So you are thinking about being an accountant. You take accounting subjects in school and proceed with accounting courses in university.
But, did you know that you can’t simply practise or claim yourself as an accountant without proper qualification in Malaysia?
The word ‘Accountant’ as well as other similar terms, such as tax auditor and account consultant, are protected under the Accountants Act 1967. This means unless you are a registered member of a professional accounting organisation, you would not be able to hold yourself as an accountant officially and publicly.
There is a lot of professional accounting qualification in Malaysia. You can also choose worldwide accounting professional recognitions like ACCA, CPA or CFA.
What are these qualifications and which one should you choose?
Is ACCA Qualification better than others?
Let’s take a look at ACCA first. As someone who has an accounting background, you may have heard ACCA millions of times. But what does ACCA stands for?
ACCA is an abbreviation for Association of Chartered Certified Accountants. It is a well-known organisation specially designed for aspiring professionals in the finance and accounting field. And most important of all, ACCA is recognised worldwide.
In order to become one of the ACCA prestigious members, you can start applying through ACCA’s website. However, before you apply, you need to meet either of these requirements first.
- Sijil Pelajaran Malaysia (STPM)
- Matriculation Certification (Matrikulasi)
- Unified Examination Certificate (UEC)
- Matriculation to University (Bachelor or Masters)
- University/College Foundation (all programmes)
- Diploma Kemahiran Malaysia (DKM)
It is good if you have accounting basics such as Prinsip Perakaunan, Ekonomi or Finance. However, do not worry if you do not meet these requirements.
Without any of the above requirements or working experience, you can still pursue your career in this field with the ACCA Foundations in Accountancy. The foundation program is designed for people without an accounting background to learn about the principles of accounting.
However, if you have either of these prerequisites, you may be able to exempt from a few ACCA examination papers. Below are the papers that you need to sit to obtain your ACCA qualification.
| Module | Examination Paper |
|---|---|
| Applied Knowledge module | Business and Technology (BT) |
| Management Accounting (MA) | |
| Financial Accounting (FA) | |
| Applied Skills module | Corporate and Business Law (LW) |
| Performance Management (PM) | |
| Taxation (TX) | |
| Financial Reporting (FR) | |
| Audit and Assurance (AA) | |
| Financial Management (FM) | |
| Strategic Professional (Essentials) | Strategic Business Leader |
| Strategic Business Reporting | |
| Strategic Professional (Options) | Advanced Financial Management (AFM) |
| Advanced Performance Management (APM) | |
| Advanced Taxation (ATX) | |
| Advanced Audit and Assurance (AAA) |
In order for you to receive your ACCA certification, you will have to complete:
- A maximum of 13 examinations (subject to previous experience and qualification)
- Ethics and Professional Skills module
- Three years of accounting working experience
You may be able to be rewarded with ACCA qualification after you complete all the examinations within 3 to 4 years on average.
The fees for ACCA are subject to changes. So be sure to check out the website to see the updated fees.
What does CPA do?
Next, we will take a look into CPA.
CPA or Certified Public Accountant is a finance, accounting and business organisation in Australia. It offers specific qualifications for professionals who wish to enter the finance and accounting industry.
Being one of the qualified CPAs, you will be respected by professional organisations, recognised all over the world and highly sought after big companies. Having a CPA certification means you can use the designation CPA (Aust.) or FCPA (Aust.) in front of your name.
You will need to complete these requirements in order to be awarded the CPA designation:
- Receive a degree or a postgraduate award recognised by CPA Australia.
- Complete the CPA Program, including three years of professional experience in finance, accounting or business.
- Get involved in CPD activities each year.
- Adhere to a strict code of conduct set by CPA Australia.
There are four compulsory subjects and two elective courses that you have to take in the CPA programs.
Compulsory Subjects:
- Ethics and Governance
- Strategic Management Accounting
- Financial Reporting
- Global Strategy and Leadership
Elective Subjects:
- Contemporary Business Issues
- Financial Risk Management
- Digital Finance
- Malaysia Taxation
- Australia Taxation
- Australia Taxation - Advanced
The fees for CPA are also subject to changes. It is advisable for you to check out the fees directly on the website.
Based on what type of learning program you choose, you may be able to complete the program and be rewarded with the CPA designation on an average of one year. However, you have ample six years duration to finish the program from the date you become an Associate member. Any extensions may be granted upon application.
Is CFA is the right certification for you?
If you are still surveying for other professional certifications, you may want to look at CFA too.
Chartered Financial Analyst (CFA) is a qualification that is designed for investment specialists. If you are looking forward to fast track your career in the financial and investment industry, CFA may be one of the best certifications that you should go for.
Whether you already have a background in finance, accounting, economics, or business, or just want to switch careers in these industries, having the CFA designation in your name allows you to work in senior and executive positions in multiple investment divisions.
In order to enrol on the CFA program, you have to meet these requirements first:
- Have either one of the following enrollment requirements: Bachelor’s Degree, undergraduate student or work experience.
- Own an international travel passport.
- Meet the Professional Conduct Admission Criteria.
- Proficiency in the English language.
- Live in a participating country.
CFA Institution provides convenient tools and resources to help you study for the examinations. Once you register for the program, you will have access to a study tool called the Learning Ecosystem.
Apart from that, you will also be able to take CFA courses from Approved Prep Provider (APP) to help you with the exam preparation. The core curriculum topics for CFA Program are:
- Ethical and Professional Standards
- Quantitative Methods
- Economics
- Financial Statement Analysis
- Corporate Issuers
- Equity Investments
- Fixed Income
- Derivatives
- Alternative Investments
- Portfolio Management and Wealth Planning
These topics will be covered in three examinations (CFA Level I, CFA Level II and CFA Level III) that evaluate the basics of investment tools, valuing assets, portfolio management and wealth planning.
As an organisation that support the highest standards of ethics, education, and professional excellence, the CFA Institute offers a number of scholarships for eligible candidates who need financial help. Here are the scholarships available to apply:
- Access Scholarship
- Women’s Scholarship
- Student Scholarship
- Professor Scholarship
- Regulator Scholarship
How can you study for an accountant professional certification?
Some professional qualification bodies offer their specific accounting classes or programs for students and others don’t.
ACCA does not provide any study program but recommends candidates to opt for ACCA Approved Learning Providers. Meanwhile, CPA and CFA offer online accounting courses to help candidates to prepare for the examinations.
But of course, these options come with a price. However, if you are trying to save up a chunk amount of money, why not try to look for a tutor instead?
With a reputable online tutoring platform like Superprof, you can find your accounting instructor easily.
What is Superprof?
Superprof is an online tutoring website where you can find your ideal tutors for just about any subject you prefer. Just like its name, searching for a tutor on Superprof is super easy.
Firstly, go ahead to Superprof’s website. Once you are on the page, you will see a search bar.
Type in ACCA, CPA, CFA or just accounting in the search bar. Choose your class location either ‘around me’ or ‘online’. Then, click the ‘Find a tutor’ button.
A list of available tutors will appear on your screen. You will be seeing 4 types of tutor badges which are:
- Ambassador
- Super tutor
- Experienced
- New
Each of the badges recognises the different expertise, qualifications and recommendations by previous students.
You can further filter the tutors based on the location, rate, response time and level to meet your expectation. Check the tutors’ profiles to see their qualifications and reviews.
Once you have selected which tutor to go with, click the ‘Book a lesson’ button on the right side of the tutor’s profile page. Send him or her a message of what you expect, your background, goals and other information you think is necessary.
The average price for accounting tutors with professional qualifications such as ACCA is RM50 per hour. However, if you spend a little bit of time searching, you may even find an accounting tutor for as low as RM17 per hour. In fact, most of the tutors offer the first one hour lesson free.
Go ahead and start your accounting and finance career journey with some help from Superprof tutors.
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