Facing a deepening shortage of accountants domestically, U.S. firms like RSM US, Moss Adams, Sikich (backed by Bain Capital), and CohnReznick (supported by Apax Partners) are rapidly scaling up their operations in India.
This surge in hiring is already driving a spike in enrolments in India's specialized commerce programs, positioning the world’s third-largest economy as a budding powerhouse for accounting talent — reminiscent of the tech outsourcing wave of the 1990s.
“We’re potentially witnessing a pivotal moment for public accounting in India,” said Balaji Iyer, managing partner at Moss Adams India, in a conversation with Reuters. "The shortage of Certified Public Accountants (CPAs) in the U.S. is serious and only expected to worsen."
According to the U.S. Bureau of Labor Statistics, there were about 1.78 million accountants in the United States in 2024 — a 10% decline from 2019 — as a wave of retirements thinned the workforce without sufficient new talent stepping in. The American Institute of CPAs (AICPA) has acknowledged the growing pipeline issue, noting that nearly half of its membership is now over 50 years old.
The talent crunch is already causing ripple effects: A recent National Talent Advisory Group study highlighted widespread disruptions, with companies like Mattel experiencing delays in financial reporting due to the shortage of accountants.
The accounting profession, often associated with long work hours, relatively modest pay compared to other finance roles, and an additional year of college study to earn a CPA, has lost its appeal among younger generations. “Many students now prefer fields like tech or finance, and the rise of automation has further clouded accounting’s future,” noted Rebecca Hann, associate dean of research at the University of Maryland’s Robert H. Smith School of Business.
RSM US plans to more than double its India headcount to 5,000 employees by 2027. Sikich is similarly expanding its India footprint, not only hiring accountants and auditors but also recruiting tech talent to bolster its automation and AI-driven initiatives.
"It’s not just about filling vacancies — it’s about evolving how we deliver services, combining top-tier talent with advanced technologies to meet changing client needs," said Bobby Achettu, Sikich principal and India operations lead. Sikich’s India workforce now makes up about 10% of its global team.
Meanwhile, the Big Four accounting firms — Deloitte, EY, KPMG, and PwC — have between 140,000 and 160,000 staff combined at their Indian global capability centers (GCCs), according to research by UnearthInsight.
A Growing Talent Pipeline
The trend mirrors the early 2000s tech outsourcing boom, where global giants like Walmart, Microsoft, and JPMorgan Chase established major hubs in India to tap into its engineering talent.
The U.S. Bureau of Labor projects that accountant and auditor positions will grow by 6% between 2023 and 2033, outpacing average job growth.
Mid-sized U.S. firms, desperate to close their hiring gaps, are now recruiting directly from Indian universities and offering sponsorships for CPA certification to fast-track young talent.
“Initially, it was just the Big Four. Now mid-sized firms like EisnerAmper and BDO are recruiting from us too," said Biju Toms, Director of the Department of Professional Studies at Christ University in Bengaluru.
Specialized courses like the university’s Bachelor of Commerce in International Finance are seeing a surge in demand, with around 3,000 applicants vying for just 120 seats.
“There’s a growing need for trained, industry-ready talent — and India offers a significant cost advantage," Toms said. "Just like tech outsourcing reshaped global business, accounting is becoming the next frontier."