Important Questions & Answers for the SAP FICO Aspirants

About SAP FICO

SAP FICO is one of the essential functional modules in SAP ERP components which help organizations to manage all of its Financial Data. The primary purpose of SAP FICO is to support the organization to produce and handle all the Financial Statements for analysis and reporting and also assist with effective Business Planning and Decision Making. 

SAP FICO comprises two modules, i.e., SAP Finance (FI) and SAP Controlling (CO), each of these modules are used to carry out specific financial processes.  SAP FI Module focuses on complete Financial Reporting and Accounting while SAP CO emphasizes planning and monitoring costs. SAP FI and SAP CO were originally released as separate modules, but now these modules are integrated so strongly that most of the people are referring to them as a single module.

Students are very keen to know a few questions regarding SAP FICO. Here are some of the questions with answers for SAP FICO Aspirants which will help to start their career in SAP FICO. 

Let’s have a look at the given questions:

Is a profession in SAP FICO good?

Yes, a career in SAP FICO is still excellent and also demanding. It is even far better if you are from an accounting or finance background. SAP is the leading ERP worldwide and its popularity, as well as demand, are raising each day. It provides you a huge number of career choices within its Domain. Although SAP has released a series of HANA Versions, ECC still serves the base.

Being an SAP aspirant, it is extremely usual for you to ask this question. In fact, it is one of the most frequently asked questions relating to a career in SAP FICO.

The Hierarchy

The hierarchy positions in SAP FICO are truly growth-oriented. It offers you a development structure that goes a long way to your career. Not simply this, it is flexible as well. You are totally free to shift from ECC to other platforms in SAP (like HANA), whenever you wish to, as they are interrelated with usual ideas. This is the reason that lots of FICO Consultants change to HANA after benefiting a few years in ECC by updating their expertise and abilities.

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Similarly, the career path in SAP’s various other applications is virtually comparable to SAP FICO.

Who can do SAP FICO?

There are no such minimal qualifying criteria fixed for doing SAP FICO. Any person who has a keen interest to make a career in SAP can do SAP FICO. However, some qualifications are helpful in learning as well as understanding SAP FICO, if you possess. These are listed below:

• An individual with B.Com or M.Com Degree
• An individual with BBA or MBA Qualification
• Anybody who has done CA, CS, and CFA
• An individual who has Accounting Software experience 
• Or any individual who has a basic understanding of Accounts (Accounting Terms, Journal Entries, and so on).

How is the scope of SAP FICO?

A huge number of industries are working the ECC design and use FICO for the functional part of their company process. Because of this, lots of FICO consultants and end-users work with the implementation and assistance jobs. Not to forget, this is boosting day by day. Day after day, industries that worked on the Non-ERP Model earlier are now changing towards ERP software to handle their organization in an efficient way and also to bring in transparency. Since SAP is the leading ERP Software across the globe, it becomes one of the most required ERP in the industrial sector.

Since Finance and Management Accounting are 2 main departments of any smallest or largest industry, an organization with SAP ERP, always has SAP FICO. Although SAP has moved way ahead of ECC by launching the HANA series (first in June 2011), SAP FICO still sustains its popularity as well as need throughout industries.

What are the Job Opportunities in SAP FICO?

It is noticeable that when an organization has SAP ERP implemented, they require FICO consultants also to handle their financial and controlling part. Obviously, this creates a demand for applicants like you that wish to build a Career in SAP FICO. Certainly, a lot of job requirements are being posted by companies on job sites daily. And also this is nationwide. You can cross-check this on one of the most popular job websites to see the demand for SAP FICO Consultants. Currently, you could have a suggestion now how much is their demand and only demand in this industry.

Is FICO outdated today?

FICO is not outdated. It is the first step to make a career in SAP’s Financial Module. It is the structure of SAP’s later versions in useful parts. Hence, until SAP changes its basic methodology, it can not be outdated. When an industry changes to updated versions (of SAP) it grows in terms of organization, functionalities, and technology. Parallel, its employees expand as well. They additionally educate themselves with the current updates as well as finding out new abilities. This way, even if you started your job as a FICO Consultant, you learn new changes naturally.

Absolutely, you have to learn FICO at the first point. This would assist you to make a solid structure of your knowledge. In addition, it would certainly assist you to understand the updates quickly and obtain an easy hold on the new technologies.

SAP had released HANA in 2011. Since then many versions have been introduced in S/4HANA. (Most current one is S/4HANA 1909). But don’t neglect that the basics remain still the same.

How to get a job in SAP FICO?

To get a Job in SAP FICO, you initially learn the subject. You must take training from a good trainer. Significantly, you should put more attention to find a good and qualitative trainer more than finding a training institute.

Whenever you plan to do something, make a to-do-list. This would help you to move systematically as well as you can see your development also.

I have actually made a career planner here, which would help you to find the desired job in a calculated way.

How much salary can I expect of being an SAP FICO consultant as a fresher?

Numerous elements add to guessing a salary package for an SAP FICO Consultant. These aspects could be:

• Your Qualification and consultant performance.
• Prior experience (if any) in ERP or Non-ERP Domain.
• How to perform throughout the interview.
• Percentage of questions answered correctly during the interview.
• Any kind of added skill you have (that may interest the employer).
• An SAP Certification(if you have).

All these elements add to presuming an expected salary however on average an SAP FICO consultant gets salary within a range of 3.5 Lacs– 5 Lacs per year.

Is it hard to get a job as an SAP FICO fresher?

To get a job as an SAP FICO fresher, uncomplicated though, but It takes efforts I would say. You need to take calculated and planned steps as I mentioned above. Not simply SAP FICO, it’s a general rule that to apply for jobs as a fresher it takes good time and patience and a lot of preparations. In other words, absolutely nothing is impossible.

What are the roles and responsibilities of an SAP FICO consultant?

• Configuration of Functional modules FI and CO in the SAP ERP system.
• Implementation of Financing as well as Controlling (FI-CO) in the SAP ERP Database.
• Solving everyday problems relating to FI & CO as Assistance.
• Integration with Material Management (MM), Production, Sales & Distribution(SD).
• End-user interaction to collect business demands.

What is the career path of an SAP FICO Consultant?

In Project development, a beginner in SAP FICO would join as an associate consultant. After working a period of 2 years approx. you can obtain the possibility to become a consultant.  Again after 2-3 years and with at least 3-4 end to end executions, you would capable of being a Senior consultant.

After this, there are more senior positions like principal consultants, and after that solution architect.

Profession Path of an SAP FICO Consultant:

Is it required to do SAP FICO certification?

SAP FICO Certification is not mandatory yet recommended. Several companies hire non-certified consultants too. So, doing SAP Certification is absolutely your choice. In addition, you may learn SAP FICO without doing certification also. A more significant, a job requires real practical knowledge, which you may acquire without certification also.

However, still, I advise you to do SAP FICO Certification before applying for jobs. This is due to the fact that SAP certification is evidence of your understanding of a particular subject.

When you mention it in your resume, it attracts companies’ attention, and your chances to get calls for interviews increase. if you have certification, employers will certainly offer you a preference over non-certified candidates.

By doing an SAP FICO certification, am I sure to get a job?

Certification would undoubtedly assist you to obtain preference over non-certified candidates. However, it solely can not assure you of the job you wish for. Any certificate is an acknowledgment by the issuing authority that you possess knowledge on a particular skill. However, every employer must verify that by asking questions to you related to that skill.

The same logic puts on SAP FICO also. You must be able to justify whatever you declare in your profile and show it in your certificates. Employers will hire you just when you answer their questions and satisfy them with your expertise in SAP FICO.

So my tip is, practice the concepts in practical which you learn from Certification.

Go through our Top 16 SAP FICO Interview Questions to crack the Interviews.

Conclusion

There are a lot of questions relating to the career as well as the scope of SAP FICO in the mind of aspirants like you. I hope I have responded to a lot of them. Simply do remember, when you make a decision to begin a career as an SAP FICO consultant, definitely assure that you are strolling on the ideal path.

SAP is a growing industry. The Scope of SAP FICO is still great as it is the base of SAP Financial Application. Thus, if you choose to come to be an SAP FICO consultant, definitely you have an intense career ahead. While it is necessary that you take the training from an excellent career, it is equally crucial to take prompt choices as well. Thus, study about, audit all criteria, and after that take the best choice for your career.

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Check out this insightful video on SAP FICO Tutorial for Beginners: