The era of techies in the US is sidelined, and the new big boss is here to stay. Indian accountants are the next big thing, and as we speak, they are taking the US by storm! The shortage of accounting professionals has risen to 300,000, and it is not looking good. The situation is slipping by the hands, and pundits have already labeled it “a financial crisis.”.
Nonetheless, there is no need to panic, because the Miles Magic seems to be working wonders in the US, and their magic wand: is STEM-induced Masters in Accounting program! Yes, you read it correctly. Miles Education’s MS in Accounting is a STEM (Science, Technology, Engineering, and Mathematics) program, integrated by Business Analytics, which you can pursue in over 100 universities across the country and in India.
United by Innovation: The India-US Alliance
We all remember when the US turned to India for outsourcing tech jobs. This wasn’t just an iconic moment in history but history itself that would forever reshape the accessibility of top global tech jobs for Indians. And boy did we jump on it, not just to code but to lead the revolution to glory. We became CEOs, innovators, and change-makers, transforming the US tech scene. India quickly became the go-to hub for tech talent and the world took notice.
Names like Satya Nadella and Sundar Pichai are walking proof that this model didn’t just work; it thrived. Now, the next big wave, rather a storm in the US? You guessed it right, Indian accountants in the US, are solving the accounting shortage, one batch at a time!
Why is there a shortage in the US?
Now, before we jump into the next section, let’s understand the several factors that have caused theaccounting shortage in the US.
Aging Workforce
The aging workforce is one of the main factors causing the shortage of accounting professionals in the US. A recent study by the American Institute of CPAs (AICPA) revealed that close to three-quarters of accountants are 40 or older, with a significant number nearing retirement age.
Moreover, the departure of these skilled accountants is creating a notable void in the labor market. With older accountants leaving the workforce, there is a shortage of younger professionals entering the accounting industry to take their place (source: AICPA, 2021).
- Increased Demand for Accountants
There is an increasing need for accounting services. As more companies navigate intricate financial environments, such as tax regulations and compliance needs, the demand for experienced accountants has increased.
Additionally, the Bureau of Labor Statistics (BLS) anticipates a 6% increase in the employment of accountants and auditors from 2021 to 2031, surpassing the average growth rate for all professions. This increase adds more stress to a workforce that is already overwhelmed. - Competitive Job Market
The increase in accounting roles in sectors like finance, healthcare, and technology has led to accountants vying for chances in a wider variety of industries.
Accounting skills are becoming more versatile, leading to increased competition for talent, which is challenging firms' ability to attract and keep qualified professionals. As companies grow and need increased financial management, the demand for experienced accountants becomes more competitive (source: Accounting Today, 2023). - Education and Entry Barriers
Although there are promising career prospects in accounting, the educational prerequisites can pose a challenge for a lot of aspirants. Earning a CPA designation often involves obtaining a bachelor's degree in accounting and passing the challenging CPA exam after a period of diligent studying and preparation.
The challenge of this process could discourage certain candidates from pursuing accounting professions. The National Association of State Boards of Accountancy (NASBA) reports that only around 40% of candidates pass all four sections of the CPA exam on their initial try (source: NASBA, 2021). - Shifts in Career Preferences
The younger generations are becoming more attracted to jobs that provide flexibility, creativity, and chances for innovation, which are commonly linked to technology jobs rather than traditional accounting roles.
Viewing accounting as a repetitive and unexciting task may discourage people from seeing it as a feasible profession choice. In response to these shifting preferences, businesses must quickly transform the perception of accounting and emphasize its changing role in a technology-focused setting (Source: Journal of Accountancy, 2023).
The Tech Playbook: Solving the US Accounting Shortage Crisis
As we have already learned by now, the tech playbook has worked wonders for our engineers who led the way to a revolution in the US tech space. The STEM-powered program in Computer Science allowed engineers to obtain a three-year work permit which could later be extended to an H-1B Visa that extends the permit to six years.
Miles Education, through its US Pathway Program, uses the same secret sauce enabling its students to have a three-year work permit in the US with a $60,000+ starting salary at top US public accounting firms.
Additionally, collaborating with more than 100 universities across the US is one of the big moves, that’s worked wonders for Miles. Through this, Miles has converted their MS in Accounting to a STEM program by integrating Business Analytics into the program.
The STEM MS in Accounting program does not just help the students with the three-year permit but also equips these futuristic accountants to stay ahead of the curve. Let’s dig a bit deeper here.
Miles Magic: STEM in Accounting to the rescue!
The integration of Business Analytics into accounting programs through the Miles US Pathway is transforming the CPA training for accountants from the traditional ways that don’t serve anymore.
Miles Education has made big moves to tackle the shortage of accountants by working with top US universities to change conventional accounting programs into STEM programs. Miles Education incorporates Business Analytics into these programs to equip graduates with the necessary skills for the current data-focused financial industry.
These STEM programs provide accountants with equivalent benefits to engineers, including three years of work authorization on F-1 visas, which can be extended up to six years with H-1B visas. This convergence of chances represents a significant change in the way accounting is viewed and practiced in the US.
STEM Integrated MS in Accounting Program
The integration of business analytics into the MS in Accounting program is transforming how future accountants are trained. By embracing skills like data interpretation and strategic decision-making, accountants are becoming more equipped to handle the complexities of today’s financial landscape making them the perfect choice for the top public accounting firms who are on constant lookout for not just traditional skills but accountants with tech skills that futuristic and sustainable in the US. Also, this shift prepares them not just for traditional roles but for leadership roles that can drive the business's success.
Additionally, analytics enhances the ability to manage operations more efficiently and offer greater insights. With a deeper understanding of modern tools, accountants can streamline workflows and provide more accurate forecasting, which is crucial in making sound financial decisions. This in turn attracts top careers in the US accounting scene.
These competencies have practical, real-world applications, empowering accountants to tackle complex business challenges. For instance, using predictive analytics can help businesses anticipate trends and adjust strategies to avoid potential setbacks, making them essential contributors to a company’s growth and success, and this is the very core of the rise of such roles in the US accounting career opportunities scene.
Maximizing Potential: Benefits of the Miles US Pathway for Indian Accountants!
The Miles US Pathway provides Indian accountants working in the US with significant chances for career advancement and increased salary. Here is a visual representation highlighting some main advantages.
Moreover, when it comes to earning dollars, with the Miles US Pathway, there are already 1000s of Miles Alumni, living their American Dream with starting salaries over $60,000 (INR 50 lakhs+). Also, accountants in big cities and specific industries receive greater starting salaries. With the increasing shortage of accounting professionals in the US and the need for experienced accountants, their salaries are expected to rise, adding to the financial benefits of being in the profession.
More importantly, ongoing learning and building connections through professional development initiatives can greatly enhance career advancement in the long run.
Miles Education reports that, with a passing percentage of 82% plus, it is highly unlikely that the students who complete their STEM-integrated accounting programs don’t find jobs. Especially, in the presence of more than 100 global instructors who have been there and done that.
Starting with the Miles US Pathway: A Beginner's Guide
Now, scheduling a visit to the nearest Miles office is the first step to your rewarding US journey. Miles has offices in seven cities across the country: Ahmedabad, Bangalore, Chennai, New Delhi, Hyderabad, Mumbai and Kolkata.
The Miles US pathway core team and the counselors are well-equipped to help you with all sorts of queries regarding the program, including guiding you through the eligibility test, which is again one of the most crucial steps to proceed further.
We recommend you make the most of your CPA preparation with Miles which gives you access to more than 1000s of MCQs, videos, one-on-one sessions, mock tests, and interviews. Moreover, Varun Jain’s videos are the icing on the cake. More than 80% of CPAs in India are Miles Alumni and the mantra “Practice, Practice, Practice!!” has worked wonders for them.
Miles Ahead: Where Indian Accountants Conquer the US Market!
The integration of Business Analytics and converting accounting programs into STEM, Miles Education has created a sustainable solution to the accounting shortage in the US. By adopting the tech playbook for accountants, Miles has revolutionized the US accounting scene helping Indian accountants find the best of accounting jobs in the US. Thanks to the shortage of accounting professionals in the US, the high-demand accounting jobs act as the catalyst to the movement. By doing this, over the decade, Miles has emerged as the flagbearer of Indian accountants in the US.
Additionally, the Miles US Pathway equips accountants with the skill set that is crucial for addressing diverse business challenges, as it allows professionals to proactively identify issues and adjust strategies accordingly. As a result, accountants are not just number crunchers; they become strategic advisors who contribute significantly to the success of organizations.
Moreover, Miles Education remains committed to bridging the gap, ensuring that Indian accountants can pursue their American Dream—much like their engineering counterparts. Together, we can transform the future of accounting in the US, making it a vibrant and innovative profession ready to tackle the complexities of the modern economy.
