Lucrative BPO jobs to fuel CA shortage

Last updated: 12 June 2007

TIMES NEWS NETWORK[ MONDAY, JUNE 11, 2007 12:51:05 AM]CHENNAI: India is set to face a shortage of practising charteredaccountants as they find working in industry more lucrative. Thegrowth of business process outsourcing (BPO) firms in accounting,finance and investment domains will only make the shortage moreacute, a senior executive said. Director HR of Infosys TechnologiesMr TV Mohandas Pai said finance and accounting outsourcing wasexpected to touch $24.6 billion globally by 2010. In 2006, 30% ofall FAO work outsourced came to India, creating a demand forchartered accountants.He was speaking at a one-day seminar on BPO organised by SouthernIndia Regional Council of The Institute of Chartered Accountants ofIndia in Chennai on Saturday. 'There are more opportunities in Indiathan there are qualified people. The demand for CAs is particularlyhigh,' he said.A member of ICAI said there were 135,000 CAs registered with theinstitute, about 55,000 practising in India, 12,000 outside and therest employed elsewhere within the country.According to one estimate, India would need 50,000 CAs a year by theend of 2010. Till 2005, about 5000-6000 CAs were passing out everyyear. This number has gone up to 9000-10000 in the last couple ofyears.'This number has to be much higher to meet the potential demand,' hesaid. Mr Pai said BPO sector as a whole is set to employ 5.45 lakhpeople to generate revenues of $8.3 billion in 2007. This is against4.15 lakh people in 2006, generating $ 6.3 billion of revenues, and3.16 lakh people in 2005 generating 4.6 billion of revenues
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