Best Recommended Education Pathway to Become a Chartered Accountant in Malaysia

How to Become a Chartered Accountant in Malaysia

Are you interested to become a Professional Chartered Accountant in Malaysia? In order to become a qualified accountant in Malaysia, students must obtain a recognised degree or a professional accountancy qualification (Eg. Association of Chartered Certified Accountants (ACCA) Certified Practising Accountants Australia (CPA Australia), etc) and then also get 3 years of approved experience approved by the Malaysian Institute of Accountants (MIA). The articled training lasts three years, and a CA student can take the CA Final exam after completing the articled training or during the final six months of articled training.

These financial professionals work in various accounting environments, including government, private companies, and private practice. Learn what’s the requirements for students after SPM or IGCSE O-Levels and the education pathway.

All Accountants have to abide by a strict code of ethics and maintain high professional standards. It is a legal requirement to be a registered chartered accountant in Malaysia that you are a member of the Malaysian Institute of Accountants (MIA), the regulatory body for accountants in the country. Membership in MIA is open to all members of the ACCA, CIMA, CPA Australia, ICAA, ICAEW or MICPA. All practising accountants must register with the Malaysian Institute of Accountants (MIA). Students after high school wanting to know about the pathway to become a Chartered Accountant in Malaysia can read on or contact us for advise.

Best Education Pathway to Become a Chartered Accountant in Malaysia Good Command of English for Accountants in Malaysia

Becoming a Professional Chartered Accountant in Malaysia

Becoming a Chartered Accountant in Malaysia through ACCA Membership

ACCA affiliates, with a minimum of 3 years of relevant supervised practical experience (which may be pre-, during or post-examination / studies), are required to submit their Practical Experience Requirement (PER) to ACCA to demonstrate sufficient competency to merit membership.

The standard of competence required consists of a range of technical, management and personal skills which are essential for all aspiring members.

Upon approval, ACCA graduates may add the prestigious designatory initials ACCA to their names. They may also apply for membership to the Malaysian Institute of Accountants (MIA) and use the designatory initials ‘Chartered Accountant (Malaysia)’.

Suggested accounting pathway for students in Malaysia with weak English

However, as we all know, the standard of English in Malaysia has dropped a lot. Some students thinking of going for accounting go into CAT and then the ACCA not realising that both are external papers and marked by the UK examiners.

Therefore, although these students may be capable in their knowledge but their weakness in the English language to write properly during the exams will lead them to fail these papers. Furthermore, the final 5 papers of the ACCA are not easy and if you attempt these papers while you are too young, can be challenging.

I would suggest that students go into an accounting degree programme first where the degree is exempted from the 9 papers of the ACCA. Upon graduation, you find a job and then take the final 5 papers of the ACCA to become a professional accountant.

After SPM or IGCSE/O-Levels, with 5 credits, students can go into the Foundation in Business for a year and then continue into the degree for 3 years. The other way is to go for the Diploma in Business or Diploma in Accounting for 2 years and then enter into the Degree in Year 2 to finish that in another 2 years. You will need at least 3 credits in your SPM to join the diploma.

After your degree, you can find a job and then take the final papers of the ACCA part time.

During your university studies, you have about 3-4 years to improve your English language skills. In choosing the university or college for the degree, you should go for a university where the students speak English mostly. Research by Star newspaper has shown that graduates with good command of the English language tend to get a higher salary (25%) and faster promotion.

A lot of students like the easy way out and choose colleges and universities that are cheap and lacking in quality and facilities thinking that as long as they just get the qualification, they are alright. They forget that if the quality of the university is low, the student’s quality will also be low when they graduate. You won’t have the necessary knowledge and skills to succeed in the working world. Not being able to speak English well, you won’t be able to become a manager in a Multi National Company.

The management will not ask you to give a presentation if you cannot speak well and furthermore how are you going to be able to write a report? When you become an auditor, you will need to communicate with your client in English as well as your report.

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 you should be good in modern maths or add maths. It can be difficult at first because you are learning a lot of ideas, rules, and procedures that are specific to accounting and that are new to you.

Studying accounting is not like reading a novel or even like studying history, psychology, or economics. This is a technical subject, it is logical, and it requires reasoning.

Accounting students should try to be able to say, “I understand why they do that.” If you can understand “WHY” in accounting, there is very
little to memorize.

Even though you understand “why they do that” in
accounting, you must be able to do it yourself. Accounting is a practical “do-it-yourself” course.

Does the Accounting course require a lot of Math?

Not a lot of math is needed to study accounting. A working knowledge of arithmetic and a small amount of basic algebra will allow a student to successfully complete any introductory accounting courses, which are described below.

The reason for this is that although accounting information consists of numerical data, the math tools used to record the numerical data are very simple, really just addition and subtraction.

The reason that you need to know a little more math than this (see below) is that doing accounting requires first analyzing transactions before recording them. It is the initial analysis of transactions to determine correct amounts to record that requires the basic math skills that you see below. Only at very advanced professional levels would you need more math than this.

The subject of “accounting” consists of three key elements: accounting theory (underlying concepts), principles (rules) for how to apply the concepts, and the specific procedures that implement the rules. The type of introductory class that you take will determine which of these elements receives the most emphasis.

For example, bookkeeping classes emphasize procedures, particularly for recording and organizing financial data. Accounting principles classes or basic accounting classes usually provide a more balanced content that includes all three elements.

These classes provide a less specialized, broader understanding and the opportunity for some study of financial statements and the use of accounting information. Introductory financial accounting concentrates more on theory and principles and the preparation and use of financial statements.

What is the ACCA Accelerate Programme?

The programme allows undergraduate students the option to take Professional ACCA papers (maximum 5
ACCA papers) before or after graduating from their degree course.

Students who sign up for the ACCA’s ACCELERATE PROGRAMME would enjoy many benefits, amongst them being:

• Expedited pathway to becoming an ACCA member. Complete some or all of the ACCA papers before
  graduating.
• FREE initial registration fees. Your initial ACCA registration fee of GBP79 will be waived
• FREE annual subscription fees – two years including graduating year subscription fee of GBP170 will be waived
• DEFERRED exemption fees – You need to only pay the exemption fee two years after graduation.
• Membership in the exclusive Accelerate club that will provide access to events and promotions by ACCA.
• Access to employers in the form of: Employer Fair at ACCA events, Trips to employers, Talks and
  Activities organised by employers.
• Self-improvement opportunities from workshops conducted by ACCA.
• Networking opportunities with students from various universities, employers and prominent
  ACCA members.
• Receive Student Accountant Direct alerts — you will receive e-alerts such as career advice, study tips and ACCA news straight into your inbox.

ACCA will support students of ACCELERATE accredited programmes with the following:

• Free initial registration fee
• Free annual subscription fee of up to two years after graduation (inclusive of graduation year)
• Deferred exemption fee payment (up to 24 months after graduation)

Study at the Best Universities in Malaysia for Accounting

Exemptions from the ACCA for Degree in Accounting Graduates in Malaysia

Generally, an Accounting degree from a university can gain exemptions until the final 5 papers of the ACCA. A maximum of nine papers at the Fundamentals level of the ACCA Qualification can be awarded.

To preserve the integrity and rigour of the ACCA Qualification and to ensure that all students share a common experience, ACCA does not award any exemptions at the Professional level.

ACCA PROFESSIONAL LEVEL (Final 5 papers)
Essentials Module
P1        Governance, Risk and Ethics
P2        Corporate Reporting
P3        Business Analysis

Options Module (any 2 papers)
P4        Advanced Financial Management

P5        Advanced Performance Management
P6        Advanced Taxation
P7        Advanced Audit & Assurance