- 01. What Are The Differences Between Financial Accounting and Business Accounting?
- 02. Tutoring For Accounting, Is It Really Necessary?
- 03. What Should I Know About A Diploma/Degree in Accounting and Finance?
- 04. What Is The Job Scope Of Accountants and Auditors?
- 05. Should I Only Apply For Companies Like The Big Four For Accounting/Finance Jobs in Malaysia?
I work all night, I work all day to pay the bills I have to pay
Ain't it sad?
And still there never seems to be a single penny left for me
That's too bad...
Money is undeniably one of the most talked topics across the globe. Before it is viewed as a source of luxury, we can all agree that it is first and foremost, a basic necessity.
Interesting enough, we have professional individuals that help us to manage big and small moneys for a living. They do have a keen sense of money, numbers and the economy. They work in banks, corporations as well as auditing and consulting firms.
The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money. - Robert Kiyosaki
Get ready to be transported to the world of accounting and finance as you read this article on how you can go the distance as an accounting and finance graduate.
What Are The Differences Between Financial Accounting and Business Accounting?
Do you know that there are many fields in the study of Accounting? You might want to explore more in these fields before pursuing an undergraduate degree in this industry.
Some of them include:
- Financial Accounting
- Business Accounting (Management Accounting)
- Accounting Information Systems
Let us break down the differences between the two most common branches of Accounting.
|Business Accounting/ Managerial Accounting||Financial Accounting|
|Gathers and analyses financial information|
( business segment based)
|Records and keep track of financial transactions (company based)|
|Can be represented through monetary reports or other presentation of data.||Follows a guideline to present transactions |
(balance sheets, financial statements and reports)
|Mainly for internal users and purposes: managers and employees||For external users and purposes: stakeholders and regulators|
|Involves estimation and prediction to facilitate the company's decision making process.||Requires auditors to check the validity of the report|
|Frequency is done according to the business's needs||Frequency is done annually or quarterly|
Tutoring For Accounting, Is It Really Necessary?
Accounting is more than just a numbers based subject, it is also about linking theories, forming relationships between cause and effects, detecting patterns and irregularities, and most importantly, application of knowledge to make informed business decisions.
If you are a beginner or someone who is looking to specialise in various branches of accounting like financial accounting or business accounting, it is certainly worth it to invest in an Accounting/Finance tutor.
Superprof has a diverse range of Accounting tutors that can teach on location and via online lessons from different parts of Malaysia.
You can gain easy access to affordable private tutoring sessions, with the average price of Accounting lessons standing at RM34 per hour, depending on your tutor's experience, frequency and duration of your lessons as well as preferred lesson mode.
What Should I Know About A Diploma/Degree in Accounting and Finance?
If you are interested to become an accountant in Malaysia, you might want to know the exact qualifications and steps needed to be one.
It is best to start off by obtaining a recognized Accounting and Finance degree from a higher learning institution that provides you with the necessary learning syllabus that are recognized by the professional accountancy bodies in Malaysia.
Some of them include:
1. Association of Chartered Certified Accountants (ACCA)
2. Malaysian Institute of Accountants (MIA)
3. Certified Practising Accountants Australia (CPA Australia)
Diploma in Accounting
You can take a diploma after the completion of your SPM and IGCSE examinations. It is a Pre-University programme, which is non-equivalent to an undergraduate degree. The entry requirements include 3 credits in SPM/IGCSE which include Mathematics.
The duration of study is 2 to 2.5 years, and students can work upon graduation before continuing their degree in Accounting and Finance. The scope of study is smaller as compared to a degree and covers basic principles of accounting and finance.
Degree in Accounting and Finance
A degree in Accounting and Finance is an undergraduate degree that you undergo after the completion of your Pre-University programme (STPM, UEC, Matriculation, A-Levels, Foundation, etc.). At this level, you are expected to master in-depth knowledge of the industry with more intensive modules.
The duration of study is 3 to 4 years (subject to universities) and students will complete their internship as a compulsory subject before they are subjected to graduation during their final year.
Students can also choose their specialism for their Accounting and Finance degrees such as Taxation, Forensic Accounting, Internal Audit, Forex and Investments, and several more.
Check out some of the universities in Malaysia that offer diplomas and degrees in accounting and finance.
What Is The Job Scope Of Accountants and Auditors?
"Are accountants and auditors the same?"
"I think they are working with the same information and at the same place all the time."
Actually, they are not the same though you can be any of them with a degree in Accounting and Finance.
Job scope of accountants
- Prepare financial documents, budget forecasts for any transaction
- Monitor day to day bookkeeping for firm's operations
- Facilitate filing for tax forms
- Oversee and make sure bank payments go on smoothly
- Publish financial statements according to set timelines (monthly, quarterly, annually)
Job scope of auditors
- Aids in setting internal audit objectives and research plan for risk assessment processes and procedures
- Verify accuracy of financial statements
- Check and look for loopholes on why certain figures do not add up in financial statement reports
- Prepare and write reports based on audit findings and include suggestions for further development
Should I Only Apply For Companies Like The Big Four For Accounting/Finance Jobs in Malaysia?
If you are in your final year of studies, it is probably time to start planning for the job-seeking adventure.
Your lecturers or acquaintances may have talked about the prospects of landing a job at the Big Four and encourage you to apply for a job there.
The main services that are provided by The Big Four are as follows:
- Audit and Assurance
- Financial Advisory
- Risk Advisory
- Legal Consulting
While it sounds like a great goal to start working in The Big 4 corporations as an Accounting and Finance graduate, it should not be the sole benchmark of your career aspirations.
You can learn more about the Big Four (that are based in Malaysia) from the information below.
There are currently 8 Deloitte offices in Malaysia that are located in:
- Kuala Lumpur
- Johor Bahru
- Kota Kinabalu
If you are currently doing your undergraduate studies in Accounting and Finance, you can consider applying for an Audit and Assurance Internship.
Other internship positions that are available include Tax Intern, M&A Transaction Services Intern, IT & Specialized Assurance Intern, Consulting Intern.
Be sure to check out the requirements at Deloitte's official website for the careers available for students, graduates and experienced hires.
Internships are seen as a stepping stone for many students who are seeking career opportunities in that particular company.
You may be recommended by your direct supervisor or colleagues for a full-time vacancy after the completion of your internship.
Ernst and Young (EY)
It is a myth that you can only work as an accountant or an auditor with an Accounting and Finance degree. With your knowledge in this field, you can apply what you have learnt to various branches in the Business industry.
For a big corporation like EY, you can be certain that there are many diverse roles that you can take on.
Depending on your education qualification (whether you are a student, degree graduate, Master graduate, or hold a non Accounting and Finance degree) and working experience, you can apply for various job positions at EY.
If you majored in Accounting and Finance, you can fit in these departments:
- Assurance, Tax, Consulting, National Task, Strategy and Transactions
Examples of job positions for fresh graduates include:
- Graduate Programme - Assurance (Audit Services)
- Graduate Programme - Assurance (Forensic & Integrity Services)
- Graduate Programme - Business Consulting (Technology Risk)
- Graduate Programme - Business Consulting (Finance, Financial Services)
- Graduate Programme - Tax (Global Mobility Tax)
- Graduate Programme - Strategy and Transactions (Valuation, Modelling & Economics)
- Graduate Programme - Strategy and Transactions (Turnaround & Restructuring Strategy)
Shortlisted candidates will be asked to have a self-recorded video interview and sit for an online assessment.
Klynveld Peat Marwick Goerdeler (KPMG)
Some of the aspects you should consider before applying for a job include a stable career progression, well-defined corporate culture and values as well as further learning opportunities for employees in the company and also the general public.
Well, you can look forward to these 3 elements while working at KPMG.
1. Career progression
a) Penultimate Year – Internship placement
Candidates will undergo technical training and have opportunities to grow their personal development skills from the range of 3 to 6 months. You can gain practical work experience at the Audit, Tax, Advisory or the Business Support department.
b) Graduates and Experienced Professionals
Join KPMG as an official employee according to your designated position and department.
Some of the positions include:
- Associate – IT Audit
- Tax Consulting Assistant
- Associate - Financial Risk Management (Credit Risk)
- Associate - Advisory ACES
- Audit Senior Associate
- Manager - Governance (G&S)
2. Well defined culture and values
i) To do what is right (INTEGRITY)
ii) Never stop learning and improving (EXCELLENCE)
iii) Think and act boldly (COURAGE)
iv) Respect each other and draw strength from differences (TOGETHER)
v) To do what matters (FOR BETTER)
3. Learning opportunities for employees and public
Employees and the general public can look forward to sufficient training opportunities via the KPMG Business School and also KPMG Learning Academy.
What sets PwC apart from the rest of the Big Four companies mentioned above?
Diverse and specific career programmes for individuals with different specialisations and roles.
At PwC, employees are supported in terms of Growth, Recognition, Opportunities, and Ways of Working.
One clear example is through the Career Comeback programme (for women who are returning to the workplace). This programme provides flexible working arrangements for women to fulfil their career potential via:
- Flex space (working from home)
- Career break (extend unpaid leave for personal development)
- FlexMum (new mothers can arrange their 90 days maternity leave throughout the child's first year)
- Reduced workdays (choice to work between 2.5, 3 or 4 days work week)
Another example is through the Earn While You Learn Programme (for non-degree holders). If you are a diploma holder, STPM, UEC, A-Levels, or University Foundation Programme graduate who is looking for a headstart in the accounting industry, this program is designed especially for you!
You can secure full-time employment, exam and study leave as well as the necessary support for your professional accounting qualification at PwC.
There are so many possibilities that you can unlock with a degree in Accounting and Finance. Having said that, it is important to build a strong foundation from the very beginning.
You can certainly step up your game by unlocking various Accounting learning resources for your SPM, IGCSE, STPM, A-Level studies.
Get started with a Superprof tutor today!
The platform that connects tutors and students