The US accounting crisis creates lucrative opportunities for Indian accountants through certifications, advanced education, and filling workforce gaps.

The U.S. accounting profession has a serious shortage of workers, which the COVID-19 pandemic exacerbated. From 2019 through 2021, over 300,000 accountants and auditors left their jobs, sharply cutting the ranks of accountants. There were about 1.65 million accountants and auditors in the United States last year—a slight increase from the previous year but still far below the total counted before the pandemic. This steep decline is attributed to the retirement of Baby Boomers, who are not being replaced by younger professionals in the profession. A direct result has been fewer individuals pursuing accounting degrees and taking the CPA Exam, with many positions going unfilled and further increasing the workload on remaining professionals.

Facing this crisis, American firms are increasingly turning to other countries to fill the gap; India has become a prime focus because of its highly skilled accounting professionals. Indeed, Indian accountants are abreast of the most recent developments in international accounting standards and thus can become a panacea for the US accounting crisis. On the business front, providing Indian accounting expertise with offshore jobs has been highly rewarding for US firms by enabling them to cut costs, access a global talent pool, and achieve scalability.

Global Opportunities for Indian Accounting Professionals

With the market attaining key certifications and exploiting improved education programs, emerging accounting professionals can capitalize on the global opportunities available in this field. Acquiring professional certifications, such as that of a US-certified CPA, CMA, or EA, can benefit an individual in a variety of ways. Organizations worldwide acknowledge and value these certifications highly, particularly for their substantial enhancement in areas such as financial analysis, tax preparation, auditing, and many other specialized fields of study related to accounting. They enhance the skill set of a candidate, help to work smarter, enhance productivity, and raise professional standing, making it more competitive in the global marketplace.

Programmes to Opt

Added to these certifications, a plethora of pathways now exist through which Indian accounting professionals can move to the USA and build successful careers with the advent of STEM-designated master’s programs in accounting. These programs allow for direct access to extended OPT benefits for commerce graduates in their pathway to working in the US for up to 36 months.

Key skills in data analytics, big data, and financial technology are inculcated within the STEM programs. As the accounting profession further moves towards technology and data insights, their employability greatly increases. As indicated by a 2023 review by Robert Half, 78% of U.S. CFOs now call for data analytics and automation skills as a prerequisite to performing an accountant’s job. These are some of the critical skills required in today’s job market, and professionals having expertise in such matters are therefore much in demand among top-class employers.

This may now be a good opportunity for qualified CAs to pursue these courses and fall in line with the vision of Finance Minister Nirmala Sitharaman. Recently, she urged the Bihar chapter of the Institute of Chartered Accountants of India to set up an auditing firm in India that will grow to feature amongst the Big Four and seek global clients. She exhorted the members of ICAI to take a pledge to establish a CA firm potent enough to be rated as one of the big four companies and rise to the challenge of using their leadership skills and industry knowledge to create a globally recognized Indian firm.

The Way Ahead

It is in this background that Indian CAs can arm themselves with international certification and higher education to meet the demand in the US and help realize this ambitious vision of the Indian accounting sector. To put it another way, the crisis in accounting has thrown up a huge opportunity for Indian accountants. This will help Indian professionals acquire globally recognized certifications, which, when linked to STEM-designated programs, will give them an edge in filling this workforce gap and place themselves at the forefront of accounting in the global industry. Such pathways will help boost their career prospects, proving them as invaluable contributors to the dynamic US job market.

The current US staffing crisis in accounting is the finest opportunity for accounting professionals from India. Not only can relevant certifications and higher education pave the way for lucrative assignments in the US, but they also contribute immensely toward developing a powerhouse of global accounting in the future. This alignment at the strategic level not only benefits individual careers but furthers the overarching goal of establishing India as a powerhouse in the global accounting arena.