Many countries around the world are emerging as finance and accounting outsourcing (FAO) service providers such as China, the Philippines, Hungary, the Czech Republic and several Latin American countries. India has been described as the world's leading offshore outsourcing destination. Gartner analysts expect this increase in revenue to be maintained, with the BPO market share of Indian vendors expected to nearly double by 2010 (Shetty, 2009) So the question arises: Will India continue to maintain its leading position and are the leading service providers in India focusing on their competitive strategies to compete with other emerging low cost competitor countries? This study concludes that India will continue to dominate FAO market share in the years to come. There are no academic studies to our knowledge that have addressed the competition and the state of the FAO market by obtaining the service providers’ perspective and their readiness to compete. FAO is a new practice that is altering the manner in which finance and accounting departments in organizations are structured.