Despite U.S. President Donald Trump’s orders and rhetoric on H1B jobs, prospects for skilled accountant jobs continue to be high. A squeeze on H1B hiring may only drive the jobs from the U.S. to India, so accountants will do well to skill themselves, say job consultants.

“Hiring accountants locally in the U.S. will be tough as there are not enough qualified and certified American nationals. That’s why they are either shifting work to their India centres or moving people from India to the U.S.,” observes Delhi-based Pankaj Dhingra, an Indian certified Chartered Accountant and US approved Certified Public Accountant (CPA).

Demand for Indian accountants

While H-1B visas are still lottery-based, high-demand fields often get policy attention. More U.S. firms, especially top ones, may sponsor accountants due to hiring challenges. Certifications like CPA or niche expertise can improve an accountant’s H-1B chances. Future policies may favour accountants, but no official preference exists yet, he says.

“The validity of H-1B visas is normally three years, but while they may not be renewed, they generally get converted into L1 visas, the cost of which is borne by corporates. Many big American firms want to utilise the services of accountants in India itself instead of transferring them but generally Indian accountants in the U.S. have a reputation for working more compared to Americans and so no one wants to lose them,” he notes.

Mr. Dhingra rattles off names of big US players like Black Rock, Deloitte, American Express, Genpact, Bank of America, EY, KPMG and PWC hiring in India.. “Deloitte is not necessarily hiring more but hiring aggressively,” whether it is for auditing, accounting and or reporting, says Mr. Dhingra who is Managing Partner, FinTram Global LLP which offers training programs for certifications like the U.S. CPA, US CMA and EA.

American companies have been hiring Indian accountants for 20 to 22 years, he notes, adding, it would be difficult to hazard any guess whether the numbers will go up. If turned down for jobs in the U.S., the Indian accountants can still hope to get recruited at home, observes Mr. Dhingra who has worked for Black Rock as Director Finance and then with Boston Consulting Group as Global Finance Director.

Challenges for Indian accountants

On challenges Indian accountants are likely to face due to an expected change in immigration and visa regulations, he believes that all professions including Indian accountants might face hurdles with stricter H-1B visa rules, making it harder to secure jobs in the U.S.

A stronger focus on hiring local talent could mean fewer sponsorship opportunities for foreign professionals. Delays in visa processing and higher rejection rates could disrupt career plans.

New eligibility criteria or salary requirements might also pose financial and qualification challenges. As a result, many accountants may turn to remote work or outsourcing as practical alternatives. However, considering there is going to be a huge demand for accountants as suggested by AICPA, they may have to be more open to hiring. There is very little choice there.

Young Indian accountants working with companies in the U.S., are cautious when asked about Trump’s strong rhetoric on H1B visas. These visas normally take three to six months to process. While welcoming the President’s assurance of green cards to students graduating from American educational institutions, Mumbai-based chartered accountant C V Parameshwaran acknowledges that any U.S. cut back on H-1B visas may hamper Indian accountants’ prospects but there are existing avenues for them in the Middle East, Singapore and Malaysia.

U.S. staffing crisis

The staffing crisis in the U.S. has been recently reported by various agencies including the Miles Education STEM Pathway and its U.S. subsidiary Miles Talent Hub Inc which is linking top talent with accounting firms across America.

The AICPA (American Institute of Certified Public Accountnts) has reported that 75 per cent of today’s public accounting CPAs will retire in the next 15 years, With this gap and also with ongoing increase in accounting/tax job vacancies, There is a huge opportunity. Qualified Indian accountants can capitalize by obtaining certifications like U.S. CPA or US CMA or EA  and gaining expertise in U.S. GAAP and tax laws. 

In addition, there is a high demand for remote work of US, with 37% of accounting firms outsourcing tasks, thereby presenting a fantastic opportunity for Indian accountants. Indian professionals can leverage this trend by offering their expertise in areas like taxation, financial reporting, and auditing remotely.

Indian accountants need essential certifications like CPA (Certified Public Accountant), the most recognized qualification in the U.S. for expertise in U.S. GAAP, auditing, and taxation. The CMA (Certified Management Accountant) is valuable for management accounting and financial strategy roles. The Enrolled Agent (EA) certification, recognized by the IRS, is essential for tax-focused careers. Proficiency in software like QuickBooks etc can further enhance the employability

The exact number of Indian accountants who pursue the CPA qualification in the U.S. isn’t readily available, but it’s clear that Indian professionals make up a significant portion of the CPA workforce. Many Indian accountants choose to earn the CPA because it’s highly valued and recognized in the U.S. job market. With more Indian accountants moving to the US for career opportunities, it’s safe to say that thousands have either earned the CPA or are working towards it. Indian accountants are among the largest groups of foreign professionals taking the CPA exam, showing their strong presence in the American accounting industry.

The U.S. Bureau of Labor Statistics projects a significant increase in demand for accountants in the coming years. As per the data derived by them, employment of accountants and auditors is projected to grow six per cent from 2021 to 2031, about as fast as the average for all occupations. The need for accountants will be immense as 75 percent of today’s public accounting CPAs will retire in the next 15 years, according to AICPA.

India may have competition from China, Canada and Philippines in the accountancy profession but has a significant edge in accounting due to their deep expertise in international accounting standards and strong education in finance. India’s well-established Chartered Accountancy programs and global recognition of Indian accounting qualifications make them highly competitive. Furthermore, Indians are known for their adaptability to global accounting practices, including U.S. GAAP and IFRS. Language proficiency in English gives Indian accountants an added advantage….not sure how long this is gonna be there but it is there as of now

Trump’s “Made in America” preference in manufacturing could have some impact on employment opportunities for Indian accountants, though the effect may be indirect. If U.S. manufacturers bring more production back home, they might shift focus towards managing domestic tax credits, cost accounting, compliance with tariffs, and navigating complex state and federal regulations. This could create demand for accounting services related to cost management and manufacturing accounting.

The overall demand for accounting expertise in fields like US taxation, financial reporting, and international compliance is likely to remain strong, even with a focus on domestic manufacturing, say field experts. Indian accountants with skills in these areas, especially those with U.S. CPA or CMA certifications, will still be needed to help US companies optimize financial performance and ensure regulatory compliance.

Furthermore, the growing trend of remote work means that Indian accountants could continue filling roles in accounting outsourcing, as companies look for cost-effective ways to handle these complex tasks, regardless of the manufacturing shift. While domestic hiring in manufacturing may increase, Indian accountants can still find opportunities in financial services, tax consulting, and global business advisory.

Sumit Jain, director of Jain Overseas Services Pvt Ltd, would not like to make any negative forecast about work opportunities for Indian accountants in the US at this stage. He counsels students to study in Canada where unlike the U.S., Indian aspirants will have to apply for Permanent Residency to be able to get work permits.

According to various media reports, the U.S. accounting sector is grappling with severe workforces shortage accentuated by Covid 2019 pandemic. Between 2019 and 2021, over three lakh accountants and auditors resigned their positions resulting in drastic reduction in accounting workforce. As of 2022, about 1.65 million accountants and auditors are serving in the U.S. indicating a slight increase from 2021 but still significantly down from previous pandemic levels.

Enhance qualifications

Indian accountants will need to upgrade their knowledge of U.S. GAAP (Generally Accepted Accounting Principles), U.S. GAAS (U.S. Generally Accepted Auditing Standards) and IRS tax regulations to align with U.S. standards.

Mr. Dhingra says for Indian accountants aspiring to work in the U.S., obtaining the U.S. CPA or EA (Enrolled Agent) qualification is a crucial step. This not only aligns them with global accounting standards but also enhances their technical expertise in U.S. taxation, and audit practices.

To strengthen their pathway, Mr. Dhingra says they should focus on analytical skills, financial reporting, and regulatory compliance. Gaining relevant experience, networking with industry professionals, and staying updated with evolving financial regulations can further boost their prospects. Additionally, leveraging platforms like LinkedIn and professional associations can open doors to opportunities, helping them navigate their career transition successfully.