There is only one simple answer to the question- how to start your career as an SAP FICO Consultant, and that inevitably is to get training in the SAP FICO module. But first, let us try to comprehend what is SAP And SAP FICO. ‘SAP’ is the abbreviation for System Analysis Program Development. As a matter of fact, this is a German-origin MNC providing ERP ( Enterprise Resource Planning) software globally. SAP software agglomerates all the domains of an enterprise into a single digital and highly cognitive system.’ SAP FICO’ is SAP Finance and SAP Controlling.
These are the crux of the SAP ERP system where SAP FI concerns finance and accounting whilst SAP CO is mainly cost planning and controlling. In Layman’s language, SAP FICO is the integration of a working or business system There are many certificate courses available in SAP FICO. One such training course is the Henry Harvin SAP FICO course.
In general, SAP FICO enables an Organization to manage the finance and use it to engage in enhancing its efficacy.
Career as SAP FICO Consultant
An SAP FICO Consultant plans, implements, and installs SAP-ERP system, Their role is not just limited to aforesaid functions, but, they analyze and enhance the system as well while working closely with the client’s finance team.Sp, for a better understanding, below is an iteration of the major role of an SAP FICO Consultant, How to become one, advantages, and related snippets with little queries you may have along with them.
Roles of SAP FICO Consultant:
- Comprehend the requirements of a business project.
- Make cyanotype of the project and its implementation.
- Execute the project.
- Verify the progress in order to ensure the smooth running of the program
- Train the end-user.
- Attend to any issues and sort them out for the full satisfaction of the client.
- Update the system according to the changing requirements of the client.
Prerequisites to become an SAP FICO Consultant
- Should be a Graduate from any recognized university though a degree in computer science helps you understand better the concepts of SAP FICO. However, postgraduation has an added advantage in getting the job.
- Good knowledge of all the functional modules of SAP FICO>
- A certificate in SAP FICO is essential.
- Organizations give extra preference to people with industrial experience.
- Should possess excellent interpersonal skills and a winning attitude so as to become a good team leader.
Career as an SAP FICO Consultant
An organization trains you in the proper direction to start your career as an SAP FICO Consultant. But takes time like 6 months for entry-level positions whilst 1.5 to 2 years to become an advanced-level SAP FICO Consultant. Further, if you are from the Finance field, then it is an easy-peasy task for you. Or else, you must first learn the basics of accounting, all the more reason to get trained in SAP FICO training courses.
Advantages of SAP FICO Training
SAP FICO consists of SAP FI and SAP CO modules as they are called. So, to build a career as an SAP FICO Consultant, you need to know both the modules. To achieve this, you may get a training course in SAP FICO which completely covers all the necessary sub-modules (later explained in this blog) properly. The easiest way to get a job as an SAP FICO Consultant is to get trained in SAP FICO.
After earning the certificate from SAP FICO Training Course, it is just a matter of a short while before you can start your career as an SAP FICO Consultant in a very good Organization. If the course comes with an internship opportunity, like Henry Harvin SAP FICO Training Course, then you will get the necessary hands-on experience in the same. All in all, a training course will most definitely prove beneficial for your career in SAP FICO.
Is it for both working professionals and students?
Yes, it is for both working professionals and students. If you are a working professional looking for better opportunities, the SAP FICO course will definitely prove to be beneficial for you and your organization. On the other hand, if you are a student pursuing a splendid career then SAP FICO is one of the best training courses that you should definitely put down on your to-do list.
You have to possess strong knowledge of FI and CO modules
to start a career as an SAP FICO Consultant. But there are sub-modules in SAP FICO which are as below:
SAP FI Module deals with the financial development of an organization. So, it is an important part of an organization as the rest of the departments are directly connected to the financial domain and which is why the organization has to ensure a flawless and seamless running of the finance domain. SAP FI module has many tools to assure this is done and implemented properly. The Organization updates SAP FI every now and then depending on the changing trends and demands.
The major Sub-modules in SAP FI Module are:
- General Ledger: This contains all the financial transaction data of an organization. Basically, all the accounts come under this system. All the data are entered and retrieved in real-time by using General Ledger.
- Bank Accounting: As the name suggests, Bank Accounting contains all the transactions with the bank and related Data. The Organization can retrieve this at any time and compare it with the records.
- Travel Management: This contains details of all the travel-related transactions.
- Funds Management: This contains details of the Organization’s funds. i.e, the income and expenditure. Based on this the organization plans its budget.
- Accounts Receivable: Deals with the customer accounts and transactions. By transactions we mean Invoice Payment, Invoice Posting, Down Payments, Credit Memo Payments, and so on.
- Accounts Payable: Deals with the vendor accounts and transactions. Here also transactions mean Invoice Payment, Invoice Posting, Down Payments, Automatic Payments program, etc.
- Assets Accounting: Deals with the organization’s fixed assets like building, equipment, land, etc. Accordingly, Depreciation, Sales, Asset Acquisition, Transfers, Retirement, Revaluation are the major transaction details.
SAP CO is mainly planning and executing decisions for the betterment of an organization. This is a very necessary entity for an organization because SAP CO plays an indelible role in increasing the profitability of an organization. The Data from Financial accounting is fed to the controlling part to analyze and regulate the cost centers and audit the result.
The major Sub-modules in SAP CO Module are:
- Cost Center Accounting: Deals with the expenditures of various departments in the organization like Marketing, Sales, Human resource, etc. But, it doesn’t deal with the income from these departments.
- Profit Center Accounting: deals with all the income and expenditure details of an organization’s business lines. Cost of sales or period accounting analyzes the profits and losses of the organization, for instance.
- Profitability Analysis: This analyzes how profitable are the products. Accordingly, many techniques control the profitability like pricing and distribution of products, sale of the types of products in different regions, etc.
- Cost Element Accounting: This gives a basic idea of different costs incurred by an organization with the help of income statements, which are nothing but details of the profits and losses in the organization.
- Product Costing: This deals with the cost of a product. The product includes both Goods and Services. This helps in controlling the production costs and efficacy thus contributing to the profitability factor of the organization.
- Internal Orders: Deals with the costs of non-fixed assets like marketing a product.
How much An SAP FICO Consultant Earn
The salary of an SAP FICO Consultant ranges from INR 3 lakhs to INR 12 Lakhs in India with 1 year to 25 years of experience respectively. Below is the list of companies with their respective salaries for an SAP FICO Consultant:
- Capgemini – INR 4 lakhs to 10 lakhs-3 to 9 years experience
- TCS-INR 4 lakhs to 9 lakhs-2 to 9 years experience
- Accenture-INR 4.5 lakhs to INR 11 lakhs-3 to 10 years experience.
- Infosys-INR 4 lakhs to INR 12 lakhs-3 to 10 years experience
- Tech Mahindra-INR 4.6 lakhs to INR 7.6 lakhs- 3 to 8 years experience
- Wipro- INR 4.4 lakhs to INR 10 lakhs-3 to 10 years experience
- IBM-INR 4.2 lakhs to INR 12 lakhs-3 to 11 years experience
- CTS-INR 4 lakhs to INR 10.2 lakhs-3 to 9 years experience
- HCL Technologies-INR 4.5 lakhs to INR 9 lakhs- 3 to 8 years experience
- L & T- INR 5.4 lakhs to INR 14.3 lakhs- 3 to 11 years experience.
Top companies hiring SAP FICO Consultants
Linkedin, Naukri like famous job posting platforms posts innumerable job opportunities for SAP FICO Consultants. The major companies hiring them are:
- TATA CONSULTING SERVICES
- COGNIZANT TECHNOLOGY SOLUTIONS
- DXC TECHNOLOGY etc.
In addition to the above many companies abroad are also hiring SAP FICO Consultants with at least 3 years of experience in the field. Moreover, SAP FICO Consultants can work internally and externally as well. Internal SAP FICO Consultants implement and run SAP software and work throughout the life of the project whilst external SAP FICO Consultants only help in implementing and don’t play a role in updating or troubleshooting.
Can a fresher become an SAP FICO Consultant?
Most of the time, companies and organizations hire experienced SAP FICO Consultants. But from time to time some of them hire freshers too. But the easiest path to becoming an SAP FICO Consultant as a fresher is to start as an SAP end-user. Step by step you can escalate to the position of an SAP FICO Consultant whilst working on SAP projects.
Three things to consider when a fresher applies to an SAP FICO job
- Prepare for the job interview well because this is an essential part to land your job. Since this is a highly competitive field, many who have prior knowledge in the field will also apply. So, prepare yourself to face a tough interview. I have put down some relevant interview questions in the later sections of this post.
- Don’t hesitate in applying for SAP FICO jobs with experience. Apply for jobs that ask for 1-3 years of experience in the domain because if they feel that your resume is good enough for the job they may hire you. It won’t harm you in trying your luck.
- Don’t go after the salary package. The most important criterion is to gain the experience you get to become a successful SAP FICO Consultant.
The next big question: How to prepare for SAP FICO interview
Here I have compiled a few of the commonly asked questions for an SAP FICO Consultant job:
- Explain the term SAP FICO.
ANS: SAP FICO stands for SAP Finance and SAP Controlling.
2. What are the organizational elements in SAP FI?
ANS: Functional area, business area, company code, and thirdly the Chart of account are the organizational elements in SAP FI.
3. How input and output taxes are taken care of in SAP?
ANS: Tax procedures are defined for each country that contains the Tax codes. The company can either capitalize the tax amount to stocks or expense it out.
4. How many currencies can be set up for a company code?
ANS: One local and two parallel currencies, altogether Three currencies can be set up for a company code.
5. What is FI-GL?
ANS: FI-GL is a Financial-General Ledger. For details, refer to the section General Ledger under the SAP FI heading of this post.
6. What is the use of Internal Order ?
ANS: Internal Orders track the cost on a short-term basis.
- The use of Document type in SAP?
- For the range of numbers fro Documents
- Types of accounts like a customer, vendor, assets, etc are controlled by this
- Used for entry reversals also.
- Is the business area at the level of company code?
ANS: No, It is usually at the client’s level.
- What is the meaning of APP and its uses in SAP FICO?
ANS: APP is an abbreviation for Automatic Payment Program.It is an SAP tool to pay the customers and vendors. It helps in avoiding any mistakes in the payment and it is a feasible method of payment in big companies with many employees as well.
- What is the use of Chart of Accounts in SAP?
ANS: Chart of Accounts (COA) in SAP FICO details the daily needs as well as the legal necessities of a company. They are of two types:
Operating COA: contains all General Ledger accounts
Country COA: Contains General Ledgers for the legal necessities of the company.
The above is just a small portion of many questions that they may ask for the interview of an SAP FICO Consultant.
- Join an institution that offers credible SAP FICO training courses, preferably with a certificate. that proves to be beneficial in the long run.
- In the meantime, try writing blogs and articles to become a member of an active elite SAP community.
- If training is not possible for some reason, then go for self-study from many online videos on youtube.
- Collect maximum educational material to enhance your knowledge and upskill in SAP FICO.
- Try to gain maximum contacts in the field by connecting with friends who are already in the SAP FICO domain.
- Collect information of all the companies with SAP FICO installation. Another key point is If you prefer a particular company, work out solutions to get placed in the same.
- Do not follow a generic resume template, rather stick to the specific details.
- Don’t hesitate in taking up a trainee job in SAP FICO because this also can provide you with the necessary experience to grow in the domain.
- You can even apply for freelance SAP FICO jobs that are paid as high as $ 45/hour. One such platform for freelancing is Upwork.
- Work on the necessary communication skills because once you are in the domain, you have to deal with clients on a global level.
SAP FICO field is evolving and expanding tremendously along with creating new job roles both for freshers and experience as well. Above all, to start a career as an SAP FICO Consultant, it is better to gain as much knowledge as you can in this domain. For this, you can self-study or do an SAP FICO training course from a credible institute. At the same time, keep your eyes open for more job opportunities in the domain. Hope the above post helped in shedding some light on How to start your career as an SAP FICO Consultant.