Career Options and Salary after Diploma in IFRS

Last Updated On -04 Oct 2024

Financial reporting is an essential component of any large organization nowadays. There are worldwide standards and protocols established for the process across countries. The number of profitable companies is growing, and all must adhere to the internationally acknowledged International Financial Reporting Standards (IFRS).

So what do career opportunities, scope, and salary look like after earning a diploma in IFRS? The advantages and disadvantages of IFRS come into play when considering the global demand for skilled accountants proficient in the latest IFRS standards. There is a significant need for such professionals worldwide, and the scope of IFRS in India is vast, particularly for individuals in the accounting and finance sectors.

What is a Diploma in IFRS?

IFRS Diploma is designed to improve professional knowledge of modern International Financial Reporting. You will additionally gain knowledge on how to implement the reporting requirements in a dynamic company environment spanning multiple sectors. It has two distinct parts:

Course content
IFRS assessment

For the sake of comfort, you can pick each component independently. If you wish to test yourself, you can take the assessment alone, and vice versa.

Simply said, a Diploma in IFRS is a straightforward and efficient way to improve your knowledge of current financial reporting trends and advancements. The diploma provides a comprehensive overview of the skills needed for this professional path.

Eligibility For IFRS Diploma

The IFRS Diploma is intended to provide the ideal boost for persons who are currently employed in the accounting business and have a wealth of knowledge. The certificate has a lot to offer professionals such as experienced finance grads, CAs, and management accountants. To be qualified, candidates must meet at least one of the standards listed below:

ACCA membership
NAS-qualified accountant or auditor
3 years of accounting expertise
2 years of IFR-related experience

What is the Scope of IFRS Diploma in India?

International Financial Reporting Standards have become of significant importance in India. This trend is transforming how we report on money and creating new opportunities for those in finance. As more and more countries adopt the same accounting regulations, understanding IFRS in India is essential for accountants, students, and businesses.

According to a study conducted by the Institute of Chartered Accountants of India (ICAI), around 80% of Indian businesses are now using or planning to use IFRS. The Securities and Exchange Board of India (SEBI) now requires listed firms to use Ind AS, which is based on IFRS. This development creates a greater need for expertise in the field. As such scope of IFRS in India is vast and covers various aspects of financial reporting, such as:

Matching With Global Standards:

India's accounting regulations are gradually becoming more similar to IFRS. What's the idea? Better honesty, a comparison tool, and trust in financial reporting. The Ministry of Corporate Affairs (MCA) and the ICAI have spearheaded this initiative, which has resulted in the adoption of Indian Accounting Standards. These are primarily based on IFRS.

Use for Listed firms:

SEBI requires listed firms in India to utilize Ind AS. This makes them compliant with international norms. The purpose is to improve the financial information provided to investors and stakeholders. This promotes investor trust and facilitates international investment.

Auditing Changes:

In India, the transition to IFRS has changed the landscape for auditors. Auditing standards and methodologies may need to be altered to ensure IFRS-compliant accounts. We require auditors who are familiar with IFRS.

Teaching for IFRS:

With the expanded scope of IFRS in India, learning centres and professional institutes now provide IFRS-specific courses and training programs. They seek to prepare students who can handle the complexities of IFRS use and adhere to its requirements.

What are the Career Options after Diploma in IFRS in India?

After earning your Diploma in IFRS, you can pursue a variety of career paths. Some of the most typical career profiles undertaken after obtaining an IFRS diploma are as follows:

External Auditor

As an External Auditor, you will be responsible for overseeing a company's financial situation and reporting any errors or anomalies discovered in its operations. This helps a corporation remain watchful in the event of fraud or inconsistency in operational and financial information.

Finance Controller

A Finance Controller analyzes a company's balance sheets and income statements, ensuring smooth internal operations. They also guarantee that the organization complies with all applicable rules and regulations. This position is for experts with extensive expertise in their industry.

IFRS Expert

An IFRS Expert helps organizations comply with international financial reporting requirements. Such personnel are frequently required by businesses that are growing their operations internationally and must conform to these standards and rules.

IFRS Salary - What is the Salary after Diploma in IFRS?

The table below displays the average salary and job openings in India's major metropolitan cities:

City	Average Salary Range	No. of Jobs
Mumbai	₹ 15.6 to 18 lakhs	1600-1900
Delhi NCR	₹ 13.6 to 16.3 lakhs	1100-1300
Bengaluru	₹ 14.2 to 17.7 lakhs	600-800
Pune	₹ 12.3 to 14.3 lakhs	200-400
Chennai	₹ 13.8 to 15.9 lakhs	200-400
Hyderabad	₹ 14.2 to 16.3 lakhs	200-400

IFRS Jobs and Salary By Industry:

The table below displays which industries have the most jobs and the average median salaries:

Industry	Average Salary Range	No. of Jobs
Accounting/Audit	₹ 18-21 lakhs	400-600
IT Firms	₹ 16-18 lakhs	300-400
Outsourcing Companies	₹ 14-18 lakhs	600-800
Banking and Finance	₹ 16-20 lakhs	300-400

To summarize, a Diploma in IFRS is an excellent investment for accounting and finance professionals seeking career advancement and recognition in today's global business climate. By getting this prestigious certificate, you position yourself for success and gain access to a plethora of prospects in the dynamic sector of accounting and finance.

Frequently Asked Questions (FAQs)

How can a Diploma in IFRS help me?

You can become a competent IFRS expert in just a few months after completing the course. This Diploma qualification enables you to explore lucrative career prospects in financial reporting and accounting. Because the Diploma is for International Financial Reporting, it allows you to broaden your horizons and pursue work opportunities abroad.

Is IFRS better than GAAP?

The primary benefit of IFRS is that it focuses on accurate, timely, and comprehensive financial reporting, whereas GAAP focuses on investors. Depending on the country and employment requirements, each is highly effective in its way.

Is IFRS a rewarding career?

IFRS is a viable career option for persons interested in accounting and finance. IFRS career prospects include financial analysts, auditors, consultants, and accountants, among others. The demand for IFRS expertise is likely to rise as international financial reporting standards become more prevalent.

Who uses IFRS?

Various enterprises within most countries across the world use these standards, while others don’t practice them at all because of their country-specific accounting framework that applies to local entities only.