Accounting (43%)
What is Accounting?
Accounting is the process of keeping track of financial accounts, ensuring the flow of money and
handling all money matters.
Are you a stickler for the rules? Someone who always finished and handed in his homework on time.
Are you an honest person who believes that ‘honesty is the best policy’? Are you good with numbers
and calculations? When everyone wanted to borrow your maths homework in school, but you being
the honest person that you were, said no? Do you want to be considered successful and professional
by friends and family? Well, if this does sound like you, then read on as we meticulously introduce
you into the rich world of accounting.
Accounting can be said as the backbone of any business because that’s what sustains it. Keeping
track and inspecting financial accounts for companies, government groups and individual clients are
some of the responsibilities of an accountant. Some are self-employed while others work for large
firms with offices across the nation. Basically, you handle money, and lots of it.
Specialisation
Tax Accounting, Financial Accounting, Audit, Forensic Accounting, Managerial Accounting.
Courses covered
SPM
Principles of Accounting
Mathematics
Trading
Basis of Economy
University Level
Accounting
Business Law
Taxation Law
Company Accounting
Organisations and Management
Accounting Systems
Management Accounting
Professional Practice in Accounting
Ethics, Sustainability and Culture
Business Statistics
Business Economics
Strategic and Sustainable Accounting
Auditing and Assurance Services
Accounting Theory
Financial Management
Why should study Accounting
With so many degree options out there, here are some top reasons why you should study Accounting:
Can work in any industry:
In all organisations, in all industries need the services of an accountant.
More job opportunities:
The degree of the accountant will provide you a lot of job growth opportunities, as every company needs an accountant. Job rate of an accountant is 95%.
Move to other areas:
If you do accounting job in different organisations, so you can also learns practical skills of business and can move to the different area even start your own business.
Requirements
STEP 1 : SPM / O – LEVELS
STEP 2 : DIPLOMA / STPM / PRE-U / Foundation
MINIMUM requirements for admission 3 credits, including Mathematics and a pass in:
English
Bahasa Malaysia
History
You can choose to complete any of the following
Diploma in Accounting (Possibility of immediately entering Year 2 of Degree course)
STPM
Foundation in Business or Arts.
STEP 3: DEGREE
The basic requirements that you’ll need to meet to pursue an Accounting Degree are:
A-Levels: Minimum of CDD; or
STPM: Minimum 2C+s; or
Australian Matriculation: Minimum of ATAR 65; or
Foundation in Business or Foundation in Arts: Minimum CGPA of 2.50; or
Asasi or Matrikulasi: Minimum CGPA of 2.50
Synopsis of pathway
1) SPM
2) Foundation/Diploma: 1 – 2 years
3) Degree: 3 – 4 years
4) Masters: 1-3 years
You have 4 options to become a professional accountant
ACCA
CIMA
ICAEW
MICPA
ACCA (3-4 years, if done while working)
* Minimum entry requirements:
3 LCCI Higher passes/A levels/STPM (Group diploma is equivalent to 3 LCCI Higher passes)
AND
2 LCCI Intermediate Level passes/O level/SPM
(in five separate subjects including Mathematics & English)
Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global
professional accounting body offering the Chartered Certified Accountant qualification (ACCA or
FCCA). From June 2016, ACCA recorded that it has 188,000 members and 480,000 students in 178
countries.
To qualify as an ACCA member, you will need to complete:
Exams – a minimum of five of 14 exams (nine are eligible for exemption if applicants possess
the proper qualifications*)
o You need to give 14 papers which are divided by 9 papers of the Fundamental Level
and 5 papers of the Professional Level (Objective & long type, case studies)
The question papers are divided into three patterns of questions; objective type, longer type
and case studies.
Experience – record 36 months' experience in a relevant role
Ethics – The online Professional Ethics module provides applicants with an interactive means
of exploring and practising their own ethical attitudes. It asks them to examine their ethical
response to a variety of situations. The module allows applicants to establish what their
ethical values are, gives them a wide base of ethics theory and reinforces the five
fundamental ethics principles – objectivity, integrity, confidentiality, professional behaviour,
professional competence and due care.
You can choose how you study, how often you sit your exams and where you get your relevant
practical experience. But ACCA recommends you do the practical experience along with passing your
exams if you can.
You can choose from a variety of study options such as:
full-time courses
part-time day or evening courses
distance learning
weekend courses
ACCA-X (an exciting online learning programme providing high-quality, free and affordable
course)
revision courses.
ACCA certificate holders are recognised all around the world and its qualification is recognised by
employers and appreciated by students who have passed out ACCA as they are known for their
quality and excellence, making it easy for employers to rely on their ability and knowledge while
hiring them. ACCA has a wider spectrum and is known for its flexibility.
Future prospects:
Accounting firms
Educational & training companies
FMCG sectors
Financial services & consulting companies
Healthcare
CIMA (4 years)
CIMA Qualification is a globally recognised credential awarded by the Chartered Institute of
Management Accountants, UK for those interested in pursuing a career in the specialised field of
management accountancy. CIMA has over 88,000 students and 70,000 members in 161 countries.
What sets apart this finance certification from most others is its focus on accountancy as related to
business management more than anything else. The focus on business makes CIMA different and
suitable if you want to do a professional course but have a knack for business and finance.
Minimum entry requirements:
For CIMA Qualification in Business Accounting:
There are no specific eligibility criteria but a good grasp of Mathematics and English is essential
along with an interest in studying accountancy.
For CIMA Operational Level Studies:
CIMA Qualification in Business Accounting
Master’s in Accounting or MBA
Membership of ICWAI, ICMAP or ICMAB
Membership of an IFAC body
Any relevant qualification to get exemption from the CIMA Certificate in Business
Accounting
Management Level Studies:
Successfully complete CIMA Operational Level studies & Operational Case Study.
For CIMA Strategic Level studies:
Successfully complete CIMA Operational & Management Level studies & Operational &
Management Case Studies
CIMA is divided into four levels:
1 st level – Entry
2 nd level – Strategic
3 rd level – Management
4 th level – Operational
Each level aims to train students toward a complete knowledge of the business and provides
practical skills that would give an edge to the candidate in the professional world.
To fully qualify:
Pass a total of 12 exams to achieve the CIMA certificate: 9 multiple-choice objective tests
(three per level), and three case studies (one per level).
Three years of professional experience
Held twice a year:
May
November
Future prospects:
Sports
Media
Fashion
Publishing & more
ICAEW / ACA (3-4 years)
The Institute of Chartered Accountants in England and Wales (ICAEW) is the largest accountancy
body in Europe; ACA is their main accounting qualification, fully focused on the evolving needs of
modern business. ACA-qualified accountants who are Institute members are entitled to offer their
services as a 'Chartered Accountant' and to use the letters ACA or FCA (Fellow Chartered
Accountant) depending on their experience and length of membership.
ACA also helps you create a delicate balance between your study and work so that you’re able to
have proper work-life balance and thrive as a professional. ACA has several entry routes and it can
be done even in Europe, USA and Asia. However, in many countries in Asia, ACA is not considered as
a globally recognised certification.
There are three levels:
1st level – Certificate
2 nd level – Professional
3 rd level – Advanced
To fully qualify:
Pass the ACA qualification, which has 15 modules over 3 levels:
Certificate Level 6 modules (1.5-hour computer-based exam each)
Professional Level 6 modules (2.5 – 3-hour exam each)
Advanced Level 3 modules (3.5 hour exam each)
Complete 450 days of relevant work experience (in ACA registered firms only)
ACA is conducted in:
March, June, September & December (Professional level)
July & November (Advanced Level)
Future prospect:
PwC
KPMG
Deloitte
Ernst & Young
MICPA
Formerly known as the Malayan Association of Certified Public Accountants (MACPA), the Malaysian
Institute of Certified Public Accountants (MICPA) is the only homegrown professional body. It was
established in 1958 and has a long history of producing technically-sound professional accountants.
The institute has had many prominent business people in the industry who became its members.
A turning point in 2009 saw MICPA and Chartered Accountants Australia and New Zealand (CAANZ)
collaborate to run a joint professional programme called the MICPA-CAANZ Programme – which
provides its graduates with a dual qualification and memberships with both MICPA and CAANZ,
leading to the use of 2 titles – Certified Public Accountant, Malaysia and Chartered Accountant,
Australia and New Zealand.
Members of both MICPA and CAANZ are eligible for Malaysian Institute of Accountants (MIA)
membership.
A second development saw a new agreement made, the Mutual Recognition Agreement (MRA)
between ACCA and MICPA.
To qualify:
If you have a Diploma in Accounting, then you can join the Professional Stage Exam (4 modules). This
will bring you to the MICPA-CAANZ Programme (5 modules) after having 3 years of working
experience in accountancy.
With a Degree in Accounting, you can do the MICPA-CAANZ Programme (5 modules). To join this
programme, you need to have 3 years working experience in accountancy.
If you have a degree from a non-accounting background, you can do the Conversion Programme (8
modules). After completion, then you can join the MICPA-CAANZ Programme (5 modules) + 3 years
working experience in Accountancy.
From MICPA to ACCA
MICPA members who have been admitted as a Certified Public Accountant member before January
1, 2009 but who have achieved less than five years’ relevant post-qualification experience must pass
ACCA’s Paper P1, Governance, Risk and Ethics.
Alternatively, MICPA members who have been admitted as Certified Public Accountant members
before January 1, 2009 but have achieved five years’ relevant post-qualification experience must
satisfactorily complete the ACCA Professional Ethics module.
To qualify:
As per the Accountant act 1967, schedule Part 1.
Obtain 3 years of relevant working experience
Pass the final exam as specified in the Accountants Act
Once you have completed MICPA, you could then apply to become a member of the Malaysian
Institute of Accountants (MIA). To do so, you would need to know the following:
There are two prerequisites for a person to apply for MIA membership. You must have:
• obtained one of the qualifications recognised by MIA
• obtained not less than 3 years relevant practical working experience in areas related to
accounting.
If you have fulfilled the above requirements, you may apply for membership into MIA. To register,
you are required to complete and submit the MIA application form to the Institute with all the
relevant documents.
To register as a chartered accountant with the MIA, you would need to have one of the following
qualifications recognised by the Institute:
• Have passed any of the final examination specified in Part 1 of the First Schedule of the
Accountants Act, 1967; or
• Be a member of any of the recognised bodies specified in Part II of the First Schedule of the
Accountants Act, 1967; or
• Be eligible to sit for and has passed the Malaysian Institute of Accountants Qualifying
Examination (QE).
Skills
Eye for detail
If you’re a detail-oriented person, you pay attention to the little things. That means you may like
sharp creases in your jeans and crisp shirts, but it goes beyond attire or an obsession with making
lists. It means you’re conscientious and focused on accuracy and precision. You pride yourself on
being a perfectionist. You’re also patient and persistent in pursuing answers to challenging
questions.
Inquisitive
Your primary responsibility as an accountant is to safeguard your organisation’s assets. That means
you can’t take anything at face value. Your job is to question everything and then be willing to dig in
and investigate – to do the research necessary to find the answers and resolve discrepancies. For the
curious-minded, this can be satisfying work, particularly when your ability to overcome a challenge
results in success for your company or clients.
Good communicator
Bet you thought accounting was just about math. While it is a numbers-based profession, real-world
business problems do not present themselves as mathematical equations, even if math is required
to solve them. You need to be good with words – a careful and critical reader, and a good oral and
written communicator, able to present and explain financial data, new regulations, financial results
and business projections.
Follows rules
Do you believe in following rules even if you don’t agree with them? Accountants must follow lots of
rules, principles, tax codes, and regulations governing what data to report and how to report it.
While it is okay to be creative in terms of how you set up spreadsheets or develop presentations,
“creative accounting” – or making up your own rules – is not.
Career Options
Accounting Clerk
Auditing Clerk
Accounts Receivable Clerk
Accounting Assistant
Accounts Payable Clerk
Bookkeeper
Management Trainee
Payroll Clerk
Salary
The average pay for an Accountant is RM 51, 345 per year. Financial accounting and Controlling will
generate a higher pay. Most people move on to other jobs if they have more than 20 years'
experience in this field. Experience strongly influences income for this job.
Malaysia:
Malaysia needs about 60,000 accountants to become a developed nation by 2020. As Malaysia
navigates towards becoming a high-income nation, more chartered accountants are needed to drive
the country’s economic growth.
Overseas:
Despite the economic downturn, demand for accountants remains strong. Additionally, in some
places there has been a fall in the number of people taking up accounting in the last 2-3 years which
will create even more opportunities for those choosing to enter the profession now.
Tougher trading climates also make the financial insight provided by chartered accountants even
more valuable. As the adoption and updating of International Financial Reporting Standards (IFRS)
gathers speed, qualified accountants will be needed to help organisations interpret and apply these
complex standards.
Entry level: RM2,000 to RM 3,500
1-4 years: RM 4,200 to RM 7,000
5 years – 9 years: RM 5,000 to RM 15,000
>10 years: > RM 15, 000
Top Recruiters
Accounting technician.
Actuarial analyst.
Business adviser.
Chartered accountant.
Chartered certified accountant.
Chartered management accountant.
Chartered public finance accountant.
Do you know?
Before a standard numbering system was developed, ancient accountants used clay tokens to keep
track of animals and grains.
Where you can study ?
Do note that all courses should be accredited by the Malaysian Qualifications Agency (MQA). Click
here (http://afterschool.my/news/how-to- check-if- your-course- is-accredited- by-mqa/) to check if
the course you choose is accredited.