SAP is the world’s leading software company, and its popularity is growing rapidly. It provides a plethora of career opportunities within its domain. Even though SAP has released several HANA versions, ECC remains the foundation. As an SAP aspirant, you will almost certainly ask this question. It is one of the most frequently asked questions about working in SAP FICO.
In today’s technological landscape, SAP is a software application in high demand and is provided by many enterprises and IT solutions for the improved implementation of ERP (Enterprise resource planning). SAP has been providing amazing ways to develop management in IT and business since its inception. To pursue your dream career in this field, you must be well-versed in SAP FICO. SAP contains 28 modules, but only a few are considered mainstream.
Finance and controlling, aka FICO, is one of SAP’s main modules. This module is so beneficial that it has become a requirement for organizations to meet all of their financial management needs. SAP FICO is the name of the combination of two modules, SAP Finance and SAP Controlling. This includes user administration and configuration. To work as an SAP FICO consultant, you must first obtain a certificate in the SAP FICO module. A certificate will not only allow you to work as an SAP FICO consultant, but it will also allow you to perform other roles such as account and finance executive, senior analyst programmer, and many more.
To understand the roles and responsibilities of an SAP FICO consultant, one must first understand the fundamentals of the two essential modules. Let us go over them quickly.
SAP FI Module
The SAP Financial accounting module is linked to developing financial management ideas in the business. Every organization requires a system to manage its finances flawlessly. However, working complete financial accounting and management manually is difficult in the current environment. As a result, the SAP FI module has appeared in most organizations. It quickly became a popular module for handling financial and accounting tasks. The organization can easily manage its financial requirements and accounting with the full SAP FICO modules.
SAP FI modules are made up of the following parts:
- Account Receivable
- General Ledgers
- Asset Accounting Account Consolidation
- Accounts Payable.
SAP CO Module
SAP Controlling, also known as SAP CO, is another SAP FICO module. With the help of this module, any business can maintain, justify, supervise, and plan various processes. The controlling module is directly linked to financial accounting because it helps view and manage the associated costs. Apart from controlling, SAP CO includes many other elements such as master data, reporting, and configuration.
Master data consists of:
- Cost elements
- Cost centers
- Profit centers
- Internal orders
- Functional area
- Statistical vital figures
- Activity types
Why choose SAP FICO?
Many industries use the ECC model and FICO for the functional part of their business process. As a result, many FICO consultants and end-users are assigned to implementation and support tasks. Not to mention, this is getting worse by the day. Industries that previously operated on a non-ERP model are gradually shifting to ERP software to manage their operations more efficiently and transparently. Because SAP is the world’s leading ERP software, it has become the most in-demand ERP in the industrial sector.
As Finance and Management Accounting are two of the most critical departments in any industry, an organization with SAP ERP must also have SAP FICO. Although SAP has moved far ahead of ECC by launching the HANA series (first in June 2011), SAP FICO remains popular and required across industries.
What is the job description for SAP FICO Consultant?
Consultants are in charge of system configuration and implementation based on business requirements, refining methods, performing GAAP analysis, and looking for new projects. Consultants may be external or internal. The implementation team includes external consultants. When a project goes live, its function is completed. Internal consultants work for the company during and after the project’s implementation.
A consultant’s responsibilities include the following:
- Functional module configuration In the SAP ERP system, FI and CO
- Finance and Controlling (FI-CO) Implementation in the SAP ERP Database
- Day-to-day issues relating to FI & CO as Support
- Integration with Material Management (MM), Production (PP), and Sales & Distribution (SD).
- End-user interaction is used to gather business requirements.
What are the Career Options in FICO?
Here is a list of things you can do once you’ve mastered SAP FICO:
- SAP FICO End-User (Executive) – Using SAP Application implemented in the company
- SAP FICO Super-User (Sr. Executive, Team-Lead) – Role involves Master Data Creation, End User Training, etc.
- Power-User (Managers) – Role involves Approval of Master Data Creation, Bank Transaction, etc.
- Testing Consultant (Tester) – Role involves testing of SAP FICO configuration
- Support Consultant – Role involves resolving Issues on raised Tickets, End-User Training
- Consultant or Sr. Consultant – Role involves end-to-end configuration, Legacy Data upload
Salary package for SAP FICO Consultant
Many factors go into estimating a salary package for an SAP FICO consultant. These factors could include:
- Your credentials and academic performance
- Your prior experience (if any) in the ERP or non-ERP domain,
- The percentage of questions correctly answered during the interview
- Any additional abilities you have (that may interest the employer)
- SAP Certification
How to Become an SAP FICO Consultant?
It is not easy to become an SAP FICO functional consultant. To be a successful SAP FICO consultant, candidates should thoroughly understand the SAP FICO module. The candidate should not expect a high salary at first. Many people enter this field only to make money, but they may get lost in the pool of SAP resources.
Before you can find a good job in the SAP FICO domain, you must invest significant time and money. For the past few years, consulting firms have been looking for experienced candidates who can jump into projects immediately because hiring an SAP fresher can be risky.
It takes more than six months to get an entry-level job as an SAP FICO consultant in a company. If a candidate does not have any financial background, it is recommended that they spend a few months learning the basic accounting processes and accounting entries that will help them understand the process flow easily. Most businesses prefer an SAP FICO consultant with domain experience because they know the process better with SAP.
To become an SAP FICO consultant, follow the steps below:
A candidate should receive SAP FICO training from an authorized center. These centers offer training in the SAP FICO modules, SAP FI and SAP CO. The candidate can learn one or both of these modules depending on their needs. At the end of the training, the aspirant can take the certification exams, which will award you SAP FI or CO certificates. These credentials are required for employment in the SAP field.
Learn each section of the SAP module through hands-on training. After certification, a candidate can devote about three months to practical training to learn SAP FICO.
A candidate with three to five years of domain experience can work for large IT firms such as IBM, Accenture, and others. Most companies prefer to hire an experienced employee rather than a new hire and then train them in their internal project to learn SAP FICO.
What is an SAP FICO Consultant’s career path?
SAP FICO’s career path is strategic. So, if you take it slowly, you will undoubtedly see rapid growth with SAP FICO. It may take several years to reach the top.
Starting with the end-user, you can progress to superusers or support consultants. After another 2-3 years, you could be a consultant, manager, or senior executive.
A beginner in SAP FICO would join as an associate consultant in project development. After working for about two years, you may get an opportunity to become a consultant. Again, after 2-3 years and at least 3-4 end-to-end implementations, you would be qualified to be a senior consultant. There are more senior positions, such as principal consultants and solution architects.
SAP FICO opportunities remain excellent and in high demand. It is also more beneficial if you have a background in accounting or finance. As a result, many FICO consultants and end-users work on implementation and maintenance projects. Businesses previously run on a non-ERP model are gradually transitioning to ERP Software to run their operations more efficiently, successfully, and transparently. If you want to enhance your SAP skills, sign up for our best online training platform and learn from industry experts like Tekskilled. We assist you in acquiring the skills needed to become a hands-on SAP FICO consultant and ensure that your company benefits from SAP FICO.