SAP FICO (Financial Accounting and controlling) module.
We will provide the complete information on What SAP FICO is? Where is it used? What are its scope and career opportunities? How and where to learn it?
SAP FICO is Financial Accounting & Controlling. It is a module which provides a complete financial transaction and business analysis of an organization, maybe a small, medium or large-scale industry.
As we all know, every industry has an accounting module, and what Sap Fico does is help these industries with a standard accounting module. It has many modules like sales and distribution, human resources, material management, production planning, procurement management, and sap fico has more than 20 modules.
What is SAP FICO?
So, SAP FICO handles all the financial accounts, transactions, inventories, and balance sheets. Fico has two main integrated modules, FI-Finance Account and CO-controlling or business accounts. FI has become a module for legal use and mandatory for generating transactions, invoices, profit and losses for external use. Bankers use it, investors, senior management, and income tax for external purposes.
Controlling or internal accounts oversees what profit we have from which products, which region they have significant profit, it provides analysis to the company with complete financial reports, and how the company can grow in terms of monetary.
What is the minimum requirement/skillset/qualifications for FICO?
1.Any Graduates with basic knowledge of accounting, Debits & Credits, Balance sheets, Income statements and many more must be necessary. Also, be familiar with terms like vendor, customer, inventory, revenue, Expenses, Cost Centre, profit, assets and many more.
2.Accounting Background: B.CO,M.COM,MBA Finance, CA intern, CMA.
3.Working Professionals: Accountants, Charterer Accountants.
SAP has two primary working domains SAP consultant or SAP end user.
If a Company implements Sap for the complete implementation, maintenance, rectification, and modification, Sap consultants help the company with these changes. The end users are those who use the software or application. They will have complete knowledge of how the software works.A fresher should work as an end user, and after gaining enough experience, he should move towards the consultant level if he is interested in this field of work.
What are the scope and career opportunities in SAP FICO?
SAP FICO offers excellent compensation or a good package. Here is a list of its salary based on experience;
Associate level (0–1year exp) 5-7 lakhs/annum
Consultant level (4-5 years exp) 10-15 lakhs/annum
Senior consultant level (5-10 years exp) 15-20 lakhs/annum
Manager, senior manager (10-20years exp) 20-45 lakhs/annum
Leadership role level (20+ years exp) 75 lakhs+/annum
For End users:
Fresher level (0-1 years exp) 3-5 lakhs/annum
intermediate level (4-5 years exp) 10 lakhs/annum
high level (12-15 years exp) 15-20 lakhs/annum
advanced level (20+ years exp) 20 lakhs+/annum
Becoming an SAP consultant will have respect in the industry. At the consultant level, there will be opportunities to travel to different countries and a lot to learn.
How & where to learn?
SAP FICO can be learnt from various Training Centres. It can also be learnt from online means, which provide many SAP-related courses, videos, and tutorials. Fees for SAP FICO training from an institution may vary from 15-50 thousand for end users. For a consultant, it may range from 50 thousand to 3 lakhs; it depends on organizations and institutions.
Is Certification Mandatory?
Many companies have not made Certification mandatory, but some have. Companies hire based on the skills and knowledge of SAP and not over the Certification. It is an excellent practice to get hands-on training after learning SAP rather than spending time idly doing nothing. Try to practice, apply for an internship, and do some projects to help develop your skills and knowledge. For Certification, the cost for end users may vary from 8-25 thousand; consultant users may vary from 50 thousand to 2lakhs, and just three attempts to try.
Initially, try to work in small companies; it will help you to get support from the companies to get SAP certification so that you can get enough confidence and earn money to apply for Sap certification.
What to do after learning SAP?
For a fresher, you might not get a job immediately after finishing your learning on SAP, but it will help boost your resume. It would be best if you kept practising, learning to be up-to-date with the program. It will always be a challenge for the freshers. Try to apply to companies regardless of the salary, and after gaining experience, apply for more prominent companies.
Freshers may also have a chance to get a job with a good package if they have some references or there is an urgent need for SAP candidates in the company. It is good practice to work in other sectors till you find an SAP-related job. People who have worked in accounting sectors will have a higher chance of getting a job at a company.