The CPA in India! The U.S. Certified Public Accountant (CPA) designation only became accessible to professionals in India on January 1, 2021, reflecting the growing globalization of accounting standards and career opportunities. Part 2: • 75% of CPAs Leaving! US CPA in India ...
Administered by the American Institute of CPAs (AICPA) and NASBA, the CPA credential is recognized globally as a benchmark of accounting excellence. To accommodate candidates in India, the CPA exam is offered at testing centers across the country, making it more convenient for Indian professionals to pursue this prestigious qualification. Earning a U.S. CPA allows individuals to enhance their career prospects.
The CPA industry will soon be in a crisis because there will not be enough CPAs to manage the workload our clients need. We are losing 75% of current active CPAs in the next ten years. Today, there are 672,587 active CPAs, which equates to a future loss of 504,440 members. On average, the CPA switches jobs every two years or exits public accounting altogether within five years. The average age of the CPA today is 52. Over 300,000 employees have left the profession in the last two years, and 43% of college graduates hired by CPAs had nonaccounting degrees. In the last year, only 18,847 new CPAs were added to the profession. Based on that, over the next ten years, the industry will gain approximately 188,000 new members. Coupled with the remaining 168,147 CPAs, that leaves a CPA workforce of approximately 356,000 ten years from now. That is a net loss of approximately 316,000 CPAs in 2034.
THE WAY OUT OF CRISIS
The CPA industry needs to reduce its workload to require less
workforce before there are not enough CPAs to manage it. The
luxury of time to conduct this is over because I believe the first
step towards this is an industry-wide eradication of payroll
services performed by CPA practices. The amount of time it will free up will give the industry a head start to better prepare for
what is to come. The relief this will provide will allow it to start
growing again. In short, the CPA profession needs pruning back, beginning with removing payroll services industry-wide.
We need a "first responder" who has already proven to be a trusted partner to the CPA profession and can act with the expertise, technology, security, client due
care, and trustworthiness that matches the CPA tradition. The "first responder" will gain the CPA's trust, become its partner, and engulf the entire industry's payroll services. Imagine that! It's a win-win for all.
WHO IS JJ THE CPA?
My name is Joshua Jenson, and I love being a Certified Public Accountant. Being in the CPA industry for 31 years and a firm owner for the last 26, I have already experienced the complete
journey CPAs need to travel. I recognize this crisis now and seek a solution before it's too late. I am a third-generation CPA, and my son has recently joined my practice to become CJ THE CPA. He is why I am passionate about this mission so the fourth generation in my family can enjoy the long tradition of the profession. I am coming from the tax trenches, sounding the alarm, and sharing how others can CRACK THE CPA CODE to gain an army of "first responders" to help save the CPA industry.
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