From Citrin Cooperman to Armanino: How this CA built a career helping US CPA Firms looking at India

• Hi, I am Shrenik Shah, a Chartered Accountant who started his career in the offshore space way back in 2004.
• In 2023, Armanino, one of the top 20 US CPA firms set up its India operation, and I was appointed Managing Director.
• Here is how my career has shaped up and how the offshoring space in India has evolved.

Backstory

In 2004, I qualified as a CA on the first attempt.

Instead of opting to work in a finance team or CA practice, I decided to leverage the offshore opportunities in India. I chose to work for US CPA Firms that were setting up their operations in India.

I still remember, one of the prominent practicing Chartered Accountants told me, “You are probably making a huge mistake.”

That is how I joined Graf Repetti & Co, a small-sized US CPA firm that had an offshore practice in Ahmedabad, India.

At that time, the number of career avenues was limited to accounting, tax, and audit.

The team at Graf Repetti was great. I started as an accountant, then was promoted to director of their India operations, named GRC Private Limited.

In 2008 I went ahead and pursued CPA US to gain a competitive edge.

After a while, I got an opportunity to move to the US since one of my senior managers was retiring.

In 2010, I moved to the US and directly dealt with US clients.

Managing Director at Citrin Cooperman, India 

Fast forward to July 2014, GRC merged with Citrin Cooperman, a renowned US CPA firm.

I was appointed as a tax manager to handle high-net-worth individuals, living in Jersey while working with Citrin in New York City.

At that time, Citrin Cooperman did not have any offshore units in India.

Joel Cooperman, one of the founders of Citrin and a mentor of mine, suggested an idea, “Would you like to manage our operations in India?” This sounded like a once-in-a-lifetime opportunity.

In November 2014, I had the opportunity to pitch the idea of setting up an offshore unit in India, in front of around 300 people, including Directors and Partners.

I successfully convinced the management of Citrin Cooperman. This was truly a turning point in my professional career.

With the plan in motion, in February 2016, I relocated to India and started the Indian operations for Citrin.

We started with 10 employees and by 2023 the team had grown to nearly 350 people, with multiple business divisions like tax, audit, consulting or advisory, and operations.

In December 2023, I chose to leave Citrin Cooperman due to personal reasons.

What next?

Heading Armanino India

I was looking for an organization and a team that aligns with my goals and visions.

Just in time, I came across Armanino, a top 20 US US CPA firm with over $700 Mn in revenue that was looking at starting a Capability centre in India.

After reaching out to me it took Armanino 6 months to finalize on India.

Currently, I am focused on establishing the India Center. I am managing 12 different work streams, with each work stream involving at least 3 or 4 individuals.

So you can imagine how challenging the role is. But I wouldn’t have it any other way.

Why Armanino set up its offshore unit in India

Contractor Model vs Owning a Team: If somebody is following the contractor model it’s a good option for a short-term period. But in the long run, if you want to handle the multitude of services and complexity of the services, you have to have your team.

Also you can nurture the team with the right training, guidance and feedback.

Armanino had the same model; They had a huge contracting model in the Philippines, and they may switch some portion of that to India because there’s nothing can beat having your own team.

Offshoring is a viable option: In 2004, the major driving factor of setting up an offshore unit was cost savings. However, in 2024, I believe one of the key factors that influenced Armanino’s decision was the COVID situation.

The COVID-19 Pandemic forced us all to work from home. Consequently, CPA firms in the US realized that working with their counterparts in a different state is not that bad.

For instance, Citrin’s New York team was working in tandem with their Texas offices, during the work-from-home phase.

It is not that different from working with Indian counterparts.

Complexity of regulations: Unlike in 2004, when things were simpler, the current economic scenario and the rise of crypto have made regulations more intricate.

Back then you could practically fill out the 1040 or 1065 Income tax forms, and submit them. But in 2024, the complexities have increased.

This complexity requires a focus on factors that affect clients the most, which in turn necessitates delegating work to counterparts and hiring more professionals.

Lack of accountants: The Wall Street Journal published a report that between 2019 and 2021 almost 300,000 accountants have left their profession. That is a significant number.

This creates a constant demand for accounting firms to seek resources from different countries, which includes India.

Huge talent pool: India offers a vast talent pool of smart, hardworking, and capable individuals.

Time Zone Advantage: Another notable difference is the time zone. However, Indians are very accommodating and can adjust their schedules to ensure seamless communication.

Do you need to communicate with the team sitting in California? Professionals in India can make it happen by working until 10 PM, or 11 PM, or starting early at 9 AM, depending on the time zone.

This level of flexibility is not commonly found in other parts of the world.

Picked Ahmedabad as our location: Ahmedabad is a preferred location for many Global Capability Centers (GCCs) because of the abundance of talented professionals here.

According to some stats, more than 25 to 30% of India’s Chartered Accountants belong in this region.

It’s been an amazing journey, I would say.

Also read: Inside offshoring careers: Why the MD at BDO RISE took a salary cut to join the offshore practice

Our hiring and growth plans

In the initial years, we expect to grow to a team of 100. However, we are not solely focused on numbers.

We will be hiring leaders for business units such as tax, audit, consulting, and more.

Within these units, there will be teams working on specific professional areas.

Tax: Within our tax unit we are looking for a talented team who specializes in privately held businesses, high net-worth individuals, international tax, not-for-profit organizations, gift tax, sales, and local tax.

Operations: We will also have an operations team consisting of HR, talent acquisition, administration, IT, and other support staff.

Back office operations: Looking ahead, we may also be hiring for back office operations including billing, HR, marketing, lead, and learning and development.

This year we will solely focus on strengthening our core services, so we are not currently looking for freshers or interns. But there will be plenty of opportunities in the coming year. We will not only hire experienced professionals but also train interns.

There is nothing better than homegrown talent.

Also read: Addressing the U.S. Accountant Shortage: Former EY Auditor on how Indian Professionals can leverage it

Wrapping up

Previously, many people did not prefer to work in the offshore field because they considered it a secondary service line rather than a premium one, as most of the work available at that time was low-level accounting tasks.

Today, within the field of accounting, there are various specialized areas such as fund accounting, trust accounting, fiduciary accounting, and crypto accounting.

For example, Armanino’s CEO, Matt, is a Lawyer. This shows that these accounting firms have transformed into business advisors who can offer a wide range of services under one roof. The type of work that is assigned to their offshore units has also changed.

Creating a career in the offshore sector is no longer seen as a secondary option; instead, professionals are now choosing it as their primary career path.

AI has become an essential part of various industries, such as accounting, auditing, and consulting.With the introduction of new technologies, around 80% of tasks in tax, audit, and consulting are now automated.

Armanino has created Audit Ally, which is a SOC 2 assessment tool.

Unlike before, working in the offshore industry doesn’t just mean doing manual or tedious tasks.

As you can see, a lot has changed in the offshore industry, in the last 20 years, and it will continue to evolve.