Punjab: For years, the Chartered Accountancy (CA) qualification has stood as the gold standard for accounting and finance professionals in India. But now that dominance is being quietly challenged. A growing number of Indian students and early-career professionals are turning to international certifications such as the US CPA (Certified Public Accountant) and US CMA (Certified Management Accountant), attracted by shorter timelines and global career prospects. According to Shripal Jain, a CA, US CPA, and co-founder of Simandhar Education, this growing preference stems from the long, uncertain journey involved in becoming a CA. “The CA course can take many students six to seven years and with low pass rates at each level, it often becomes a long and unpredictable path,” he explains. “Today’s students are looking for qualifications that are faster, more flexible, and globally relevant.” Jain highlights that the US CPA and CMA offer structured and time-efficient options. While the CPA can be completed in 12 to 18 months, the CMA – which requires just two exams – can be cleared even faster. “These programmes are in line with global accounting standards and are recognised by multinationals and the Big Four firms across the world,” he says.
The trend is also being fuelled by India’s fast-growing global competence centres (GCCs), which are actively looking for finance professionals trained in international standards such as US GAAP, IFRS and global tax frameworks. “Companies now want professionals who can easily work across different regulatory systems,” says Jain. A recent policy change has sweetened the deal even further. Accounting is now classified under STEM (science, technology, engineering and mathematics) fields in the United States. “This allows international students to avail a three-year optional practical training (OPT) period in the US,” says Jain. When combined with India’s GCC experience, this creates a direct pipeline to long-term US roles through the OPT and H-1B visa routes. Jain also points to the changing nature of finance roles as a driver of change. “Traditional bookkeeping is getting automated. Today, companies need finance professionals who can create strategy, analyse performance and help make data-driven decisions.” He says the CMA is particularly suited for roles such as FP&A analysts, controllers or even CFOs. Although these international certifications involve higher upfront costs, Jain insists they are a wise investment.
“Their short timelines, global acceptance and excellent placement prospects make them highly attractive – even for working professionals who have left CA and are looking for viable alternatives.” He clarifies that the rise of the US CPA and CMA does not devalue the CA qualification, but reflects a wider mindset change. “Students are more globally aware and career-driven. They are thinking beyond domestic degrees and choosing options that prepare them for the future,” he says. This trend is not just restricted to metros. Jalandhar-based career counsellor Harpreet Kaur has seen a rise in the number of enquiries for CPA and CMA courses across Punjab. “We are getting a lot of interest from cities like Ludhiana, Jalandhar and Amritsar,” she says. “Families are realising that these global credentials open doors not just in India, but across the world.” In 2023 alone, more than 8,000 Indian candidates will sit for the US CPA exam – a 40 per cent increase over last year. With more than 300,000 accountants in the US set to retire by 2028, Jain believes Indian professionals with global credentials are well-placed to fill the gap. “People across the world are looking for jobs – and Indian students are well prepared to meet that demand with the right international qualifications,” Jain concludes.
