Get the Best Jobs with High Salary in Malaysia with a Degree in Accounting & Finance
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While an accounting and finance degree gives the assurance of employment, in reality, enhanced professional qualification coupled with on-the job practical training equip young graduates with specialised skill sets that will increase employability significantly.
Accounting and financial studies and qualification has become most need in Malaysia as Malaysian government is in the midst of improving their developments in social and economic aspects. You should sit down and list out all the pros and cons before you decide to go on taking this study. An accounting & finance career in Malaysia is most needed and it pays well.
According to a the Annual Salary Survey 2016 from the Charted Institute of Management Accountants (CIMA), qualified accounting professionals can earn as much as RM186,000 annually.
EduSpiral Consultant Services provides free advise to students after SPM, O-Levels, STPM, A-Levels, UEC, and Pre-University to guide them in choosing the right course and university to study so that they can have a successful career. The aim for EduSpiral Consultant Services in sharing this article is to help students in selecting their course of study and career paths based on areas in demand.
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High Job Demand and Salary for Accounting & Finance Professionals in Malaysia
Presently, Malaysia has about 7.5 million Accountants. The country requires another 60,000 Accountants to fulfill Vision 2020. A career in Accounting can give you high salaries if you are equipped with the necessary knowledge and skills. Therefore, you should choose a reputable top university in Malaysia to study the Accounting & Finance degree.
The question on “Why choose a career in Accounting and Finance”, this is because by 2020, the prospect in accounting careers is expected to grow by 16% and 23% growth in finance job scopes. If you choose to be a financial accountant than u can get job in public or private sectors and you can also deepen and diversify your skills into governmental accounting, non-for-profit accounting, forensic accounting, or other specific fields.
Accounting and finance is the one of the most diverse jobs because this job can offer you vacancies in many areas. For an example once you are qualified as an accountant, you can involve yourself and looking for jobs to be professionals and take up high level jobs around the world. Finance and accounting jobs is provides many opportunity as it does not only limit to one specific area or sectors but it is indeed needed everywhere, private sectors, public sectors and even government bodies needs people qualified with finance backgrounds.
Job opportunities in Accounting and Finance in Malaysia
Do you know that, being finance and accountants will give you an opportunity at the competitive edge in employment? Accounting and finance has always been considered as the language and basic tool of working environment, that’s the reason accounting and finance may be the best route to a successful career. It has always concerned itself with determining how a working environment runs. But over the last two decades, the field of accounting and finance has been changing dramatically in response to such explosive trends as the computer revolution, increased government regulations, frequent tax law changes, the globalization of business, and the on-going downsizing and restructuring of corporations.
In this increasingly complex and competitive working environment, accounting and finance skills are very much in demand and both of that has become a dynamic career. Thus, finance and accountants have shed their strong image to assume the more prestigious role of financial experts, system professionals, management consultants, budget analyst and others. The demand for accountants and finance appears to be growing and outstripping supply. Today’s working climate job opportunities is better than ever for finance and accounting.
The beauty of a career in accounting is that jobs abound as every company or industry in Malaysia needs qualified staff proficient in accounting. Graduates can work in industries like property, FMCG, retail, fashion, construction, trading, hotel, travel, restaurants, Food & Beverage, SMEs, entertainment, automotive, education, and more. Graduates can also find work in top Accounting & Auditing firms in Malaysia such as 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
Job Demand for Finance, Banking & Investment in Malaysia
Worldwide, the financial services sector records the highest earnings and drives a country’s economic growth. The Financial sector stands as one of the largest sectors in Malaysia with more than 300,000 people employed. This sector is made up by professionals in the Accounting, Banking, Economics, Finance, Insurance and Statistics and Taxation sub-sectors. An important industry for the country, it contributes up to 11 percent of the nation’s Gross Domestic Product (GDP).
The role of the financial sector is envisioned to continue growing to be a key driver and catalyst of Malaysia’s economic progression. This sector is projected to be more competitive, dynamic, inclusive, diversified, and integrated, with the ability to offer world class financial services, in terms of breadth, depth and quality to serve the needs of Malaysia.
In today’s ever-changing world, finance graduates are highly sought-after in a cross-section of industries which each offer a variety of job opportunities. Therefore, having a finance qualification can lead to a rewarding career. A fast-track career in finance depends on a good understanding of market movements and the diverse investment market.
And, 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.
Job Demand for Accountants 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.
The Best Universities in Malaysia to Study Accounting, Finance, Banking & Investment
In order to succeed in the competitive field of accounting, students must choose the best universities in Malaysia to study. The best university doesn’t necessarily mean the most expensive. Students should choose the right university that fits them which has a good reputation for business programs, excellent facilities, top lecturers and an English-speaking student environment.
Upon completion of the accounting degree programmes, graduates will have 9 paper exemptions from the total of 14 ACCA papers. I would recommend students who are weak in the English language to go for the accounting degree course first and then only pursue the ACCA. The ACCA is exam-based and marked in the UK.
After SPM, 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.