As the accounting world continues to look for solutions to the pipeline crisis while, concurrently, becoming more globally interconnected, firms can and should look abroad to fill their recruitment needs. There is a growing talent pool of foreign accountants who have earned the U.S. CPA license. This means that accounting firms have the opportunity to expand their reach to other countries and hire individuals with the skills and knowledge to navigate the complexities of international financial reporting and regulations.
Since the AICPA opened up international testing centers in 2011, the number of foreign exam takers has continued to grow. The CPA exam is now offered in
According to a 2017 National Association of State Boards of Accountancy report, about 10% of all CPA candidates were foreigners. This percentage has surely increased since then, as domestic numbers have dipped, while foreigners still view the CPA as a strong career in which they can work abroad for an American company. At
Almost all of the large accounting firms have offices around the globe and are happy to hire talent in the locations of their operations. What we've learned through many conversations with firms — both large and small — is that the pipeline crisis is global and firms are often eager to hire local accounting professionals, especially if they are U.S.-certified. Interestingly, we have a number of partner accounting firms in the Middle East — from members of the Big Four to small firms focused on helping expats — who all look to attract local talent who are equipped to work with U.S. clients.
Aside from the obvious manpower benefit, hiring foreign accounting professionals brings with it other benefits as well:
1. Cost-effective solution
This one may be the biggest draw for firms. Foreign accountants are often a cost-effective solution for accounting firms. Since these accountants may have lower salary expectations than their U.S. counterparts, they can be an especially attractive option for small or midsized accounting firms seeking talent. Thus, accounting firms can gain a competitive advantage over other firms by offering their clients international expertise at a lower cost.
2. International expertise
Foreign accountants with a U.S. CPA license possess valuable international expertise and experience. They are trained in the U.S. financial reporting system and are well-versed in the generally accepted accounting principles and International Financial Reporting Standards. Additionally, they may have worked with clients operating in different countries and industries, providing them with an understanding of diverse business models and regulatory environments.The international exposure of these accountants can be a significant advantage to U.S. accounting firms seeking to expand their services across borders.
3. Language and cultural proficiency
Accounting firms operating on a global scale must be able to communicate effectively with clients from different countries and cultures. Foreign accountants who have earned the U.S. CPA license have demonstrated their language proficiency and cultural competence. In addition, they may have developed cultural nuances and business etiquette skills that can help accounting firms navigate international business relationships with clients, regulators, and other stakeholders.
4. Client acquisition
Hiring a foreign accountant with a U.S. CPA license can open up doors to new clients, particularly those seeking financial services from firms with international expertise. These accountants may have contacts in their respective countries or industries, adding value to accounting firms seeking to expand their client base. Clients may prefer to work with a firm with professionals who possess a deep understanding of their local laws and regulations, easing their concerns about compliance and regulation while doing business in the U.S.
5. Diverse perspectives
An important aspect of international accounting is that it requires diverse perspectives. Different cultural and social perspectives can contribute to innovative solutions for accounting challenges. Foreign accountants can bring diverse perspectives, having worked with international clients across various industries. This can be highly beneficial in providing valuable insights that contribute to a firm's strategic decisions and outcomes, enhancing their overall competitiveness in the market.
So, as the accounting industry continues to seek out new solutions to grow the talent pool domestically, why not look overseas for help?
