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- Hi, I am Hiren Modi, Partner-in-Charge at EisnerAmper San Francisco (17th largest U.S. accounting firm, $1 Bn+ in revenue) and founder of EisnerAmper India operations.
- Back in 2006, we faced a talent crunch and saw an opportunity to “right shore” U.S. accounting and tax services to India.
- No playbook, just a clear vision – India is a talent strategy, not a cost-cutting measure.
- 18 years later India makes up 25% of our global team – 900+ in Mumbai, Bangalore, and Hyderabad.
Big 4 vs. Mid-Sized U.S. CPA Firm
I grew up in a small town in Maharashtra, moved to Mumbai for Chartered Accountancy, and worked hard through article training.
In 1999, I flew to the U.S., enrolled in a master’s program at San Francisco State University, and took the CPA exam.
Three months into my master’s program, I began job hunting, with the Big 4 as my obvious target.
Thanks to my cousin, I met a Partner at EY’s San Jose office, who connected me to HR. The feedback was clear: “You’d thrive more in a smaller firm.”
I took that advice and in 2000, joined Harb Levy & Weiland as a staff auditor specializing in hedge funds and private equity.
By 2006, I founded their India office, which later became EisnerAmper India. In 2010, I became a partner, and in 2012, the firm merged with EisnerAmper.
Today, EisnerAmper has 450+ partners, 4,500+ staff, and 900+ team members in India—about 25% of the global workforce.
After 25 years, it still feels like destiny!
Why EisnerAmper invested in India?
Many of you might think that we looked at India as a cost-saving model – but India is a Talent strategy for us!
In 2003, after Sarbanes-Oxley and the Arthur Andersen collapse, our San Francisco practice struggled to attract talent. We were working countless hours just to keep up.
In 2005, during my wedding in Mumbai, my boss John noticed that many of my friends were skilled accountants.
He suggested, “What if we hire a team in Mumbai to handle hedge fund audits and taxes?”
That idea led to the launch of our Mumbai office in 2006 with six people, focused on hedge fund audits and taxes.
And that’s how it all began.
How EisnerAmper built a 900+ team in India
Back in 2005, there weren’t many examples to follow – most US CPA firms, except for the Big 4, didn’t have offshore entities overseas.
And here I was, quite young, tasked with starting our Mumbai office.
But I understood the Indian market and its talent. Plus, after six years with the firm, I had earned the trust of my partners.
Most important of all – In 2006, most of our clients were already digitized. This gave us an advantage over competitors.
Here is how we started.
Clear strategy
- Took a step back to devise a clear strategy for integrating India’s talent into the bigger picture.
- India was always a right shore strategy not an offshore. This meant India is not a cost-cutting strategy it is a talent strategy.
- Next, we needed buy-in from key partners —without their support, building something from scratch would’ve been impossible.
Phased launch in India
We first shifted our team’s work to India, showcasing the results to our partners to demonstrate the value.
Over the next 18 to 24 months, as Partners visited India and saw the success firsthand, demand grew, creating a domino effect.
We focused on hedge funds in the beginning, dedicating the first four years exclusively to them.
Gradually, we expanded into other industries like commercial businesses, real estate, and employee benefit plans.
It’s been a steady journey, growing across industries, service lines, and geographies.
We took it slow at first, learning and adapting along the way.
On-the-job training, is a big focus
The firm didn’t just invest money, but also time.
From day one, we were dedicated to developing future leaders through this initiative.
To ensure high-quality work that matched U.S. standards, we made sure our training and investment were equally rigorous.
Our growth in a nutshell:
- Phase 1: Started with just 6 people and scaled up to 20
- Phase 2: Expanded from 25 to 200
- Phase 3: Grew from 200 to 900, with offices in Mumbai, Bangalore, and Hyderabad, and expanded across service lines
Benefit of having an offshore office in India?
We practice right shoring, not offshoring. This proved to be a game-changer for us.
Four years ago, EisnerAmper acquired a firm that specialized in a niche we didn’t have before. The challenge? They couldn’t grow because of a talent shortage.
We built a team in India specifically for them – 70 people in just 15 months! With the new team in place, their revenue tripled.
Without this, their growth wouldn’t have been possible.
And here’s the kicker: More revenue means more opportunities to reinvest – whether in M&A or technology. So, for us, right-shoring isn’t just about cost – it’s a talent strategy that drives real growth!
India and the U.S. both benefit from this.
Also read: GCC Market Size In India To Exceed US$100 bn By 2030: Why India Is A Preferred Destination
Key considerations for US CPA Firms expanding to India
Commit time, build relationships
Many firms believe that simply investing significant money, and hiring consultants would make everything come back neatly packaged.
But that’s not how it works. Results don’t appear magically.
You must invest time consistently, treating the Indian team as one unified group.
Over time, they’ll not only meet expectations but embody your DNA and culture, performing just like any other team.
Teach your teams to engage with each other
Entering the GCC space means accepting that you won’t always have the chance for face-to-face interactions with your U.S. counterparts.
This is where remote connectivity becomes crucial.
The accounting profession often attracts introverts, and this challenge isn’t limited to India—it’s prevalent in the U.S. too.
That’s why we focus on encouraging openness and teaching professionals how to engage effectively with others.
Focus on technical skills
If you are in the US or India you have to take on high-end technical work and acquire technical knowledge.
Our clients pay us for our technical knowledge, and that’s it.
If you don’t acquire technical knowledge and achieve higher titles or faster career growth, the music will stop sooner or later.
So you have to keep building on your technical skills.
Also read: How BFSI GCCs are driving growth in India by becoming a $20-billion business
What’s next for the India GCC industry?
The GCC India story is just beginning—coming from someone who launched our first Mumbai office 18 years ago!
The next 15-20 years hold massive potential.
Why?
Private equity (PE) investment is transforming accounting firms. With PE backing, firms can scale operations faster, creating more opportunities for employees. The challenges of technology and talent are being tackled with the capital provided by PE.
EisnerAmper led the way in 2021, becoming one of the first to embrace PE. The result? Over 75-80 internal promotions in just four years—unimaginable growth before.
Higher expectations, yes. But the benefits? Faster growth, more opportunities, and a front-row seat to an industry transformation.
New service lines are emerging beyond audit and tax, driven by today’s dynamic business environment, creating significant opportunities for accounting firms. Key trends include:
- Advisory services: Covering technology consulting, cybersecurity, and accounting/tax advisory.
- M&A consulting: Including valuations, Quality of Earnings (QoE), and related areas, which are seeing substantial growth.
- Forensic services: Focusing on fraud investigations and prevention.
- AI strategy consulting: Assisting clients in developing AI strategies, particularly for finance tools and functions.
These trends will lead to more opportunities in India’s capability centers, many of which are moving up the value chain.
Also read: India’s GCC revenue $64.6 Billion Up By 40% – Rising opportunities Tax Firms
Wrapping up
All in all, by 2047, we should be able to say,
“We spent the last 30–40 years building millions of opportunities that wouldn’t have existed without this remarkable partnership between U.S. public accounting firms and the GCCs here in India.”
Personally, my goal is to create many next-generation leaders here at EisnerAmper who will contribute to the firm’s growth and success.
