Every business, big or small, requires accountants, thus making it one of the few professions that appear to be unaffected by economic instability. Accounting, in a nutshell, involves anything to do with money and financial data. Accountants produce reports that allow organisations to assess their financial situation in order to make calculated decisions moving forward. In Malaysia, to qualify as a chartered accountant, you need to become a member of the Malaysian Institute of Accountants (MIA). Here we outline several routes to becoming a member of MIA.
Route 1: MIA Approved Course
This is considered the more direct route to becoming a Chartered Accountant. By graduating with a Bachelor of Accounting programme recognised by the institute and getting three years of relevant working experience in the service of a Chartered Accountant, you would be eligible to apply for membership. To date, there are twenty courses approved by the MIA under this route, most of which are offered at public universities. The list of approved courses can be viewed at the official MIA website, at www.mia.org.my.
Route 2: The MIA Qualifying Examinations
This route is similar to the first, except that in this case, more courses of studies are open to you. You may choose to study a course that is not on the list of courses approved by the MIA, as long as it is recognised by the Public Service Department of Malaysia. However, after your studies, you will be required to sit for and pass the Qualifying Examinations by the MIA. The examinations consist of four papers, namely Business and Company Law, Auditing and Assurance Services, Taxation and Advanced Financial Accounting and Reporting, each accompanied by a series of workshops. Subsequently, graduates are required to gain three years of relevant working experience in the field under the service of a Chartered Accountant before becoming eligible for membership at the MIA.
Route 3: A Professional Qualification
There are various professional accounting bodies that offer professional accounting qualifications such as the Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants of England and Wales (ICAEW) and the CPA Australia. This option is popular among students because of the demand for people with professional accounting qualifications among bigger multinational accounting firms. Taking this route, one would need to sit for and pass professional accounting examinations provided by the accounting body, and gain three years of relevant working experience. Upon becoming a member of one of these recognised professional accounting bodies, you will be eligible to apply to become a member of the MIA and become a Chartered Accountant.
Choosing a route
Many students in private colleges and universities prefer to complete a degree in accounting and then pursue professional accounting qualifications immediately after they graduate or while working for an audit firm. Students who are very sure they want to be accountants can consider the Certified Accounting Technician (CAT) course, after they complete secondary school. Upon completion of this course, they can pursue the ACCA. This appears to be the shortest route to getting a professional qualification. Examinations provided by professional accounting bodies are known to be challenging so students need to be committed and spend the necessary time and effort to prepare for these exams. For more information, visit the official website of the Malaysian Institute of Accountants (MIA) at www.mia.org.my.
