Everything you need to know about studying Accounting in Malaysia!

An Accounting course in Malaysia may for you if you enjoy working with numbers, have solid reasoning skills, and are interested in business.

This guide will cover everything you need to know about studying accounting in Malaysia, from what it is and how it influences the world to the employment opportunities available to you with an accounting degree.

Accounting Fundamentals   a)     What Is Accounting?

Accounting is the process of documenting, analysing, and reporting financial cash flow statement transactions so that businesses can make strategic business decisions. Accounting is also necessary to guarantee that firms follow the law (think tax and audit).

This appears to be more than you can take right now. Accounting abilities, on the other hand, are quite practical and may be applied to a variety of areas of your life, including budgeting.

For example, you'll need to budget intelligently to ensure that your cash outflows (college tuition fees, books, and living expenditures) are smaller than your cash inflows to avoid your college finances spiralling out of hand (just a heads up!) 

Tip: Always have your spendings into journal entries for you to easily track your financial  

Fun Facts about Malaysians spending habits : According to Ringgitplus survey results found that the “middle income trap” is very apparent among Malaysians: increased salaries do not equate to proportionally increased savings.  

 – 88% of Malaysians earning between RM2,000 to RM5,000 a month save less than RM1,000 monthly.

– 67% of Malaysians earning between RM5,000 to RM10,000 a month save less than RM1,000 monthly.

– 31% of Malaysians earning above RM10,000 a month save less than RM1,000 monthly.

 b) What Are the Different Types of Accounting? The four primary forms of accounting that are commonly covered in a degree are:

1. Financial Accounting is a field that keeps track of financial transactions. The transactions are recorded, summarised, and presented in a financial report or financial statement of debits and credits using standardized principles and procedures.
2. Accounting for Management is needed as the company's management needs information. This encompasses cost behavior, manufacturer product costing, budgeting, decision-making magnitude, and transfer price.
3. Tax accounting which defines particular standards that firms and individuals must follow while completing tax returns governs tax accounting.
4.  Services in Audit & Assurance is a study or inspection of a company's financial accounts, and this course covers the principles and technical components of auditing.

These are the common accounting fields you'll come across during your studies! After completing your degree, you have the option of working or specializing in a variety of accounting disciplines.

 2. Studying for an Accounting Course 

a) Requirements and Qualifications 

You must meet the entry requirements in order to pursue a degree in accounting. The following are the basic requirements:

(i) Accounting Diploma

To pursue a Diploma in Accounting, you'll normally need:

 Minimum of 3 credits in SPM/O-Level, with a pass in Mathematics, English, Bahasa Malaysia, and History.

A two- to a three-year diploma in accounting covers the fundamentals of accounting knowledge and abilities.

 You can either enter the workforce or pursue an accounting degree, which normally begins in the second year.

 (ii) Accounting degree

To pursue a degree in accounting, you must first finish your SPM or equivalent, as well as a Pre-U qualification.

 To pursue an accounting degree, you must complete the following basic requirements:

•      A-Level: Minimum CDD; or 
•      STPM: Minimum 2C+s; or
•      Australian Matriculation: Minimum ATAR 65; or
•      Foundation in Business or
•      Foundation in Arts: Minimum CGPA of 2.50; or 
•      Asasi or Matrikulasi: Minimum CGPA of 2.50; or
•      Asasi or Matrikulasi: Minimum CGPA of 2.50; or
•      Asasi or Matrikulasi: Minimum CGPA of 2.50; 
•      or Asasi or Matrikulasi

In addition, you must pass your SPM with at least a credit in Mathematics and a pass in English.

Typically, an accounting degree is three-year long. 

(b) How Does Your Education Pathway Look Like?

After completing your SPM or comparable qualification, you can enroll in a pre-University course (A-Level, STPM, AUSMAT, etc.) or a Foundation in Business or Foundation in Arts. You can also opt for a Diploma in Accounting as an alternative.

You can opt to pursue your accounting degree after completing any of the above courses.

Professional accounting qualifications such as ACCA, MICPA, CPA Australia, CIMA, and ICAEW will help you improve your technical understanding in the accounting area and add extra bells and whistles to your résumé.

 Facts and Stats about ACCA

• 64% of ACCA students are aspiring entrepreneurs and plan to start their own business at some point in their career.
• ACCA became the first international accountancy body to incorporate reporting into its syllabus in 2013-14.
• Ethel Ayres Purdie became an ACCA member in 1909, the first woman to belong to a professional accountancy body.
• The first ACCA branch outside the UK was established in South Africa in 1913. 
• 97% of ACCA members are currently employed. 
• In 1994 Shanghai University of Finance and Economics became the first university to offer ACCA courses in mainland China

Generally, the duration per level of study for accounting and finance is:

• Foundation – 1 year
• Diploma – 2 years
• ACCA - depends on your speed, 13 papers in total
• Bachelor’s degree – 3 to 4 years
• Master’s degree – 1 to 2 years

(c) What Accounting subjects Will You Take?

Most accounting degrees will require you to study core / required subjects in your first year, which will include topics such as:

•        Accounting for Money
•        Commercial Law
•        Marketing
•        Investment and Finance
•        Monetary policy (Microeconomics and Macroeconomics)
•        Principles of Management
•        Quantitative Techniques

You will still have certain core studies in your second and third years, but you will also be allowed to choose elective subjects based on your interests.

 3. How much does it cost to study an Accounting course?

 4. Why Should You Study Accounting?  With so many degree options available, here are some of the most compelling reasons to pursue a career in accounting!

 (a) Acquire useful skill sets

Studying accounting will improve your attention to detail, reasoning, and critical thinking skills, all of which will be useful in the future. An accounting course can also help you manage your monthly budget and future investment plans in your daily life. In organizations and companies, these are high-demand skill sets.

 (b) A wide range of future alternatives

An accounting degree will allow you to specialize in a wide range of accounting professions in the future, including tax accounting, financial management, auditing, management consulting, and so on. There is also the option of you beginning your own accounting firm in the future because of your exposure to accounting and business skills.

 (c) Business has a plenty of options.

An accounting degree would allow you to continue to learn and grow as a professional in the area while also assisting in the improvement of systems and businesses. Because of the extensive range of business-related topics covered during your accounting degree, you will have the opportunity and capability to change careers in any field of business.

5. What Skills Do You Need for an Accounting Course?

Here are some of the most important attributes and talents to cultivate to succeed in an accounting course.

 (a) Excellent reading comprehension and English language command

In the search for solutions, there will be a lot of documents, research, and bulky handbooks to read! As a result, high reading comprehension is required to comprehend written words and paragraphs in documents and prescribed rules. For better comprehension, we recommend having an excellent and strong command of the English language.

 (b) Effective decision-making abilities

Part of accounting entails using decision-making abilities to weigh the relative costs and benefits of several options in order to make the best decision. There are a variety of ways to approach an accounting problem, so you must select which method is ideal for you while adhering to stringent requirements.

 (c) Ability to speak and communicate effectively

You probably thought accounting was all about numbers! It's also critical to speak and communicate properly in order to deliver information efficiently. Most people think of accounting as a job where you work with numbers all day. This is false, as you will very certainly be required to work in groups or report to persons in various lines of command on a daily basis.

6. What Kinds of Jobs Can You Get with an Accounting Degree?

Following your accounting degree, you may want to investigate the following employment options:

•       Financial Controller 
•       Forensic Accountant 
•       Investment Banker
•       Tax Consultant 
•       Accountant
•       Auditor
•       Chief Financial Officer (CFO)

If you've suddenly realised that accounting isn't your cup of tea, there are a variety of alternative areas where you can put your degree's practical abilities to use.

Accounting may be valuable in the following fields:

•        Services in the Financial Sector
•        Telecommunications in Real Estate
•        Research into the market
•        Media & Advertising Logistics

Where Can You Study Accounting in Malaysia? 

Click HERE for the full list of some of Malaysia's most well-known universities that offers an accounting course and are recognised by the MQA.