Related Posts
I am reaching out to you all and am looking forward to break into Investment Banking from Consulting. Applied to Goldman Sachs via a referral but my resume is stuck after HireVue. Talked to the VO who referred me and he said Goldman doesn’t hire in Q4. If that’s true and still need to be in GS, can someone forward my resume directly to the team? Their career portal sucks. TIA Goldman Sachs PS: I promise a dinner in a dance place in NY after I get hired as a sign of my gratitude 🙈
Anyone got recruited for Pune location recently? My interview process has been completed and asked for documents on 23rd Dec, but till now I haven’t got any update after that. Today i called HR and they said manager has not provided any update on my application. Should i wait for the offer letter or look opportunity in another organisation? Deloitte Deloitte India
How many pages is your resume/CV?
Chief
DOT VIRTUAL CAREER FAIR
Additional Posts in Accounting
Rising Star
What is this "Tax Tech" I keep hearing about?
New to Fishbowl?
unlock all discussions on Fishbowl.
Pro
Wait for the explosion and ensuing regulation. No one in charge cares while they can make a quick buck
And 75% of CPAs are apparently near retirement age anyway - so I think the thought process is just to go full-throttle on offshoring for the time being, consequences be damned.
Problem is one word, evolution is another ... everything that can be automated & standardized becomes outsource-able. Focus on where you can add distinctive value & protect your job. We write automations everyday for shit we used to do in spreadsheets, you just have to stay relevant.
PwC 4 is correct—instead of complaining about an Inevitability given technology allowing anyone to connect from anywhere, it would be great to see more US staff figure out where you want to put in the effort to differentiate yourself, then work hard to get there.
I know no one wants to hear me complain about work ethic in today’s younger staff, but I make a lot of money consulting with companies and CPA firms given my technical knowledge and ability to apply the guidance to the facts of complex transactions and write a cogent white paper. It took a great deal of mental effort over time to gain the skills, but it’s been worth it.
I see few comments on this site asking for advice on how they can add value, but many threads on how to get a 100% WFH job, higher pay with fewer hours, etc. The staff in India I’ve worked with do such a diligent job as I rarely see anymore in the U.S…we have to step it up as outsourcing is only going to increase until there’s equilibrium in pay here and there (remember high school chemistry).
Rising Star
The only thing that stops this runaway train is an Enron 2.0. Otherwise businesses generally don’t value us enough to care. AICPA actions are also an affront to all US CPAs because they refuse to acknowledge what drives a reduction in new CPAs. Absolutely unethical as an organization.
Rising Star
AICPA is a lobbying firm at the end of the day. Why are US tax filing so complicated? AICPA.
It's a feature of capitalism, not a bug. Why wouldn't a business do everything it can to minimize expenses and maximize profit?
What you don’t realize if you were not here *before* offshoring is how much worse the cycle was. Firms hired all those people to do easy staff level work here and it was way more cutthroat and people got fired / laid off more often and in bigger numbers. The firm fired 10% of my start class each year for five years. We joked about the rank and spank where they force ranked the class and fired the bottom two.
Turned out it was true
The problem is lack of qualified accounting grads to fill the needs of the public accounting firms.
The accounting shortage is a myth used by partners as an excuse to outsource to increase profitability
When there’s tension or potential war with India
That and AI is a major problem for any industry tho…
What is your proposed solution?
Could be a possibility - I would be also curious to see if there’s a correlation of quality of audit opinions to % of offshoring (I.e. does more offshoring lead to a worse audit opinion inspection result)
Chief
All staff onshore need to just stop working with them. What’s going to happen if we just kick them off our files?
It’s a nice thought but I don’t know how viable that would be in actuality.
I am the only onshore employee left in finance. We and half a dozen other companies over the last 5-6 years were acquired by an entity in India and everyone was slowly let go. Granted this is private accounting but I can tell you they are no more talented and in some instances less than many colleagues of mine that were laid off.
Don't forget India uses a modified IFRS accounting. They do not adhere to US GAAP which is rules based. IFRS is concept based, IFRS is very loose and goosy. They go further down the line of chaos to a modified IFRS. Ind AS is largely converged with IFRS meaning that it closely follows IFRS principles with certain modifications to suit the Indian economic environment and regulatory requirements. It's not GAAP accounting.
It's a major problem for every industry. Most all the IT we offshore is done at a lesser quality in twice if not longer the time. We always get the "yes" Yes" Yes" reply only to realize it does not mean, "yes, I'll do that" or " yes I understand" it is simply a reflective response as in "yes i heard you".
Offshoring has been and will continue to be a problem while it eats and eats away more US jobs.
You’re just noticing?
The Deloitte outsourcing model sort of works but long term it is leading to a dearth of homegrown people rising up to Manager. It’s hard to rely on USI for everything. I think the ranks of middle management will be pretty hollowed out in a few years.
If you know how to coach, develop and delegate properly, offshoring is an incredible way to get draft 0 of a work-paper and relieve you of some time. Focus on the review and final quality checks instead of tedious data entry. Same concept goes for AI. I’ve only seen benefits.
Just deal with it. There will be no quality issues as no problems with manufacturing that has been offshore to China so go with that precedent.
This is laughable.
Tomorrow.
Econ 201, forget?
Cause it’s easier to wait until it goes side ways because they have a set-it and forget it mentality. Cost Benefit needs to be revisited especially on co-sourcing and outsourcing. Clients know once the initial outsourcing starts they will take that and then bring it in-house. That is a tough transition if you don’t ensure you have transfer of knowledge addressed. Same happens in co-sourcing which is a better option because you still have skin in the game.