The accounting profession is a ubiquitous one – companies across different sectors hire accountants to maintain its financial systems, analyse its costs and income as well as planning tax activities. Essentially, accountants help businesses make important financial decisions and so, are crucial for business and economic growth.
To become a professional accountant, one needs to complete years of studies, sitting for qualifying exams and training. Similar to other esteemed professions like doctors and lawyers, accountants also adhere to the high standards and ethics to ensure accurate and transparent financial reporting.
If you’re eager to learn and want to have a dynamic career growth and flexibility to work in different industries, being an accountant can be a career option for you.
How Much Can You Earn As An Accountant?
The field of accountancy is diverse with various types of specializations such as audit and taxation. Depending on the type of company and area of specialization, the salary of an accountant varies.
In general, a fresh graduate who is starting an accountancy job earns a salary between RM42,000 and RM48,000 a year, according to the Hays Asia Salary Guide. Meanwhile, an assistant is paid a salary ranging from RM54,000 to RM66,000 a year.
| Position | Salary |
| Graduate | RM42,000 – RM48,000 |
| Assistant | RM54,000 – RM66,000 |
Source: Hays
As they gain more experience, accountants will be able to earn more. Based on data from the same salary guide, senior financial accountants are paid anywhere between RM84,000 to RM180,000 a year, depending on the type of company they’re working at.
| Position | Salary |
| Senior Financial Accountant | RM84,000 – RM180,000 |
Source: Hays
We also look at how much an accountant who specialises in different areas can earn. Auditors in the banking industry earn a salary between RM66,000 to RM84,000 a year while analysts are paid between RM60,000 and RM80,000.
| Position | Salary |
| Analyst | RM60,000 – RM80,000 |
| Banking Auditor | RM66,000 – RM84,000 |
Source: Hays
How To Be An Accountant In Malaysia?
There is a difference between being an accountant and a chartered accountant. An accountant is someone who graduated with an accounting degree and performs accounting tasks at a company.
To be a Chartered Accountant, one needs to meet rigorous standards and pass qualifying examinations set by a professional body.
As a Chartered Accountant, you are a member of a professional body and have the legal accreditation and industry recognition to provide specialist accounting services and business advice in a range of important areas.
In Malaysia, the accountancy profession is regulated by the Malaysian Institute of Accountants (MIA). The Malaysian Institute of Accountants is a statutory body established under the Accountants Act 1967. It is authorised to accord the designation Chartered Accountant Malaysia or C.A.(M). Professional accountants in Malaysia providing expertise and services must register with MIA.
Requirements To Be A Chartered Accountant In Malaysia
To become a Chartered Accountant in Malaysia, you will need to complete an accounting degree, which usually takes around three to four years at a university recognised by the MIA. You may check the list of recognised institutions on MIA’s website.
After completing your studies, you will then participate in MIA’s assessment programme known as Chartered Accountant’s Relevant Experience (CARE), where you need to gain three years of working experience. In addition, you will need to appoint an existing Chartered Accountant as your mentor who will monitor and verify your work experience.
Once you completed the mandatory three years of work experience and is ascertained by MIA, you can then apply to become a Chartered Accountant with the professional body.
However, if you completed an accounting degree at a university that is not recognised by MIA, you can still apply to become a Chartered Accountant by taking MIA’s Qualifying Exam (QE). After passing the exam, you can then proceed to participate in MIA’s assessment programme, Chartered Accountant’s Relevant Experience (CARE). Upon completion of the programme and three years of mandatory work experience, you can apply to be a Chartered Accountant.
For those who are an existing member of a recognised professional body, you can apply directly to become a Chartered Accountant with MIA. You may check the list of recognised bodies on MIA’s website.
Internationally, there are other professional qualifications such as the ACCA and CPA Australia. The ACCA is issued by the Association of Chartered Certified Accountants (ACCA) and is recognised in the UK and other countries including Malaysia as well. The CPA Australia is issued by the Australian Society of Certified Practising Accountants.
Members of the Institute of Chartered Accountants of Scotland (ICAS), the Institute of Chartered Accountants in England and Wales (ICAEW) and New Zealand Chartered Accountants (CA ANZ) are recognised by Malaysia.
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