What Is Takes To Become A SAP FICO Consultant

Systems, Applications and Products (SAP) is an Enterprise Resource Planning (ERP) software available to a company for use. ERP softwares enable companies to syndicate and better manage business operations such as administration, human resource, finance, production, warehousing, sales and distribution.

SAP is divided into modules and FICO is one of them. This module is geared towards managing finance, accounting and reporting functions. It is regarded as a fundamental module in the entire system. FICO stands for Financials (FI) and Controlling (CO). While the two differ slightly in their functions, they are co-related. Financials is further divided into 8 sub-modules with Account Receivable, Accounts Payable, Asset Accounting and General Ledger among them. The Controlling module on the other hand, focuses on management. It is further divided into sub-modules including Cost Centre Accounting (CCA), Profit Center Accounting (PCA), Product Costing (CO-PC), Profitability Analysis (COPA) and Internal Order (IO).
If you plan to make a career as an SAP FICO consultant, here's a guide you must read.

Skills Required for this Job Profile
A career as an SAP FICO consultant looks like every other job. You complete a degree and apply for a position. The real picture is quite different from what you think. In addition to your credentials, you need specific skills to earn a well-paying job.

• Training:

There are dozens of SAP tutorials online that claim to help you master its different modules without having to sit through formal instruction. If you do not have any knowledge of the basics of SAP and no domain knowledge, this is definitely not a good option. You can use these online tutorials as online study material, alongside formal instruction. There are various centers offering training and certification in varied SAP modules. You can take the FICO course. If you do not have the time or want to pursue it alongside another course, online instruction is the best option. Training is expensive, but worth every penny.

• Educational Qualifications:

In order to become an SAP FICO consultant, a Bachelor's degree is the minimum required educational qualification. It could either be in commerce, computer programming or information technology.

• Experience:

Experience is what matters the most in this field. Companies are not usually in favor of hiring freshers because they have to spend a lot of time and money before they are capable of contributing independently. Hence, during the first few years, your primary objective should be to get hands-on experience. If you want to improve your prospects, grab every opportunity you get.

• Domain Knowledge and a Passion for Computers and Finance:

When speaking about domain knowledge, it includes having an idea of varied business processes. At the same time, it also includes having knowledge in two major fields namely finance and management accountancy and computers, softwares and operating systems. In addition to familiarity, you should be passionate in either of them; otherwise it will be hard to stick to this job.

 

Job Outlook and Remuneration
As large and small businesses continue to adopt Enterprise Resource Planning systems for better business operations, there is a large market for FICO consultants. You can also seek employment with consulting companies; those that assist bigger corporations for their company needs and support them in their day-to-day operations. SAP consultants are entitled to a competitive pay scale compared to their IT counterparts working with other ERP technologies. However, one must also take note that experience determines the pay scale here. When you start out, you should be willing to work at a lower salary and then level up gradually.

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