Sai Ishwarbharath b
BENGALURU (Reuters) – US accounting firms, including RSM US, Moss Adams, Bain Capital Bass Bass Baded Sikich and Apax Partners-backed Cohnreznick, are expanding its operations in India to address a sharp shortage of accountants in the country.
The surge in recruitment has begun to increase enrollment in business courses in India and could build a third economy in Asia as a hub for accounting talent, reminiscent of the outsourcing boom in the 1990s that revolutionized the tech industry.
“This could be a breakthrough moment for Indian public accounting firms,” Balaji Iyer, managing partner of Moss Adams India, told Reuters. “The United States is currently facing a serious shortage of certified public accountants, and this trend will only intensify in the coming years.”
According to U.S. Bureau of Labor Statistics, about 1.78 million people worked as accountants in the U.S. in 2024, 10% less than in 2019, because many experienced accountants do not have reliable qualified replacements to retire.
The U.S. National Agency (AICPA) of the CPAS (AICPA), which commissioned independent research last year, was responsible for the industry's qualification examinations and set audit standards for the industry.
About half of the members are over 50 years old.
The National Talent Advisory Group study found that “the shortage of accountants is felt dramatically throughout the market, adding that several businesses such as Toymaker Mattel reported delays in annual reports and other key documents due to the shortage.
Accounting – long-known, lower than many other financial jobs, and effectively requires CPA licenses at universities – is also not popular with young people.
“Students have few major degrees, in part because the field is more exciting than the technology or the financial bureau and automation adds uncertainty,” said Rebecca Hann, associate dean of research at the University of Maryland’s Robert H. Smith School of Business.
Hann published a research paper on the country's shortage of accountants last year.
RSM US aims to increase its Indian workforce to 5,000 by 2027, the company told Reuters.
Sikic also said there are increasing vacancies for accountants and auditors in India, as well as technical talent supporting their automation and AI-related efforts.
“Ultimately, roles are increasingly filled in more and more roles, and using highly skilled talents and advanced technologies to meet evolving customer needs,” said Sikich and head of operations at India.
