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.

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• Studying ACCA Professional Papers vs Accounting Degree in Malaysia

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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

Setting up a Public Practice in Malaysia

Public practice is governed by the Act, the Rules and the By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants.

Under the Act, the person must be a member of the Institute, and is prohibited from public practice through a body corporate save where this is allowed by other statutes for limited areas of public practice, namely tax.

A member, in most instances, is allowed to be engaged in public practice as a sole practitioner or in partnership only with another member(s) as the Act and By-Laws prohibits the sharing of profits with non-members. All firms in public practice are described as firms of chartered accountants (or licensed accountants, where applicable).

Only members registered as chartered accountants with valid practising certificate can describe and hold themselves out as chartered accountants in public practice and are able to set up firms providing public practice services.

Members in public practice may carry out public practice services such as accounting, audit, liquidation, tax and other related services. However, the practice of audit, liquidation and tax are licensed under other legislation.

Where can Accounting and Finance 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.

Career Opportunities for Accountants in Malaysia

• Chartered Certified Accountants
• Chartered Management Accountant
• Chartered Public Finance Accountant
• Corporate Treasurer
• Internal Auditor
• Tax Advisor
• Tax Inspector
• Credit Manager
• Financial Analyst
• Financial Controller
• Investment Fund Manager
• Risk Management Manager
• Chief Financial Officer
• Tax Head/Director
• Shared Service Director
• Finance Director Treasury Head/Director
• SS Finance Head/Director
• FP&A Head/Director
• Audit Head/Director
• Operations Manager
• Finance Manager/Controller
• Tax Accountant/Manager
• Financial Controller
• Finance Business Partner
• Treasury Accountant/Manager
• RTR Team Lead/Manager
• Financial Accountant
• Internal Auditor/Manager
• PTP Team Lead/Manager
• Management Accountant
• Systems Accountant
• OTC Team Lead/Manager
• FP&A Analyst
• Technical Accountant
• Executive/Accountant

Application Guidelines to Become a Member of the Malaysian Institute of Accountants (MIA)

Eligibility For Registering With The Malaysian Institute Of Accountants

Applicants under the Chartered Accountant category must possess one of the following:

• Passed any of the final examinations specified in *Part I of the First Schedule of the Accountants Act, 1967 and gained not less than of 3 years of working experience in the service of a Chartered Accountant or in a government department, local authority or other commercial, financial, industrial or professional organisation or any other undertaking approved by the MIA Council; and/or
• Member of any of the recognised bodies specified in **Part II of the First Schedule of the Accountants Act, 1967; and/or
  Passed the MIA Qualifying Examination (QE) and gained 3 years of working experience in the service of a Chartered Accountant or in a government department, local authority or other commercial, financial, industrial or professional organisation or any other undertaking approved by the MIA Council.

Applicants under the Associate Member category must:

• Possess a first degree or a Master’s degree or higher in which he/she must have a major in accounting for either his/her first degree or Master’s degree; and
• He/she has not less than 3 years’ experience in teaching accountancy or accountancy-related subjects at an institution of higher learning or equivalent.

Application as a Chartered Accountant with qualifications under Part I of the First Schedule of the Accountants Act, 1967 or MIA Qualifying Examination (QE)

Before starting the online application, please have the following documents ready:

• scanned copy of a recent passport size photo;
• scanned copy of Identity Card being certified true;
• scanned copy of degree certificate being certified true; and
• scanned copy of Full Transcript of the Degree programme being certified true.
• Fill up the Personal Details, Qualification and upload the
• Supporting Documents. Following this, submit the application.
• An email notification will be sent on your enrolment to the CARE Programme.
• CARE mentee is required to appoint a mentor and update the Record of Technical and Generic Competencies:
  Appoint a Mentor:
• 1st Option: If the mentee does not have a mentor and requires the support from MIA to source for a mentor, please click ‘Request MIA for Mentor’. MIA will assign a mentor and the mentor is given 10 days to accept the assignment.
• 2nd Option: If the mentee has his/her preferred mentor who is an MIA member, please click ‘Add Mentor’ and provide the details for ‘Member No’ and ‘Member Name’. However, prior to this, the MIA member must be listed under the mentor listing. If your mentor has not applied to become a mentor, please request him/her to Submit Application – Apply for Mentor to be included in the Mentor list.
• Update Record of Technical and Generic Competencies: The mentee is required to fill in details on the technical and generic record of experience for a minimum 3 years of working experience.
• The technical competencies will be assessed by the mentor whereby the mentee has obtained practical experience in at least;
• One (1) technical area from Level 1 to Level 3; OR
• Two (2) technical areas from Level 1 to Level 2
• The generic competencies will be assessed by the employer whereby the mentee has acquired ALL the generic competencies.
• Upon completing and signing off the CARE Programme, the mentee may submit application as a Chartered Accountant.
• The application fee payment of RM850.00 is to be made through Payment gateway (iPay88).

Application as a Chartered Accountant with qualifications under Part II of the First Schedule of the Accountants Act, 1967:

Before starting the online application, please have the following documents ready:

• scanned copy of a recent passport size photo;
• scanned copy of Identity Card being certified true;
• scanned copy of Certificate of Membership being certified true; and
• latest payment receipt of annual subscription fee to the professional body
• Submit the application as a Chartered Accountant. Fill up the Personal Details, Qualification, Working Experience and upload the Supporting Documents.
• The application fee payment of RM850.00 is to be made through Payment gateway (iPay88).