SAP is a German software company, which provides business enterprise software solutions to various corporate organizations around the world in order to run various factors of their daily business such as operations management, human resources and customer management. SAP FICO is one of the most important modules offered by SAP and it deals with the financial and controlling aspects of a business. SAP FICO work is carried out by consultants and experts who also have in-depth knowledge in the field of accounting and book keeping.
The financial (FI) part of FICO consists of general ledger, accounts payable and receivable, financial statements and balance sheets while the controlling (CO) aspect deals with a company's flow of revenue and cost. As a whole, SAP FICO integrates closely with other SAP modules such as SAP MM (Materials Management) and SAP FI AA (Finance and Asset Accounting). With the ongoing boom of SAP related jobs and its relevance in the corporate society, SAP FICO work has been seeing an increasing trend in the last few years.
Description
A SAP FICO expert is a person who possesses excellent knowledge in accounting and book keeping as well as in the various components of the SAP FICO module. As a consultant, the chief role of a person working in this field is to help clients with the selection and implementation of SAP FICO modules. Clients and end users may not be able to differentiate between the technical features of a module; this is where SAP FICO consultants come into the picture by using their expertise and knowledge in the field in order to provide an ideal solution to the client.
Providing custom-made solutions to a client on the basis of their requirements and adding own insights into the end product are carried out by them. They also have to provide on-site support to the client after the delivery of the product and may have to train the end users who will be using the module on a daily basis. In some cases, SAP FICO professionals may also have to interact with developers and experts of other SAP modules in order to provide a consistent user experience throughout the different modules of the SAP system.
Requirements
A bachelor's degree in finance or accounting is a must for anybody considering this job position. Some organizations may also require the candidate to possess a master's degree depending upon the specific nature of the work. A specialization certificate in SAP FICO modules from a physical institute or an online portal is also needed for anybody seeking employment in this field. Most hiring companies prefer candidates, who possess prior experience in SAP FICO work and have delivered full scale modules to clients in their previous role as a SAP FICO expert.
Skills
Due to the frequent interaction between a SAP FICO professional and the clients or their representatives, possessing excellent interpersonal and written as well as oral communication skills is a prime necessity in any person working in this field. Based on the specific job, they may work on their own or in a team of other experts in SAP modules. Thus, they must be able to carry out effective work independently or in a team-based environment. In such a highly technical field, one must always keep updating their knowledge about the latest changes in various SAP modules and adapt to these changes accordingly.
Work Environment
A SAP FICO professional generally works in an office based environment, which may consist of long hours of sitting in front of a computer, resulting in eye strain and frequent back pains. They may have to handle additional psychological pressure as most projects in this field have strict deadlines that must be adhered to. A 40 hour week along with occasional overtime hours is the general norm in this industry.
Salary and Benefits
The average salary of a SAP FICO consultant is anywhere between $65,000 and $105,000, while a SAP FICO analyst fetches around $95,000 across all industries. These figures are dependent upon factors such as specific company, industry, skill level and experience of the individual.
SAP FICO work is a lucrative line of work with a decent number of job opportunities. For those who possess good knowledge in the field of accounting and are inclined towards providing business solutions, this can be an excellent career choice.