SAP Finance Consultants get 113k$/y why not you?
How to Become a High-Paying SAP Finance Consultant
š©āš« What you will learn today:
SAP Finance average salaries worldwide.
What does SAP Finance consultant do and whatās skill are needed.
How to learn SAP Finance topics and get certified for free.
ā± Reading timeĀ : 5Ā minutes.
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Hey SAP lovers šā!
Looks like doing a SAP Finance consultant job is a good plan since it pays well according to most salaries comparison platforms. So letās do a quick check to take the temperature of this job market.
SAP Finance Consultant average salary:
The worldwide average yearly salary for an SAP finance consultant is $113,269 as of June 26, 2023. This is according to Salary.com, which is a website that collects and analyzes salary data from a variety of sources. The salary range for SAP finance consultants typically falls between $100,490 and $122,913.
Here are some of the factors that can affect the salary of an SAP finance consultant:
Experience: More experienced SAP finance consultants typically earn higher salaries.
Location: The salary of an SAP finance consultant can vary depending on the location. For example, SAP finance consultants in the United States typically earn higher salaries than those in other countries.
Industry: The industry that an SAP finance consultant works in can also affect their salary. For example, SAP finance consultants who work in the financial services industry typically earn higher salaries than those who work in other industries.
The average yearly salary for an SAP finance consultant in Morocco:
Average yearly salary: MAD 232,400 (~$25,000 USD)
Salary range: MAD 112,420-363,000 (~$12,000-40,000 USD)
This information is based on data from SalaryExpert, Glassdoor, and World Salaries.
The average yearly salary for an SAP finance consultant in France:
Average yearly salary: ā¬45,000 (~$48,500 USD)
Salary range: ā¬30,000-64,000 (~$32,500-71,000 USD)
Here are some sources that you can refer to for more information on the salary of SAP finance consultants:
The Finance Consultant Job:
First of all ensure you read my article Understand the Vital Role of an SAP Consultant.
When it comes to SAP finance consulting, most of the time you find job offers or people looking for a SAP FI or CO or FICO role. FI used to be the finance module in the old SAP versions and CO use to stand for controlling.
In the newest versions of SAP, for instance in the ERP SAP S/4HANA Cloud, Public Edition, we generally use financials, financial accounting etc. SAP terminology gets more and more business user friendly.
I did a couple of Finance projects in the past with SAP ERPs for SMBs however I donāt consider myself a SAP Finance expert. I worked as SAP consultant for a while in a consulting firm in France. Then as a SAP project manager at customer side in Switzerland. In the latter I learnt that the main difference between financial accounting and controlling or cost controlling was that:
Financial accounting consists on booking, tracking and reporting the transactions according to the general ledger (GL) structure.
Controlling consists on āwhere did the money come from and where did it goā, from department A to B or from subsidiary X to Y or in other words from cost center to cost center or profit center or project etc. These transactions happen in parallel with the JEs (journal entries) that impact the GL.
For more details please refer to financial courses which you can learn outside the SAP world.
Now you are wondering what does a SAP Finance consultant job look like and what skills do you need to be successful in it. I asked Bard to provide me with a list of the TOP 10 tasks. After a couple of prompts I succeeded to fine-tune it. Here is the result for you š
For sure you gonna need some finance, accounting, controlling, budgeting background depending on the industry and the exact project scope.
These are just AI generated info but in brief a finance consultant is supposed to gather requirements, configure and implement them in the SAP system, train the users, migrate the data and support in go-live and after go-live. All this sticking into the financial modules of SAP.
How to learn SAP finance for free and get certified:
Here are a couple of official SAP learning resources you can use to get started in the finance world of SAP. Some of them get you a certificate of completion, some of them will prepare you to the SAP certification, the paid one.
Discovering End-to-End Business Processes for the Intelligent EnterpriseĀ is the default recommendation for anyone new to SAP to get going. If you are not sure what you are interested in yet, or you want to get a good overview of the capabilities of the SAP offerings, this is a great place to start. Unit 3 of the course focuses on crucial finance concepts and processes.
Overview of Financials in SAP S/4HANAĀ is a learning journey for those who want an expansive view of the finance modules. You will go over many topics, so it is great again for someone who might be "interested in finance" but is unsure yet what area to go deeper into.
Outlining Financial Accounting in SAP S/4HANAĀ will give you a great introduction to all core financial accounting (FI) areas: general ledger accounting, accounts receivable, accounts payable, and asset accounting. You can expect separate, more advanced learning journeys for each topic in the future, but this is a great place to start.
Outlining the Record to Report Process in SAP S/4HANAĀ will take you a step deeper toward the core of any financial accounting system, the general ledger. Learn basicĀ architecture and manage master data, post and manage accounting documents, and use the embedded reporting options to analyze the results of these transactions.Ā
Outlining Cost Management and Profitability Analysis in SAP S/4HANAĀ is for those who want to start learning controlling (CO) and are not interested in other areas and modules. If you know, you want to learn controlling but know or are not interested in different modules, start here.
Performing Overhead Cost Controllingā in SAP S/4HANAĀ This course is a deep dive into overhead cost controlling, which means cost center accounting and basic project controlling. After completing this learning journey, I am confident you will have skills valuable to start working with overhead cost controlling in SAP S/4HANA.
Introducing SAP S/4HANA Cloud for Group ReportingĀ Get to know SAP's consolidation solutions and the critical consolidation processes. This is a more specialised topic, but an excellent way to start broadening your finance solution knowledge.
Performing Consolidation with SAP S/4HANA Cloud for group reportingĀ Our first intermediate-level learning journey will take you through the complete consolidation process in an SAP S/4HANA system. You will learn how to use group reportingĀ to perform consolidation, which includes managing the required master data, preparing data for consolidation, consolidating the data and performing eliminations, and reporting on the consolidation results.
All credits of this list go to this page in the SAP Community Network who summarised the available content from SAP Learning Journeys and filtered on the finance part.
You can also consume some āsnack contentā on Open SAP if you prefer to watch short videos for specific topics. For this I went to the microlearning section of Open SAP and did a research by āFinanceā and āFinancialā keywords. The result was just incredible š
https://microlearning.opensap.com/esearch/search?keyword=Finance
https://microlearning.opensap.com/esearch/search?keyword=Financial
Want to be a pioneer in the best of breed SAP Cloud solutions?
I strongly recommend this course, itās a key differentiator and you gonna have a very little competition while looking for a SAP finance job. SAP S/4HANA Cloud, Public Edition is the latest and most innovative ERP of SAP as I a writing this article š
Wanna meet SAP finance consultants, users, ask questions and find SAP finance jobs, join the SAP Community Network here and here.
Up to you now š¤ ā!
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