Indian Gen Y predict starting their own businesses at 33 years: Survey

A recent survey put out by Chartered Institute of Management Accountants (CIMA), has showed an ambitious global generation aiming for professional success on their own terms. The global survey of more than 4,300 Gen Y finance professionals represents a selection of countries including India, the UK, China, and South Africa.

Some of the India findings stated in the survey are one; Indian Gen Ys predict starting their own businesses at 33 years, as compared to their global counterparts at the age of 36 years. Two, the Tata Group is the top conglomerate that Gen Y Indians would like to work for. Three, 45% of Gen Y respondents aspire to enter their professions as a manager, in comparison to their global peers -18%. Four, Over 85% of Indian Gen Ys said that they would seek a new job within the next two years, with over half citing international destinations for a better work/life balance.

Some of the additional results showed that young Indians are optimistic to reach senior managerial positions at the average age of 33, two years ahead of their international peers’ average of 35 years.

Also in India, there is more support (68%) for working for a large corporation or MNC and little faith (8.5%) in the career progression opportunities offered by SMEs. Working for a smaller employer is not the most ideal choice for young Indians and they would rather work for themselves (14%) than a non-global or non-corporate operator.

Further young Indians, like their global counterparts, believe that self-employment can bring about a level of income that cannot be matched by working in the corporate world.

Globally, graduate scheme opportunities are perceived to be much more prevalent (29%) to Gen Y worldwide whereas only 8% of young people in India feel this as a channel to start their careers in.

Also, taking a professional qualification is a primary consideration to help build technical skills but the same method is not an immediate choice for addressing a softer skills gap to the majority of Gen Ys in India.

Andrew Harding, FCMA, CGMA, Managing Director, Chartered Institute of Management Accountants (CIMA) said, “The CIMA survey shows an aspirational generation keen to climb the corporate ladder on their own terms. With the challenge of youth unemployment, it is encouraging to see tomorrow’s generation aiming high and open to new experiences while maintaining a healthy work/life balance.”

CIMA is qualifying the next generation of business and finance leaders.  The research looked into the aspirations of finance professionals in their 20s and 30s and how organisations can prepare for their employees of the future.