CA top salary zooms to 70 Lakh

Ahmedabad: The Institute of Chartered Accountants of India (ICAI) has created a record by placing three of its candidates at a record salary of close to 70 lakh with Singapore-based Olam International. This is the highest ever salary offered to fresh CAs recruited from the ICAI campus, the apex body that conducts the CA examination and places the successful candidates every year, reports Economic Times.

In 2007, a record salary of 38.25 lakh was offered in 2007. The three candidates who have been offered the record salary, were picked by the agriculture supply chain major from ICAI's Chennai campus. Olam plans to hire around eight candidates from ICAI.

According to Economic Times, ICAI started its first phase of placements through five out of 15 campuses on March 4. The first day itself saw 320 candidates being picked up. Companies which hired successful CAs on the first day include IOC, ITC, Tolaram, Vedant, S R Batliboy, Yes Bank, GE Capital, REC, L&T, Axis Bank, Morgan Stanley, HCL Technology and Delloite.

"We are very happy with the offers we have seen on very first day of our campus recruitment. It suggests that now we are out of the global recession and recruiters are ready to offer right packages to right candidates," said Subodh Agrawal, Chairman of the Committee for Members in Industry, ICAI, in a reaction to the record offer. "It is a 100 percent rise from our earlier best," he added. Explaining the hiring sentiment Agarwal said, "Now with the upturn, good candidates keen to work within the country. Therefore, companies need to pay a premium to hire them for global positions."

When contacted by Economic Times, Olam International confirmed the 70 lakh offer." Michael Joseph who handles global recruitments at the company said, "We are operating in a recession-free industry. So, there are really no limits now," he said.