Choose a Business Course that will not be Replaced by Technology in the Future
Written by EduSpiral Consultant Services. For more information contact 01111408838
As the digital economy grows, Malaysia must be prepared to choose jobs that will be in demand in the future as well as still exist. Many business jobs and job functions will be replaced by technology, therefore, students have to choose a course that will have a job demand when they graduate. 75 million job roles are expected to disappear by 2022 according to the “Future of Jobs Report 2018” by the World Economic Forum.
In addition, the youth unemployment rate in Malaysia, at 10.9 percent officially, is more than triple the national rate of 3.3 percent and has been gradually rising over the past decade. Unemployed youth make up almost 60 percent of the 504,000 currently unemployed. The prime reason for graduate youth unemployment is the mismatch of graduate qualifications with the country’s workforce needs. Graduate unemployment was 9.6 percent or 204,000 at the end of 2018.
Graduates being left behind, possess outdated information and lacking in relevant skills required by the industry, thus contributing to the rising unemployment rate. Therefore, if you don’t plan carefully, you may end up studying a business course that has no job demand after you graduate. This would be an incredible waste of your time and money.
- Too Many Business Graduates in Malaysia
- According to a report from Frost & Sullivan, there will be a surplus of 17,800 Business professionals from the employable supply pool in 2020. From the entire supply pool, there is a surplus of 43,400 professionals.
- Why Choose the Right Business Course?
- When choosing a course, it is important for students to look at the job demand to ensure that there would be a job when they graduate. In addition, check out the salary so that you know that the career that you are planning to choose can sustain your future lifestyle.
- Malaysia’s Human Resources Ministry advised graduates entering the job market to study employment trends. Those thinking of manufacturing, wholesale and retail, and finance and insurance, should know that these sectors topped the retrenchment list last year, it said.
You may also be interested in:
- Top Business Schools at Private Universities in Malaysia
- Best Universities in Malaysia for Top Rate Business Administration Degree
- Top 20 Courses to Study in Malaysia that has High Job Demand & Stable Salary
- 13 Top Technology Courses Malaysians Must Study to Land Jobs of the Future
- Top 50 Jobs with High Future Demand in Malaysia
- Malaysia’s 28 Top Jobs in Demand in Future with High Salaries
- Study Courses that has High Job Demand in Malaysia
- Top 10 Degree Courses in Malaysia with Highest Starting Salaries
- Top 10 Jobs in Malaysia
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Find Out What the Job Demand is for the Top 10 Business Courses so that You Can Choose the Right Course to Study in Malaysia
Here at EduSpiral Consultant Services, we do our research on the job demand for the careers in Malaysia, Salary Reports, and universities so that we can advise our students based on facts and evidence. Students need to talk to the right education counsellors so that you get the right information to help you in making this life-changing decision and choose to study a course that has high job demand & salary.
- Financial Technology (Fintech)
- Digital marketing
- eBusiness or eCommerce
- Human Resource Management (HRM)
- Actuarial Science
- Accounting & Finance
- Banking & Finance
1. What is the Job Demand for Financial Technology (Fintech) in Malaysia?
In the past 10 years, we have seen a rapid development in technology-related financial services globally. In fact, investments in Financial Technology or FinTech – an umbrella term that encompasses all institutions that provide and employ newly developed digital and online technologies in the banking and financial services industries – has been steadily increasing, with the industry receiving USD 17.4 billion in investment in 2016 and a whopping USD 31 billion in the following year.
In Malaysia, some of the biggest names in the financial industry are taking steps to facilitate FinTech providers, leading to a future of rapid expansion. With the interest in the FinTech industry in Malaysia growing at such a pace, there is a strong requirement for Fintech graduates & professionals to take up roles.
Fintech investment ballooned from $1.89 billion in 2010, to $27 billion in 2017. The increase in fintech spending is expected to continue, with the Asia/Pacific and African markets driving a significant share of market growth. According to the Hays 2018 Salary Report on Fintech Jobs in Malaysia, the Malaysian finance technology (Fintech) market grew steadily over 2017 driven by new technology innovations and regulatory change. The central bank, Bank Negara Malaysia, is working to raise the profile of FinTech amongst financial firms and insurers to improve the quality and efficiency of the country’s financial services sector. This push has created more job opportunities for candidates in the emerging technologies space including mobile and the web.
As FinTech gains momentum year-on-year, there is a huge demand for professionals with specific FinTech skills. For the most part, however, the demand for skilled professionals far outstrips supply; with one LinkedIn report predicting that the global skills gap for candidates with relevant experience and expertise (i.e. those who are likely to achieve success in FinTech) will hit a massive 1.5 million by 2020.
2 & 3 What is the Job Demand for Digital Marketing And eBusiness or eCommerce in Malaysia?
Malaysian Employers Federation (MEF) executive director Datuk Shamsuddin Bardan said social media experts were now much sought-after as many businesses strengthened their social media platforms to become more sales-driven. Many Malaysian businesses look to solidify their social media platforms to become more sales-driven. This will create demand for multi-faceted social media marketing professionals who can not only curate, edit and write content to drive engagement and awareness on a daily basis, but also manage paid advertising designed to create leads and drive sales.
According to a Top Markets report, e-commerce adoption rates in Malaysia make up 70% of the population, and this is partly due to the government’s effort in pushing for online businesses. Job seekers can definitely look towards this field, as the sector is expected to grow by 34% this year to US$3.8bil, BMI Research reported. What job seekers may be interested to know is that Alibaba intends to set up a regional distribution hub here, which can only mean more job opportunities.
4. What is the Job Demand for Human Resource Management (HRM) in Malaysia?
As for Malaysia, a significant number of HR roles with between five to 10 years of experience can expect an increase in pay next year.
In particular, HR directors and HR managers in the Northern region; as well as professionals in Kuala Lumpur-based talent management and talent acquisition roles can expect salary increments (per the tables above).
This comes in line with the in-demand HR jobs roles which include HRBPs, talent acquisition & employer branding, and talent management.
On average, HR professionals moving jobs expected between 15% to 20% in salary increases. On the other hand, of those staying in their roles, nearly half (46%) expected a 7% to 15% annual salary increment while 39% expected 0% to 6%.
The remaining 15% looked forward to more than 15% in annual salary increment.
Human Resource professionals need business acumen. Malaysian businesses will be looking for qualified and experienced Human Resource professionals who are strategic thinkers and can help them map out long-term growth plans.
There is a shortage of candidates in logistics and supply chain in Malaysia. Demand for planning candidates in the supply chain sector will remain strong in 2017. It’s a niche area in which companies will need to offer generous packages to attract qualified candidates. Large MNCs will continue to drive demand for supply chain professionals as they streamline business processes within their local operations.
5. What is the Job Demand for Actuaries in Malaysia?
Given the expected continuous growth in the insurance market, it is anticipated that the demand for actuaries in Malaysia will continue to grow in the next few decades.
Future regulatory developments (e.g. requirement for certification of IBNR) and the increasing need for risk management are likely to result in significant increase in demand for actuarial services by general insurers.
Following the global trend, Malaysia is seeing a major shortage of actuary candidates in the insurance industry. With new restrictions imposed by BNM – such as the liberalisation of the Motor and Fire Tariff that became effective in July – companies have been taking new, complex approaches in pricing and product development, though this is proving somewhat difficult without the necessary actuaries to guide the function.
With the wheels of these regulations put in motion back in 2016, the scarcity of candidates saw companies entering into price wars over available actuarial candidates as they fought to access the right individuals to help facilitate this change in regulations. However, as salaries have climbed, actuaries in increasing demand have found themselves the continual targets for concerted headhunting campaigns, and continues to be the case.
With only 100 qualified actuaries in Malaysia, the market for actuaries can perhaps still be considered unsaturated.
6. What is the Accounting Job Demand in Malaysia?
Under the Economic Transformation Programme (ETP), it’s envisaged that Malaysia will need 60,000 accountants by 2020 to transform Malaysia into a developed nation. The accounting profession is versatile and offers diverse opportunities.
It goes beyond the “accountant” title as job designations nowadays are more creative. The profession includes financial controller, chief financial officer, vice-president of finance, financial director and so forth. Malaysia is very much in need of accountants.
There’s a low number of accounting graduates registered with the Malaysian Institute of Accountants (MIA). However, in order to succeed in the accounting and finance career, graduates should be proficient in the English language.
Internal Auditors, Regulatory Reporting Analysts, and Financial Planning & Analysis professionals are among the skills in high demand across Asia, according to our latest Hays Quarterly Report of jobs in demand. In Malaysia there is a steady demand for Tax Managers, Accounts Payable/Receivable Managers, CFOs and Financial Controllers, Corporate Finance Managers, Risk Analysts and Credit Risk Managers, and Compliance Officers.
7 & 8. What are the Accounting & Finance And Banking & Finance Job Demand in Malaysia?
with financial institutions strengthening their governance structures, positions to manage anti-money laundering activities, sales and regulatory compliance, are opening up. New rules and regulations for financial institutions are being introduced, so, there’s a greater demand for risk managers and compliance professionals. Candidates who are able to reduce financial institutions’ exposure to risk will stand out as employers step up their efforts to ensure they adhere to regulatory requirements. Risk and compliance will be two hot areas where fierce competition will take place for the right candidate
First, there was the enactment of the Central Bank of Malaysia Act 2009 and Financial Services and Islamic Financial Services Acts of 2013 which led to stricter legal and regulatory requirements. Then, there were continued and consistent efforts to strengthen risk management, governance and effective supervision. A combination of the two has resulted in a growing demand in risk, compliance, governance and audit roles in this sector.
Skilled finance, banking & investment professionals are projected to remain in high demand in Malaysia’s accountancy & finance job market as employers grow their businesses and add more value for clients. Strong demand exists for qualified graduates in finance, banking & investment possessing critical thinking skills, innovative, interpersonal communication skills and a strong command of the English language.
Although Malaysia’s finance sector is growing steadily the supply of talent has begun to decrease. That’s not good news especially now that Malaysia needs more finance talents in preparation for the Tun Razak Exchange (TRX) which is set to bolster the country’s economic landscape. TRX, Malaysia’s version of Wall Street, will bring together local and overseas financial institutions and other corporations in a single area. The country is said to require 40,000 qualified financial talents by 2020 yet about 56,000 new finance industry jobs will be available in the next 10 years. That’s not nearly enough.
By 2020, the Malaysian financial services sector is predicted to create 275,400 new jobs, with positions relating to accounts, investments, international trade, sales and marketing and economics becoming widely available. Therefore, if you have decided on studying a degree in Finance, Banking & Investment, you have made the best choice for a solid future career. Just make sure that you choose the best university in Malaysia for you Finance, Banking & Investment studies.
9. What is the Job Demand for Marketing in Malaysia?
Sales and marketing professionals in Malaysia expect an average salary increase of 15% to 20% when they switch jobs in 2020. According to the 2020 Salary Survey by Robert Walters Malaysia, the top areas in demand for the sector are brand management, programmatic marketing, export sales, and retail operations. It also highlighted marketing as an area where candidates will need to develop their digital expertise in order to secure good roles.
Marketing directors in the professional services are expected to earn between RM240,000 to RM480,000 per annum in 2020, while those in the consumer sector are expected to earn RM360,000 to RM480,000. Meanwhile, marketing directors in the industrial sector will earn between RM240,000 to RM360,000 per annum next year.
10. What is the Job Demand for Logistics in Malaysia?
Supply chain includes transportation and logistics. This industry will continue to grow, as Malaysia is strategically located and has easy access to regional resources and supply chains within South East Asia.