Because the accounting world continues to search for options to the pipeline disaster whereas, concurrently, changing into extra globally interconnected, companies can and will look overseas to fill their recruitment wants. There’s a rising expertise pool of overseas accountants who’ve earned the U.S. CPA license. Because of this accounting companies have the chance to develop their attain to different international locations and rent people with the abilities and data to navigate the complexities of worldwide monetary reporting and laws.
Because the AICPA opened up worldwide testing facilities in 2011, the variety of overseas examination takers has continued to develop. The CPA examination is now supplied in 17 completely different international locations and the restrictions have continued to ease (since 2022, a overseas examination taker can decide to take the examination in any nation of his or her selecting).
In line with a 2017 Nationwide Affiliation of State Boards of Accountancy report, about 10% of all CPA candidates have been foreigners. This proportion has certainly elevated since then, as home numbers have dipped, whereas foreigners nonetheless view the CPA as a powerful profession during which they will work overseas for an American firm. At CPACredits.com, about 20% of our college students come from overseas and we now have seen this quantity steadily develop.
Virtually all the massive accounting companies have places of work across the globe and are blissful to rent expertise within the areas of their operations. What we have discovered by many conversations with companies — each massive and small — is that the pipeline disaster is international and companies are sometimes keen to rent native accounting professionals, particularly if they’re U.S.-certified. Curiously, we now have plenty of companion accounting companies within the Center East — from members of the Huge 4 to small companies centered on serving to expats — who all look to draw native expertise who’re geared up to work with U.S. purchasers.
Other than the apparent manpower profit, hiring overseas accounting professionals brings with it different advantages as properly:
1. Price-effective answer
This one often is the largest draw for companies. Overseas accountants are sometimes an economical answer for accounting companies. Since these accountants might have decrease wage expectations than their U.S. counterparts, they are often an particularly enticing choice for small or midsized accounting companies searching for expertise. Thus, accounting companies can acquire a aggressive benefit over different companies by providing their purchasers worldwide experience at a decrease price.
2. Worldwide experience
Overseas accountants with a U.S. CPA license possess worthwhile worldwide experience and expertise. They’re educated within the U.S. monetary reporting system and are well-versed within the typically accepted accounting rules and Worldwide Monetary Reporting Requirements. Moreover, they might have labored with purchasers working in several international locations and industries, offering them with an understanding of numerous enterprise fashions and regulatory environments.The worldwide publicity of those accountants is usually a vital benefit to U.S. accounting companies searching for to develop their providers throughout borders.
3. Language and cultural proficiency
Accounting companies working on a world scale should be capable of talk successfully with purchasers from completely different international locations and cultures. Overseas accountants who’ve earned the U.S. CPA license have demonstrated their language proficiency and cultural competence. As well as, they might have developed cultural nuances and enterprise etiquette abilities that may assist accounting companies navigate worldwide enterprise relationships with purchasers, regulators, and different stakeholders.
4. Consumer acquisition
Hiring a overseas accountant with a U.S. CPA license can open up doorways to new purchasers, significantly these searching for monetary providers from companies with worldwide experience. These accountants might have contacts of their respective international locations or industries, including worth to accounting companies searching for to develop their shopper base. Shoppers might want to work with a agency with professionals who possess a deep understanding of their native legal guidelines and laws, easing their considerations about compliance and regulation whereas doing enterprise within the U.S.
5. Numerous views
An vital side of worldwide accounting is that it requires numerous views. Completely different cultural and social views can contribute to progressive options for accounting challenges. Overseas accountants can carry numerous views, having labored with worldwide purchasers throughout numerous industries. This may be extremely helpful in offering worthwhile insights that contribute to a agency’s strategic choices and outcomes, enhancing their general competitiveness available in the market.
So, because the accounting trade continues to hunt out new options to develop the expertise pool domestically, why not look abroad for assist?