Over the past decades, India has earned its reputation as the “go-to” destination for outsourcing of finance and accounting services because of its skilled workforce, low costs and strong work ethics. According to Statista, the business process outsourcing market in India is projected to reach $7.12 billion in Revenue in 2024, with a projected CAGR of ~ 10% from 2024–2028, reaching up to a market volume of ~ $10.4 billion by 2028.
This creates exciting opportunities for qualified finance professionals in India – especially for those with internationally recognized degrees.
The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 428,000 members in 130 countries, and is one of the most recognized and widely accepted degrees in finance accepted worldwide.
Therefore, passing the CPA exam can create extremely exciting career opportunities in India (by servicing the global market) and also create fascinating career opportunities abroad.
Because of the exploding demand for qualified finance professionals and accountants across the globe, all the large accounting firms (including EY/ KPMG/ PwC/ Deloitte/ etc.) have a huge demand for qualified CPA-s to service their international clientele from India. MNC-s operating in India, also have a large demand for people with internationally accepted finance degrees – and here the CPA is a perfect fit. Both the Accounting Firms, as well as MNC-s also offer opportunities to relocate abroad – after a successful stint in India, servicing global business. For finance professionals working in the US, the CPA degree can supercharge their careers and put them firmly on a path towards Senior management roles.
AICPA’s 2023 Trends Report found that 91% of accounting firms expect to hire new accounting graduates at continued or higher rates in the next year, and 60% expect their employment of CPAs to remain steady or grow. Payscale reports that the average CPA earns around $76,000 per year, but salaries vary drastically depending on experience level, job title and location. Median annual salaries for public accounting professionals range from around $60,500 (at the associate level) to $159,500 (at the senior manager level), according to a salary guide from Robert Half®.
Having spoken about the burgeoning demand for CPA-s globally, and also in India, what does it take to become a qualified CPA?
In order to be eligible to appear for the CPA exams, one is required to complete 150 credits of college education – including at least 24 credits in accounting, finance, tax law and other related subjects. The CPA exam itself consists of 4 Papers – Three core papers viz Finance (US GAAP), Regulation (US Federal taxes and Business Law), Auditing (US GAAS, Attestation, Review and Government auditing standards) and any one of the discipline papers- Business Analysis and Reporting (Advanced US GAAP and Financial Reporting, Managerial and Cost Accounting and Economic and market influences on business) OR Information Systems and Controls and Tax Compliance and Planning. To learn more about eligibility – and to boost your chances of clearing the exam successfully, please visit us at https://www.pixalearn.com/cpa/