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Studying Accounting and Finance in Malaysia: A Quick Guide

by StudyMalaysia.com on August 23, 2024 | Top Stories, Accounting and Finance

Studying Accounting and Finance in Malaysia: A Quick Guide - StudyMalaysia.com

Accounting and finance are two integral disciplines in the business world, often studied together due to their complementary nature. In Malaysia, pursuing studies in these fields, whether through certifications, diplomas, foundation courses, degrees, or postgraduate programmes, opens doors to diverse career opportunities both locally and globally. 

Accounting focuses on the systematic recording, auditing, and analysis of financial transactions, equipping students with the principles and processes necessary to manage both corporate and personal financial records. 

Finance, on the other hand, deals with the planning, directing, and controlling of financial activities, providing a comprehensive understanding of financial systems, investment strategies, and market dynamics. This quick guide will walk you through the essentials of studying accounting and finance in Malaysia, covering various educational pathways to suit different career goals.

Why Study Accounting and Finance?

Choosing to study accounting and finance can be a highly rewarding decision, offering numerous benefits both personally and professionally. Here’s why these fields are worth considering:

High Demand and Job Security

Accounting and finance professionals are in constant demand across all industries. Every business, regardless of size or sector, needs experts to manage its finances, ensure compliance with regulations, and make informed financial decisions. In Malaysia, the financial sector is expected to experience continued growth in 2024, with the International Monetary Fund and World Bank forecasting a 4.3% and 4.5% GDP growth, respectively. This robust economic environment ensures strong job security and numerous employment opportunities. (IMF and 2024 Finance Malaysia)

Diverse Career Opportunities

A qualification in accounting and finance opens the door to a wide range of career paths. Whether you aspire to be an accountant, auditor, financial analyst, investment banker, tax consultant, or even a CFO, these fields provide the foundation for many different roles. Additionally, the skills you gain are transferable across various sectors, from corporate finance and banking to government and non-profit organisations.

Lucrative Salaries

Professionals in accounting and finance are often well-compensated, reflecting the high level of responsibility and expertise required in these roles. In Malaysia, starting salaries for graduates in these fields are competitive, with significant potential for growth as you gain experience and take on more senior roles. The sector’s growth, driven by economic expansion and digital transformation, continues to offer lucrative opportunities.

  • The average monthly salary for Financial Accountant jobs in Malaysia ranges from RM 4,400 to RM 6,100. (Jobstreet)
  • Accountants: RM 38,000 to RM 72,000 annually, depending on experience. (Payscale)
     

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  • Financial Analysts: RM 37,000 to RM80,000 annually, depending on experience. (Payscale)
     

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Global Recognition and Mobility

Accounting and finance qualifications from reputable Malaysian institutions are recognised worldwide, particularly when paired with professional certifications like AAT, ACCA, CIMA, and CPA. These certifications are highly regarded across the globe and can open doors to career opportunities in various countries. The global recognition of these qualifications means you can pursue international career paths with confidence, making accounting and finance an excellent choice for those seeking to work abroad.

Continuous Learning and Professional Development

The fields of accounting and finance are dynamic, with constantly evolving regulations, technologies, and market conditions. Malaysia’s financial sector is experiencing digital transformation, with Bank Negara Malaysia issuing digital bank licences and a rapid uptake of digital payments and innovative financing solutions. This ensures that your career will involve continuous learning and development, keeping you engaged and helping you stay at the forefront of industry trends. Many professionals also pursue additional certifications and training throughout their careers to enhance their expertise and job prospects.

Contribution to Business Success

As an accounting and finance professional, you play a crucial role in the success of businesses and organisations. By ensuring financial stability, advising on investments, and guiding strategic decisions, you contribute directly to the growth and sustainability of the entities you work with. This can be incredibly fulfilling, knowing that your work makes a significant impact. The Malaysian government’s focus on technological advancements and regulatory streamlining underscores the importance of these roles in supporting inclusive growth and digital accessibility.

Top Institutions Offering Accounting and Finance Programmes

Malaysia boasts several reputable institutions providing diverse accounting and finance programmes at various levels, from foundational courses to advanced qualifications. These institutions offer comprehensive pathways for students pursuing careers in these fields:

  • Asia Pacific University of Technology & Innovation (APU): APU offers certifications, diplomas, undergraduate degrees, and postgraduate programmes in accounting and finance. The university integrates technology and global industry practices into its curriculum, equipping students with relevant skills for the evolving financial sector.
  • AAT (Association of Accounting Technicians): Perfect for school leavers and career starters who want to quickly advance their career in finance and accounting. With an AAT qualification you can avoid university debt while earning a respected qualification recognised by employers. Whether your dream is to climb the corporate ladder or start your own business in many industries, AAT provides the foundation you need.
  • City University: City University offers degree and postgraduate programmes in accounting and finance. Known for its focus on practical skills and industry relevance, City University prepares students for a range of careers in the financial sector.
  • First City University College: First City University College offers a Bachelor of Science (Hons) in Accounting and Finance. This programme equips students with up-to-date knowledge and skills in accounting, auditing, taxation, and finance, meeting industry and professional standards. Students gain hands-on experience through internships and benefit from exemptions for ACCA (UK) and CIMA (UK) qualifications. 
  • MAHSA University: MAHSA University offers a Diploma in Accounting, a comprehensive two-year programme designed for students who have completed their SPM or its equivalent. This programme covers essential topics including accounting principles, practices, software applications, financial and management accounting, taxation, and business financing. Graduates of this programme will acquire the skills needed to prepare financial reports, manage budgets, handle personal income tax returns, and implement small business accounting systems, preparing them for careers as accounting executives or office executives.
  • Management and Science University (MSU): MSU provides a broad range of accounting and finance programmes, including diplomas, undergraduate degrees, and postgraduate qualifications. Their offerings include foundational diplomas for entry-level positions, comprehensive undergraduate degrees for professional roles, and advanced postgraduate programmes for career enhancement. MSU also supports students in obtaining professional certifications such as ACCA and CIMA, helping to further their expertise and career prospects.
  • TAR University College (TARUMT): TARUMT offers a wide range of programmes in accounting and finance, from diploma to postgraduate levels. The university focuses on integrating practical experience with academic knowledge to ensure graduates are well-prepared for the workforce. TARUMT's curriculum is designed to meet industry needs and includes opportunities for internships and professional certifications, providing students with a solid foundation for their careers in accounting and finance.
  • Universiti Tunku Abdul Rahman (UTAR): UTAR offers two distinguished programmes: the Bachelor of Accounting (Honours) and the Bachelor of Finance (Honours). The Bachelor of Accounting (Honours) provides comprehensive education in accounting, preparing students for roles such as auditors, accountants, and financial planners. 
  • HELP University: HELP University provides a range of programmes from foundation courses to professional certifications and degrees in accounting and finance. Its emphasis on practical experience and adherence to global standards makes its qualifications valuable for career advancement.

These institutions provide diverse educational pathways suited to various career goals and backgrounds, from foundational training to advanced professional qualifications. By choosing the right programme, students can gain the skills and credentials needed to succeed in the accounting and finance sectors both locally and internationally.

Entry Requirements

Admission into accounting and finance programs typically requires:

  • SPM or O-Levels: Minimum credit in Mathematics and English.
  • STPM, A-Levels, or Foundation: Specific grades depending on the university.

Some universities may also accept equivalent qualifications, and entry requirements can vary slightly between institutions.

Cost of Studying and Scholarships

Tuition fees for accounting and finance programmes in Malaysia can range from RM 20,000 to RM 80,000 per year. 

Universities often offer scholarships based on academic merit, financial need, or other criteria. Additionally, government initiatives and private organisations provide funding opportunities for students pursuing higher education in accounting and finance.

For a comprehensive list of scholarships and financial aid options, visit StudyMalaysia's Scholarships page. This resource can help you find suitable funding opportunities to support your educational journey.

For a more affordable option, consider the AAT (Association of Accounting Technicians) qualification. Ideal for school leavers and career starters, AAT offers a respected qualification without the hefty university fees, providing a solid foundation for advancing your career in finance and accounting.

Is Accounting Still Relevant for the Future?

Despite advancements in artificial intelligence (AI) potentially transforming many job sectors, accounting remains a robust and relevant field. AI has the capability to automate routine tasks, but the role of accountants goes beyond mere number-crunching.

Key Insights:

  • Ongoing Demand: Accounting roles, such as financial planning, auditing, tax calculations, and reporting, are essential and cannot be fully replaced by AI. Technology supports these tasks but does not substitute the need for human oversight and strategic decision-making.
  • Future Prospects: The demand for professional accountants in Malaysia is strong, with a projected need for 60,000 accountants by 2030. Despite rapid technological advancements, the core functions of accounting are expected to remain crucial.
  • Educational Adaptations: Accounting programs at universities are evolving to integrate the latest technologies and focus on developing skills that AI cannot replicate, such as strategic planning and human-centric decision-making.
  • Career Opportunities: The profession offers diverse career paths in various sectors beyond traditional accounting roles, including risk management and strategic consulting. The need for skilled accountants is evident in both local and global markets.

Next Steps

Courses in Accounting and Finance

Explore a career in accountancy to master the principles of financial record-keeping and analysis, or delve into finance to learn how to plan, manage, and optimise financial activities for organisations and individuals. Both fields offer essential skills for navigating today's financial landscape.

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References

  1. IMF- Malaysia and the IMF: https://www.imf.org/en/Countries/MYS
  2. 2024 Finance Malaysia: https://www.theasianbanker.com/finance-malaysia-2024/
  3. Jobstreet - Financial Accountant salary: https://www.jobstreet.com.my/career-advice/role/financial-accountant/salary
  4. Hiredly.MY - Top Accounting And Finance Jobs In Malaysia 2024: https://my.hiredly.com/advice/finance-accounting-jobs-in-malaysia
  5. Payscale -  Accountant Salary in Malaysia in 2024: https://www.payscale.com/research/MY/Job=Accountant/Salary
  6. Payscale - Financial Analyst Salary in Malaysia in 2024: https://www.payscale.com/research/MY/Job=Financial_Analyst/Salary
  7. BH Online - Adakah bidang perakaunan masih relevan untuk dipelajari?: https://www.bharian.com.my/berita/pendidikan/2023/09/1148486/adakah-bidang-perakaunan-masih-relevan-untuk-dipelajari
  8. Photo by Mikhail Nilov: https://www.pexels.com/photo/woman-in-white-dress-shirt-using-calculator-near-office-window-8297051/

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