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- I am Vikash Pipara, a Chartered Accountant who back in 2016 made the unconventional choice for the promising world of offshoring at BDO India.
- Fast forward to 2023, I stand as the Managing Director of BDO RISE.
- Today, capability centers in India aren’t just about backend tasks.
- Here is my journey and the burgeoning opportunities in this evolving landscape.
Recognizing an opportunity
In 2011, I became a Chartered Accountant on my first attempt, but contrary to expectations, I struggled to find a job.
I eventually joined Oracle as a Revenue Analyst, which was interesting but not the right fit after 2.5 years.
Throughout my career, I’ve prioritized meaningful roles over high salaries, seeking opportunities where I could make a real impact.
In 2014, I joined Morgan Stanley as a Senior in Financial Reporting, working on Hedge funds and Private equity under US GAAP and IFRS—a turning point in my career.
After another 2.5 years, I felt my growth was stagnating, so I moved to Credit Suisse. However, just three months later, I found an opportunity at BDO India Practice.
It was a chance to work with the US team under Vishnu Patwari (now the Founding Executive Managing Director at BDO RISE).
I recognized the immense growth potential and seized it eagerly.
You might find it surprising but I took a salary cut and a step down from my previous position and joined BDO India as an Assistant Manager!
What next?
Assistant Manager to Managing Director
At BDO India, my role has been dynamic, evolving from auditor to practice management as the firm grew.
From 2016-2020, we worked closely with BDO US clients, expanding our team each year to meet rising demand.
Then, the idea struck: why not establish an office to exclusively serve BDO US clients? In 2021, we launched BDO RISE, an extended office of BDO US in India.
RISE stands for Round the Clock International Services, ensuring continuous service as the US office logs off. We offer services across audit, tax, advisory, HR, finance, and accounts.
In October 2023, I was appointed Managing Director at BDO RISE.
Career growth for employees in the offshoring space
The offshoring and outsourcing space is growing and will thrive in the coming years. A lot of other firms that have not yet started will be starting soon in India.
Why? In the last 10 years, a lot of talent has been developed in India in this field. So now all the firms want to come to India and grab those talents also cost efficiency and high quality deliverables.
To add to that, there is a decreasing number of Americans applying for CPA in the US. On the other hand, there is an increasing number of students in India applying for CPA, ACCA, or CA.
Today BDO RISE has an 2000+ workforce and this is 3 years. I see tremendous explosive growth for the next 5 to 10 years.
Here is my specific advice:
Look for growth
- While you focus on US tax and audit, always be on the lookout for other opportunities that may arise in your current work environment.
- For instance: When we decided to establish BDO RISE in India, I willingly took on the roles of HR and admin. Despite being an auditor, I didn’t hesitate to embrace this challenge. Embrace these challenges as they can lead to faster career growth.
Acquire relevant qualifications as they significantly enhance your profile and open up more opportunities.
Offshoring space also presents an opportunity to work overseas
- The number of clients you work with within the US will determine if you need to be onsite.
- Many companies including BDO RISE offer long-term and short-term secondment opportunities to the UK, US, Canada, and Australia.
Global market
- As CA from ICAI, we always thought that we would go into the Indian market, and local practices but then, this is another very interesting stream. Here you get exposure to global firms, global culture, and global GAAPs.
- If you are currently working in this field in India and feel that the market may have become saturated, do not worry.
- Other countries, such as Indonesia, are also becoming involved in offshoring. This means that there will always be opportunities available for you.
Salaries are competitive
- When I became a CA, offshoring and similar practices were not very common in India. Not many people were interested in it at that time.
- However, in the past two years, there has been a significant increase in the number of firms entering India, including top CPA firms.
- In fact, after COVID-19 the market has become very competitive and salaries have almost doubled.
AI is going to impact the offshore space significantly
- The good news is AI can assist, but it cannot replace Auditors who possess a unique professional skepticism.
- I encourage each one of you to stay updated on AI and its developments. There are plenty of AI-related courses that you can pursue or attend workshops to stay updated.
I am the best example of growth! And I have seen thousands of others who have grown exceptionally well in the offshoring and outsourcing space.
Yes, but a lot depends on the kind of company you join and how have they structured the growth of their employees. I am lucky that BDO RISE values talent.
What sets BDO RISE apart?
BDO RISE was set up in 2021. We were pretty much late to the party compared to the Big 4s. However, this served as a big learning opportunity.
We observed that few Big 4 firms follow an integrated offshore practice, while others adopt a task-based approach.
By studying our competitors, we incorporated the best strategies into our operations.
We ensured the creation of a highly integrated practice and destroyed the misconception of working in offshore space.
Our employees in India are not limited to backend tasks. They regularly communicate with our US clients to ensure that the quality of work remains consistent across BDO RISE.
We have also seen instances of individuals who joined BDO RISE, subsequently taking on intrapreneurial roles.
Although there are some limitations in their roles, we strive to provide them with the chance to create and develop projects within the firm, similar to an entrepreneur.
That is how we align with their ambitions and retain talent.
We have various programs available based on these criteria, and many of our professionals have been placed in the US.
Rising opportunities in this for entrepreneurs…
Business Outsourcing
Today most outsourced firms focus on bookkeeping, accounting, and US taxation on average. I get asked many times will bookkeeping and accounting eventually be known as data entry and if offshore practice will move to CFO advisory and services.
And the answer is yes and no. I See all types of profiles will exist and it all depends on what clients are looking for. However one big tip, there will be a rising opportunity in Business Outsourcing.
Suppose a firm is based in the US, UK, or Canada and doesn’t have operations in India. You can also establish your firm. Reach out to companies or firms in Australia, Canada, or the US – Build connections and offer support with their business processes.
Provide HR, admin, finance, and accounts processes to businesses in other countries as well.
L&D
The biggest challenge I face today is talent and whoever I speak to is on the lookout for talent. This presents an opportunity for Learning & Development in areas such as audit and tax.
These firms not only cater to client servicing but also provide opportunities for entrepreneurs to establish their own L&D firms, offering training to those in need.
Additionally, as more firms establish themselves in India, they often outsource their training needs to specialized L&D firms so here is another opportunity.
Software
While software-related ventures may face limitations, there are still select opportunities available for entrepreneurs to explore.
Wrapping up…
My closing message to all is that individuals from the Big 4 or top CA firms in India are increasingly taking on entrepreneurial roles, leveraging their experience to set up their outsourcing firms.
But if want to be an entrepreneur, make sure you love what you do. Regardless of your profession, it is important to have a passion for what you do.
Will AI pose a threat to the offshoring of US Auditing and Taxation work to India? AI recently passed the CPA exam.
Hi Vikash
Good to know your journey in profession and challenges you had taken place. I would like to get connected to you as a practicing CA looking for challenging roles.