Accounting Careers and taking the Courses to Become a Professional Accountant in Malaysia

Accounting Courses & Careers in Malaysia

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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.

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions including computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management.

Nature of work upon progression to being a Chartered Accountants and auditors help to ensure that the companies are run efficiently, its public records kept accurately, and its taxes paid properly and on time. They analyze and communicate financial information for various entities such as companies, individual clients, and government.

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

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The Career of An Accountant in Malaysia

Beyond carrying out the fundamental tasks of the occupation—preparing, analyzing, and verifying financial documents in order to provide information to clients—many accountants also offer budget analysis, financial and investment planning, information technology consulting, and limited legal services. Specific job duties vary widely among the four major fields of accounting and auditing:

• public
• management
• government accounting
• internal auditing

Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, or individuals. For example, some public accountants concentrate on tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns.

Others offer advice in areas such as compensation or employee health care benefits, the design of accounting and data-processing systems, and the selection of controls to safeguard assets. Still others audit clients’ financial statements and inform investors and authorities that the statements have been correctly prepared and reported. These accountants are also referred to as external auditors.

Public accountants, many of whom are Certified Public Accountants (CPAs) or Chartered Accountants, generally have their own businesses or work for public accounting firms. Some public accountants specialize in forensic accounting—investigating and interpreting white-collar crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, including money laundering by organized criminals.

Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials.

Management accountants—also called cost, managerial, industrial, corporate, or private accountants—record and analyze the financial information of the companies for which they work. Among their other responsibilities are budgeting, performance evaluation, cost management, and asset management. Usually, management accountants are part of executive teams involved in strategic planning or the development of new products.

They analyze and interpret the financial information that corporate executives need in order to make sound business decisions. They also prepare financial reports for other groups, including stockholders, creditors, regulatory agencies, and tax authorities. Within accounting departments, management accountants may work in various areas, including financial analysis, planning and budgeting, and cost accounting.

Internal auditors verify the effectiveness of their organization’s internal controls and check for mismanagement, waste, or fraud. They examine and evaluate their firms’ financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and government regulations.

Because computer systems commonly automate transactions and make information readily available, internal auditors may also help management evaluate the effectiveness of their controls based on real-time data, rather than personal observation. They may recommend and review controls for their organization’s computer systems, to ensure their reliability and integrity of the data.

Technology is rapidly changing the nature of the work of most accountants and auditors. With the aid of special software packages, accountants summarize transactions in the standard formats of financial records and organize data in special formats employed in financial analysis. These accounting packages greatly reduce the tedious work associated with data management and record keeping. Computers enable accountants and auditors to be more mobile and to use their clients’ computer systems to extract information from databases and the Internet.

As a result, a growing number of accountants and auditors with extensive computer skills specialize in correcting problems with software or in developing software to meet unique data management and analytical needs. Accountants also are beginning to perform more technical duties, such as implementing, controlling, and auditing computer systems and networks and developing a business’s technology plans.

Accountants also act as personal advisors. They not only provide clients with accounting and tax help, but also help them develop personal budgets, manage assets and investments, plan for retirement, and recognize and reduce their exposure to risks. This role is in response to clients’ demands for a single trustworthy individual or firm to meet all of their financial needs.

Becoming a Chartered Accountant in Malaysia

Chartered Accountants In Malaysia, the word “Accountant” is protected meaning only those who are registered with the Malaysian Institute of Accountants may only use it. Please note, graduates from the Diploma in Accounting or BA (Hons) Accounting & Finance cannot use the title as Accountants. Students must sit for the papers from recognised professional accountancy bodies such as the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), CPA Australia, and so forth.

To be a registered chartered accountant in Malaysia, you must be a member of the Malaysian Institute of Accountants (MIA), which is the regulatory body for accountants in Malaysia. Members of ACCA, CIMA, CPA Australia, ICAA, ICAEW and MICPA are eligible for MIA membership.

Students may also sit for the MIA Qualifying examination in order to be admitted as a member of MIA.

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 degree.

In order to succeed in the competitive field of accounting, students must choose the best universities in Malaysia to study. 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.

To be a registered chartered accountant in Malaysia, you must be a member of the Malaysian Institute of Accountants (MIA), which is the regulatory body for accountants in Malaysia. Members of ACCA, CIMA, CPA Australia, ICAA, ICAEW and MICPA are eligible for MIA membership.

Students who are weak in English should go for an accounting degree at a top private university in Malaysia 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 chartered accountant.

Upon completion of the accounting degree programmes, graduates will have 9 paper exemptions from the total of 15 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.

Study at the Best Private Universities in Malaysia for Top Accounting Degree Programmes with ACCA Exemptions

Students who are weak in English should go for an accounting degree at a top private university in Malaysia 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 chartered accountant.

Alternatively, some universities offer the ACCA Accelerate Programme which means that students may go for the accounting degree and take the final 5 ACCA Professional papers during Year 2 and 3 of the degree. You will then be able to complete both the ACCA and degree course at the same time!

While it can be difficult to choose between private universities or colleges in Malaysia offering the Accounting Degree Course, you will find that there are some key differences between them that can help you make the big decision in choosing the right one that fits you.  The best private universities and colleges in Malaysia have excellent facilities, years of experience running the Accounting degree course, strong student support services, internships and experienced lecturers.

You can go to the links below to find out more:

• Top 10 Private Universities in Malaysia for Accounting & Finance
• Best Accounting Degree Courses with ACCA Accelerated Programme at Top Universities in Malaysia
• Best Accounting Degree Courses in Malaysia

Education Pathway

With at least 5 credits in SPM or O-Levels students can go for the Foundation in Arts or Foundation in Business at the best private universities in Malaysia. After that, they can enter into the 3-year accounting degree programme.

Alternatively, students with 3 credits in SPM or O-Levels may enter into the Diploma in Accounting for 2 years. Upon completion of the Diploma in Accounting, students can enter into Year 2 of the Accounting Degree with advanced standing.

Upon completion of the accounting degree programmes, graduates will have 9 paper exemptions from the total of 15 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.