Increased job demand for accountants in Malaysia
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More accountants are needed for Malaysia to achieve Vision 2020 and be known as a high-income nation, said Malaysian Institute of Accountants (MIA) president Johan Idris.
“For a country to have a mature capital market, it needs accountants because we provide confidence and assurance.
“We have a role to play to ensure that the capital markets are robust and forward-looking,” he told StarBiz in an interview. To-date, the statutory body has just under 30,000 registered members. This is in comparison to Singapore, which has a similar number of members registered for a population of roughly five million.
“Australia, with a population of about 28 million, has about 100,000 members,” he said. He added that talent retention within the accounting industry was of utmost importance, due to the global nature of the profession.
“The accounting profession is very mobile. There is an urgent need to have a review of the low level of audit fees in Malaysia. Our audit fees are one of the lowest in the region,” he said. He added that the quality of education was important because it equated to the future supply chain of accountants in Malaysia. Accounting firms are constantly on the lookout to hire competent accounting graduates.
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Accountants with Good command of the English language needed in Malaysia
“Suitable candidates are hard to find. MIA can talk to the minister responsible for this, in terms of how we want to bring the accounting profession to the next level,” he said.
Johan highlighted that more importance should be placed on improving the level of competency in the English language.
“Accounting is about communicating financial statements and what you have done to the public at large.
“If you aren’t able to communicate well and if your supply of graduates doesn’t have a strong command of the language, then you would not be as strong as what you ought to be,” he said.
He added that while Bahasa Malaysia unified the country, English was still the language of commerce.
MICPA has more than 3,200 members and over 500 registered candidates. Members of the Institute are professionally qualified “certified public accountants” bearing the CPA qualification.
Becoming a Professional Accountant or Chartered Accountant in 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 5 papers.
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