How to Become a Chartered Accountant in Malaysia?

Education Pathway to Become a Chartered Accountant at Malaysia’s Top Private Universities

Achieving Chartered Accountant status in Malaysia will open many doors in your accounting career.

Accounting is a rewarding career with plenty of growth opportunities in Malaysia. Accountants enjoy solid pay, ample advancement opportunities and a stable career. 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. In this article, we would like to recommend the best education pathway to students on how to become a chartered accountant in Malaysia.

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.

Why is becoming a Chartered Accountant so Important?

What are the Accounting Professional Bodies in Malaysia?

Becoming a Professional Accountant or Chartered Accountant in Malaysia

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.

What is the Malaysian Institute of Accountants (MIA)?

Malaysian Institute of Accountants (MIA) is the umbrella body for the accountancy profession in Malaysia. It was established under the Accountants Act, 1967 to regulate and develop the accountancy profession in this country. MIA operates under the purview of the Ministry of Finance through the Accountant General’s Department.

MIA is the only accountancy body empowered by law to regulate the accountancy profession in Malaysia, thus making MIA membership mandatory for those holding themselves out or practising as an accountant in the country.

MIA’s membership encompasses both legal and market recognition for accountants in Malaysia.

Members of MIA are conferred with the designation Chartered Accountant Malaysia, abbreviated as `C.A.(M)’. This designation is given to a professional in accountancy, business and finance with recognised accountancy qualification and relevant work experience.

At present, there are more than 30,000 MIA members working in all industries and states of Malaysia.

MIA is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has 31454 members. 80,000 accountants are needed by year 2020.

In becoming a high income nation, more accountants are needed so that professional services can be rendered by the professionally competent accountants in line with the objective of Economic Transformation Programme (ETP) in Malaysia.

In Malaysia, the accounting profession is governed by the Accountants Act 1967. Under the Accountants Act 1967, a person is called chartered accountants when he is a member of the Malaysian Institute of Accountants.

Prior to the application of membership the future accountants must either have a recognized professional accounting qualification or has an accounting degree from local universities and have work experience of not less than three years in a public accounting firm or other accounting related areas.

First Schedule, Part 1, of the Act lists down the local universities whose accounting degrees are recognized and Part 2, of the Act lists down the recognized professional accounting bodies.

In this regards, future accountants should obtain the professional accounting education as part of the pre-qualification of chartered accountants.

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

Choose to Study at the Best Private Universities to Succeed in Your Accounting Career

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

Becoming a Professional Accountant or 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)’.

Malaysian Institute of Accountants (MIA) is the umbrella body for the accountancy profession in Malaysia. It was established under the Accountants Act, 1967 to regulate and develop the accountancy profession in this country. MIA operates under the purview of the Ministry of Finance through the Accountant General’s Department.

MIA is the only accountancy body empowered by law to regulate the accountancy profession in Malaysia, thus making MIA membership mandatory for those holding themselves out or practising as an accountant in the country.

MIA’s membership encompasses both legal and market recognition for accountants in Malaysia.

Members of MIA are conferred with the designation Chartered Accountant Malaysia, abbreviated as `C.A.(M)’. This designation is given to a professional in accountancy, business and finance with recognised accountancy qualification and relevant work experience.

At present, there are more than 30,000 MIA members working in all industries and states of Malaysia.

MIA is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has 31454 members. 80,000 accountants are needed by year 2020.

In becoming a high income nation, more accountants are needed so that professional services can be rendered by the professionally competent accountants in line with the objective of Economic Transformation Programme (ETP) in Malaysia.

In Malaysia, the accounting profession is governed by the Accountants Act 1967. Under the Accountants Act 1967, a person is called chartered accountants when he is a member of the Malaysian Institute of Accountants.

Prior to the application of membership the future accountants must either have a recognized professional accounting qualification or has an accounting degree from local universities and have work experience of not less than three years in a public accounting firm or other accounting related areas.

First Schedule, Part 1, of the Act lists down the local universities whose accounting degrees are recognized and Part 2, of the Act lists down the recognized professional accounting bodies.

In this regards, future accountants should obtain the professional accounting education as part of the pre-qualification of chartered accountants.

Top universities and colleges in Malaysia offer accounting degrees that are exempted from 9 papers of the ACCA which means that after the degree in accounting, students need only to take the final 4 papers.

Careers in accounting

• Financial reporting accountant
• Auditor
• Bookkeeper
• Cost accounting manager
• Accounts receivable clerk
• Accounts payable clerk
• Controller
• Treasurer
• Technical accounting manager
• Tax accountant

Accounting Job Functions & Responsibilities

• Bookkeeping
• Tracking of revenues and expenses
• Internal reporting
• Financial reporting
• Auditing
• Risk management

Required Skills for Accounting

Similar to pursuing a career in finance, aspiring accounting professionals need to have a combination of accounting expertise, general business knowledge and soft skills to be successful.

Hard skills in demand for accountants include expertise in technology and software systems, including Excel, ERP experience, SQL, Microsoft Visual Basic and business intelligence software. Soft skills include communication, leadership and customer service.

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.

Good Command of English for Accountants 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.

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.

Becoming a Professional Accountant in Malaysia

Presently, Malaysia has about 7.5 million Accountants. The country requires another 60,000 Accountants to fulfill Vision 2020. All Accountants have to abide by a strict code of ethics and maintain high professional standards. All practising accountants must register with the Malaysian Institute of Accountants (MIA).

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 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.

Professional Recognition for Accountants in Malaysia

• Association of Chartered Certified Accountants (ACCA), UK
  Upon completion of the BA (Hons) Accounting & Finance degree, students are eligible for exemption from a maximum of 9 papers.
• Certified Practising Accountant (CPA), Australia
  Upon completion of the BA (Hons) Accounting & Finance degree, students are exempted from the Foundation Level and they can proceed with the Professional pathway (6 subjects).
• Malaysian Institute of Accountants (MIA)
  Upon completion of the BA (Hons) Accounting & Finance with 3 years relevant working experience plus completion of Professional qualification (ACCA or CPA), students are eligible to apply for membership of the MIA.

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.

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

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).