doing very well. On the contrary, there are people with multiple degrees and they still have a hard time achieving their wish life.

So ask yourself a better question: How much value can I bring to get what I want?

starting salary with additional certificates

Rs. 55,000 to 95,000 rupees

Senior Auditor / Tax Consultant

Rs. 1.5 Lakh to 3 Lakhs

Company CA Rs. 80,000 at 3 Lakhs

I am a doctor (appropriately highlighted in my various biographies) and I am 8 CA. I am my family, four of them my very adorable first degree cousins. Three of them younger than me and they became CA just because they had seen the kind of hardships I had been through ... the first argument for your answer.

But trust me, passing CA is an amazing job. You really have to grill day and night and I still remember the DIRECT TAX terror attached to them. The cousin whose elder for me had failed his first group exam in the inter and had practically been reduced to a skeleton when he took both groups in th

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I am a doctor (appropriately highlighted in my various biographies) and I am 8 CA. I am my family, four of them my very adorable first degree cousins. Three of them younger than me and they became CA just because they had seen the kind of hardships I had been through ... the first argument for your answer.

But trust me, passing CA is an amazing job. You really have to grill day and night and I still remember the DIRECT TAX terror attached to them. The cousin whose oldest for me had failed his first group exam in the inter and had practically been reduced to a skeleton when he took both groups on the next try and was ranked 29th in all of India. He never failed again and finally passed his CA in the stipulated three years (that was the length of the course at the time). Rest the 3 had to fight very, very hard to get through the final. I have seen, met and comforted them as they practically cried (not really) and were about to quit. And even after finishing studies, the jobs are also quite hectic. In fact, apart from my current occupation,

To sum up, the entrance exams are very, very difficult and very competitive in the medical career, while the CA exit exams are also very difficult. But CA is ultimately 1 exam to pass, 1 grade to acquire. Whereas in medicine, MBBS is just the beginning. After that, there are many more and believe me, many more degrees and scholarships are required and that is where the ball game is completely different. It is about a missing young man, practically a lifetime studying, which is not the case in CA.

Lastly, all of my cousins ​​from California, even 5 years younger, earn much more than I do. That's where things get a little frustrating.

There is often a discussion about who is superior, a CA or an MBA. There are certain facts after that, one will be able to identify as both are so different, that they cannot really be compared between the two: -

1. A CA is a course that one takes right after completing their class 12 exams, whereas to do an MBA one must be a graduate.

2. To do a CA, there is only one institute in the whole of India, that is, the Institute of Chartered Accountants of India, while to do an MBA there are innumerable institutions and colleges that provide such qualification.

3. A CA degree provides the basic and basic knowledge k

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There is often a discussion about who is superior, a CA or an MBA. There are certain facts after that, one will be able to identify as both are so different, that they cannot really be compared between the two: -

1. A CA is a course that one takes right after completing their class 12 exams, whereas to do an MBA one must be a graduate.

2. To do a CA, there is only one institute in the whole of India, that is, the Institute of Chartered Accountants of India, while to do an MBA there are innumerable institutions and colleges that provide such qualification.

3. A CA degree provides the basic and core knowledge in different subjects such as tax, accounting, auditing, financial management, etc., while an MBA has exposure in only one field, be it finance, human resources, marketing or others.

4. If the pattern of the CA course is observed, whether in small places or even in large cities, the grade marks are the same and the questionnaire is also the same, so it is not possible to differentiate between the place from where One has passed the exam, the title of the Institute speaks for itself, while in MBA it is necessary to mention the Institute or College from which it has been taken, while the highest priority is given to the IIMs and less to some schools that do not. have made. so much recognition.

5. If you look at the fees you pay to make a CA, it will be less than Rs. 50,000 / - for a minimum course of four and a half years, while for an MBA one pays more than Rs. 10,00,000 / - for a two-year course especially for renowned universities or institutions.

6. After doing a CA, one is able to make a profession in various fields such as auditing, finance, consultant, advisor, etc., whereas after doing an MBA there are not so many options available.

7. One of the greatest advantages of the CA course is the three-year post-submission, where you get exposure to the corporate world and insight into what to do in the future, while MBA lacks this important expectation. .

The only question that often comes to mind is why there is no comparison between a doctor with an MBA, an engineer with an MBA, and only a CA with an MBA. The course of study is different for a CA and an MBA, but still there is always a comparison between the two as they often collide in the organizational hierarchy because of the work they are doing, as both CAs and MBAs are the CFO, CEO, COO, MD of large multinational companies. But even in the end, a CA is fully capable of doing the work that an MBA does in an organization, but the reverse is not the case. So in the end to conclude, we must respect each and every one of the courses and we must not differentiate or compare between the two or find out which one is superior.

After reading this, everyone should stop comparing CA to MBA. Both are different.

Disclaimer

Before you drop the beans, here are a few things to keep in mind when reading the same:

(1) The earnings are not general, they are specific to each person. Therefore, there will always be exceptions to the Average Income. There are people who may be earning more or less than average, due to their other abilities or deficiencies, respectively.

(2) The industry makes a distinction between candidates on the basis of ranks, attempts, etc. I'm just presenting practicality as is here. I wish there was a world where this kind of classification of people didn't exist, yet for the moment

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Disclaimer

Before you drop the beans, here are a few things to keep in mind when reading the same:

(1) The earnings are not general, they are specific to each person. Therefore, there will always be exceptions to the Average Income. There are people who may be earning more or less than average, due to their other abilities or deficiencies, respectively.

(2) The industry makes a distinction between candidates on the basis of ranks, attempts, etc. I'm just presenting practicality as is here. I wish there was a world where this kind of classification of people didn't exist, yet for the moment, let's survive with that.

(3) Dear parents, do not make this answer the basis of your child's career. Don't just flow with the money factor. In fact, your role in your child's career should be that of a consultant, not an instructor.

So what are the areas we are talking about here?

Generally, there are five options available after becoming a Certified Public Accountant:

  1. Practice
  2. Work in consulting companies (Big Four and similar)
  3. I work in large, medium or small CA companies
  4. Work in industry
  5. Business

It's not rational to generalize or label an average range of business earnings, it's just not how businesses work. Therefore, business is out of the question. However, there is one thing for sure: in the long run, people who are in business earn more than the other four options.

Also, most of the other options apart from the five above are not directly associated with the CA profession, for example becoming an IRS / IAS officer, investment banking, etc. Therefore, I keep them out of the question.

All salary figures mentioned in this document are in lakhs per year.

EXPLORATION STAGE (0 to 3 years of experience)

  • Practice
  • Consulting firm
  • CA companies
  • Industry

ESTABLISHMENT STAGE (3 to 10 years of experience)

During this period, Chartered Accountants who continue with consulting firms generally earn in the range of 10 to 20 lakhs as they move up the hierarchy. You can expect an average increase of 10% each year.

Similarly, Public Accountants in the industry also earn in about the same range. Promotions and raises here are slower than consulting firms, however, when they arrive, they tend to pay big checks.

Chartered accountants working in a CA company show the slowest rate of increase in my opinion. However, in terms of knowledge, multiple folds would have grown.

The greatest progress you will find is among Practicing Certified Public Accountants. In the early days, they lagged behind in income compared to those at work. However, once they find your customer base, their earnings are almost equal to work, at this stage.

MIDDLE STAGE OF THE CAREER (10 to 20 years of experience)

At the beginning of this stage, Chartered Accountants in consulting firms would likely be a Senior Manager and by the end they would be knocking on the doors of the Director or Partner level position. They usually earn between 18 and 28 lakhs during this stage. This is aside from the big bonuses they earn on top of salary.

Public Accountants in the industry would definitely earn more than those in the consulting firm during this stage if they had been in the same company or in the same industry developing the experience.

Chartered Accountants who continue to work at a CA firm would be earning less than all of the above, however, they would definitely be considering a Junior Partner level position at their firm and therefore would get a share of the profit.

Those in practice would develop a company reputation, however, it would be difficult for them to grow if they become saturated, that is, they do not bring new services or expansion plans. This is a difficult stage for Chartered Accountants in practice.

LAST STAGE OF THE CAREER (20 to 30 years of experience)

Those in the consulting firms are now partners, those in the industry would likely be managers or some senior executive position, sometimes even the CFO, depending on the size of the company and its own growth. Those who were working with a CA company would probably be the primary partner of that company and basically be in practice. And those who started their career in practice would be seeing a second high growth period in their life.

At this stage, it is impossible to say who will win the most. It really depends on the person. There are people who earn rupees crore, there are also people who have totally lost their career due to fraud, assumed risks or loss of position. However, one can be sure that everyone would earn at least 20-25 lakhs if they had focused on their careers.

DECLINATION STAGE (more than 30 years of experience)

The partners of consulting firms at this stage, when they are in the last stage of the career, usually earn more than 50 lakhs. It has been a long journey for them. They are probably signing some of the biggest clients in the country.

Those in practice would be enjoying the reputation they have maintained in the market, probably now the juniors would do most of the work while the Chartered Accountant exists only by name and vast experience. Your earnings would really depend on how your career chart was.

Industry CPAs would be in the top profile positions of the company or location, depending on the size of the company. Your salary would really depend on the size of the company.

Other points to consider

  • Local Chartered Accountants - CA firms or consulting firms, especially the Big Four firms, pay more if the Chartered Accountant is local, that is, if they have completed their article or internship at the same firm. In some companies, these Chartered Accountants also get a direct promotion, that is, they skip the lowest level of hierarchy while others have to be in that position and wait for their promotion.
  • Industry / department growth rate - Higher company or department growth rate would mean more bonuses and raises, sometimes faster promotions too. Sometimes firms or companies are expanding their businesses, departments, or locations. Even mergers and acquisitions have a huge impact. All of these have an impact on employee earnings.
  • On-campus placements vs. walk-ins: Businesses, especially those in industry, offer higher packages on campus placements than they would have given in walk-in interviews. This has been a phenomenon because all companies come with a strategy, a budget, and a Chartered Accountant requirement that they would like to meet at campus locations. This may not be the case for walk-ins throughout the year.

conclusion

Well, I hate answering these kinds of questions, they are too materialistic. I believe that our purpose in life is the most important aspect of our life. Money does not decide who is successful. However, some people see it differently and I have found that there are many such people. So this answer was for them.

Average earnings for a Chartered Accountant, in their early days, are around 6 to 8 lakhs, it could be higher if they do well on exams and papers or on the lower side if they don't do well on exams and Article. However, after a moment, everything evens out, based on performance.

There is one thing for sure, a Chartered Accountant can definitely make a very good living. There are several options available, as you can also see in the charts above. Therefore, the Public Accounting course, if passed, is definitely a step towards a bright future.

Postscript

The above answer is my best and humble representation of my experience. You may have a feeling at some points that the data is wrong based on your experiences or interactions, however I am sure most of the details are reliable as I have compiled the same after talking to many CPAs in various cities. . Remember, there are always exceptions and in statistics we exclude exceptions. The 'Prasaarthi' logo has been added to prevent plagiarism. Prasaarthi is my 'non-profit' career guidance initiative for students where I answer your career related inquiries. It takes a long time to collect this data. In the past, I have faced situations where other websites have claimed my own data,

This has several aspects:

  1. How difficult is it to become a CA or CPA? Answer: it is difficult. You must master many disciplines, including accounting, finance, tax law, general business law and regulation, financial planning, investing, IT, business strategy, and management. A lot of study, a lot of discipline. Then you have to prove that you have this knowledge by passing a difficult multi-part exam, full of leading questions.
  2. Once you've passed the exam, you still don't know much more than theory and book learning. As the saying goes, "In theory, real life and theory are
Keep reading

This has several aspects:

  1. How difficult is it to become a CA or CPA? Answer: it is difficult. You must master many disciplines, including accounting, finance, tax law, general business law and regulation, financial planning, investing, IT, business strategy, and management. A lot of study, a lot of discipline. Then you have to prove that you have this knowledge by passing a difficult multi-part exam, full of leading questions.
  2. Once you've passed the exam, you still don't know much more than theory and book learning. As the saying goes, "in theory, real life and theory are the same, in real life, they are different." When you enter the profession of CA / CPA, it will take several years of learning to begin to master the real-life challenges of being a CA or CPA.
  3. Just when you think you understand things, you will find that the accounting and tax fields are constantly changing and that you have to spend a lot of time keeping up.
  4. Contrary to all stereotypes, accounting and taxes are NOT boring. It's actually quite intellectually stimulating and very challenging. If you are not smart, you will not survive, no matter how good you are at preparing for a test. Every day is full of new challenges and different problems. If you want the same old stuff, look for a bookkeeping job. By the way, in a few years they will all be automated.
  5. The biggest impact you will find is that being a CPA / CA requires good marketing skills. You must promote yourself and your company. You have to be able to sell your suggestions and ideas to people who have little idea of ​​what you are talking about. You have to be sincere and convincing, and be able to translate difficult and obtuse concepts and rules into simple explanations without making it sound like you are badmouthing people.
  6. Another impact that you will find yourself in is that you will train to be a technical expert, but after a couple of years, the skills that are most important are the ability to manage people and execute operational plans. If you are an auditor, you can have 3 to 500 people working with you. If you are a tax accountant, you may have between 1 and 50 people working with you. Can you be a leader? Shy and withdrawn will not hack it.
  7. The most successful accountants are decent technicians, but excellent entrepreneurs. They can relate well with people, earn the trust of customers to the point where they are recommended, can partner well with business leaders and business owners, and they know how to attract and keep business.

In short, I would say that the field of Certified Public Accounting is very challenging. On the other hand, it is very rewarding, and those who excel are rewarded in many ways, most notably financial.

Hello there

Thanks for A2A

This is a very common concern that many people have.

I'll tell you from the data I have. A new CA (1-3 attempts) starts his career with an average annual package of 6.5 LPA (Source: ICAI, also note that it is an average with extreme ups and downs)

Now for this student, you will have 2 options.

  1. Or opt for a Big4 (KPMG, Deloitte, PwC and EY): the payment packages at Big4 are fixed and vary from 6 to 8 LPA depending on the no. of attempts and the city you join.
  2. Opt for any other industry job - the pay package ranges from a minimum of 4 LPA to a maximum of 25 to 30 LPA. D
Keep reading

Hello there

Thanks for A2A

This is a very common concern that many people have.

I'll tell you from the data I have. A new CA (1-3 attempts) starts his career with an average annual package of 6.5 LPA (Source: ICAI, also note that it is an average with extreme ups and downs)

Now for this student, you will have 2 options.

  1. Or opt for a Big4 (KPMG, Deloitte, PwC and EY): the payment packages at Big4 are fixed and vary from 6 to 8 LPA depending on the no. of attempts and the city you join.
  2. Opt for any other industry job - the pay package ranges from a minimum of 4 LPA to a maximum of 25 to 30 LPA. Depending on the industry, no of attempts, negotiation and city.

Now choosing between practice or work is a complete individual choice that the person must make based on their own area of ​​interest. In my own experience, anything that interests you will pay you gold one day or another.

I have multiple sources of income (up to 4) and taking that as a parameter would not be a good judgment for anyone.

For the future, I plan to have at least 7 fonts.

Hope it answers your question.

I couldn't help myself to answer this question.

  • Can you give me some messy words? it does not bother. Show me some photos? it does not bother. Give me some random numbers, I can add meaning to it. Yes, CPAs are good with numbers.
  • We also have experience in a few other areas besides "filing income tax returns."
  • Diwali? Pongal? New Year ? Christmas? Sunday ? Monday? They are the same for us.
  • Our stipend during item shipping would be like -Rs. 4563, Rs. 3201, Rs. 5331, Rs. 2332…. Rounding to the nearest 10 or 100 is allowed when calculating taxes, not when paying the stipend.
  • They will never believe
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I couldn't help myself to answer this question.

  • Can you give me some messy words? it does not bother. Show me some photos? it does not bother. Give me some random numbers, I can add meaning to it. Yes, CPAs are good with numbers.
  • We also have experience in a few other areas besides "filing income tax returns."
  • Diwali? Pongal? New Year ? Christmas? Sunday ? Monday? They are the same for us.
  • Our stipend during item shipping would be like -Rs. 4563, Rs. 3201, Rs. 5331, Rs. 2332…. Rounding to the nearest 10 or 100 is allowed when calculating taxes, not when paying the stipend.
  • They will never believe anyone or anything, unless there is sufficient and adequate evidence to their satisfaction that implies professional judgment.
  • If someone asks how many months are there in a year? This is the response you can expect from a certified public accountant: assuming it is not a leap year,
    1. Total number of hours per year = 7 months x 31 days x 24 hours + 4 months x 30 days x 24 hours + 1 month x 28 days x 24 hours) = 8760 hours.
    2. Total hours per month = (31 days x 7 months + 30 days x 4 months + 28 days x 1 month) / 12 months x 24 hours = 730 hours
    3. Number of months in a year = 8760/730 = 12 months.

Yes, we do not like to give simple solutions to simple problems, but to give simple solutions in the most complex way.

  • 'Luck' and 'chance' play an important role in our lives.
  • Give us your debit or credit card number once, it is kept with us in our mind. It will not be necessary to remove the card each time to make a payment. Yes, from memory a 16-digit number is no big deal to us than spelling out a 16-letter word.
  • A NPV (Net Present Value) calculator is always on in our minds while we are buying something or making an investment.

Finally ,

  • At least once in their life they would have felt "Of all of you, why did I choose CA?"

Happy reading!

Hello, my father is a tax advocate and some time ago a CA came to us to work. It has been about 4 years and he can earn 3-4 lakh for months, although he is a very hardworking person.

I would say it depends on how lucky you were as you got our job in your early career.

But hard work is the key.

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