STEM grads branch out into consulting
STEM graduates are beginning to compete with chartered accountants (CAs) for consultancy jobs, as the industry increasingly relies on technology for client service and regulatory compliances.
For large, listed companies with diversified and complex operations, technology is an integral part of finalizing annual accounts in two to three weeks after the end of the fiscal year, industry executives said, and those trained in science, technology, engineering and mathematics (STEM) have an edge.
In addition, with the government and various departments going digital, companies and their consultants are also joining in.
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 chief executive of Uniqus Consultech, which offers consulting services in environment, social and governance (ESG), and financial reporting.
Pointing out STEM graduates comprising 15% of his firm’s workforce results in more holistic solutioning for clients, Khatri said, “As the nature of services provided by consulting becomes diverse, the talent pool is expanding beyond the traditional CA and MBA qualifications.”
Meanwhile, over the past few years, tax administration has become heavily technology-oriented with the interface