Job Opportunities After IFRS: A Complete Guide
admin 22 Apr, 2024 The present finance and accounting world is advancing every day. These evolving dynamics are undoubtedly great for employers as well as employees. However, it also results in significantly increasing competition. Numerous candidates apply for every job available in this industry. Such a pool of applicants makes hiring a challenging task for companies. To cope with this challenge, recruiters follow an effective approach to selecting the best candidates. They look for individuals with professional certifications. These certifications offer skills and knowledge that go far beyond what you gain from traditional degrees.
The IFRS certification is one example of this. The job opportunities after IFRS will certainly attract you to this certification if you dream of going into the global accounting field. The increasing competition in the finance and accounting industry makes it challenging to build a flourishing career. Every individual has a traditional degree. So, they won't help you differentiate yourself from others. It is when internationally recognized certifications like IFRS come to your aid.
This particular certification is extremely valued in the finance and accounting industries. One of the primary reasons to choose this course is the significant job opportunities that follow the completion of the IFRS training. Don't you know much about these opportunities? Worry not, as this blog post will list all these opportunities. However, before diving into the career scope for IFRS-certified individuals, this post will brief you on the IFRS course and the reasons for pursuing it.
IFRS Certification
Upskilling yourself has become a necessity if you wish to enter the global finance and accounting landscape. The IFRS certification allows you to do the same. IFRS stands for International Financial Reporting Standards. The International Accounting Standards Board issues these accounting rules. Every person working under the IFRS jurisdictions needs to follow these standards. Currently, IFRS has around 166 jurisdictions, including India, the European Union, Singapore, and Hong Kong.
The Association of Chartered Certified Accountants awards the IFRS certification. It certifies an individual's improved understanding of the International Financial Reporting Standards. The IFRS course helps you understand how these standards are used in practice. Additionally, it also helps you understand the workings of the IASB and the changes it makes to the IFRS standards.
Who must pursue the IFRS Certification?
- Graduates and postgraduates in finance and accounting are required to obtain the IFRS certification. It will fast-track their career.
- People working in the finance and accounting fields can also pursue it. The IFRS certification will not only improve expertise, but also provide faster career advancement.
The ACCA body awards this certification to all those who pass the IFRS certification. The following are some important details for this examination.
IFRS Exam Eligibility
You should have a bachelor's degree to attain the IFRS certification. Work experience isn't mandatory for this particular examination.
IFRS Exam Syllabus
The IFRS exam has a comprehensive syllabus with the following topics to introduce the applicants to every facet of these standards:.
- The IFRS and International Accounting Standards
- IFRS Accounting Standards
- Revenue, presentation, and profit
- Accounting for non-current assets
- Accounting for assets, impairments, and grants
- Accounting for leases and specialized assets
- Accounting for financial instruments
- Accounting for liabilities
- Group Accounting, Part 1
- Group Accounting, Part 2
- Disclosure criteria and first-time adoption
- Accounting Standards (IFRS) and other reporting frameworks
Cost
Cost is a major point to know when learning about job opportunities after IFRS in India. The IFRS certification is not very expensive. The ACCA body offers this course in two categories. You can choose between just the assessment or the assessment and course. Whichever option you pick, you've got to pay the cost for that. Furthermore, the price for ACCA members differs from that of non-members.
Members have to pay a $115 assessment fee, and non-members have to pay $145. However, if members wish to buy the course as well, they must collectively pay $200 for the course and assessment. They can also pay $115 separately for each. The collective fee for non-members is $255; separately, it is $145 for each.
Why Pursue IFRS Certification?
The job opportunities after IFRS certification are definitely a strong reason to pursue it. However, it is not the only reason. There are some other reasons, too, as listed below.
Adds Value to Your Accounting Career
The IFRS certification may be extremely good for you if you're working hard in the accounting field. CAs, CSs, US CMAs, US CPAs, CFAs, and ACCAs popularly pursue it to upgrade their careers. The IFRS course will allow you to enhance your skills and knowledge. Employers highly prefer individuals who have this certification along with other accounting courses.
Global Professional
The IFRS certification's global reach is another reason to pursue it. Several countries follow the International Financial Reporting Standards. Employers in 166 jurisdictions that follow these standards will highly recommend you after this certification. They will be able to trust you for your increased efficiency and accountability.
Job Opportunities After IFRS
The next convincing reason to pursue this certification is the job opportunities after IFRS for freshmen. IFRS-certified professionals get global job opportunities. The industry highly respects these professionals for their skills and knowledge. The 166 jurisdictions that follow these standards especially value the IFRS-certified individuals. So, if you wish to have a reputed accounting career in the international market, this certification is your go-to solution.
IFRS Salary in India and Other Countries
Accounting professionals and graduates also choose this certification for the high IFRS fresher salary in India and other countries. On average, the salary for a fresher with this certification in India is between INR 5 LPA and INR 9 LPA. It increases rapidly with increasing experience.
Job Opportunities After IFRS
There are plenty of IFRS job opportunities in India and abroad. Some of the most common ones are:
External Auditor
An IFRS-certified individual can make a flourishing career as an external auditor. Companies hire these auditors to oversee their financial landscape. They regularly conduct audits to find any irregularities or fraud in the financial records. External auditors inform the company's owners and investors of the identified errors in its financial operations. Such professionals are critical for companies to ensure their smooth and law-abiding operation.
IFRS Expert
Staying compliant with the IFR standards is significant for companies that fall under the IFRS jurisdiction. Such companies rely primarily on IFRS experts to help them understand these standards. These professionals assist their employers in establishing rules and regulations for all other employees who adhere to IFR standards. IFRS experts are invaluable to companies expanding overseas.
Financial Controller
Next on the list of job opportunities. These professionals are responsible for managing income statements and balance sheets. These professionals ensure the smooth running of a company's operations. They also ensure that each step taken in the operation follows the rules and regulations.
FAQs
- What is the IFRS career path?
After IFRS, several job opportunities become available. If you are an IFRS fresher, you can work as a financial controller, external auditor, accountant, or IFRS expert. Also, if you have other CAs, CPAs, and ACCAs with this certification, work in their designated roles. However, due to their advanced expertise, they get higher designations in their companies.
- Is IFRS a good career?
IFRS is one of the best careers in the finance and accounting industry. It offers high remuneration. Also, it helps with faster career advancement.
- After IFRS certification, what is the salary?
In India, the average fresher's salary after IFRS certification is between INR 5 and INR 9 LPA. It rapidly increases with increasing experience.
Summing Up
Finding a dream role in the finance and accounting industry takes a lot of work. It gets much more complicated if you want to create a position in the overseas job market. However, obtaining a professional certification such as the IFRS certification simplifies the process. The enriching job opportunities following IFRS certification are among the most convincing reasons to pursue this course. IFRS-accredited professionals are in high demand in the top accounting firms and the accounting education industry. So, the IFRS certification is your key to unlocking the most unique opportunities in these industries.
Clearing the examination is the first step to achieving IFRS certification. This is where you will come across NorthStar Academy. We are an expert coaching institute for finance and accounting certification courses and offer the most resourceful IFRS course. Our high-quality study materials and the guidance of our mentor, M. Irfat Sir, back it up. Under the guidance of our expert faculty members, passing this examination will be much easier for you. We will also provide you with all-round assistance. Our mentors will be by your side, helping you secure the best IFRS job opportunities.