STEM Accounting: Seizing Opportunities for Accountants in the US
In recent years, the American Institute of CPAs (AICPA) has reported an acute shortage of accountants in the United States, with fewer students graduating with accounting degrees. This shortage has left many US cities without credit ratings, highlighting the urgent need for skilled professionals in the field. To address this challenge, an innovative approach called STEM accounting has emerged. STEM accounting combines accounting principles with STEM (Science, Technology, Engineering, and Mathematics) methodologies, leveraging analytical and quantitative skills, computer science, and data analysis techniques to enhance accounting processes and decision-making.
STEM Designation for M.S. in Accounting Programs:
Previously, international students graduating from M.S. in Accounting programs in the US were entitled to only one year of work for pay without sponsorship. However, with the introduction of STEM designation for M.S. in Accounting programs, graduates now have the opportunity to extend their employment in the US to three years. This designation allows them to apply for work visas during each of those years, significantly increasing their chances of being granted a visa by two or even three-fold. This benefits both the graduates and potential employers, creating a win-win situation.
Simandhar: Opening Doors for Finance & Accounting Professionals in the US:
Simandhar, has played a pivotal role in facilitating this transition for aspiring accounting professionals. By collaborating with US universities, Simandhar has introduced business analytics as part of the curriculum in Masters in Accounting/Finance programs. As a result, alumni of Simandhar pursuing these programs are eligible for a three-year work permit, equivalent to that of engineers. This integration has opened new avenues for Indian accountants to work in the US and tap into enhanced career opportunities.
Advantages of Pursuing a Career in STEM Accounting:
Competitive Salaries: With a CPA certification and a Masters degree, even as a fresher, professionals can earn an annual salary ranging from $50,000 to $70,000 or more in the US. This translates to over 41–57 lakhs INR when converted.
Global Recognition: Indian accounting professionals have gained recognition and credibility globally for their proficiency, adaptability, diligence, and strong work ethic. This reputation makes them highly sought after for their dedication and quality work delivery.
English Proficiency: India’s strong education system has fostered a high level of English proficiency among its accounting graduates, further enhancing their employability in the global market.
Laying the Groundwork for a Successful Career in STEM Accounting:
Completing B.Com in India: Begin by completing a Bachelor of Commerce (B.Com) degree in India, which provides a strong foundation in accounting principles.
Enrolling into CPA/EA: Enroll in CPA (Certified Public Accountant) or EA (Enrolled Agent) certification programs to enhance your professional credentials and expand your knowledge in the field.
Pursue Masters from a US University: Apply to Masters in Accounting/Finance programs at reputed US universities, ensuring they have STEM designation to maximize the employment opportunities.
Obtain a 3-Year Work Permit (OPT) in the US: Upon completing the Masters degree, graduates can obtain a three-year work permit, known as Optional Practical Training (OPT), to work in the US. This work permit allows professionals to gain valuable work experience and establish a strong foothold in their careers.
Simandhar: Your Guide to Success:
Simandhar, with its extensive network and tie-ups with top AACSB-accredited B-Schools in the US, is well-equipped to assist aspiring accountants in selecting the right university and achieving their career goals. Simandhar offers excellent placements and has a high visa acceptance rate, providing comprehensive support throughout the entire process.
STEM accounting offers a promising solution to the acute shortage of accountants in the US. By infusing accounting with STEM principles and methodologies, professionals can leverage their analytical and quantitative skills, computer science knowledge, and data analysis techniques to enhance accounting processes and decision-making. With Simandhar’s guidance and support, Indian accountants can seize the opportunities offered by STEM accounting, gain international exposure, and unlock a world of enhanced career opportunities and personal growth in the US.
To know more about this and other interesting updates in the field of accounting don’t forget to visit us as we bring one of the biggest events in Bangalore on 8th July, 10:00 A.M onward!
Register now: https://simandhareducation.com/bangalore
