India emerges as preferred location for career opportunities in finance shared services – Jobs and Career News

By Karthikeyan Shankaran

The global economy is witnessing a transformative shift, marked by the increasing prominence of the finance shared services (FSS) industry. The global FSS market size was valued at USD 46.54 billion in 2022 and is expected to reach USD 75.69 billion by 2028, growing at a CAGR of 8.4%. This dynamic sector offers a plethora of promising career opportunities for finance professionals, providing a platform for professional growth, development, and international exposure. India, with its vast pool of qualified talent, cost advantages, and strategic positioning, has emerged as a preferred location for FSS operations, further expanding the career landscape in this field.

India is a leading FSS destination globally, with approximately 40% market share in the Asia-Pacific region. The Indian FSS market is estimated at USD 25 billion in 2023 and is expected to reach USD 45 billion by 2028. India’s FSS industry started gaining momentum in the late 1990s due to its large English-speaking talent pool, cost advantages, and strong IT infrastructure. Numerous multinational companies established FSS centres in India to cater to their global operations. In the future, India’s FSS industry is expected to continue its robust growth, driven by factors like a skilled workforce, advanced digital technologies, and government initiatives promoting India as a preferred FSS destination.

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FSS career paths

The FSS industry encompasses a wide range of functions, offering a diverse array of career paths for finance professionals. These career paths cater to various levels of experience and expertise, providing individuals with opportunities to specialize in specific areas and build a strong professional foundation. Some of the key areas of expertise within the FSS domain include Financial Accounting, Financial Analysis, Financial Planning and Forecasting, Treasury Management and Compliance and Regulatory Affairs.

One of the subtle nuances of career opportunities within Finance Shared Services lies in the diversity of roles that it offers. Professional individuals find themselves immersed in a spectrum of functions that demand a nuanced understanding of financial intricacies. The attraction of these roles lies in their potential to shape well-rounded professionals capable of navigating the various contours of financial operations.

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There is enough data to attest that India has emerged as a beacon for organisations seeking to establish Finance Shared Services hubs. The country’s robust education system, coupled with a large pool of skilled professionals, provides a fertile ground for organisations looking to harness the benefits of centralisation. The cost advantage, often subtle but crucial, cannot be overstated. The economic viability of operating in India, combined with a workforce that is not only adept at financial nuances but also proficient in global business practices, has made the country an irresistible destination for shared services.

India as a global FSS hub

India’s status as a global FSS hub offers several advantages for finance professionals seeking career advancement. Working in India’s FSS sector provides exposure to global financial practices, standards, and regulatory frameworks, preparing professionals for international career opportunities. Also, India’s FSS industry is gaining global recognition for its efficiency, expertise, and innovation. According to a study by Deloitte, India is expected to become the world’s largest FSS hub by 2025, reflecting the growing recognition of India’s capabilities in this field.

FSS companies in India offer competitive compensation packages, including attractive salaries, performance-based bonuses, and comprehensive benefits packages. According to a survey by Aon India, the average salary for a senior finance professional in India’s FSS industry is around INR 10-15 lakhs per annum, which is significantly higher than the average salary in other industries. Moreover, the FSS industry offers excellent opportunities for career advancement. With demonstrated expertise and a strong work ethic, finance professionals can progress to senior management positions, assuming greater responsibility and leadership roles. 

In the end, the rise of finance-shared services in India is an unfolding success story. It’s a reminder that sometimes the best tales of success come from quietly doing things well. In the big picture of global business, India’s success in finance shared services definitely making an impact.

(The author is director of finance-shared services at Equiniti India. Views expressed are the author’s own and not necessarily those of financialexpress.com.)