Outsourcing of accounting/finance?

[avant-garde]

Why isn't there an accounting/financial service outsource frenzy?

 

[edward]

Why isn't there an accounting/financial service outsource frenzy?

There is no frenzy because the financial services started outsourcing around 2002-2003.

The offshoring trend has taken another surprising turn. Having successfully outsourced to India such back-office functions as IT, investment banks are now sending some of their financial analysis and research overseas. In recent months, firms including J.P. Morgan and Morgan Stanley have quietly hired Indian firms or set up their own subsidiaries in India to handle basic financial modeling and comparable analysis.

http://www.cfo.com/article.cfm/3011539

Bank of America started in 04.

http://www.networkworld.com/news/2004/0218bankofam.html?fsrc=rss-outsourcing

The rumor mill has it that a lot of the home forclosure and short sale data will be processed in India.

 

[WhoWee]

The credit and collection industry is absolutely BOOMING in India.
http://www.creditandcollectionnews.com/viewer.php?url=http://www.creditandcollections.org

 

[rootX]

I remember reading last year that some bankers are migrating to Asia:

http://news.bbc.co.uk/2/hi/business/7410501.stm

I think people are just getting used to off-sourcing
(and economically, in my opinion, it helps a lot to stem out the inefficient industries lot quicker so that resources can be used by more efficient sectors. So, it is not as evil as one might see.)

 

[edward]

I remember reading last year that some bankers are migrating to Asia:

http://news.bbc.co.uk/2/hi/business/7410501.stm

I think people are just getting used to off-sourcing
(and economically, in my opinion, it helps a lot to stem out the inefficient industries lot quicker so that resources can be used by more efficient sectors. So, it is not as evil as one might see.)

More efficient sectors?? Companies outsource because it is cheaper in India.

About all we have left is a broken down auto industry and a couple of toilet paper factories.

 

[business214]

I agree, you can achieve more with less through outsourcing and with real-time access to skilled people.

 

[Kerrie]

Why isn't there an accounting/financial service outsource frenzy?

Some is getting outsourced, but according to the job outlook, accounting is expected to grow much faster than average:
http://www.bls.gov/oco/ocos001.htm"

Perhaps due to the new health care law? Don't know, but accounting is my major because of the ease of finding a job in so many different fields.