Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: empanelment :: cpt :: articles on VAT and GST in India :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company :: VAT RATES
 
 
« News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

Indian CFOs get highest salary hike in Asia
April, 09th 2008

Finance executives in India Inc have reason to cheer. According to CFO Asia magazines 2008 Compensation Survey, finance executives in India got the highest pay hikes in all of Asia in 2007.

While chief financial officers (CFO) got pay hikes of 25% in their salaries last year, other finance professionals such as financial controllers, treasurers and other secondtier finance executives saw their salaries go up by 28%. In contrast, CFOs got a 14% hike in China, 11% in Hong Kong, 14% in Indonesia, 19% in Malaysia, 10% in Singapore and the average for Asia was 16%. As far as other financial professionals go, the numbers are as follows: 13% for China, 12% in Malaysia, 11% in Indonesia , 9% in Singapore and 5% in Hong Kong, resulting into an Asia average of 15%.

The average salary of CFOs in India stood at $92,206, making it the third-highest in Asia after Hong Kongs $169,460 and Singapores $106,518. The survey points out that two out of ten CFOs in Hong Kong, India, and Malaysia switched jobs last year, while 15% of CFOs did so in China. Job switching was also pronounced among the second-tier finance executives in China, Hong Kong, India , and Malaysia.

But what really accounts for this huge increase in compensation for finance executives in India? What are the forces at work here? One reason is the gap between demand for finance professionals and supply. Says the magazine, The spurt of economic growth across the region has been so strong that demand is still outstripping supply. Adds Anita Belani, country head (human capital group), Watson Wyatt, The market is growing and the talent pool is limited. At the top roles get more strategic and the people who can fill those slots become harder to find.

The rise in CFO compensation has a lot to do with a change in the CFOs image from a pure finance guy to a business and strategy leader. Says Vishal Chibber, head of HR at Kelly Services India, a staffing company and HR solutions provider, CFOs in some companies are seen as No 2 after the CEO, a role traditionally played by the sales head or the operations head. Other than pure finance, CFOs today have added responsibilities such as HR and IT.

In most cases the CFO compensation is equivalent to that of the sales head. Adds Belani, With the CFOs role encompassing both finance and strategy, it is becoming hard to find people with those kinds of skills. Hence, companies have to keep compensation competitive.

Some of this has to do with the stock markets as well. Says Chhiber, Because of the IPO boom in the Indian market in the last few years, a lot of companies have been taking the equity route. So they need a strong finance head who knows where to get the funds from the market to take the company into the next level of growth.

Also, the emergence of sectors like KPO are having a cascade effect of sorts. Says Chhiber, With the KPO and BPO boom, theres been a jump in salaries at the entry level for chartered accountants. This has a cascade effect all the way up to the top and is also impacting salaries in other industries.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions