SAP Finance and Controlling (FICO) consultant is responsible for developing and implementing SAP-based ERP solutions, focusing on finance, accounting, HR, and other founding and core units of the organization into a unified system. An SAP FICO consultant must have a stronghold of all the SAP FICO modules. Consultants who have experience in programming and software development mostly focus on the technical aspects of SAP software, whereas consultants with financial backgrounds focus on business and accounting-related areas. If you want to make a career as a SAP FICO consultant, you must have an advanced skill set and will to enter this ever-increasing domain.
What is SAP FICO?
SAP FICO is a functional component of SAP ERP, where the consultants generate and manage the accounting and financial statements of the company. Many organizations have in-house SAP FICO consultants whereas some organizations hire companies that provide SAP FICO services.
There are two modules of SAP FICO: SAP FI (Financial Accounting) and SAP CO (Controlling), and they have been discussed in detail in the below pointers:
SAP FI (Financial Accounting)
SAP FI module focuses on finance and accounting and allows organizations to develop accounting-related reports, such as balance sheets and profit and loss reports. There are a lot of secondary modules in SAP FI that are dedicated to specific accounting and finance processes.
SAP CO (Controlling)
SAP CO module manages the planning, supervision, and reporting of the operational cost. It mostly focuses on planning and monitoring costs. It allows the organization to compare the planned data and the actual data, thus giving an idea about the actual business flow of an organization.
Types of SAP FICO Consultants
There are two types of SAP FICO consultants: in-house consultants and external consultants. The pros and cons of both types of consultants are as follows:
In-house consultants are those who work for an organization before the executive and after the go-live period. They coordinate with the accounting and finance team of the organization to develop and control the finances. In-house consultants play a major role, and they are answerable to the authorities regarding the execution and system setup services.
External consultants are those who only work as a part of the implementation team. Their responsibility ends when the project goes live. They are not answerable to the authority for the execution and system setup as they are just a part of the team.
What are the Skills Required to Become a SAP FICO Consultant?
Becoming a SAP FICO consultant is not easy; it requires a lot of skills and hardship to earn a good position. Here are the requirements that every SEO FICO consultant must have in order to get started with their career:
- Bachelor’s Degree: A bachelor’s degree is a must in any computer program and related background to become an SAP FICO consultant. Candidates from business, management, and finance backgrounds can also apply for SAP FICO consultant jb.
- Technical Expertise: Technical expertise is a must when it comes to securing a SAP FICO consultant job at a good organization. As an excerpt, mastering SAP FICO modules is an obvious requirement. The consultants must have good technical knowledge to fulfill the client’s requirements.
- Accounting and Management Knowledge: In addition to technical knowledge, accounting and management knowledge is a cherry on top. Business knowledge is essential for a FICO consultant, as understanding the end user’s problem as well as from the perspective of business.
- Analytical Thinking: Soft skills like a good analytical mind can also help in getting a good job. Consultants must be able to analyze the processes and business lines of the organization to get a better output. These soft skills also act as an intermediary between the technical and trade terminologies, giving a better insight and different points of view.
- Listening Skills: If a consultant wants to grow, they must have good listening skills. In most cases, the consultants who listen and understand the requirements of the clients and coordinate according to the organization and its needs end up becoming more successful. Listening skills are valued and encouraged everywhere, and so are SEO FICO consultant job requirements.
- SAP FICO Training: Candidates are required to undergo a SAP FICO training course from an authorized center. There are a lot of centers and educational organizations that provide SAP FICO training course. Candidates should always do the research before choosing a course. There are many levels of SAP FICO training courses.
What is the Role of the SAP FICO Consultant?
There are a lot of roles and responsibilities of SAP FICO consultants, as they are managing and actively engaging in all financial decision-making of the organization. Their output is valuable to the organization; here are some of the important roles of SAP FICO consultant:
- Understand the Requirement: SAP FICO consultants must understand the business requirements of the organization and work accordingly. It plays an essential role in developing and getting the desired output.
- Prepare a Blueprint: After understanding the requirements, it becomes necessary to prepare a blueprint for implementing the project effectively. The consults are also required to validate the report’s requirements and validate any changes if required.
- Implementation: Implementation of the project according to the planning is an important step because here, you will get to know what worked and what didn’t work.
- Day-to-day Queries: Sorting out day-to-day queries and training the end-users for the upcoming role should be done on a daily basis. It becomes easy to make changes in the project daily rather than doing it in bulk.
- Enhancement: Enhancement of the SAP for end users based on the requirements and other necessary steps comes under this step of developing a plan.
Is SAP FICO Consultant a Profitable Role?
SAP FICO is one of the most profitable and widely used SAP modules. Many companies require SAP FICO consultants to manage their financial operations and ensure compliance with financial regulations. On average, a SAP FICO consultant typically earns between $75,000 to $125,000 early. The average hourly rate is $50 per hour.
What is the Hierarchy in the SAP FICO Job?
The hierarchy of SAP FICO job roles is as follows: SAP FICO project manager sits at the top, with the Senior SAP FICO consultant at the bottom. SAP FICO consultants and Junior SAP FICO consultants are at the bottom of the hierarchy.
Is the SAP FICO Consultant Role Secured?
Yes, the SAP FICO consultant job is a secure job if you are working with a good organization. Although there is always a case otherwise, it totally depends on your skill set and efficiency. If you keep developing your knowledge and skills from time to time, your job is definitely secured in any domain.
What are the SAP Consultant Certifications?
There are three levels of SAP consultant certification that every individual must have to earn a dignified position.
- Associate consultant certification.
- Professional consultant certificate.
- Expert consultant certificate.
How can I Make a Career in SAP FICO?
A lot of people are making a successful career in SAP FICO and enjoying their job. Candidates just need to have a management or accounting course and programming and web development skills.
SAP FICO consultant is a good career opportunity for those who are actually and truly interested in finance and accounting and have a solid presence of mind. Candidates who have prior knowledge of web development and programming can get into SAP FICO consultant jobs after taking a management and accounting course. All-in-all, it is a great career opportunity, and candidates should do proper background research before entering this domain as it is not everyone’s cup of tea.