Accounting: Top Job in Demand in Malaysia

Increased Job demand for Accountants in Malaysia

The career of a chartered accountant is stable and their services will always be required, no matter the economic climate even in pandemics. The job of a chartered accountant is a great choice for students wanting a career that’s stable with high job demand and salary. Furthermore, chartered accountants are in high demand even during economic downturns, are able to command high salaries and excellent benefits. Accountants are also needed in almost every industry sector. Malaysia is in need of 60,000 qualified professional accountants by 2030. Currently, there are just over 37,000 members registered with the Malaysian Institute of Accountants (MIA).

Global trends and technological advancements are transforming the world of work and reshaping the future of the accountancy profession. As technology becomes increasingly sophisticated and present in all aspect of businesses, accounting professionals can expect a shift towards more strategic and analytical roles.

Automation has made things easier for the modern-day finance professional, especially when we are talking about commercial finance that requires information from across business divisions such as sales and marketing or logistics to be analysed. The advances in data science and artificial intelligence are opening up new ways to look at businesses and generating insights that can lead to major productivity improvements.

The automation of accounting transactions is inevitable and accountants have to constantly stay relevant by providing value-add to the business. Competition may be stiffer with lesser accounting jobs in the market over time as a result of automation thus there is a demand for higher quality accountants who are able to provide sound business judgement, proposals while still upholding accuracy. Transactional roles like general ledger, accounts receivable and payable may be endangered, but other higher-skill roles like financial planning and analysis or business controlling would still be in high demand.

In Malaysia, trends in the accountancy profession are Big Data Analytics and Integrated Reporting.

Irrespective of the industry, we generate tonnes of data every day. Accountants and financial professionals can leverage on Big Data. They have the ability to analyse data to help management make informed decisions. Accountants and financial professionals could play a strategic role in the organisation as their ability to interpret data could reveal business opportunities.

Integrated Reporting is the next evolution of corporate reporting. Companies are encouraged to focus beyond financial performance, with an emphasis on the impact of their activities on the economy, environment and society. In doing so, organisations can create greater value over the short-, medium- and long-term.

In Malaysia, the Integrated Reporting initiative is jointly promoted by various parties including the MIA, Securities Commission, Bursa Malaysia and PriceWaterhouse Coopers. The awareness of Integrated Reporting among public listed companies is gradually increasing.

In addition, aspiring accountants also need to keep pace with standards, particularly the International Financial Reporting Standards (IFRSs), a single set of accounting standards developed and maintained by the International Accounting Standards Board. With nearly 120 countries requiring the use of IFRSs by public companies while most other jurisdictions permit the use of IFRSs in at least some circumstances, knowledge of the standards will be most useful to aspiring accountants. It will enable them to stay relevant not only in Malaysia but also across international borders. For example, a Malaysian firm may do business with multinational clients or it may have subsidiaries overseas.

Accounting: A Career with High Job Demand & Salary 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.

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.

With the establishment of the Asean Economic Community and the signing of the Asean Mutual Recognition Arrangement Framework for professional accountancy services, the playing field for those in the profession will be bigger. This means aspiring accountants with the right skills and attitude will be in demand with the opening up of Asean. Indeed, there is an opportunity for Malaysia to position itself as a hub for the development of Asean accountancy, based on our talent pool and our adoption of international standards.

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.

Economic growth driving demand

E-commerce continues to grow in Malaysia, with predictions that the sector could hit RM1.65 trillion in 2025. The government has provided strong support, including the #SayaDigital campaign which has helped 500,000 small businesses get started with e-commerce and e-payment systems.

The growth of online-only retailers as well as the ongoing adoption of e-commerce by traditional brick and mortar stores has created strong demand for accounting and finance jobs.

Shortage of Qualified Accountants

Retirements and Aging Workforce

The demographic profile of the accounting profession shows a significant portion of senior professionals approaching retirement. According to the AICPA, 75% of today’s public accounting CPAs will retire within the next 15 years, reflecting global challenges in retaining expertise.

Research by the International Federation of Accountants (2022) highlights that 60% of accounting professionals in Southeast Asia are expected to retire within the next decade, leading to an anticipated depletion of expertise and institutional knowledge.

This retirement trend is not being matched by sufficient inflows of younger professionals, resulting in a widening talent gap. In Malaysia, organizations face particular challenges in recruiting for senior roles that demand years of experience and specialized knowledge.

Reports by the Malaysian Institute of Accountants (2022) indicate that between 2019 and 2022, the profession experienced a 15% decline in new entrants, further compounding the impact of retirements.

The decline in job entrants, exacerbated by the talent shortage, has further placed pressure on existing accountants, driving many to exit the profession.

The Impact of Technological Advancement on the Accounting Profession and Talent Development in Malaysia

According to the National Audit Department of Malaysia (2025), the accounting profession has undergone substantial transformation due to technological advancements, particularly in artificial intelligence (AI), blockchain, and cloud computing. While these innovations have enhanced productivity within the field, they have simultaneously generated unprecedented skill requirements that pose significant challenges for workforce readiness.

The Skills Gap in Accounting Education

Contemporary accounting and auditing professionals are expected to demonstrate proficiency in data analytics, AI applications, and digital reporting systems. However, it was found that a critical mismatch exists between the competencies acquired through traditional academic programs and the technological skills demanded by industry. Many recent graduates lack adequate training in these emerging technologies, creating a substantial gap between educational outcomes and professional requirements.

The technological disruption has exacerbated the existing talent shortage, as the profession now requires individuals capable of synthesizing traditional accounting knowledge with advanced digital competencies.

Professional Concerns and Workforce Adaptation Challenges

The ACCA Global (2023) report presents compelling data regarding professional anxiety surrounding technological integration: 43% of accountants express concern that technology may replace some or all aspects of their current roles, while 86% of professionals believe their employers should provide enhanced technology training opportunities. The accelerated pace of technological change contributes significantly to the talent shortage, as certain professionals—particularly those from older generations—encounter difficulties in adapting to new systems, resulting in increased rates of early retirement or career transitions.

Economic and Competitive Implications for Malaysia

The talent shortage has demonstrably impaired the competitive positioning of Malaysian organizations within the global financial landscape. The absence of requisite expertise impedes organizational capacity to adopt advanced technologies such as blockchain and AI, which are fundamental to innovation and responsive adaptation to economic fluctuations.

This skills deficit places Malaysia at a competitive disadvantage relative to nations that have developed robust talent pipelines within the financial sector (ACCA, 2023). The inability of businesses to maintain pace with technological advancement generates negative economic consequences across multiple industries that depend heavily upon skilled financial professionals.​​​​​​​​​​​​​​​​

Complex Regulatory Environment

• The increasingly complex regulatory environment, driven by evolving frameworks like IFRS 17 and heightened compliance standards, is creating a demand for accountants and auditors with specialized skills. However, many professionals lack the expertise required to interpret and implement these intricate regulations. As the need for technical knowledge grows, so does the shortage of qualified professionals who can navigate these frameworks effectively.
• The government has also brought in the second phase of its e-invoicing rules, requiring taxpayers to provide electronic invoices through the government’s MyInvois system.
• At the same time, companies are increasingly looking at process automation and other digital solutions to optimise internal efficiency and improve accuracy. That creates opportunities for accounting and finance candidates with experience in specific software. More generally, it raises expectations that all candidates should have a certain basic level of digital skills and advanced Excel skills.

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.