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ACCOUNTING AND ITS PRESENCE IN KUALA LUMPUR

The History Of Accounting

About 7,000 years ago, the first record of accounting was found in the Mesopotamia era. During that period, people use bookkeeping to keep track of their crop and herd growth whether there is any shortage or surplus after each harvest.

Years passed and accounting has evolved into a more detailed and advanced mechanism as what we all see in the current accounting practices. Those with accounting degree are mostly sought after by many employees as every institution or company need at least one in-house or contractual accountant

Accounting In Everyday Lives

Accounting is widely used in every business, organization, company, corporation, government, and individuals. Accounting is important in order to analyze the income and expenses of every organization and individual in order to use their resources effectively. This will help people to make a budget based on their income and savings in order not to overspend.

For example, if Ahmad’s monthly income is RM5,000 and he wishes to buy a unit of condominium in the city worth RM600,000, the bank will need to check and balance his expenses and his savings. They need to take into consideration his monthly commitment before deciding if he is eligible to purchase a brand-new condominium. The purpose of this checking is to make sure Ahmad is able to pay the condominium’s monthly payment to the bank on time without fail. Failing to do so will cause Ahmad to lose his brand-new condominium.

Not just buying a house, accounting is also used in operating small stalls. The stall owner needs to identify the overhead, cost and profit that he wants to maintain every month. Without a proper accounting approach, any stall would collapse from suffering major losses.

Job Opportunity in Accounting Field

Accounting fields today provide so many job opportunities in society. People with accounting background can be an accountant, auditor, tax person, clerk, bookkeeper and many more. Even many CEOs and CFO have accounting knowledge to begin with.

There are also individuals who decided to give back to society by becoming a lecturer in this subject.

International Institution in Malaysia

There are several international institutions of accountancy for higher learning that build their bases in Malaysia. Such institutions are, ICAEW (Institute of Chartered Accountants in England and Wales), ACCA (Associations of Certified Chartered Accountants), CPA Australia (Certified Practicing Accountant Australia), CIMA (The Chartered Institute of Management Accountants) and AICPA (American Institute of Certified Public Accountant).

These institutions have long established their existence in Malaysia. Many students have taken the worldwide professional examination and obtained their license to practice accounting either in Malaysia or further. Although the examinations are costly, many still want to pursue knowing of all the benefits they will gain later. Some universities even provide scholarships for these professional papers. While others would take the examination part-time while working during the day and studying during the night and on weekend. Well, salute to these groups! It is not easy!  

Malaysian’s Accounting Regulatory Bodies 

Accountants must comply with the accounting standards, auditing regulations, taxation principle and ethical standards set by the regulatory bodies. In Malaysia, Malaysian Institute of Accountant (MIA) is the regulatory body that is in charge of the accountancy profession. Majority of the membership comes from Selangor and Wilayah Persekutuan Kuala Lumpur. Another accounting body in Malaysia is Malaysian Institute of Certified Public Accountant (MICPA) which is involved in training and development of accountants in Malaysia.

Studying accounting can earn internationally recognized qualifications. You can go anywhere in the globe to practice accounting.                          

Making Money while Being an Accountant

Do you know that some people are motivated to become an accountant because of the salary range? The salary in the accounting field is quite high especially for those with professional certificates. An average monthly income of an accountant in Malaysia is RM4,700. The higher the position, the higher the salary will be.

For example, being a bank manager earns a minimum of RM8,000 per month, Financial Controller earns about RM15,000 monthly while being a Chief Financial Officer earns around RM25,000 monthly.

Some accountants prefer to work by standing on their own feet, meaning opening their own accounting, auditing or taxation firm. While others prefer working with big established firms   like Ernst & Young, Pricewaterhouse Cooper, Deloitte and KPMG.

Accounting In Kuala Lumpur

According to a statistic, the number of certified accountants is majorly concentrated in Kuala Lumpur. There are a few reasons to support the statistics.

The first reason is there are quite a lot of accounting courses offered in local and private universities that are scattered across Kuala Lumpur and its nearby area. To name a few, Universiti Malaya (UM) located in Kuala Lumpur, Universiti Kebangsaan Malaysia (UKM) in Kajang, Universiti Teknologi MARA (UITM) in Shah Alam, and Monash University Malaysia in Subang Jaya.

Another reason is the headquarters of all the Big 4 Firms are situated in Kuala Lumpur. PWC and Ernst and Young are both located in the heart of Kuala Lumpur, while Deloitte and KPMG are in Damansara. Entering the Big 4 firms has been a dream come true to most accounting students. Even lecturers would suggest them to start their career in the firms as well as doing their practical or internship there.

Many students from all over Malaysia came to Kuala Lumpur to seek international level accounting courses and to attend the examinations.

Start Learning Accounting from Secondary School

If one has already decided to pursue accounting as one’s future career, it is advisable to start by taking an accounting subject for SPM. Accounting is not an easy subject and that is why there are many tuition classes provided for accountancy, especially in Kuala Lumpur.

As for the professional level, there are many universities in Kuala Lumpur that can help students to master accounting.

If you would like to search for accounting classes in Kuala Lumpur, check out this link here. Or for another easy solution, click on Superprof.com.my to find an online tutor who can teach accounting in Kuala Lumpur. Superprof has a wide selection of tutors ranging from accounting students to professional accountants.