SAP FICO is a great career opportunity for aspirants; skilled & talented professionals will make the most of it. It is the best ERP worldwide, and its credibility, as well as demands, are growing day after day.
An SAP Finance and Controlling (SAP FICO) consultant designs, builds and deploys SAP-based enterprise resource planning (ERP) solutions. SAP FICO consultant could be either external or internal. External consultants are part of the implementation team, and internal consultants work for the company during and even after the project goes live.
Qualifications For SAP FICO Consultant
The academic qualification required to become an SAP FICO consultant is any Under Graduation like B.Com, B.E, BSc etc., with any specialisation or post-graduation like M.Tech, MBA etc., with any discipline.
A good knowledge or implementation experience in the whole life cycle of SAP R3 would be preferable. Experience from the project preparation stage to the live stage gives depth knowledge regarding the ERP system. Those who have implementation experience get entry as senior SAP FICO consultants.
Another required skill for SAP consultants is extensive SAP FICO module knowledge.
Skills Required For SAP FICO Consultant
Business Process Knowledge
The business process is the process surrounding each business activity. As an SAP consultant, you should have good business process knowledge. Business processes are dynamic, and they may change from company to company. You need to understand each word associated with the business and the business process flow surrounded by it. The important things to know are the triggering point for this activity and what subsequent business activities will be followed.
Configuration skills are the essential skill needed for an SAP consultant. As an SAP consultant, you need to be a master in configuring the system and understand the impact from the end user’s point of view. The more you configure and follow the business process/ end-user documents, the more confidence. Therefore, you need to gather configuration documents and do as much practice. Also, exploring the options in the system gives you enough confidence, as troubleshooting skills are very required for the SAP consulting profession.
As a professional, you must maintain and develop the network over time. Both being knowledgeable and having a good network have an equal part in developing your career as an SAP consultant. There are many professional networking sites to improve your networking skills.
One major part of success in your career is dependent on your communication. As an SAP consultant, you should always learn to talk in business and technical languages. When you need to communicate with clients, it is always expected to communicate in business language. An SAP consultant should have a good command of the technical abilities when you are conveying to the other consultants.
SAP Best Practices Building Blocks
SAP Best Practices Building Blocks would give the consultant a great deal of confidence, as they provide detailed configuration documents, business process documents, scenario overviews, etc.
Understanding the business requirements of the organisation.
Executing SAP Business Warehouse in the project.
Perform detailed analysis of complex business process requirements and provide appropriate system solutions: identity, interpret, validate and document customer requirements.
Preparation of Blueprint for implementing the project.
Validate any change in customising.
Enhancement of SAP for end users based on the requirement.
Design, customise, configure and test FICO modules.
Document functional designs, test cases and results.
Here are the best 4 SAP Consultant Certifications
SAP Certified Application Professional – Service with SAP EHP1 for SAP CRM 7.0
This certification verifies that the candidate has profound knowledge of CRM Services. Also, it proves that the candidate has an advanced understanding of this profile and can apply these skills practically and provide guidance in project implementation.
SAP Certified Application Associate
SAP Certified Application Associate – SAP S/4HANA for Management Accounting Associates (SAP S/4HANA 1709) certification verifies that the candidate possesses fundamental knowledge and skills in SAP S/4HANA Management Accounting. It tests that the candidate has an excellent overall understanding of this consultant profile and can implement this knowledge practically in projects under the guidance of an experienced consultant.
SAP Technology Consultant
Those with SAP Technology Consultant certification have learned their skills through rigorous study or direct experience and have proven themselves by passing demanding process-oriented examinations. They also have direct access to the vast resources of the SAP Information network most up-to-date knowledge and skills. Consultants may take the exam without attending classes if they have significant experience.
Job Opportunities For SAP FICO Consultant
SAP is an application that is highly in demand and provided by many enterprises and IT solutions for the enhanced implementation of ERP. Finance and Controlling (FICO) are one of the mainstream modules of SAP. Getting a certification in SAP FICO makes you eligible to work in different streams.
Some career options are :
SAP Functional Consultant
SAP FICO Consultant
SAP FICO Lead
SAP FI Consultant/ SAP CO Consultant
Senior Finance Functional Consultant
SAP FICO Program Manager
SAP FICO Delivery Manager
SAP FICO Functional Consultant
SAP FICO Support Consultant
Importance Of Practical Knowledge
SAP FICO training is designed for upskilling the knowledge and skills of candidates. Some reasons to choose SAP FICO training are :
The smooth functioning of business
Effective management of finance
Gain lead role in projects with SAP FICO
Reliable data with SAP FICO training
1. What are the benefits of SAP FICO?
Accounting data is always correct
No limit on handling the accounts
Useful in auditing
Make sure financial transparency
Time and money can be saved
2. What is the financial statement version in the SAP FICO?
It is an essential tool that is used for reporting. It is possible to deploy it to generate the outcomes of different agencies associated with a business. All the financial accounts can be extracted through it, along with all the relevant information required by the users.
3. What is the posting key in FICO?
It is an approach that enables users to determine the transaction type among the various possible options in the domain. It gives an idea about the kind of posting, which can be credit or debit, and the type of accounts.
4. What is WIP in SAP FICO?
WIP stands for Work In Progress and defines the status of the asset under the development model in the SAP FICO. It is possible for the users to customise it if required.
5. Why are financial statements important for any business?
It enables one to keep an eye on the purposes for which a specific amount is sent, including all its information. Users can keep a digital record of all the funds received or transferred to any other account. This enables them to prepare documents for the future on which some necessary plans and decision-making strategies are based.
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