Consultancies were a CA domain; now, STEM grads are stepping in

livemint.com:

Chartered accountants (CAs) are increasingly facing stiff competition from STEM graduates in getting into consulting firms that are becoming heavily dependent on technology for client service and regulatory compliances, said industry executives. STEM refers to science, technology, engineering and mathematics.

Consulting firms’ executives said that for large, listed companies with diversified and complex operations, technology is an integral part of finalising annual accounts in two to three weeks after the end of the financial year. In addition, with the government and its myriad departments going digital big-time, companies and their consultants are also being towed into the digital paradigm.

This has enhanced the demand for STEM graduates, who have the skills that matter now and are becoming an essential part of advisory teams amid a changing tax compliance landscape. EY, for example, said it has built a strong team of STEM graduates over the past four years, who now account for about 10% of its 5,500 strong workforce in India.

“As tax administration goes digital in India and businesses seek better tax governance and risk management, integrating technology into the tax function is critical," said Sameer Gupta, national tax leader at EY India, adding that it streamlines processes, improves efficiency, and reduces errors in tax compliance. “Tech integration in taxation is a must for businesses navigating today's complex, multiple regulatory landscape." Consulting companies are taking great interest in technology talent as technology is becoming increasingly important in providing consulting solutions, said Jamil Khatri, co-founder and CEO of Uniqus Consultech, which offers consulting services in the areas of environment,