STEM accounting has created career opportunities for Indian accountants to excel in the US

By Sripal Jain

In light of the recent approval of STEM accounting, Indian accounting professionals in the United States are now witnessing a surge in opportunities. This significant development has paved the way for Indian accountants to not only explore but also excel in their careers in the US market.

The approval has opened new avenues for these professionals, enabling them to leverage the increasing demand for skilled individuals in the accounting field along with technology and analytics. By embracing specialized areas such as data analysis, financial modeling, and risk management, Indian accounting experts can make substantial contributions to the US economy.

This approval also addresses the initial problem statement of the huge accounting shortage in the US that has been seen after the COVID era. Many experienced accounting professionals have been laid off or have resigned, creating a void that now needs to be filled. The ultimate goal is to drive more divergence into the finance and accounting domains, and STEM accounting is a critical step in that direction.

The recognition of Indian qualifications and expertise in the accounting domain has bolstered their standing in the competitive US job market. With their unique skill set and knowledge, Indian professionals are poised to make a lasting impact on the industry, signifying a promising future for Indian accountants in the US, with the potential for growth and advancement in their careers.

In today’s competitive job market, having a diverse skill set is essential. The intersection of accounting certifications like CPA, CMA, & EA, and STEM provides Indian professionals with a distinct advantage, allowing them to stand out among their peers. By leveraging their knowledge in both areas, individuals can contribute to innovative solutions and drive organizational success.

Furthermore, the demand for professionals who possess expertise in accounting certifications like CPA, CMA, & EA, and STEM is on the rise. Companies are increasingly seeking individuals who can bridge the gap between financial acumen and technical proficiency.

Indian professionals who can demonstrate proficiency in both areas are well-positioned to excel in a variety of industries, from finance to technology. According to the U.S. Bureau of Labor Statistics, the employment of accountants and auditors is projected to grow by 4% from 2022 to 2032, and the trend of offshoring accounting services to India has contributed significantly to the rise in the number of Indian accounting professionals in the US.

The incorporation of STEM with accounting offers Indian professionals in the US a wealth of opportunities for career advancement and professional growth in the accounting industry. By embracing this convergence of disciplines, individuals can expand their skill set, broaden their horizons, and pave the way for a successful and fulfilling career in a competitive market.

For instance, those enrolled in STEM-designated programs such as MS in Accounting, MS in Finance, MS in Taxation, MBA in Accounting (STEM), and MBA in Business Analytics are seeing significant advantages. Data from sources like the U.S. Bureau of Labor Statistics and BusinessLine indicate that graduates from these programs tend to enjoy a higher employment rate and salary compared to their peers.

We are now seeing a lot of CA dropouts, CA qualified students, combinations of B. Com and CA inter, or B. Com with M. Com students, BBA and/or BBA with MBA finance students taking advantage of these STEM-designated programs. These programs are tailored to equip professionals with the skills necessary to excel in a technologically advanced accounting environment, thus bridging the gap between traditional accounting roles and modern technological requirements.

In conclusion, the approval of STEM accounting has not only expanded the horizons for Indian accounting professionals in the US but has also highlighted their potential to thrive in a competitive environment. With their expertise and dedication, Indian accountants are well-positioned to carve out successful careers and contribute significantly to the growth and development of the US accounting industry. The future looks bright for these professionals as they continue to leverage their diverse skill sets to meet the evolving demands of the market.

By harnessing the power of STEM, Indian accounting professionals can look forward to a prosperous and impactful career in the US, where their skills and expertise will continue to be in high demand.

(Author is CA, CPA and Co-Founder and Global Instructor at Simandhar Education)

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