High Demand for Professional Accountants with Good English in Malaysia
Choosing an accounting career path means you will have the skills to work in a profession that is constantly in high demand in Malaysia and globally. Companies from all types of industries require accountants to manage their finances. High demand for accounting graduates means you will have strong job security.
Furthermore, graduates that hold a degree in accounting have the potential to earn high-paying salaries depending on the career path they follow. An accounting degree will give you a number of transferable skills that will help enhance your CV and make you a desirable employee to a range of employers. Students will develop strong numerical and quantitative skills, with advanced analytical and problem-solving capabilities.
In-demand technical abilities and certifications have long been the keys that open doors to top accounting and finance jobs. But today, many employers specifically seek experienced professionals who can bring a range of nontechnical skills to their position, as well.
Once viewed primarily as nice-to-have qualities, soft skills — such as the ability to communicate effectively with non-finance audiences or to work collaboratively across departments — are now requirements for many accounting and finance roles. That includes consulting jobs.
As most accounting graduates aim to work for Multi-National Companies (MNC) or top accounting & audit firms, other than the technical knowledge, skills in communication and English are important. The study by Lee, Lim, Yap and Ling (2013) revealed the issues and challenges of hiring audit juniors in Malaysia. The study found that many newly hired accounting graduates are not job ready despite having excellent academic performance. They are falling short of proper command of both oral and written language skills in English. To overcome this problem, many firms have to provide English classes to the new recruits on a regular basis to sharpen their language skills. In addition, proficiency in English is among the top five skills that employers look for when hiring, a study by the Malaysian Employers Federation (MEF) has found.
Hence, it is important for students to not just find any university to study at but one that has an English-speaking student environment.
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Accountants are High in Demand in Malaysia with Excellent Remuneration
Accountants create financial reports and record financial transactions. For example, public accountants prepare tax returns for individuals and businesses, managerial accountants analyze an organization’s financial health, and forensic accountants investigate financial documents to uncover illegal activities. In general, accountant jobs emphasize recording and reporting the flow of money through financial statements.
Accounting & finance studies and its qualification has become most need in Malaysia as Malaysian government is in the midst of improving their developments in social and economic aspects. An accounting & finance career in Malaysia is most needed and it pays well.
Accountants are the 4th most in-demand professionals in Malaysia, according to the Institute of Labour Market Information and Analysis which listed them in the top five hottest jobs in 2021.
Currently, there are just over 37,000 members registered with the Malaysian Institute of Accountants (MIA). As the country progresses, diversity and inclusiveness will be critical in achieving the targeted number of 60,000 professional accountants by 2030.
Financial skills are among the most in-demand capabilities in today’s competitive job market, despite the pandemic. According to professional recruitment consultancy Robert Walter Malaysia, to attain a position such as a finance leader, graduates need a good mix of business and accounting abilities.
If you’re considering a career in accounting now is the right time to study the course as they are high in job demand and salary. Job seekers for these fields will quickly find out that most employers in Malaysia require at least a bachelor’s degree for many entry-level positions. If you find that you are interested in areas like budgeting, historical financial analysis, or financial projections, a business degree is likely the right path for you.
The Most in-demand Jobs in Accounting and Finance 2019 According to Randstad
In Randstad Malaysia’s new report, the five most-in-demand accounting and finance jobs in Malaysia in 2019 (in no specific order) are as follows:
- Commercial finance manager
In 2019, more MNCs and startups are expected to set up their headquarters or regional hubs in Malaysia because of its favourable tax policies and low labour cost. These new entrants will drive the demand for high-performing commercial finance managers next year.
Expected salary: MYR120k – 156k per annum for finance managers in MNCs or listed companies
- Commercial finance planning manager
As foreign and Malaysian companies set up more offices and site operations in the country in 2019, we expect to see a higher demand for finance planning managers. Requests for such talent are likely to come from the fast-moving consumer goods and pharmaceutical sectors.
Expected salary: MYR120k – 144k per annum for finance managers in MNCs or listed companies
- Financial controllers
In 2019, companies need to consider probable cost reduction measures to improve productivity and ensure business sustainability. This means that the job responsibilities of financial controllers will expand as they are expected to play a more integral role to support restructuring exercises.
Expected salary: MYR216k – 264k per annum for finance managers in MNCs or listed companies
- Financial planning manager (bank)
The newly-implemented Malaysian Financial Reporting Standards (MFRS) 15 and 9 by Bank Negara Malaysia will result in an increasing demand for experienced finance managers in 2019.
MYR120k – 144k per annum for finance managers with six to eight years experience
MYR160k and above per annum for finance managers with more than 9 years of experience
- Group accountant
As businesses gain more confidence to operate and scale in 2019, companies will start to increase headcount for group accountants to support the consolidation and reporting of financial performance and statements.
Expected salary: MYR144k – 156k per annum for finance managers in MNCs or public listed companies.
Accounting Salary According to Hays Malaysia Salary Guide 2022
Accounting Salary According to Kelly Services Malaysia Salary Guide 2022
Malaysia Average Salary according to Robert Walters Salary Guide: Accounting & Finance
This is the average salary in Malaysia for Accounting & Finance jobs:
|Job Title||Average Annual Salary (MYR)|
|Chief Financial Officer||420 – 720k+|
|Head of Shared Services||420 – 660k+|
|Finance Director – (MNC)||360 – 480k+|
|Finance Director – (SME)||264 – 360k+|
|Financial Controller – (MNC)||180k – 360k|
|Head of Functions – RTR, OTC, PTP||300 – 360k+|
|Senior Finance Manager||180 – 240k+|
|FP&A Manager||180k – 240k+|
|Corporate Finance Manager||144 – 216k+|
|Finance Manager/Team Lead||120 – 192k+|
|Tax Manager||168 – 240k+|
|Credit Controller||96 – 180k+|
|Internal Auditor – Manager||168 – 240k+|
|Cost Controller||156 – 216k+|
|Accountant||84k – 132k+|
|AP/AR Analyst||54 – 96k+|
|Senior Financial/Business Analyst||120 – 180k+|
|Financial/Business Analyst||84 – 120k+|
|Treasury Manager||144 – 216k+|
Salary for Accounting Professionals According to Michael Page Salary Guide 2020
Where can Accounting graduates work in Malaysia?
From the list below, you can see that the companies that accounting graduates would work at are Multi-National Companies (MNCs) and Government Linked Companies (GNC) therefore requiring a good command of the English language to communicate to the clients, customers, management and overseas partners.
- Insurance – Prudential Assurance Malaysia, Sun Life Assurance, Hong Leong Assurance, Prudential BSN Takaful, Zurich Insurance Malaysia, AIA, Etiqa, ING, MCIS Zurich, AXA AFFIN Life, Manulife, Tokio Marine Life, Uni.Asia Life Assurance, Great Eastern, AM Life, AIG, Berjaya Sompo, MSIG, Kurnia, Lonpac, Danajamin, Pacific Insurance, Pacific & Orient Assurance, RHB Insurance, Tune Insurance, UniAsia General, Overseas Assurance Corporation, Progressive, QBE, MAA, etc
- Financial & Investment Institutions – Bank Negara, Bursa Malaysia, Securities Commission Malaysia, AFFIN Investment, ECM Libra, HwangDBS, Hong Leong Investment, Kenanga Investment Bank, KAF Investment Bank, CIMB Investment
- Bank, AMInvestment Bank, Alliance Investment Bank, OSK Investment, MIDF Amanah Investment, Public Investment Bank, RHB Investment Bank, CIMB Investment, etc
- Banks – Public, AmBank, Citibank, Hong Leong, HSBC, Maybank, RHB, CIMB, AFFIN,
- Alliance, Deutsche Bank, J.P. Morgan Chase Bank Berhad, Mizuho Bank (Malaysia), OCBC, Standard Chartered, UOB, The Royal Bank of Scotland, The Bank of Nova Scotia, etc.
- Islamic Banks -Al Rajhi Banking & Investment Corporation, Alkhair International Islamic Bank, Deutsche Bank Aktiengesellschaft, Affin Islamic Bank, Al Rajhi Banking & Investment Corporation, Alliance Islamic Bank, AmIslamic Bank, Bank Islam Malaysia, Bank Muamalat Malaysia, CIMB Islamic Bank, HSBC Amanah Malaysia, Hong Leong Islamic Bank, Kuwait Finance House, Maybank Islamic, OCBC Al-Amin Bank, Public Islamic Bank, RHB Islamic Bank, Standard Chartered Saadiq, etc
- Accounting & Auditing firms – Ernst & Young, PricewaterhouseCoopers, Deloitte, KPMG, Baker Tilly Monteiro Heng, Moore Stephens AC, Steven Chin & Co, BDO, Grant Thornton, RSM, Mazars, Crowe Horwarth International, DFK International, Halim & Lee, Begbies Traynor, etc
- Companies – Every company large or small needs at least one accountant therefore the jobs are plenty. Graduates can work in industries like property, FMCG, retail, fashion, construction, trading, hotel, travel, restaurants, Food & Beverage, SMEs, entertainment, automotive, education, and more.
Who should study accounting in Malaysia?
Students who like maths or accounting subjects. A strong interest in money and finances. Generally, the person is very organised, neat, and likes things to be in order. They are introverts, shy, quiet, and able to focus and concentrate to get work done well.
They are perfectionists and makes sure that anything done, is fully completed on time.
It is also normal for science stream students to go into accounting courses but they should be good in modern maths or add maths.
For more information on whether the accounting course suits you, please contact EduSpiral.