Finance Executive Salary For Freshers and Experienced In India [2024]

Wondering What is the Range of Finance Executive Salary in India?

The average yearly pay for a Finance Executive in India is 3.2 Lakhs, ranging from 1.4 Lakhs to 7.0 Lakhs. The average finance executive salary is 35.2K, based on data from the current round of salary reports.

Who is a Finance Executive, and What Do They Do?

Chief financial officers (CFOs) are the corporate leaders in making and implementing financial decisions. They could oversee the accounting division, go through reports, and draft spending plans.

• Officers in charge of finance may also be responsible for compiling financial statements and ensuring that the company is in compliance with both state and federal laws. 
• A financial officer’s responsibilities frequently include overseeing an internal audit, reporting its results, and providing suggestions based on those findings.
• In most companies, the CFO and her or his staff work closely with the CEO and other corporate executives to meet strict deadlines. 
• They usually work within a company’s normal business hours, although extra time may be needed to complete a unique project or meet a strict deadline.

Job Duties of a Financial Officer

Officers in this role are responsible for monitoring the company’s finances. Budgeting, transaction monitoring, and report writing are all responsibilities of the CFO or chief financial officer. They’re great with numbers and can analyze anything.

Responsibilities:

• Responsible for developing and enforcing fiscal strategies that ensure optimal business performance.
• Manage the budgeting and planning processes.
• Keep track of your spending.
• Keep your books in order by recording all of your transactions and any adjustments as soon as possible.
• Help out with audits of the finances.
• Keep an eye on the money going in and out of the bank.
• Conduct financial analysis on a regular basis to identify issues and find solutions.
• Make invoices and balance sheets.

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Factors Affecting Finance Executive Salary in India

To know what your future finance executive salary may be, you need to understand what goes into determining salaries in this sector. The following factors will heavily influence your salary as a financial manager:

Location

The location of the place of employment significantly impacts a chief financial officer’s salary. Finance directors in various cities have varying finance salary ranges. That’s mostly due to variations in overall living costs between urban centers. What makes a city expensive to live in is its climate, economics, and special features. 

Finance managers in certain parts of India might earn wages much above the national average.

Experience

A finance manager’s compensation in India is heavily influenced by their level of professional experience. 

Beginning financial managers make 48% less than the median salary, while those in the early stages of their careers earn 26% less. However, financial managers in their late careers and those with extensive experience earn 21% and 20% more than the median salary, respectively. 

More specifically, a finance manager with less than a year of experience might expect an annual salary of INR 5.15 lakh. The average annual salary for a finance manager with five to nine years of experience is INR 10.7 million, whereas the average annual salary for a finance manager with one to four years of experience is INR 7.32 million. 

Professional finance managers with 10 years’ experience may expect an average annual salary of INR 11.97 lakh. As a result, it’s not hard to see that you may expect a pay bump as your career progresses.

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Skills

Pay as a financial manager is contingent on one’s level of expertise, just as it is with any other profession. You might expect a higher finance executive salary with industry-specific expertise. You may increase your chances of landing high-paying jobs in this field by focusing on gaining the talents that are currently in most demand.

For finance managers, project management is the most valuable skill set since it increases finance salary by 83% on average for those who possess it. Managers in the financial sector who have expertise in tax consulting earn an average of 76% more than their peers. 

Additional skills that help financial managers succeed are:

• Payroll tax reporting accuracy (51% better than the norm).
• Economic forecasting (at a 46 percent premium)
• Making predictions (39% more often than usual)

Similarly, financial reporting, financial analysis, accounting, and budgeting are some of the most sought-after abilities for finance managers. These abilities will set you apart from the competition and make it simpler to land well-paying positions. 

Company

Finance managers’ pay ranges from one company to the next. Some organizations pay far more than average, while others pay significantly less. 

Paychecks are important, but they shouldn’t be the deciding factor when choosing an employer. When deciding where to work, it’s important to weigh not only the financial analyst’s salary and perks but also the company’s reputation and culture.

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Future Scope of Finance Executive in India

Financial management, a subset of management, focuses on the accumulation and distribution of capital for an organization. This may be grasped by looking at the major elements that determine the breadth of financial management:

Future Scope of Financial Management as a Career

Taking a study in financial management is a smart choice that will open up many doors for you professionally. Careers in which those with training in financial management may succeed are listed below.

Accounting Manager

This entry-level position in accounting management offers competitive pay in exchange for oversight of routine office tasks. By doing financial analysis, creating financial reports, and making financial growth projections, people in this field help businesses run more smoothly and more profitably.

Business Analyst

A Business Analyst’s responsibility is to examine all corporate processes and implement changes to address any problems found. It is the responsibility of a business analyst to adjust to shifts in organizational culture and develop strategies that reflect the new norms.

Stock Market Analyst

If you want to be an equities research analyst, you’ll need to work closely with investment businesses to help them develop investment strategies that will increase earnings and capital. If you want to succeed in this field, you’ll need to devote a lot of time to learning about stocks, equities, markets, and the expansion of competitors.

Chief Financial Officer (CFO)

With a background in financial management, this is one of the most desirable careers to pursue. The goal of this role is to improve a company’s bottom line. The chief financial officer is responsible for ensuring the company’s financial stability by keeping costs and profits in check.

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To Summarize 

There is a wide range of job opportunities in the financial sector, each with its own compensation range. Finance executive salaries vary widely based on characteristics such as level of education, years of experience, geographic area, and job title. Individuals may better navigate the financial services business by examining average income ranges, thinking about prospects for advancement, and keeping up with industry changes. 

The ability to make educated judgments and prosper in the ever-changing financial world requires an in-depth awareness of wage insights and compensation criteria. With over 300 active hiring partners, upGrad is in a strong position to to offer candidates worthwhile placement after completing their MBA. If you are interested to do a certification Program in Finance, upGrad provides Job-ready Program in Financial Modelling & Analysis in association with PwC India.