Over 50 US CPA firms have established their own offices in India. The primary reasons for this trend are acute talent shortages at home, subpar results from outsourcing companies, and the dwindling costs of setting up satellite offices in India. This article explores the top locations where US CPA firms have established their office in India with recommendations on best-fit locations for both large and mid-size CPA firms.
India has become the top destination for US CPA firms in dire need of skilled accountants. Today, 50 of the IPA’s Top 300 firms have their own offices in India, and this includes 22 of the Top 30. Many of the largest CPA firms, such as RSM and BDO have opened offices in multiple cities, quadrupling their team sizes in the last 2-3 years. During this time, there has been an influx of mid-size firms, with $15M - $100M in annual revenue, following in the successful footsteps of their larger counterparts and opening their own offices in India.
As of 2024, 32 mid-size CPA firms have established their satellite offices in India. The primary reasons driving this trend are the lack of quality work from outsourcing companies and the declining cost of setting up your own offices in India.
The majority of US CPA firm offices in India, including those of each of the Big 4 accounting firms, make their homes in the six major metropolitan centers—Bangalore, Mumbai, New Delhi, Ahmedabad, Chennai, and Hyderabad. By considering your company’s specific needs and the amenities available in each city, you can discover the ideal city in India for your first overseas office.
Prominent CPA firms with offices in the city: Grant Thornton, BDO, Wipfli, Moss Adams, WithimSmith+Brown
Similar to: San Francisco, CA
Home to 41% of all US accounting talent and 24% of all US CPA firm offices in India
Bengaluru—once called Bangalore—tops the list of cities in India sought out by US firms in every industry, from technology (for which it is best known), to engineering, to accounting. The primary benefit of opening an office in Bengaluru is the familiarity of the city’s educated workforce with US corporate culture and customs.
The city is home to many of the best tech and business schools in the country, and numerous US expats live there today. Bengaluru is safe and populous and holds great promise for CPA firms seeking skilled professionals overseas to help with their heavy workload.
The biggest challenge for any US accounting firm opening an office in Bengaluru may be the high turnover rates. Though common throughout India, this issue looms larger in Bengaluru. Huge global corporations are consistently opening new offices here, and each one is willing to pay top dollar to recruit the best talent away from their competitors. Mid-size CPA firms considering this city will find it difficult to compete with the budgets of bigger companies.
Traffic and significant commutes also hinder the workdays of many Bengaluru employees, who face as much as two hours of travel time each morning. Additionally, high annual rainfall further heightens public infrastructure issues. These factors make remote work essential or appealing to employees; therefore, if you require your staff to be in the office every day—which we recommend for your first overseas office—Bengaluru may not be the best choice.
Further, despite the enormous number of certified accountants in Bengaluru, our interviews with potential talent have taught us that poor infrastructure, terrible traffic, and high cost of living are prompting more and more professionals to relocate to cities with more manageable infrastructure and costs of living. On the other hand, professionals moving to Bengaluru often report difficulty adjusting to the city’s unique language and culture, and this can further complicate talent acquisition and retention. Companies already established in the city are prompted by this struggle to choose alternative cities for their growing team. Seeing this, many new firms are avoiding Bengaluru to begin with.
Unless a quality exclusive to Bengaluru makes it the best choice for your firm’s new satellite office, we recommend considering other cities in India, many of which offer plentiful benefits with fewer drawbacks.
Prominent CPA firms with offices in the city: RSM, EisnerAmper, Plante Moran, PKF O'Connor Davies, KNAV
Similar to: New York City, NY
Home to 20% of all US accounting talent and 22% of all US CPA firm offices in India
The financial capital of India is naturally an excellent choice for CPA firms looking to open a new office in the country. Mumbai is the most populous city in the country and plays host to the largest financial services firms—including those in public accounting—both internationally and domestically. Many US CPA firms have already established offices in Mumbai and are benefitting from the city’s enormous supply of accounting professionals.
Accounting professionals in Mumbai are known for their excellent command of English and their easy-to-understand accents, as many speak English as their first language. This makes a huge difference for remote collaboration, especially during stressful busy seasons. This, combined with the general exposure to American culture in Mumbai, means the accounting talent here is largely ready to start their new jobs with minimal foundational training.
Mumbai is more expensive than smaller centers like Hyderabad and Ahmedabad. Not only will you pay more for real estate, but also higher salaries for talent.
Also, like other large centers, competition for talent is a factor when considering opening an office in Mumbai. Like Bengaluru, many global corporations have selected this city for their overseas operations, and all are vying for the best in the industry.
As experienced consultants, we have seen the benefits and drawbacks for different industries opening satellite offices in different cities across India. It is with this knowledge that we highly recommend Mumbai for your CPA firm’s India office. This holds especially true for companies hoping to scale up to teams of 100 or more. Furthermore, the premium firms pay to work out of this bustling center is well worth the access to impeccable accounting talent, and not to mention, even with higher costs of Mumbai, you will enjoy significant savings compared to US.
Prominent CPA firms with offices in the city: Crowe, MGO, Ncheng; secondary offices for BDO, RSM, Baker Tilly
Similar to: A combination of Washington DC and Chicago, IL
Home to 13% of all US accounting talent and 10% of all US CPA firm offices in India
The CPA firms launching offices in New Delhi are smaller than those securing space in Mumbai and Bengaluru, but this popular city still holds much promise for companies looking to expand in India. Specifically, New Delhi is home to many domestic outsourcing companies that work with US CPA firms. Though talent from these companies generally requires more training than outside professionals—due to outsourcing companies having less stringent hiring requirements—their significant workforce still includes some highly skilled accountants.
Unlike Bengaluru professionals, who are actively leaving their city, New Delhi collects many former residents of nearby smaller cities, who move to the capital for work. Many top-ranked schools are also in New Delhi, and new graduates of their accounting programs are regularly topping up the talent pool.
Excellent infrastructure, including accessible transportation and many available workspaces, and high-level English language skills further burnish New Delhi’s reputation as an excellent option for CPA firms.
The primary drawback to this city is its lower safety rating compared to other cities in India. Petty crime—specifically against women—is a common concern.
New Delhi is a smaller Mumbai, and the lower cost of rental space and salaries make it a suitable option for CPA firms in search of an India office extension. As the country’s capital, New Delhi boasts easy connections with most large US cities.
Prominent CPA firms with offices in the city: Citrin Cooperman, Aramanino, Sikich, Anchin, Gallagher, Flynn & Co., KSDT
Similar to: Atlanta, GA
Home to 12% of all US accounting talent and 14% of all US CPA firm offices in India
Though the talent pool in Ahmedabad is similar to that of New Delhi, the city hosts more US CPA satellite offices (14% compared to New Delhi’s 10%). In recent years, mid-sized firms have sought out this smaller center to host their teams of around 25 employees.
In recent years, Ahmedabad’s impressive infrastructure and safety record have increased its popularity as a satellite office location. In addition to offices of many US CPA firms, the city is also home to prominent outsourcing companies catering specifically to this target market.
Much like New Delhi, more and more skilled accounting professionals from Mumbai and Bengaluru are relocating or returning to this smaller and more affordable city. This, combined with another collection of excellent universities turning out top-notch financial talent, has granted Ahmedabad a notable statistic: most accountants per capita.
A glowing retention rate and lower start-up and salary costs—thanks, in part, to government subsidies—also position Ahmedabad as one of the most cost-effective locations in India in which to set up a satellite office.
New accounting graduates and mid-level talent abound in Ahmedabad, but sourcing qualified senior executives will prove to be more difficult than in other centers because the majority of head offices employing individuals of this level are in cities such as Mumbai, New Delhi, and Bengaluru. Filling leadership positions will call for patience.
Ahmedabad’s insularity can also make it a less suitable choice for some firms. In general, residents possess less English proficiency and less familiarity with US workplace culture compared to other cities. Additionally, Ahmedabad’s smaller size means that fewer international flights enter and leave the city than in large centers such as Mumbai and Bengaluru.
For CPA firms seeking smaller teams of 50 employees or fewer, Ahmedabad may be the perfect choice. Due to the growing influx of talent to the city, with patience, companies will find the skilled senior executives as well.
Prominent CPA firms with offices in the city: Weaver, CohnReznik, Prager Metis
Similar to: Philadelphia, PA
Home to 6% of all US accounting talent and 11% of all US CPA firm offices in India
Chennai is known primarily for its strong manufacturing and healthcare sectors and, as such, is one of the less-suitable cities on this list for US CPA firms seeking an office in India. Though there are plenty of professionals in the financial services industry, the majority of them work with domestic accounting firms or are employed with other financial services companies.
The benefits of Chennai may not outweigh this fact, but they are worth brief consideration. Good infrastructure and a low cost of living and commercial rent (approximately 50% lower than in Mumbai) have gone a long way to piquing the interest of US companies in other industries. As well, a high education standard ensures highly capable graduates from Chennai institutions.
Besides the lower potential for talented CPAs, Chennai’s economy in general has dropped below that of other cities in India, which makes it less likely that an excess of talent for the CPA industry will flock to the city in the near future.
Our research has revealed a unique trend in Chennai: much of the talent that moves to the city for work report finding it difficult to adjust to the local language and culture. As such, they ultimately relocate to other cities. Our clients have also experienced these difficulties, and this leads us to favor other cities as more suitable options.
Barring an outstanding reason to choose this smaller center as a base of India operations, we recommend that CPA firms choose one of the cities mentioned above for establishing their office in India.
Prominent CPA firms with offices in the city: Secondary offices of RSM, BDO, Crowe, EisnerAmper, PKF O’ Connor Davies
Home to 4% of all US accounting talent and 8% of all US CPA firm offices in India
Though it is presently home to the smallest proportion of US CPA firm offices in the country, Hyderabad’s growing financial services sector makes it of interest to companies hoping to establish themselves before the city’s popularity in this industry surges further. As it is, many firms are opening their secondary India accounting offices in Hyderabad after seeing initial success in one of the larger cities. Additionally, a great number of outsourcing companies supplying CPA talent to US firms make their homes here.
Much of the accounting talent departing large cities such as Bengaluru is coming to settle in Hyderabad, taking advantage of the city’s impressive infrastructure and lower cost of living. This means an influx of skilled professionals seeking work who may even possess previous experience with US CPA companies.
The welcoming nature of Hyderabad is also fostering improved retention rates, as talent rushes to the city and is happy to stay. In addition to talent coming to Hyderabad from other parts of India, Hyderabad itself boasts a large pool of highly educated residents who are ready to apply their top-notch training with the city’s best accounting firms.
The majority of the talent in Hyderabad lies in the technology and healthcare sectors, though, as mentioned, the accounting and financial industries are seeing a significant rise.
The benefits of Hyderabad make it worthy of consideration, even though the finance and accounting sectors are still in their early stages. Indeed, this fact may improve the suitability of this city for CPA firms willing to accept the lower cost and future potential in exchange for a longer hiring process and to take their time amassing the ideal small or mid-sized team.
The six cities discussed above possess 90% of all the CPA talent currently employed in India by US firms and around 90% of all the US CPA offices in the country. While it is true that the vast majority (86% of talent and 70% of offices) is focused on the four main centers—Bengaluru, Mumbai, Delhi, and Ahmedabad—the smaller centers deserve mention as well.
When considering the city in India in which to open your satellite office, consider the benefits and drawbacks outlined here. As with any major business endeavor, analysis of the many factors at play is essential and will ultimately enable you to select the most ideal center for your new branch.
At June15 Consulting, our familiarity with US CPA case studies and experiences from all these cities means we are qualified to assist you in this important decision. Our expertise, combined with your in-depth knowledge of what your company needs to succeed, leaves you well-positioned to establish a long-term and successful office in India that will complement the needs of your US team.
Have a question about our services? Talk to us today to find out how an India office can help your organization.
