Amid a widening shortage of qualified accountants in the United States, several prominent US accounting firms are increasingly turning to India to fill critical talent gaps.
Firms such as RSM US, Moss Adams, Sikich (backed by Bain Capital), and CohnReznick (backed by Apax Partners) are expanding their presence in the country, mirroring the early 2000s tech outsourcing boom that transformed India into a global IT hub, reported Reuters.
The move is already making waves in India’s education sector, with rising enrolments in specialised commerce programs, suggesting the country is poised to become a significant player in the global accounting workforce.
“This could be the breakthrough moment for public accounting in India,” said Balaji Iyer, Managing Partner of Moss Adams India. “The US is grappling with a growing shortage of certified public accountants, and the issue is expected to worsen.”
According to the US Bureau of Labor Statistics, the number of accountants in the country dropped by 10% from 2019 to 2024, totaling around 1.78 million. The profession has struggled to replenish its workforce as experienced accountants retire and fewer students choose the field.
The American Institute of CPAs (AICPA), the body responsible for certification and standard-setting, acknowledged the crisis last year, launching an independent study to investigate the “talent pipeline issue.” With nearly half of AICPA’s members now over the age of 50, the strain on the profession is becoming increasingly visible - some companies, including toy giant Mattel, have reported delays in key financial filings.
Accounting's reputation for demanding hours, comparatively modest pay, and a cumbersome qualification process - which often requires an additional year of university study - has made it less appealing to younger generations. “Compared to tech or finance, accounting just isn’t seen as exciting,” said Rebecca Hann, a University of Maryland researcher who has studied the trend. “Automation is also adding uncertainty to the field.”
Firms are responding by actively recruiting in India.
RSM US plans to more than double its Indian headcount to 5,000 by 2027. Sikich, which has around 200 staff in India - 10% of its global team - is using its India office not just for accounting roles, but also for tech and automation support. “We’re transforming how we deliver services,” said Sikich’s Bobby Achettu, “by combining skilled talent with advanced technology.”
Meanwhile, India's mid-sized colleges and universities are becoming active recruiting grounds. Christ University in Bengaluru, for example, has seen demand surge for its Bachelor of Commerce (International Finance) program, which received 3,000 applications for just 120 seats.
“The Big Four accounting firms started this trend, and now mid-sized firms are following,” said Biju Toms, Director at Christ University. “Cost efficiency and industry-ready talent make India a natural choice - just like we saw in the early days of tech outsourcing.”
According to UnearthInsight, the combined headcount of the “Big Four” accounting firms - Deloitte, EY, KPMG, and PwC - within their Indian global capability centres now ranges from 140,000 to 160,000 employees.
With the US Bureau of Labor projecting 6% growth in accountant and auditor jobs over the next decade - outpacing the average for all occupations - the demand for accounting professionals is only expected to increase, further solidifying India’s role as a key global talent provider.