U.S. accounting firms, including RSM US, Moss Adams, Sikich (backed by Bain Capital), and CohnReznick (supported by Apax Partners), are expanding their operations in India to address a severe shortage of accountants in the United States.
This surge in recruitment is boosting enrollments in specialized commerce courses in India, potentially transforming the country into a hub for accounting talent, similar to how the tech industry was revolutionized during the 90s outsourcing boom.
“This could be a breakthrough moment for public accounting firms in India,” said Balaji Iyer, managing partner at Moss Adams India. “The U.S. is facing a growing shortage of certified public accountants, and this trend will only intensify in the coming years.”
In 2024, there were approximately 1.78 million accountants in the U.S., a decrease of 10% from 2019, according to the U.S. Bureau of Labor Statistics. Many experienced accountants have retired, and there is no reliable pipeline of qualified replacements.
The American Institute of CPAs (AICPA) acknowledged a “talent pipeline issue” in a study commissioned last year, noting that about half of its members are over the age of 50.
The shortage is being felt across industries, with companies such as Mattel reporting delays in annual reports due to the lack of qualified accountants. The profession is becoming less popular among younger people, partly due to long hours, lower pay compared to other finance roles, and the requirement for a fifth year of university to qualify as a CPA.
“Fewer students are majoring in accounting because the field is seen as less exciting than tech or finance, and automation has added uncertainty,” said Rebecca Hann, associate dean at the University of Maryland’s Robert H. Smith School of Business.
RSM US plans to more than double its workforce in India to 5,000 by 2027. Sikich is also increasingly hiring in India to fill roles for accountants, auditors, and tech talent to support automation and AI efforts.
“Ultimately, it’s not just about filling roles; it’s about transforming how we deliver services using skilled talent and advanced technology to meet client demands,” said Bobby Achettu, principal at Sikich and India operations lead.
The larger “Big Four” accounting firms—Deloitte, EY, KPMG, and PwC—currently employ between 140,000 and 160,000 people in India, according to market intelligence firm UnearthInsight. However, they did not respond to requests for comment.
The growing reliance on India for accounting talent mirrors the outsourcing trend seen in the tech industry, where global companies like Walmart, Microsoft, and JPMorgan Chase have long tapped into India’s engineering expertise.
The U.S. Bureau of Labor Statistics projects a 6% growth in accounting and auditing jobs from 2023 to 2033, outpacing the average for all occupations.
To fill the talent gap, mid-sized firms are even hiring directly from Indian campuses and offering to sponsor CPA courses for younger employees.
“First, it was the Big Four; now, firms like EisnerAmper and BDO are also hiring from us,” said Biju Toms, Director of the Department of Professional Studies at Christ University in Bengaluru.
This has led to a rise in demand for specialized courses like the Bachelor of Commerce (International Finance) program, which received around 3,000 applications for just 120 spots.
“There is always a need for trained talent with industry exposure, and cost advantages when operating from India,” Toms added. “Just like tech outsourcing, accounting is now becoming a major area of opportunity.”
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