Top Accounting & Finance Jobs in Malaysia According to Randstad
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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. 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.
Below is an article taken from Randstad, a recruitment firm in Malaysia. EduSpiral Consultant Services choose these articles on job demand and salary in Malaysia to help students make a good decision for their future career.
Students after SPM or O-Levels wanting to pursue an accounting & finance programme at a top university in Malaysia can go for the Foundation in Arts or Foundation in Business programme before continuing on to the degree. Alternatively, students after SPM or O-Levels can go for the 2-year Diploma in Accounting course with 3 relevant credits and then enter into the Degree programme for 2 years. For more information on the education pathway and top universities in Malaysia for Accounting & Finance, students may contact us for best advise.
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Best Top 5 Most In-Demand Accounting & Finance Jobs in Malaysia According to Randstadt
1. Head of Finance – Shared Services
Malaysia has seen an influx of MNCs setting up their shared services centres in the country in recent years. Strong government support, a skilled talent pool, first world infrastructure, and strategic location have been key factors that have been driving the influx of these organisations.
The role of finance shared service professionals set-up the back office department for these large MNCs in Malaysia. A finance shared service professional will assess trends and best practices and proactively implement solutions to drive business success.
Growing numbers of organisations in Malaysia are predominantly implementing finance shared services, to consolidate all accounting functions into a one stop centre, making it a centre of excellence (COE) which is made up of finance functions and roles to increase efficiencies to promote cost savings and optimize profits.
What employers are looking for:
- Experience with R2R, P2P, O2C
- Chartered accountants preferable
- Preferably from SSC experience
- Big 4 will be considered
What you can earn: MYR 240,000 – MYR 300,000 per annum, excluding bonuses
2. Chief Finance Officer
A Chief Finance Officer (CFO) is the senior executive in charge of the financial activities of an organisation, providing high quality strategic and technical advice. Their responsibilities comprise all finance-related decisions within the organisation; including investment, tax planning, financing and dividend policy. The CFO of an organization is intimately involved with treasury operations, tax planning, financial control, management reporting and oversee the overall development of a finance team.
Traditionally, the CFO role was involved in recording and reporting, but now the CFO is expected to contribute to the strategic assessment of the company, initiate corporate strategies and in some cases, to lead those strategic efforts.
Malaysia has seen an increasing trend of international players looking towards acquisitions as a possible option to accompany their expansion and acquisition activities. With the surge in transition and mergers, companies need capable CFOs to take on and refurbish the finance department and rebuild the finance team.
Companies face a lot of challenges in times of financial crisis and merges. These challenges require companies to focus on cost, risk and cash-flow management — three areas that fall squarely within the CFO’s skill-set.
What employers are looking for:
- Corporate Finance
- Financial reporting skills
- System implementations
- Commercial business acumen
- IPO experience (for public listed companies)
What you can earn:
- CFOs – MYR 360, 000 – MYR 480, 000 per annum, excluding bonuses
- Group CFOs – MYR 600,000 – MYR 840, 000 per annum, excluding bonuses
3. Financial Controller
Financial controllers are responsible for the monthly, quarterly and annual management of financial accounts. They look after the financial reporting for the business and tend to be the CFO’s second-in-command. Their role is to manage the company’s transactions, such as accounts payable, receivable, payroll, control accounts and general operational finance.
While CFOs are regarded as the strategists that help with decision-making, financial controllers are considered to be the deliverers of those strategies. Their key roles include managing and maintaining day-to-day cash flow and accounting practices, managing accounting department and implementing and understanding accounting software.
It is necessary to recognize the difference between a controller and an accountant. A controller is supplementary to an accountant, and they can supervise your accountants and their work as well as help managing your accounting or finance department much more fluidly.
As more companies seek to integrate the finance function as a strategic part of their plans for growth, there is more demand for those who can effectively fill this role. It is not simply that financial controller jobs are becoming more prevalent, either. They are also attracting more remuneration, more responsibility and a higher calibre of applicant.
A lot of companies are setting up shared services business models to reduce costs and to promote efficiencies in an organization. Financial controllers are needed to implement new systems and SOPs to get things in order. Other than implementing new procedures and policies, financial controllers also manage and comply with local, state, and federal government reporting requirements and tax filings.
What employers are looking for:
- Full set of accounts
- Systems savvy (SAP, Oracle, US Gap, ERP, Microsoft Dynamics)
What you can earn: MYR 216,000 – MYR 300,000 per annum, excluding bonuses
4. Finance Managers
Managing finances is the root of all major business decisions and the role of a finance manager is pivotal to the success of any organisation. A finance manager is responsible for delivering financial guidance and support to clients and colleagues so they can make sturdy business decisions.
Finance Managers typically report to Finance Controllers. Their responsibilities
revolve around running the accounts department and financial reporting. Finance
managers are responsible for the financial health of an organization. They are
required to produce financial reports, direct investment activities, and develop
strategies and execute the long-term financial goals of their organization.
Malaysia is currently undergoing a period of economic uncertainty and companies are undergoing corporate restructuring to revitalise struggling operations. During this restructuring period, companies need skilled Chartered Accountants to help grow the finance team.
Key skills needed:
- Financial modelling
- Budgeting, forecasting, reporting
- IFRS (for preferable for MNCs) and MFRS
What you can earn: MYR 120,000 – MYR 180,000 per annum, excluding bonuses
5. Tax Managers
A Tax Manager will usually be found in larger organisations and their role is to answer all issues relating to tax rules and legislations and what effects they will have on their business. They take a proactive approach – looking to the future of the business to see where they can save the business tax dollars. Their typical profile includes experience from Big 4 or larger 2nd tier firms and have fully up to date tax and regulations expertise.
A Tax Manager is responsible for going through company financials and tax documents to work out the company’s tax obligations. Their role involves a lot of compliance related work, which will predominantly include company tax, FBT and GST.
With growing numbers of businesses going global, more firms are seeking for tax
professionals with international tax backgrounds. The demand for tax accountants is not predicted to slump anytime soon due to companies that are largely dealing with necessary government tax documents, ensuring these are completely accurate, and providing solutions to any tax-related issues that arise.
Key skills needed:
- Transfer Pricing
- Big 4 preferable
- Regional exposure
What you can earn:
- Managers – MYR 120,000 – MYR 180,000 per annum, excluding bonuses
- Senior Managers – MYR 180,000 – MYR 216,000 per annum, excluding bonuses
Best Education Pathway for Accounting & Finance Studies in Malaysia
After I finished my SPM, I felt confused about my further study. Eduspiral, was so patient to answer all my questions and took us around for a campus tour.
Hui Ying, Diploma in Accounting at Asia Pacific University
In order to succeed in the competitive field of accounting, students must choose the best universities in Malaysia to study. With so many universities and colleges in Malaysia offering the accounting degree course, students after SPM, O-Levels, UEC, A-Levels or STPM need to choose the best university that would equip them with the necessary knowledge and skills to succeed in the competitive workforce.
Part of finding the right college or university in Malaysia for you will be picking out the criteria that matters to most to you, and then seeing if any of the top private colleges or universities in Malaysia that you’re looking at fit those criteria.
In addition, choosing a university to study in Malaysia is one of the most important decisions you will make in your life. Your decision will be influenced by many criteria such as the reputation & ranking of the university, accreditation of its courses, the suitability of the course against your academic results and career goals, tuition fees, quality of lecturers, facilities, friends & family, and more.
Furthermore many of the top private universities in Malaysia offer similar accounting & finance courses therefore making your decision a challenging one! To help you develop a good list of criteria, you need to talk to the right counselors or education consultant who are knowledgeable and experienced.
Students interested in taking the accounting & finance degree at top private universities in Malaysia can consider the list below. Each private university has its own strengths and uniqueness that would fit you and equip you to be successful in your future career as an accountant in Malaysia.
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 or Foundation in Arts 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.
Study at Top Accounting Degree Course at Universities in Malaysia with the ACCA Accelerate Programme
To become a Chartered Accountant in Malaysia students need to be certified by a professional accounting body such as the ACCA. There are currently about 33,000 accountancy professionals in Malaysia, of which 28 per cent are registered chartered accountants. Malaysia needs 60,000 accountants by 2020.
Students can now become chartered certified accountants in a shorter timeframe at top universities in Malaysia with the Association of Chartered Certified Accountants (ACCA) Accelerate Programme. Students who are pursuing accredited accounting degree programmes to start taking ACCA Accelerate scheme exams in the third year of their degree programme and graduate with both the degree and ACCA professional qualification at the same time.
The ACCA Qualification and membership are well-recognised by employers not just in Malaysia but also 181 countries worldwide. Undergraduates registered in this scheme can be assured of a competitive edge with both their degree and ACCA certificates in hand.
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
- 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 promotion 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
- 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)