gradmalaysia Accounting Careers Guide

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SECTOR SNAPSHOT SECTOR SNAPSHOT

Despite the ever-changing economic climate, the demand for skilled accounting professionals remains robust. As businesses of all sizes rely on accurate financial data, your expertise in this field becomes invaluable.

Accounting goes far beyond just bookkeeping, though. Accountants are also expected to help assess business risks and provide strategic insights to companies. This is a world where attention to detail and analytical prowess can unlock a wide range of opportunities.

EMPLOYER CLIENTS PERKS

Public accounting and professional services firms such as the “Big Four” (Deloitte, EY, KPMG, and PwC) are some of the biggest employers of accounting graduates.

However, for those looking for more specialised work, you can also find in-house accounting positions with employers of all stripes - from large corporations to small- and mid-sized firms; or public sector and non-profit organisations.

Jobs with professional accounting firms require catering to large clients like listed companies and multinational corporations (MNCs). You will need to fulfill their financial accounting needs by providing important financial information publicly to investors, creditors, and regulatory bodies.

In-house accounting roles, on the other hand, require you to help organisations make sound financial decisions while complying with governmental regulations.

The accounting profession is famously known to be almost recession-proof, and promises good exposure for future entrepreneurial pursuits as well as numerous options for specialising in a chosen field.

Long working hours can be common during the tax reporting period at the end of companies’ financial years.However, due to the seasonal nature of the industry, you can usually predict high or low seasons ahead of time and plan your schedule accordingly.

SECTOR ESSENTIALS

Are you a recent graduate ready to embark on a promising career journey? This section is tailored specifically for graduates like you!

Discover the compelling reasons why accounting could be the perfect choice for your future. From stability and growth opportunities to competitive salaries, we unveil the enticing benefits that await you in the world of accounting.

4 Exploring A Career In Accounting: Is It Right For You?

6 5 Key Skills You Need For A Career In Accounting

8 How To Become A Chartered Accountant In Malaysia

10 Choosing Your Role And Company In Accounting

12 Decoding Accounting Jargon: A Guide To 40 Key Terms

EXPLORING A CAREER IN ACCOUNTING IS IT RIGHT FOR YOU?

If you have a good head for numbers and a keen interest in business, then a career in accounting might be the right fit for you!

Accounting is the process of recording, classifying, and summarising an organisation’s financial transactions to provide information that is useful in making business decisions.

Having such information on hand is critically important. Stakeholders within a business need accurate and updated financial information to determine future strategies. Meanwhile, governments require businesses and organisations to submit audited accounts for review so they can collect taxes and guard against white-collar crime.

Accountants may work in a variety of settings, including public accounting firms, for-profit companies, government agencies, and non-profit organisations. Everyone – from large multinational corporations to small neighbourhood businesses – needs accountants, after all.

Some common tasks that accountants may perform include:

Preparing and examining financial records, such as income statements and balance sheets

Analysing and interpreting financial data to identify business trends and make recommendations for improvement

Managing budgets and forecasting future financial performance

Advising organisations on tax planning and compliance issues

Developing and implementing financial systems and controls

Providing support for mergers and acquisitions

TYPES OF ACCOUNTING CAREERS

There are several broad career paths in accounting, each with its own set of responsibilities and focuses. The most common ones are:

Public accounting

Public accountants work for accounting and financial advisory firms and provide services such as auditing, tax preparation, and business consulting to a variety of clients. For example, a public accountant may work for a firm that specialises in tax preparation and helps individual clients file their tax returns. They may also work for a firm that provides external audit services to businesses, examining financial records and ensuring that they are accurate and complying with local laws and regulations.

Private accounting

Private accountants work for a single organisation and handle their employer’s financial record-keeping, budgeting, and forecasting. For example, a private accountant may work for a large corporation and be responsible for preparing financial statements, drafting budgets, and providing financial advice to management.

Government accounting

Government accountants work for federal, state, or local government agencies and are responsible for tracking and managing public funds. A government accountant, for example, may work for a statelevel agency and be responsible for preparing its annual budget, reporting state-level expenditures

to the federal government, and ensuring that funds are used in accordance with laws and regulations.

Internal accounting

Internal auditors review an organisation’s financial records and operations to ensure compliance with laws and regulations, as well as to identify opportunities for improvement. For example, an internal auditor may work for a hospital and review financial records to ensure that billing and procurement practices are accurate and comply with local laws about handling patients’ personal data and wholesale purchase of pharmaceutical drugs.

Management accounting

Management accountants work with high-level decision makers within an organisation and provide financial information and analysis to help business managers make informed decisions. For example, a management accountant working for a manufacturing company with multiple factories will be responsible for consolidating financial data, identifying areas for cost savings, and providing budget recommendations directly to the company’s board of directors.

WHY CHOOSE ACCOUNTING AS A CAREER?

A career in accounting can be a fulfilling and lucrative choice for those who enjoy working with numbers and have a strong attention to detail. You will get the chance to understand the intimate ins-andouts of business – how organisations make money, and how they continue to stay relevant and financially solvent.

Accounting is also famously a stable career choice, with good job prospects and consistent potential for advancement (especially if you gain Chartered Accountant status).

However, it’s important to keep in mind that accounting can be a demanding field, with long hours and tight deadlines. You will also have to continually invest in professional learning and upskilling to stay upto-date on changes in business laws and regulations.

If you have a strong aptitude for math, enjoy problem-solving, and possess strong analytical and communication skills, a career in accounting could be a good fit for you. However, be sure to do your own research and talk to professionals in the field to get a better sense of what the day-to-day reality of an accounting career is like.

5 KEY SKILLS YOU NEED FOR

A CAREER IN ACCOUNTING

Being an accountant involves more than just being good with numbers. It’s also important for accountants to have a diverse range of skills in order to be successful.

Acareer in accounting can be rewarding and fulfilling, as it offers the opportunity to work with financial data, problem-solve, and help businesses and organisations make informed decisions. However, in order to accomplish all that, you will have to demonstrate a certain set of skills, and recruiters will be on the lookout for those when screening candidates as well.

Here are 5 top skills needed for a career in accounting, and some suggestions on how you can develop them as a graduate.

1ATTENTION TO DETAIL

Accountants must be able to accurately analyse and process big volumes of financial data, which requires a high level of attention to detail. It will be your job to ensure that all transactions are accounted for, and that there are no irregularities in the books.

In addition, much of accounting work also involves tracking down documents to corroborate both revenue and expenses (e.g. receipts, purchase orders, invoices, inventory lists, etc.). You will need a sharp eye to go through those and ensure that all figures are reported correctly.

HOW TO DEVELOP THIS?

Try doing exercises that require attention to detail, such as proofreading or solving puzzles. You can also seek out coursework or internships that involve working with financial data and practicing careful analysis.

2ANALYTICAL SKILLS

Another key part of accountants’ jobs is to break financial data down into meaningful and useful recommendations that can be used to make informed business decisions. You must also be able to spot patterns in financial data and identify what they indicate about an organisation’s financial health.

This isn’t just about staring at numbers, though. Accountants must have a solid grasp of how an organisation operates and how it makes and spends money. To do this, you must know where (or from whom) to get the information you need, and what are the right questions to ask.

HOW TO DEVELOP THIS?

Keep a lookout for projects or internships that require data analysis, such as analysing a company’s financial statements or creating a budget. You should also stay informed on broader business trends by reading financial news so you can draw more accurate conclusions.

COMMUNICATION SKILLS

Accountants must be able to effectively communicate their findings and recommendations to clients and colleagues, both verbally and in writing. This requires strong communication skills, including the ability to clearly present complex information in a way that is easy for others to understand.

Your work may also require you to negotiate with colleagues or enforce financial controls. For example, explaining to a frustrated division manager why their procurement request was rejected, or conveying internal finance processes to staff. Good communication skills are key to ensuring you do so professionally and tactfully.

HOW TO DEVELOP THIS?

To improve your communication skills, consider taking public speaking or presentation courses, or seek out opportunities to present information to a group. You can also practice writing business reports or emails, and seek feedback from colleagues or mentors to improve your skills.

TIME MANAGEMENT

Accountants often work with tight deadlines, so it’s important to be able to manage your time effectively. This includes the ability to prioritise tasks, meet deadlines, and work efficiently.

This is easier said than done, especially if you have to do things like track down sales documents from colleagues in order to close accounts by the end of the financial year, or complete a complex external audit in time before an aggressive mergers and acquisition (M&A) deadline. Keeping a cool head throughout and knowing how to pipeline multiple tasks will be essential to getting things done on time.

HOW TO DEVELOP THIS?

Get in the habit of using a planner or scheduling tool to organise your tasks and set goals. You can also seek out coursework or internships that involve working under tight deadlines, as this will help you develop your ability to manage your time effectively under pressure.

5

PROFESSIONALISM

As an accountant, you’ll be working with sensitive financial information, so it’s important to maintain the highest level of professionalism at all times. This includes being ethical, reliable, and trustworthy, as well as maintaining confidentiality and adhering to professional standards and regulations.

Information about professional accounting standards will likely be taught during your university courses or Chartered Accountant programmes, so make sure you commit those to heart. However, what’s more important is knowing what you can or can’t reveal to others, as well as what personal code of ethics and conduct you want to adhere to as a professional.

HOW TO DEVELOP THIS?

Seek out opportunities to work with or be mentored by experienced professionals in the field, so you can model their behaviour. You can also practice case study or role play exercises with career coaches so you know what you can or can’t divulge during an accounting interview/ assessment centre.

HOW TO BECOME A CHARTERED ACCOUNTANT IN MALAYSIA

Attaining chartered accountant status can make a huge difference in your career progression through the accounting sector. But it will take a lot of work!

As an accounting professional, getting certified as a chartered accountant demonstrates to employers, clients, and the general public that you have the necessary training, skills and commitment to professional standards to do your job well.

The high standard of chartered accountant qualifications means you will have to work and study incredibly hard to achieve this title. Still, the benefits of becoming one will far outweigh the initial sacrifice!

WHY IS CHARTERED ACCOUNTANT STATUS IMPORTANT?

You do not need chartered accountant qualifications to apply for and start working in accounting jobs as a fresh graduate. But you will, however, need them if you intend to advance further in your career as an accounting professional.

In Malaysia, the term “accountant” is protected under the Accountants Act 1967. The quick summary is that you cannot offer your individual professional services or promote yourself as an “accountant” unless you are a full member of a professional accountancy body. That involves training and qualifying as a chartered accountant under one of those bodies.

Large accounting and financial advisory firms require staff to hold relevant chartered accountant qualifications before they can be promoted to management positions. Likewise, publicly-traded corporations may only hire chartered accountants for senior accounting positions because of their need to project an image of financial compliance.

In short, holding chartered accountant status will be key if you intend to climb the career ladder in this line of work – whether as an employee of an organisation, or striking out and starting your own accounting practice.

PROFESSIONAL BODIES: THE BASICS

In Malaysia, there are several recognised professional accountancy bodies. These include local ones such as the Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA), as well as foreign bodies like ACCA, CIMA, CPA Australia, and ICAEW

You only need to attain qualifications with one of these bodies to be certified as a chartered accountant. The training that each body provides can cover all areas of accounting, or just training in one specific area such as management accounting. Obtaining membership entitles you to use the relevant body’s designatory letters after your name, giving you the appropriate prestige to advance in your career.

However, MIA is also the regulatory body that governs chartered accountant status in Malaysia. So in order to be recognised as a chartered accountant locally, you do still need to register for MIA membership regardless of which professional body you qualified with. If you qualified with a foreign body, don’t worry – this is purely a formality and you won’t have to sit for another set of exams again!

HOW DO I QUALIFY AS A CHARTERED ACCOUNTANT?

Qualifying with a professional body usually takes anywhere from 3 to 5 years, depending on your level of commitment. They all comprise the following: mandated hours of training, a number of exams you must pass, and a required amount of relevant work experience in accounting (usually no less than 3 years).

You do not need an accounting degree to attempt for chartered accountant certifications. However, having an accounting degree from a recognized local or foreign university usually exempts you from some of the required exams, thus shortening your training period. Be sure to check with your chosen professional body to confirm which exemptions you qualify for.

If you are aiming for chartered accountant status under MIA directly, you can actually skip the professional training and exam requirements if you have an accounting degree from a select list of local (mostly public) universities. However, you will still need at least 3 years of relevant work experience before you can qualify as a chartered accountant under MIA.

Because you do need actual work experience to qualify with a professional body, most people opt to study for their qualifications and work at the same time. Large accounting employers will usually pay for your exam fees and give you study leave as a staff benefit. Make sure to check for those before accepting a potential job offer!

WHICH PROFESSIONAL BODY SHOULD I CHOOSE?

The short answer is: it depends on what your career goals as an accountant are.

More often than not, your choice of employer will determine which professional body you aim for. Established accounting employers will usually offer you a choice between which qualifications you can pursue, and the career pathways those may lead to.

So if you are choosing between employers that offer different qualification pathways, you should carefully consider what your future career plans are, and not just focus on which one has the least number of exams you’ll need to pass!

However, understand that no one qualification is “easier” than the other. Each professional body’s standards are monitored to ensure parity. The differences lie in the focus of the syllabus, the area of work in which you train, and how you obtain the training.

Lastly, if you are planning on pursuing accounting career opportunities either outside of Malaysia or at companies with multinational presences, you may want to consider getting qualified under a foreign professional body, as those certifications often transfer easier on an international level.

CHOOSING YOUR ROLE AND COMPANY IN

ACCOUNTING

Picking the right company and role in accounting as a graduate is crucial for your long-term success and satisfaction in the field. Here are some important factors to consider.

Because of the wide range of employers and career pathways in accounting, choosing where to begin your graduate career can seem like a daunting task. Finding the right fit can take a bit of time, but you will have a much better chance of getting a job if you can show employers that you’ve done your research and have a good idea of what you want.

Here’s a quick guide on things to look out for as you research employers and roles in the accounting industry.

POTENTIAL EMPLOYERS

Most graduate accountants usually end up employed by dedicated accounting and professional services firms. The most well-known employers in the sector are the Big Four: Deloitte, EY, KPMG and PwC; but there are also other well-known international accounting firms (e.g. BDO, Crowe, and RSM) and plenty of other smaller local firms to take into consideration.

Different-sized firms can offer different benefits. For example, a small accounting firm might offer you a wider range of experience, since you may have to wear multiple hats on the job. Whereas a large global accounting firm might offer more structured training opportunities, or chances to be seconded overseas.

Aside from accounting firms, there are also graduate accounting positions throughout the private sector (e.g. trainee/graduate accountant positions in a company’s dedicated finance team). This type of employer might appeal to you if you’re looking for exposure to a particular industry. Don’t forget the public sector – the various federal- and state-level government regulatory bodies are always in need of accountants as well.

PROFESSIONAL DEVELOPMENT

Getting certified as a chartered accountant will likely play a key part in the first few years of your graduate accounting career. Thus, the amount of support available for training and development should be a factor in your choice of employer. It is important for you to consider what work-study arrangements you are willing or able to accept.

Larger accounting employers usually have attractive training packages, but may demand more from you in return. For instance, you may have to show continuous passes in your professional exams or get certified within a tighter timeframe in order to qualify for those benefits.

Smaller employers usually offer less direct aid in terms of study benefits. However, they may make up for that by offering other perks such as flexible working arrangements or wider opportunities for work experience during your qualification period.

CHOOSING ACCOUNTING ROLES

Most dedicated accounting firms will ask you to indicate an area of specialisation when you apply to their graduate and internship programmes. While your grades or choice of degree subject may affect your options, choosing your specialisation is really more a matter of figuring out what best suits your personality.

Here is a quick snapshot of the 11 broad accounting specialisations and what kinds of persons they will most likely appeal to. You can also click the links to read our detailed guides to each area of work and what they involve!

Assurance / External Auditing

Assurance could suit you if you have a strong academic record, great communication skills and self-confidence.

Commercial Finance

Commercial finance could suit you if you have good business awareness and strong analytical skills.

Forensic Accounting

Forensic accounting could suit you if you have the inquisitiveness and good judgment of a detective, as well as the communication skills to effectively convey complex findings to people from a nonfinance background.

Internal Audit

You can find more detailed descriptions of each these specialisations later on in this guide. They will help you understand what each area of work involves, which will be key to making your decision!

Corporate Finance Corporate Recovery

Corporate finance could suit you if you have excellent communication skills, good numeracy skills, and the resilience to be able to work long hours under pressure.

Internal audit could suit you if you have an eye for detail while still being able to see the bigger picture, a good knowledge of how businesses are run, and the ability to communicate effectively even in awkward situations.

Management Accounting

Management accounting suits those with good decisionmaking skills and a good level of business sense, as well as the ability to present complex financial information in an easyto-understand manner.

Corporate Treasury

Corporate recovery could suit you if you are interested in the way that companies work, have good negotiation skills, and an ability to deal with complex and sensitive financial information. Corporate treasury could suit you if you have a good understanding of both business and economics, excellent analytical skills and an ability to work well under pressure.

Financial Accounting

Financial accounting could suit you if you have an analytical mind, excellent communication skills, and a desire to challenge and improve the way an organisation works.

Risk Assessment Tax

Risk assessment could suit you if you possess a questioning, logical mindset to identify problems, the creativity to come up with solutions, as well as strong interpersonal skills.

Tax could suit you if you have a talent for analysis and problem solving, the ability to build good working relationships based on trust, and can practice discretion.

DECODING ACCOUNTING JARGON: A GUIDE TO 40 KEY TERMS

Here’s our A-Z guide for graduates to understand key accounting terms you may encounter in interviews, assessments, or at work.

Break-Even Point

The level of revenue at which a company’s total costs equal its total revenue, resulting in neither profit nor loss.

AAccrual Accounting

The method of recording revenues and expenses when they are earned or incurred, regardless of when the cash is received or paid.

Example: A company records revenue for services provided in the current month, even if the payment will only be received in the following month.

Accrued Expenses

Expenses that have been incurred but not yet paid or formally recorded.

Example: At the end of the month, a company may accrue wage expenses for employees who have worked but have not been paid yet.

Auditing

The examination and verification of a company’s financial records and statements by an independent external accountant.

Example: Auditors review a company’s financial statements, internal controls, and supporting documentation to ensure their financial reports are accurate and in compliance with local laws.

Example: Company A’s fixed and variable costs amount to RM20,000 each month. If they only close RM20,000 in sales this month, they will have just hit a break-even point.

BBookkeeping

The process of recording financial transactions and maintaining financial records.

Example: Bookkeeping involves tasks such as recording sales, purchases, expenses, and payments in the general ledger.

CCapital Expenditure

Expenses incurred to acquire or upgrade long-term assets, such as property, facilities, and equipment.

Example: The purchase of machinery or the construction of a new company building would be considered a capital expenditure.

Cash Flow Statement

A financial statement that shows the inflows and outflows of cash during a specific period.

Example: A monthly cash flow statement will show a company’s bank account balance and which of their clients will pay them this month. Then what suppliers the company must pay this month, how much they must pay for fixed monthly expenses like rent, utilities, and staff salaries; and how much money will be left in the bank account by month-end after all of the above is done.

Contingent Liability

A potential obligation that may arise from past events but is not yet confirmed and depends on future events.

Example: A company faces a contingent liability if it is being sued for damages, and the outcome of the lawsuit is uncertain.

Cost Accounting

A sub-field of accounting that focuses on the allocation and analysis of costs for the purpose of management decision-making.

Example: Cost accountants determine the potential cost of producing a product, including direct materials, labour, and overheads. Management can then use this information to set variable product pricing over a period of time.

Cost Behaviour

The relationship between costs and the volume of business activity within a company.

Example: Variable costs increase or decrease in direct proportion to changes in production or sales volume, while fixed costs remain constant.

Cost of Capital

The required rate of return that a company must earn on its investments to maintain or increase its shareholder value.

Example: The cost of capital incorporates the cost of debt and equity financing and is used to evaluate the profitability of investment projects.

Cost of Goods and Services (COGS)

The direct costs associated with producing or acquiring goods or services that are sold by a company.

Example: COGS includes the cost of raw materials, direct labor, and manufacturing overheads used to produce the goods sold by a retailer.

DDebtors Ledger

A subsidiary ledger that records the detailed information of a company’s accounts receivable. It includes individual customer accounts and the amounts owed by each customer for goods or services provided on credit.

Example: ABC Company maintains a debtors ledger to keep track of its customers’ outstanding balances. The ledger shows Customer A owes RM10,000 and is due for payment in full this month, while Customer B owes RM50,000 and will pay in installments over the next 3 months.

Depreciation

The estimated decrease in value of a tangible asset — such as equipment or vehicles — over its useful life, reflected as a recorded cost.

Example: A company purchases machinery for RM50,000 and depreciates it over 5 years, resulting in an annual depreciation expense of RM10,000.

Disposals

The removal or sale of assets from a company’s books. It involves eliminating the asset’s carrying value and recognising any gain or loss resulting from the disposal.

Example: XYZ Company decides to dispose of an outdated piece of equipment. The company sells the equipment for RM5,000, which is lower than its carrying value of RM8,000. As a result, the company records a loss on disposal of RM3,000 (RM8,000 - RM5,000) in its financial records. The equipment is then removed from the company’s asset accounts, reflecting the disposal.

Double-entry Accounting

A system in which every financial transaction is recorded with equal and opposite debits and credits.

Example: When a company receives cash from a customer, it debits the cash account and credits the accounts receivable account.

EEarnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA)

A measure of a company’s net profits excluding interest, taxes, depreciation, and amortisation expenses.

Example: EBITDA is commonly used by investors and analysts to assess a company’s operating performance without the influence of nonoperating factors.

Equity

The residual interest in the assets of a company after deducting liabilities.

Example: Equity represents the ownership interest of shareholders and is calculated as total assets minus total liabilities.

FFinancial Analysis

The process of assessing a company’s financial performance and evaluating its financial health.

Example: Financial analysis involves comparing financial ratios, trends, and benchmarks to identify strengths, weaknesses, and opportunities.

Financial Forecasting

The process of estimating future financial outcomes based on historical data and projected trends.

Example: A company may create a financial forecast to predict its future sales, expenses, and cash flows for budgeting and planning purposes.

Financial Leverage

The use of borrowed funds (debt) to finance investments and operations, with the aim of increasing potential returns for shareholders.

Example: By taking out a bank loan to purchase assets, a company can amplify its profits if the return on those assets exceeds the cost of borrowing (i.e. interest due to the bank for the loan).

Financial Ratio

A quantitative analysis tool that compares different financial variables to assess a company’s financial health and performance.

Example: The debt-to-equity ratio compares a company’s total debt to its total equity and indicates its reliance on borrowed funds.

Financial Statement

A formal record of a company’s financial activities, including the income statement, balance sheet, and cash flow statement.

Example: Financial statements provide stakeholders or potential investors with key information about a company’s performance, financial position, and liquidity.

Fixed Assets

Long-term tangible assets that are not intended for sale and are used in the production or operation of a business.

Example: Buildings, land, vehicles, and machinery are examples of fixed assets that are essential for a company’s operations.

Fraud

Intentional misrepresentation or manipulation of financial information to deceive others for personal gain.

Example: Falsifying sales figures or creating fictitious expenses are forms of fraud that can lead to financial misstatements.

GGenerally Accepted Accounting Principles (GAAP)

A set of globally-recognised accounting standards and rules that govern how financial statements are prepared and presented.

Example: GAAP ensures consistency and comparability in financial reporting across different companies around the world.

Goodwill

An intangible asset that represents the value of a company’s reputation, customer relationships, and brand recognition.

Example: Goodwill is recognised when a company acquires another company for a price higher than the documented value of its identifiable assets.

LLiquidity

The ability of an asset to be converted into cash quickly without a significant loss of value.

Example: Cash is the most liquid asset, while inventory may take longer to convert into cash and is considered less liquid.

IIncome Statement

A financial statement that summarizes a company’s revenues, expenses, and net income or loss for a specific period.

Example: The quarterly income statement shows whether a company generated a profit or incurred a loss each financial quarter.

Inventory Valuation

The method used to determine the cost of physical inventory on a company’s balance sheet.

Example: Inventory can be valued using methods such as First-In, First-Out (FIFO), Last-In, First-Out (LIFO), or weighted average cost.

MMateriality

The concept that determines the significance or importance of an item or event in financial reporting.

Example: A handful of small sales deals being left out in financial statements may be considered immaterial and not require adjustment, while failing to record an entire shipment of product stock would be material and need correction.

NNet Present Value (NPV)

A method used to evaluate the profitability of an investment by calculating the present value of expected cash flows.

Example: If an investment has an NPV of RM10,000, it indicates that the present value of expected cash inflows will exceed the initial investment by RM10,000.

Return on Investment (ROI)

A measure of the profitability of an investment, calculated by dividing the net profit by the initial investment.

Example: If an investment generates RM5,000 in profit and the initial investment was RM50,000, the ROI would be 10% (RM5,000/ RM50,000).

Revenue Recognition

The process of recording and reporting revenue in the accounting records.

Tax Liability

Tax liability refers to the amount of tax that an individual or entity owes to the government based on their taxable income or transactions.

Example: John inherited a plot of land worth RM500,000. However, because Malaysia has no estate tax laws, John does not owe any tax to the government on this inheritance. As such, his inherited plot of land is considered to have zero tax liability.

Trial Balance

RReturn on Assets (ROA)

A financial ratio that measures a company’s profitability relative to its total assets.

Example: If a company has a net income of RM50,000 and total assets of RM500,000, the ROA would be 10% (RM50,000/RM500,000).

Example: Revenue should generally be recognised when it is earned and there is reasonable certainty of its collection, such as when goods have been delivered and the client has been invoiced.

An in-between financial statement that lists the balances of all general ledger accounts to ensure they are in balance. This is not included in official financial reports.

Example: The trial balance shows that the total debited transactions equal the total credited transactions, indicating that the books are in balance.

TTax Deduction

A reduction in taxable income allowed by the tax authorities to reduce tax liabilities.

Example: Business expenses, such as salaries, staff claims, rent, and utility bills are tax-deductible and can lower a company’s taxable income.

WWorking Capital

The difference between a company’s current assets and its current liabilities, representing its short-term liquidity.

Example: Working capital is calculated by subtracting current liabilities such as accounts payable and short-term debt, from current assets such as cash, accounts receivable, and inventory.

CRAFTING YOUR CV FOR ACCOUNTING JOBS

A well-written CV will showcase your skills, experience, and qualifications, and help you stand out from other applicants.

Not sure where to start when writing your CV for accounting job applications? We’re here to help. By highlighting your education, relevant experience, and required skills, you can put together a strong and effective CV that showcases why you’re the right fit for the job.

Here are some tips for writing a graduate CV for accounting jobs.

1 USE A PROMINENT CV HEADING

A CV heading is the first and most important element of a CV, as it contains your name and contact information. It should be prominently displayed at the top of the page, making it easy for potential employers to spot and remember you.

It’s important to include your name, address, phone number, and email address in the space for your CV heading. You may also include your LinkedIn profile or other professional social media accounts, if you have them. Check that you have no typos on those details, and ensure that you can be reached through each of those contact channels.

Use a larger font size for your name so recruiters have an easier time finding your CV if it’s printed out and placed among other candidates’. You do not need to include a photo of yourself, so save your space. (If recruiters do request for a photo, you can usually upload it in a separate form anyway).

2 USE SIMPLE AND PROFESSIONAL FONT AND FORMAT

The best format for accounting CVs is the reverse-chronological format. Highlight your most recent and relevant qualifications and experiences first and then work

your way down to older ones. This presents your experience and education in a way that is easy for hiring managers to read and understand.

For example, when presenting your work experience, list your most recent internship first, and then list previous internships or part-time jobs in descending chronological order.

Using a simple font, such as Times New Roman or Arial, and including sub-headings and bullet points will make it easy for hiring managers to quickly scan and read your CV. Have clear section breaks for each area of focus, such as “education”, “work experience”, “extracurricular activities”, or “skills”. Having a polished and structured layout helps to create a lasting positive impression on potential employers.

Your CV should be no longer than two full A4-sized pages, so do your best to keep things concise.

3

SUMMARISE YOUR EDUCATION AND RELEVANT COURSEWORK

List your degree first. Start with your most recent degree, such as “Bachelor of Science in Accounting,” and the name of the university, actual or expected degree grade, and the date of graduation. Don’t forget to include relevant coursework! For example, if you have taken courses or attended lectures on specialised accounting topics like tax law or corporate recovery, list those briefly. Don’t waste space listing every major accounting subject you’ve taken. Focus only on topics or coursework that are most relevant to the role you are applying for.

If your accounting degree programme is fast-tracking you towards a chartered accountant qualification, make sure you identify which professional body you’re on track to qualify with (e.g. ACCA, CIMA, CPA Australia, MIA, etc.) You can also mention any honors or awards you have received as a student.

4

HIGHLIGHT YOUR WORK EXPERIENCE

Don’t just list relevant work experience – make sure you provide specific examples of the responsibilities and accomplishments you had in those roles.

For example, if you had an internship experience with a small public accounting firm, list the company name, the duration of the internship, and the specific roles and responsibilities you fulfilled, such as: “Assisted with reviewing financial statements as part of external audit procedures.” or “Analysed tax compliance status with senior auditors and provided recommendations to clients.”

This will help potential employers to understand your level of experience and expertise, and how it relates to the position they are offering. It also gives you space to showcase your achievements or learning outcomes while on the job.

5

SHOWCASE YOUR ADDITIONAL SKILLS

Accounting employers aren’t just looking for technical skills – they keep an eye out for soft skills too. When describing past work experiences or extra-curricular activities, make sure you highlight instances where you put soft skills in practice. For example, you can write about how you worked on a club project together with a team, or mention that you communicated complex financial concepts to a client during your internship. Be on the lookout for opportunities to portray yourself as a well-rounded candidate with a good balance of technical and soft skills as you write your CV.

If you are proficient in using accounting software such as QuickBooks, Xero, or SAP, make sure you list those in a separate section as well (e.g. “IT skills”).

6

SHOW THAT YOU ARE AN INTERESTING CANDIDATE

As a rule, employers like interesting candidates who can bring fresh perspectives and new ideas to the team. One way to showcase this in your graduate CV is to highlight any relevant experience or achievements that set you apart from other applicants.

For example, if you have held any leadership roles in extracurricular or volunteer organizations, or taken part in any external competitions, be sure to include these on your CV. You can also include interesting hobbies or pastimes, though try to avoid common ones like: watching movies, playing video games, or shopping.

Make sure that you can talk at length about everything you list, though. You should assume that recruiters and hiring managers will ask you more in-depth questions about anything on your CV if you do make it to the interview phase.

Need more CV writing tips? Get it Here.

HOW TO WRITE EFFECTIVE COVER LETTERS FOR ACCOUNTING JOBS

When applying for accounting jobs, it’s important to craft a cover letter that showcases your skills and experiences in a way that sets you apart from other candidates.

A cover letter serves to introduce you to recruiters and helps to highlight your qualifications and experiences that are relevant to the position you are applying for.

Though physical cover letters are not as common these days, you will still be expected to introduce yourself in a similar way. This could be via a professional email, a cover statement on a job portal, or as a question on an accounting employer’s online application form.

Regardless of the medium, the same principles for introducing and promoting yourself still apply! Here are our tips on how to catch accounting recruiters’ attention through your cover letter.

1

CHOOSE AN APPROPRIATE SALUTATION

If you have to address your cover letter to a recipient, choosing an appropriate salutation is important. It sets the tone for the rest of the letter and shows that you have taken the time to research the company and the position.

TAILOR YOUR COVER LETTER TO THE SPECIFIC JOB AND COMPANY

When writing a cover letter for a specific job and company, it is important to tailor the letter to the company’s specific needs and the requirements of the job.

If you know the name of the recruiter or hiring manager, you can use their name as the salutation. For example, “Dear [Name of Hiring Manager].”

If you do not know the name of the hiring manager, you can use the title of the relevant hiring team as the salutation. For example, “Dear [Company Name] Campus Recruitment Team.”

If you are unable to find the name of the hiring manager or can’t determine who the hiring team is, you can use a general salutation such as “To Whom It May Concern” or “Dear [Company Name] Team” as a last resort.

In short, do your best to personalise your salutation as much as possible, given what information you have on hand.

This can be done by researching the company and the job posting, and then highlighting your relevant skills and experiences that align with the company’s mission and the job’s requirements.

A good trick is to study the job posting, identify relevant keywords, and then try and include those keywords throughout your cover letter. Make sure you do this in a way that sounds natural though, and not repeat the same keywords over and over.

Additionally, if the company has a specific mission or values that they very publicly highlight, you should do your best to mention how your own values align with those of the company.

HIGHLIGHT YOUR RELEVANT SKILLS AND EXPERIENCE

When highlighting skills and experiences in a cover letter, it is important to provide specific examples of how you have used them in the past. Here are a few examples:

4 SHOWCASE YOUR ENTHUSIASM FOR THE POSITION AND COMPANY

Showing enthusiasm for the position and company in a cover letter is important as it demonstrates your interest and motivation for the role.

5 PROOFREAD YOUR COVER LETTER

Proofreading your cover letter is an essential step before you send it out, as it ensures that your letter is polished, professional, and errorfree. Here are some things to look out for:

If you have experience with bookkeeping and financial statements, you could say “As an intern at XYZ company, I assisted with preparing financial statements and bookkeeping tasks. I also helped the team to reconcile accounts and prepare financial reports in Quickbooks.”

If you have experience with auditing, you could say “ I have experience in conducting audits and identifying areas of risk and improvement. I took part in an audit case study competition in university where we reviewed the financial statements of a local non-profit organisation and pitched recommendations for improvement.”

If you have experience with budgeting and forecasting, you could say “ I worked on several projects at my university that required me to analyse financial data and make predictions about the future performance of a company or a department.”

Use verbs and the active voice as much as possible in your writing, as that keeps things punchy, concise, and easy to read.

As an accounting graduate, you can showcase your enthusiasm for the position and company by highlighting how your skills and experiences align with the company’s mission and the job’s requirements, and showing that you’ve put enough thought into why you want this specific position. Here are some examples:

If you are applying for a position at an accounting firm, you could indicate why you chose this specific firm over others. For instance: “I am excited about the opportunity to join XYZ accounting firm and contribute to its public mission of helping clients succeed financially. I am confident that my knowledge and experience in auditing and risk management aligns well with the firm’s focus on client success.”

If you are applying for a position in a non-finance company, you could explain what draws you to this industry. For instance: “I am excited about the opportunity to work with the finance team at XYZ company. I am particularly impressed by the company’s recent innovations in cloud computing, and I am confident that my experience in budgeting, forecasting and financial modeling will help the company achieve better growth and profitability.”

Check for spelling and grammar errors

This is the most basic step in proofreading. Use spelling and grammar checkers, but don’t rely on them entirely. It’s always good to give it a read through by yourself.

Check for formatting errors

Make sure that your letter is properly formatted, with correct spacing, margins, and alignment. Also, check that your font size is consistent throughout.

Check for consistency

Make sure that your letter is consistent in terms of tone, style and language. Also, check that your qualifications, skills and experience are consistent with what you have listed in your CV.

Check for accuracy

Make sure that the information you’ve provided is correct. Check for typos, errors, and inconsistencies in your contact information, the job title, and the company name.

If possible, try and have someone else review your cover letter too. This could be a friend, a family member, a mentor or a career counsellor. A second set of eyes may spot errors or inconsistencies that you missed.

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A QUICK CHECKLIST FOR ACCOUNTING INTERVIEWS

Preparing for an accounting job interview can be a challenging task, but it’s an important part of making a great first impression.

A

ccountancy is a highly soughtafter field, and competition for jobs can be fierce. To help you stand out as a candidate during the interview process, here is a quick checklist to run through before interviewing for an accounting position.

PRE-INTERVIEW PREPARATION CHECKLIST

01 Print multiple copies of your CV

In some interviews, you may be required to meet multiple members of the management team. Print at least two or three copies of your CV (on high-quality paper if possible) and bring those with you to the interview. Not everyone who’s in the room on the day may have copies of your CV, so having extra copies on hand for them helps demonstrate your attention to detail and professionalism.

Having a hard copy of your CV on hand is useful too, in case you need to refer to it to refresh your memory during the interview or doublecheck something in your CV that an interviewer is asking about.

02

Brush up on your basics

Do a quick run-through of your accounting coursework and make sure that you can properly explain key fundamental accounting concepts and terms – especially those most relevant to the role you are applying for.

Your interviewers may quiz you on these topics to test if you have a good grasp of the fundamentals.

They will likely also want to see how well you can explain financial concepts in simple, easilyunderstood terms – a key skill for accounting professionals in the working world.

03

Revisit your employer research

You should have already researched the employer before submitting your job application. Now is the time to go over your research again so that you can clearly articulate to the employer why you want to work for them.

Your interviewers will ask you questions to test how much you know about their organisation and whether you truly know what you’re signing up for. Having the right talking points at your fingertips will be key to impressing them.

Pay special attention to the following points when going over your employer research:

What does the employer do?

How big is their organisation?

What are their business areas?

Who are their customers/ clients?

What are their particular strengths?

What culture do they want to publicly embody?

04 Anticipate common interview questions

Try to prepare a list of common interview questions and your potential answers to them. This can help you provide strong and

articulate responses in your interview so that you’re not just thinking on your toes all the time.

Your answers should draw on specific examples from your past experiences that can show you are qualified for the job.

Common interview questions might fall under the following categories:

Personal motivations

(e.g. “Why did you choose to go into accounting?” “Why do you want to be chartered under X professional body?”)

Technical knowledge (e.g. “How would you go about the process of budget forecasting?” “What are key areas to look out for when auditing a company?”)

Soft skills

(e.g. “Can you tell us about a time when you had to lead a team?”

“Please walk us through a past project where you had to work under pressure.”)

Broader market awareness (e.g. “How do you stay up-todate with changes in accounting regulations and best practices?”

“Please explain how recent changes in corporate tax rates might affect Malaysian companies.”)

05

Prepare questions to ask you interviewer

Asking thoughtful and wellresearched questions can demonstrate your interest in the role and the company, and can also help you gather important information that can inform your decision about accepting a job offer.

Try to focus your questions on topics that are relevant to the roles and the company. Some examples might include: Can you tell me more about what the day-to-day responsibilities of this role involve?

What can I expect in terms of professional development and career advancement?

What kind of management style do you have in your organisation?

How does the company’s culture and values transfer into the work you do?

What allowances are there for qualifying with a professional body?

Can you tell me more about the company’s plans for growth and expansion?

INTERVIEW PREPARATION CHECKLIST

01 01 Dress the part

When it comes to interview attire for accounting jobs, it is best to err on the side of caution and wear formal business attire.

For men, this means a suit (preferably a dark color like navy or black) with a button-down dress shirt, a tie, and dress shoes. For ladies, a suit with an appropriate blouse or dress accompanied by dress shoes.

It is also important to pay attention to the small details. Make sure your shoes are polished and clean, your hair is well-groomed, and your nails are well-kept and not too flashy.

With that said, some employers may have a more casual dress code. If your research shows that this is the case, feel free to check with recruiters about acceptable dress codes before the interview.

02 Arrive on time

It is crucial to be punctual and show that you are reliable and respect your interviewers’ time.

Plan ahead and allow extra time for any unforeseen circumstances such as traffic or public transportation delays. It’s also a good idea to map out the location of the interview and familiarise yourself with the route in advance.

03 Be courteous

Be polite and respectful to everyone you encounter during the interview day, from the receptionist or cleaner all the way up to the interviewer.

It’s also important to be courteous during the interview itself. This means listening attentively to your interviewers’ questions and providing appropriate and respectful answers. Aside from that, it’s also important to avoid interrupting the interviewer, and to show interest in the position and the company by asking relevant and insightful questions.

5 KEY TIPS TO HANDLE ACCOUNTING INTERVIEWS

Solid preparation can make the difference when you’re interviewing for accounting jobs. Here are our tips on how you can convince recruiters that you’re the best person for the role!

01.

DO YOUR HOMEWORK

Before the interview, spend some time making sure you have all your key talking points at your fingertips. Some things to focus on include:

Revisit your research of the company. Look up recent news articles or press releases about the company to get an idea of their current clients or recent developments.

Review key accounting concepts relevant to the role and be sure you can explain them to laypeople. For example, how do you evaluate a company’s financial health? What do you know about international financial reporting standards? What are the factors to take into account in a risk assessment?

Prepare a variety of examples where you have shown certain skills and competencies. Make sure they come from different areas of your life, not just from university.

Accountancy firms will have different selection criteria for each type of role. Study the criteria and think about obvious questions targeting those criteria that are bound to come up. However, avoid sounding as though you have rehearsed your answers.

02.

MAKE A GOOD FIRST IMPRESSION

Accounting employers will be looking to evaluate your professionalism – whether they can picture putting you in front of a client. You can demonstrate this to them by making a good first impression on the interview day.

Dress smartly and neatly in formal wear, be business-like, and do your best to look the part.

Check the address and travel time beforehand and do your best to arrive at least 15 to 30 minutes before the scheduled interview time.

Be polite and courteous with anyone you meet at the employer’s offices. Recruiters often ask receptionists about the pre-interview behaviour of candidates.

Smile and give a nice firm handshake with direct eye contact as soon as you are introduced to your interviewer(s).

Be prepared to make some small talk with your interviewers. Being able to break the ice is a key part of client-facing skills. You don’t want to freeze up or give one-word responses to their attempts at getting to know you.

03.

SHOW GENUINE INTEREST IN THE JOB

During the interview, it’s important to tailor your responses to the specific job and company you are applying for. Customising your responses shows interviewers that are genuinely interested in the position and have given sufficient thought to why you want this job.

Here are a few ways to demonstrate your interest during the interview:

Relate your past experiences and skills to the specific responsibilities and requirements of the job. Highlight how your skills and experience align with the company’s mission, values, and goals.

Be prepared to explain why you’re choosing this particular employer. For instance, why do you want to work for this specific Big Four firm? Or why are you choosing a smaller accounting employer over a larger one?

Don’t dismiss a past experience because it had nothing to do with accountancy. Instead, pull out the skills you gained from it. Working at a cafe, for example, can develop your communication and customer service skills.

Draw on activities you have been involved in to show you have a sustained interest in the accounting or finance sector. (e.g. online trading, finance societies at university, entrepreneurial ideas, case study competitions by accounting firms, etc.)

Show that you have a convincing motivation to join the accountancy sector. The employer may invest a lot of money and time in your training and qualifications, so recruiters will want to see that you’ll stick with this line of work.

Show that you know what accounting work truly involves. Recruiters don’t expect indepth knowledge, but a working knowledge of the basics will add to your favor. For example, if you’re applying for an audit role, show that you understand that you’ll be working with different businesses and that communication skills will be essential.

04.

HAVE A CONVERSATION WITH YOUR INTERVIEWERS

An interview is not just a one-way Q&A session, it’s a conversation between you and the interviewer. Treat it as an opportunity to build a connection while also evaluating whether the job truly is the right fit for you. Here are a few ways to get the most out of this process:

Ask questions about industry developments, such as how the company is responding to a recent trend, or how they’re trying to position themselves against a competitor. This shows interviewers that you can think critically about business topics.

Clarify as much as you can about indirect staff benefits such as study leave allowances, the kind of training provided, or other such perks.

Ask interviewers questions about their own personal career journey through the company.

If possible, try to get a sense of the type of people you’ll be working with, or the company’s leadership and management style. This will help with your decision-making process.

05.

FOLLOW UP AFTER THE INTERVIEW

Following up after the interview is an important step that can help you stand out from other candidates. It reinforces your stated interest in the position and the company, and it gives you an opportunity to reiterate your enthusiasm for the role.

Send a thank-you text or email to the interviewer(s) within 24 hours of the interview. This can be a simple note expressing your gratitude for the opportunity to interview and your continued interest in the position.

If you can, mention specific points of the conversation that you found interesting or relevant to your interests and career goals.

Ask about the next steps in the hiring process and the timeline for a decision.

Need more interview tips? Get it Here.

TACKLING ACCOUNTING ASSESSMENT CENTRES

centres are a popular way for accounting employers to select the best graduates.

Accountancy and professional services firms have long been known to use assessment centres as a way of selecting the most promising graduates. These centres are designed to put candidates through a series of exercises and assessments to test their personal and technical skills.

The aim of assessment centres is to find the candidates who are the best fit for the job and the organisation. Therefore, it is essential that graduates are prepared for these assessments and know how to stand out from the crowd.

KNOW THE SELECTION CRITERIA

One of the most important steps in tackling an accounting assessment centre is to familiarise yourself with the selection criteria set by the employer. You can find these from the job description, speaking to recruiters at events, asking questions during the first interview, or sometimes on the employer’s own website . By understanding the employer’s expectations, you can tailor your approach to meet their requirements and stand out from other candidates.

Before attending the assessment centre, it’s essential to review what you know about the employer’s selection criteria carefully. This will help you to understand what skills and qualities the employer values most, allowing you to prepare appropriately.

Don’t forget to brush up on your accounting basics as well. Take the time to revise key accounting concepts and practices most relevant to the role you are applying for.

To get a better idea of what to expect during an assessment centre, you can visit your university careers services centre and ask if they conduct mock assessment centre workshops. Working through those and getting feedback on your performance from career counselors is a great way to practice for what’s to come.

Assessment

GROUP EXERCISES

Group exercises are a common feature of assessment centres for accountancy firms, given the teambased nature of many accounting roles. They include discussion groups, case studies, role-playing exercises, and job-related scenarios that test your ability to operate in the area you have applied for.

Here are some tips to excel in group exercises:

Be assertive but collaborative

Confidence is key in group exercises. Speak your mind without being too dominant, and ensure that everyone gets their chance to speak.

Listen actively

Demonstrate that you are listening by building on others’ ideas. You can say things like “So to clarify, what you meant was…” to show that you are paying attention and actively processing what others are saying.

Be positive and friendly

Show enthusiasm and support for others. Don’t tear anyone down or get confrontational. Try to encourage others or lift the mood when you can.

Take initiative

If no one is taking charge, do your best to lead the conversation and keep everyone on track. Make sure you keep an eye on the clock as well!

CASE STUDIES

This is where you are given an exercise that simulates the sort of problems you must solve in the role you are applying for. Case studies can be done individually or in groups, depending on the employer. You may be given the brief beforehand so you can prepare, or asked to tackle it on the spot.

Here are some tips to handle case studies:

There may be more than one possible answer

Case studies often have multiple possible solutions, so don’t fixate too much on finding the “right” answer. Work through the problem in the way that makes most logical sense to you.

Be ready to explain your process

You may be asked to explain to recruiters how you arrived at your conclusion. Be sure to keep track of your thought process and the steps you took.

Focus on the bigger picture

Your solution should ideally make commercial sense. Be prepared to justify how your proposed solution will ultimately benefit a company.

Divide the workload

If you are working on a case study as a group, divide the workload according to your teammates’ strengths so you can all work through it as efficiently as possible.

PRESENTATIONS

Presentations are another common element of assessment centres. You may be asked to give a solo presentation to a mixed group of candidates and assessors, or be asked to present on a topic as a group.

Here are some tips for delivering a great presentation:

Use a structure

A structure is helpful to prevent your mind from going blank and to help the audience keep track. Use whatever form of brief notes you feel comfortable with, but never speak from a script.

Keep it simple

Don’t attempt to fit too much information into your presentation, or your audience will switch off. Focus on presenting three to four big ideas or messages in five minutes.

Use body language

Your body language can make a huge difference to your presentation. Make eye contact, use gestures, and stand up straight to show confidence.

Use visual aids

If possible, use a flipchart or PowerPoint slides to support and back up your presentation.

Give everyone a chance to speak

Need more assessment centre tips?

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If presenting as a group, make sure everyone has an opportunity to say their piece as well. Don’t be afraid to step in (politely) and cover for a group member too if they miss out on something during their speaking slot.

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ASSURANCE & EXTERNAL AUDIT

External audit is a vital aspect of doing business in Malaysia, ensuring that reported financial information is accurate, transparent, and reliable.

OVERVIEW

External audit is the periodic review of financial data and processes of an organisation by an external party, to ensure that income is reported correctly and that its money is being properly used.

Aside from just inspecting accounts, auditors can also act in advisory roles. They can assess internal financial controls to identify potential weaknesses, help organisations review and mitigate financial risk, as well as ensure that the organisation is complying with all relevant laws and regulations in terms of how it makes money and reports its earnings.

External auditors usually work for professional accounting firms or the public sector (e.g. the Accountant General’s Department). They ensure clients’ financial records are correct and in line with the law, and may also advise clients on accounting best practices. An annual external audit is a legal requirement for businesses in Malaysia, so external auditors’ services are always in demand.

This type of audit work is typically paired with assurance – that is, verifying the processes that an organisation uses to keep its financial records and ensuring that they are legally compliant and follow professional accounting standards. Assurance can be done as part of a broader external audit, or as a standalone process.

External audit work may also cover other investigative tasks, such as carrying out due diligence on a company that is a target for a merger or acquisition, or checking

to ensure a company is meeting sustainability or social responsibility standards.

CAREER PATHWAYS

Graduates usually start their accounting careers training in external audit while studying for a professional qualification. This is because this line of work provides lots of real-world exposure from the get-go.

Auditors-in-training typically work in teams, which means there are always senior colleagues there to help and advise you, or help balance the load if you need time off to study. You can expect to spend a lot of time out of the office or moving around the country, as external audit work is often done on-site at a client’s workplace.

Once you obtain a professional qualification, more options will open up to you. You can remain in external audit and work your way up to team lead and management roles, join the public sector, or switch tracks to internal audit work. You may also decide to leverage off the experience you gained doing external audit work to branch out into another area of accounting entirely.

External auditors typically work much longer hours than their internal audit counterparts, as they are constantly moving from one client’s audit to the next. This also takes into account the fact that you will likely have to balance working with studying for your professional qualification in the first few years of your career.

There can be tremendous pressure to meet audit deadlines, especially if multiple clients end their financial

years around the same time. But this is balanced out by the variety of companies you get to visit, the opportunity to meet new people, and the chance to gain plenty of in-depth insights into the local marketplace.

REQUIRED SKILLS

Having strong analytical skills is essential for an auditor. You must be able to analyse financial data and the processes by which said data is captured, in order to identify patterns and trends that could indicate potential issues.

Good time management and stress management skills are key as well. You may be handling multiple clients’ audits at the same time, and knowing how to pipeline tasks while still keeping a cool head will be essential to getting your job done.

You must also have great attention to detail in order to spot discrepancies or errors. For instance, an auditor may review a company’s financial statements and notice that the reported inventory figures do not match the actual physical inventory records from a site visit.

Communication skills are also crucial, as you must be able to communicate complex financial information to clients or internal stakeholders in a clear and concise manner.

Lastly, because auditors often work in teams, teamwork and interpersonal skills will be key. You must also have the initiative to dig deeper or work on things independently whether by yourself of when the team is present.

COMMERCIAL FINANCE

Use your accounting skills as an in-house consultant, advising businesses on strategies for growth.

OVERVIEW

While general accounting and audit work is typically about analysing an organisation’s financial performance after the fact, commercial finance is about proactively pushing for financial growth.

Commercial finance managers actively analyse the performance of a company’s products or services and then make recommendations to maximise profits. Depending on their expertise or the business’s goals, they might focus on either a specific product or service area, or offer broader strategic advice for the whole business.

This type of work is more commonly found in fast-moving industries (e.g. banking, retail, fast-moving consumer goods, oil and gas, manufacturing, tourism, etc.) where external market factors or high volumes of transactions can have a notable impact on a business’s profitability day-by-day.

CAREER PATHWAYS

In general, commercial finance work is less concerned with bookkeeping and more focused on setting and implementing financial controls and processes. These ensure that non-finance functions such as sales, marketing, and production streamline their expenses and make well-informed business decisions.

Commercial finance managers may also monitor and recommend price adjustments for a product or service, which involves finding a balance between attracting consumers

and making a sufficient profit. Their other responsibilities could include tracking sales performances against targets and highlighting variances for immediate follow-up, forecasting changes to future profits, and assisting non-finance staff with developing new products and promotions.

Graduates keen on commercial finance roles typically start off doing general accounting or audit work to gain experience in analysing businesses and persuading stakeholders to make necessary changes. After obtaining a professional qualification, they may then choose to pivot towards commercial finance work – whether full-time or as a greater share of their existing responsibilities.

Some employers do run specific training programmes to gear graduates towards this line of work. Within such programmes you can expect to be given a fair amount of responsibility from the get-go, such as advising on financial controls or providing appropriate data and advice to help colleagues make key business decisions.

Commercial finance opportunities can be found within an organisation’s internal finance team, with public accounting firms like the Big Four, or with management consultancy firms. While some companies do employ dedicated commercial finance managers, others may just embed commercial finance functions within other roles in their internal finance teams instead.

REQUIRED SKILLS

Work in this area often comes with plenty of pressure since the recommendations you make will have a direct impact on a business’s profitability. One such example is that you may be tasked with generating and analysing daily sales and finance reports to aid management decisions. Having effective time management skills and multi-tasking abilities is critically important if you want to succeed.

Constant awareness of an organisation’s business direction as well as broader marketplace trends is vital. Excellent communication, teamwork and presentation skills are also necessary since you will be spending a lot of time making recommendations to management, communicating processes to nonfinance colleagues, or working with other finance team members to come up with a collective analysis of the current situation.

Your analytical and problem-solving skills must be on point as well. Commercial finance managers are often required to come up with quick, effective solutions in response to sudden changes, market movements, or emergencies. You’ll need to be able to think on your feet while still retaining an eye for detail.

With that said, commercial finance professionals can expect to gain a deep understanding of the business world and the various functions that make an organisation tick through the course of their work. Experience in this line of work is key to advancing to more senior management roles such as financial controller or CFO… or maybe even into CEO positions as well!

CORPORATE FINANCE

When businesses are in the process of change, they need accountants to advise how to add value through investment decisions.

OVERVIEW

Corporate finance more broadly refers to the practice of how businesses fund their operations while still delivering maximized profits to shareholders. This is done through raising capital (i.e. issuing and selling bonds, equity, or debt to investors), planning and monitoring capital expenditures and cash flow, and determining how a company should proceed with any planned future investments.

Corporate finance professionals are thus responsible for managing their company’s financial activities and capital investment decisions. These decisions can include whether to pursue a proposed investment, how to pay for investments or purchases (e.g. by paying cash, selling securities, or taking out loans, etc.), and calculating how much dividends shareholders should receive.

Because of the broad-reaching scope of work, corporate finance teams tend to be multidisciplinary as a result. Roles range from lead advisors (who project manage the process of raising capital), accountants and auditors, and lawyers; each contributing to a different part of the overall process.

CAREER PATHWAYS

Most corporate finance accountants typically start off in audit roles, as that tends to be a good way to gain experience on the ins and outs of corporate financing and how to valuate a company’s assets and liabilities. Some professional bodies like ICAEW also offer

specific qualifications for corporate finance roles, which may be worth considering as you pursue chartered accountant status.

While lead advisors analyse the external financial landscape to recommend the best and safest ways for a firm to raise capital, corporate finance accountants provide analysis and transactional support for the rest of the team. This includes tasks such as doing capital budgeting, risk analysis, and performing due diligence on potential investment options.

With that said, another key part of corporate finance work is cash flow management. Making investments and taking on new projects is all well and good, but a company must be able to settle all its obligations when the time comes to pay up.

Corporate finance professionals must thus ensure a company has sufficient liquidity – whether through balancing assets and liabilities, having enough cash on hand, or securing sufficient credit lines for the company.

Some corporate finance roles may require detailed knowledge of the area of business which the company inhabits. For example, raising capital and managing liquidity for a tech company is a very different ball game than doing the same for an oil and gas company. You will have to pick up such sector-specific knowledge as you advance in your career, and it is not uncommon for corporate finance professionals to end up specialising in particular industries later on in their career.

Corporate finance roles can typically be found under a company’s inhouse finance department, or with

banks and investment funds. Given the critical and sensitive nature of this work, pay for such roles can be on the high side, though it is also one of the more high-pressure areas of accounting work in exchange.

REQUIRED SKILLS

Strong communication skills are essential in corporate finance, as professionals must effectively communicate with a wide range of stakeholders, including senior management, investors, and regulatory agencies.

Teamwork skills are crucial as well, since you will be working in teams of multidisciplinary professionals. You must be able to collaborate effectively with team members from both finance and non-finance backgrounds in order to achieve your shared goals.

Having a good eye for detail and keen problem-solving skills is also a must. You must be able to identify and hedge again potential problems before they arise. This is especially critical in capital budgeting, as excessive investing or under-funded investments can have huge negative effects on the company’s immediate financial standing.

Other important traits include confidence – since you need to be both influential and persuasive when making deals with external parties or conveying financial management strategies to internal staff, good numeracy skills, and the resilience to work long hours under a high degree of pressure.

CORPORATE RECOVERY

Help bring distressed businesses back from the brink, or recover as many assets as possible from businesses beyond saving.

OVERVIEW

When a business or organisation is making huge losses or is unable to pay off their debts, that’s when corporate recovery professionals may be called in.

Corporate recovery (also known as “restructuring” or “insolvency”) encompasses a wide range of activities aimed at assisting businesses facing financial challenges. These activities may include restructuring of debts, financial reorganisation, and repositioning the business for growth.

Corporate recovery professionals start by analysing whether a distressed business can be saved. If possible, they may suggest debt and equity restructuring strategies, or operational strategies to help the business recover (e.g. identify and shed loss-making business areas). If rescue is not a possibility, then their priority will be winding up the business and recovering as much as possible from selling the business’ assets.

CAREER PATHWAYS

For accounting graduates in Malaysia who are interested in pursuing a career in corporate recovery, it is essential to have a relevant degree in accounting, finance, or business. You will also need to be qualified by a professional accounting body before you can begin specialising in this area of accountancy.

Corporate recovery professionals are typically only called in to assist businesses upon referral from banks, lawyers, or accounting firms. As such, corporate recovery roles are mostly found in external accounting and professional services providers instead of being offered in-house.

Most graduates usually transition into corporate recovery after starting out in another area of accounting (usually audit). Corporate recovery professionals usually start out in analyst roles, developing financial models, conducting financial analysis, and highlighting recommendations for restructuring or reorganising a company.

You will usually work in a team under the supervision of an experienced corporate recovery professional. Once you gain more experience, you will eventually be tasked with handling specific clients. You may provide specific restructuring or insolvency recommendations of your own and follow up to ensure that they are carried out, or negotiate with debtors and creditors on the client’s behalf to secure repayment terms for outstanding debts.

Under Malaysian law, you will need to apply for and obtain approval from the Ministry of Finance in order to work as corporate recovery specialist. Being part of dedicated bodies like the Insolvency Practitioners’ Association of Malaysia will demonstrate your commitment and expertise in the field as well.

REQUIRED SKILLS

Good business acumen and strong financial analysis skills are key to this line of work. You will need to analyse financial data, identify areas of distress, and potential opportunities for growth, liquidity, or asset recovery.

Equally important in this line of work are communication and negotiation skills. You will have to speak and negotiate with company management, legal professionals, external debtors and creditors, and other relevant stakeholders to get the information you need and secure buy-ins to your restructuring or insolvency strategies. Empathy and tact are also necessary, as you may find yourself dealing with staff who are on the verge of losing their savings or jobs.

Being able to multi-task, prioritise work, and keep an eye on the bigger picture are important skills as well. Business losses are rarely due to one single factor alone, and can be the result of multiple problems all coming together in a perfect storm. You will have to pull together financial data from various sources to get the full picture and identify possible recovery strategies.

CORPORATE TREASURY

Ensure that companies have enough cash to spend on immediate necessities and short-term priorities.

OVERVIEW

Liquidity is an important part of any business’s financial health. A company or organisation could be forced to closed down if it doesn’t have enough cash or liquid assets to pay for short-term or immediate expenses and overheads.

For large businesses with huge volumes of transactions and shortterm financial obligations each week or each month, ensuring that the business has sufficient liquidity at any point in time can be a very complex undertaking. This is where the work of a corporate treasury department comes in.

Corporate treasurers are responsible for overseeing a company’s liquid financial resources, ensuring optimal cash management, steady access to streams of liquid assets, and mitigating potential financial risks to the value of those liquid assets.

Corporate treasury work involves tasks such as cash flow management and customer credit control, or stockpiling foreign currency reserves while hedging against potential foreign exchange losses. They play a vital role in guaranteeing sufficient liquidity, managing the company’s relationships with banks, and developing strategies to maximise a business’s short-term financial security.

CAREER PATHWAYS

To advance in a career as a corporate treasurer, you will need specialised qualifications alongside the typical bachelor’s degree in accounting, finance,

or a related field. Professional accounting bodies like ACCA do offer sub-specialisations in corporate treasury. But you can also pursue other dedicated qualifications like the internationally-recognised Certified Treasury Professional (CTP) certification.

Graduates working towards professional qualifications usually begin their journey as treasury analysts or assistant treasury officers. These roles involve supporting the treasury team in day-to-day operations, such as cash management, bank account reconciliations, and maintaining financial records.

After qualification, graduates can progress to roles such as treasury operations officer or treasury manager. At this point, you will take a more active hand in managing business liquidity, including tasks like cash flow forecasting, securing funding or loan facilities from banks or investors, and setting financial controls in place to regulate financial inflows and outflows.

With further experience and expertise, you will find yourself taking on additional tasks such as longerterm strategic financial planning, investment management, hedging strategies, and optimising the company’s overall financial position.

Corporate treasury staff typically collaborate closely with senior management, given how core liquidity management is to the continued survival of a business. Cultivating good relationships with internal stakeholders will be just as important to your work as managing external debtors and creditors.

REQUIRED SKILLS

Strong financial acumen and awareness of market movements is a must. Aside from having a good understanding of financial analysis, forecasting, and budgeting, you must be constantly aware of external factors like changes to interest rates, new loan schemes, or fluctuations in foreign exchange rates.

Good time management and the ability to perform under pressure is crucial as well. You can be expected to secure and move substantial amounts of money around under tight deadlines and close scrutiny from senior management. Being able to keep a cool head while planning your next move in advance will go a long way in ensuring you get things done.

Corporate treasurers must also have excellent analytical abilities to review financial data, evaluate a business’s financial health, and make datadriven recommendations. Effective communication skills are also essential for building relationships and negotiating with internal and external stakeholders, as well as conveying complex time-sensitive financial information internally.

Lastly, strong problem-solving and decision-making skills are vital. The ability to assess risks, solve financial challenges, and make strategic decisions is critical for corporate treasurers. They must think critically, weigh alternatives, and adapt their strategies based on changing market conditions.

FINANCIAL ACCOUNTING

Help organisations track business transactions and assess and evaluate their financial health and performance.

OVERVIEW

The bread-and-butter of the accounting profession, financial accounting is all about analysing and reporting on the financial transactions that an organisation makes. This allows both internal and external stakeholders to measure the “health” of the organisation and review and act on crucial information about its performance.

Financial accounting ensures that organisations comply with financial reporting regulations and standards, including Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The financial reports produced by financial accounting staff include mainstays such as the balance sheet, profitand-loss (P&L) statements, statement of changes in equity, and cash flow statements.

Access to such information is key for all parties doing business with the organisation. Internal management needs these reports to keep upto-date on business performance and make management decisions. External investors will review them to assess if it’s worth investing further in the organisation. Suppliers or vendors will likewise review such documents to decide if it’s safe to do business with the organisation, or extend any form of credit.

CAREER PATHWAYS

Graduate jobs in financial accounting can be found in all sorts of organisations, from large publiclytraded firms to small and mediumsized businesses. Career progression

opportunities and life on the job will therefore differ greatly depending on what kind of employer you join. Most opportunities can be found within dedicated finance teams/divisions within an organization.

There are typically no hard requirements for graduate financial accounting roles beyond being able to demonstrate sufficient accounting knowledge. However, employers do tend to favor candidates with accounting and finance-related degrees.

Graduate hires generally start in a training programme that allows them to acquire an overall understanding of the organisation’s business, and the way that your appointed finance team intersects with other departments. With a larger employer, this could be a structured programme with multiple rotations. Though smaller employers might just assign you under the supervision of a senior accountant and have you learn on the job.

While you do not need a professional accounting qualification to work in entry-level financial accounting roles, being professionally-qualified may be a requirement to advance to more senior or management level positions. Be sure to clarify with potential employers about their career progression requirements, as well as whether they provide any work-study benefits if you intend to pursue professional qualifications.

The first few years as a financial accountant can be quite hectic, especially if you are juggling between work and studying for a professional qualification. Expect to perform a broad range of numbercrunching and financial reporting duties until you reach a point where you may be given the option to

specialise. From there, you can either move laterally into specific finance divisions (e.g. treasury, credit control, internal audit, etc.) or up the ladder into management roles such as financial controller.

REQUIRED SKILLS

Strong analytical skills, attention to detail, and critical thinking abilities are the basic requirements for this line of work. Graduates should also have excellent communication skills, both written and verbal, as they often need to communicate financial information in layperson’s terms to a wide range of parties.

Financial accountants must also have a thorough understanding of fundamental accounting principles, financial regulations, and financial reporting standards. It is important to constantly stay up to date on changes in local financial laws, tax structures, and reporting standards.

Strong organisational and time management skills will also be key. You must be able to prioritise tasks effectively and meet deadlines while still ensuring accuracy and compliance with regulations.

Lastly, teamwork skills are critically important. Financial accountants tend to work in teams, or will rely heavily on updates, documentation, and reports from other teams within the organisation as a key part of their work. Knowing how to work with others both within and outside your own department is a crucial step in getting things done.

FORENSIC ACCOUNTING

Conduct investigations to expose fraud and illegitimate financial practices, and help affected clients trace and recoup their losses.

OVERVIEW

Forensic accountants help clients resolve financial problems by uncovering evidence of fraud, disputed financial movements, and alleged misconduct. They carry out investigations to obtain key information about any persons or organisations involved, and help clients quantify any losses incurred.

It’s a forensic accountant’s responsibility to identify and uncover illegitimate financial practices, identify suspects, and hopefully recover illicit funds. You will also work closely with other professionals, such as lawyers, law enforcement agencies, and affected stakeholders to provide expert opinions on complex financial matters in the event of a legal dispute.

Forensic accountants are typically employed by accounting and professional services firms, financial services companies, large law firms, or government regulatory and law enforcement agencies. Some may even run their own private practice and contract their services to larger firms as and when needed.

CAREER PATHWAYS

There are various entry points for graduates who are interested in pursuing a career in forensic accounting in Malaysia. Some firms recruit directly into this area, but those are relatively rare. Many graduates initially start off in audit roles or are rotated into a forensic accounting department as part of a larger graduate programme.

You will definitely need to be qualified by a professional accounting body before you can enter this line of work full time or advance up the ranks. Additional specialised qualifications, like the Certified Fraud Examiner (CFE) certification, may also be useful later on in your career depending on what areas of forensic accounting you aim to specialise in.

Graduate-level responsibilities typically involve low-level data analysis like building spreadsheets and checking financial and written records for relevant information. However, these tasks form the building blocks of the entire investigation, and keeping the key facts of the case in mind at all times is crucial even at this level.

Once you are professionally qualified, you will have opportunities to start leading different aspects of an investigation. You may also start being tasked with higher-level responsibilities such as preparing official forensic accounting reports, or collating data for legal cases and testifying in court as needed.

Another possible career pathway is fraud prevention – helping companies pre-emptively prevent fraud or minimising the chances of fraudulent financial activities taking place. This is more commonly found among banks and insurance companies, or with consultancies that specialise in risk management.

Some unusual perks from this line of work are opportunities to travel and meet professionals from diverse and interesting backgrounds. You may find your professional network filling up with contacts such as law enforcement officers, forensic technicians, security experts, lawyers, and even private investigators.

REQUIRED SKILLS

Strong analytical skills and attention to detail are crucial for conducting forensic investigations and identifying irregularities in financial statements. Fundamental evidence may be buried within seemingly trivial financial data, so it’s important to have a keen eye to spot irregularities even if the work can seem like drudgery at times.

Critical thinking abilities are also essential for forensic accountants. Graduates need to have the ability to evaluate complex financial transactions and identify patterns and trends that may indicate fraudulent activities. They should also have strong problem-solving skills, which are needed to develop effective strategies to address these issues.

Effective communication skills, both written and verbal, are also crucial as you must be able to present your findings clearly and concisely to people from non-finance backgrounds. This is especially important when it comes to working with lawyers and law enforcement personnel. You may also find yourself having to deal with uncooperative or emotional interviewees, and being able to work around them may be key to getting the facts you need.

Given the sensitive nature of the work, maintaining a constant façade of professionalism and confidentiality is critical. You must be able to draw a hard line between your professional and personal life, and watch what you say around others at all times. Maintaining confidentiality is key to making or breaking an investigation… and in some cases, key to protecting yourself too.

INTERNAL AUDIT

Work from within an organisation to ensure it operates efficiently, effectively, and in compliance with laws and regulations.

OVERVIEW

As the name implies, internal audit is all about verifying an organisation’s financial integrity from within. Internal auditors perform periodic, systematic reviews of an organisation’s accounting, financial, and operational processes to identify areas of risk and opportunities for improvement.

Though external audits are a crucial part of assessing an organisation’s financial health and credibility, their primary goal is to verify an organisation’s financial reporting to stakeholders and the government. Internal audits are more for the benefit of senior management, with the aim of plugging operational loopholes within an organisation and heading off potential problems before they arise.

Internal auditors thus work closely with senior management, advising them if areas of the business are being run in an inefficient, financially risky, or even fraudulent way. Larger companies usually have their own dedicated internal audit teams, while smaller businesses may contract organisations specialising in audit work to perform such tasks for them.

CAREER PATHWAYS

Graduates typically start off as audit/compliance assistants, or in similar roles within a company’s internal finance department. In this capacity, you can expect to spend most of your time reviewing internal accounts and financial reports, enforcing internal processes, mediating between staff and

management, or conducting spot checks on internal records.

To advance further up the ladder, graduates in Malaysia typically need to obtain a specialised professional qualification such as the Certified Internal Auditor (CIA) certification. This can be done in tandem with pursuing chartered accountant qualifications, as membership with professional accounting bodies can waive some of the requirements for CIA qualification.

Once you are certified, more senior roles will be opened up to you, such as senior internal auditor or internal audit manager. These roles involve managing teams of internal auditors, leading internal audits, and developing audit plans.

Alternative roles within the internal audit track include compliance officers or risk management specialists. Compliance officers ensure that an organisation is following relevant laws and regulations, while risk management specialists identify and assess the risks an organisation faces and develop strategies to manage those risks. Management consulting is another potential career pathway, as internal audit skills are highly valued in consulting firms.

REQUIRED SKILLS

To succeed as an internal auditor, graduates need to possess strong analytical skills, attention to detail, and critical thinking abilities. Because much of the information internal auditors need for their work comes

from an unsorted array of accounts, records, and interviews, having such skills to key to making proper sense of the materials you gather.

Having extensive working knowledge of accounting software products, ERP systems and processes and other record-keeping systems within an organisation is crucial as well, though those will usually be picked up on the job.

Given the nature of internal audit work, internal auditors must constantly uphold high standards of integrity, objectivity, and professionalism. These qualities are essential to maintain the credibility of the internal audit function and to ensure that audit findings are unbiased and impartial.

As internal auditors often work with employees at all levels of the organisation, they need to possess strong interpersonal and communication skills. This includes the ability to build relationships with stakeholders, communicate effectively, unearth information, and resolve conflicts.

You must also have tact and patience. Having awkward conversations with affected staff is a key part of the job, as is having to deal with frustrated staff members who may see your work enforcing compliance as an apparent waste of their time. Being able to get through to such people is important if you hope to achieve your desired goals.

MANAGEMENT ACCOUNTING

Provide crucial and specialised financial information to internal stakeholders to support decision-making and improve the overall performance of an organisation.

OVERVIEW

Management accounting focuses on supplying economic information that can aid in a business’s highlevel decision-making processes. This is more than just preparing financial reports - in addition to their accounting abilities, management accountants bring in-depth knowledge of the business sectors they work in and a wide range of different skills such as planning, management, and strategy to the table. This combination allows them to provide specialised, businessspecific guidance.

The three pillars of management accounting are: planning, decisionmaking, and controlling. You may find management accountants drafting high-level strategies on cost management, revenue enhancement, and risk mitigation; or advising on more granular topics such as the economics of design, managing production line costs, staffing quotas, or the potential cost of deploying IT solutions.

Good management accountants often need to see a business from a complex global perspective, while still dealing with the specific, local issues of each process and how both factors interact and affect the company as a whole.

CAREER PATHWAYS

There are various entry points

Since the purpose of management accounting work is for internal strategy planning, most management accounting roles will usually be inhouse within a company. You may, however, also find roles incorporating

management accounting duties at management consulting and professional services firms.

Graduates typically start out in general accounting/finance roles in order to pick up various skills that will be useful for management accounting. If you intend to specialise in management accounting, you’ll need to obtain specialist professional qualifications from bodies such as the Chartered Institute of Management Accountants (CIMA) or the Association of Certified Chartered Accountants (ACCA).

Early responsibilities as a junior accountant may include crunching numbers for internal reviews and helping to prepare management budgets. Once qualified, you may be asked to work on more complex tasks such as product valuation, cash flow or inventory analysis, risk management, or identifying and forecasting future business trends.

Many of your duties will involve working closely with senior management, and advising them in decision making and strategy planning. A key difference between management accounting and financial accounting is that management accountants do not need to adhere to Generally Accepted Accounting Principles (GAAP) since whatever financial data they work with is only meant for internal review. You may, for example, be asked to come up with unique processes to track and measure specific financial information that senior management wants to keep an eye on.

Given the specialised skill sets that management accountants pick up on the job, your career could progress laterally as well as vertically. You

could work your way up to becoming a partner in a business, or move amongst other companies operating in the sector you specialise in. Another possible option might be to switch career tracks and venture into management consulting instead.

REQUIRED SKILLS

Because management accountants play a crucial role in supporting business decisions, you must have excellent business acumen and a good understanding of the organisation’s goals and objectives. Good decision-making skills and the ability to communicate clearly and effectively are essential as well.

Having strong strategic thinking and problem-solving skills are also key. You should be able to analyse financial data and provide insights to support decision-making at all levels of the organisation. You must also be able to offer solutions on how to enforce those decisions and ensure that they are adhered to.

Strong project management skills are also essential for management accountants. They need to be able to manage multiple projects simultaneously, set priorities, and deliver results in a timely manner. They should be able to work well under pressure and meet tight deadlines.

You should also be familiar with technology and software tools that can support your work. This includes accounting software, data analysis tools, and large-scale management software such as SAP or Oracle. Knowledge of such platforms, however, will often be picked up on the job.

PUBLIC SECTOR ACCOUNTING

Be a part of the financial management and reporting of government entities, including federal, state, and local governments.

OVERVIEW

Public sector accounting is a specialised field focused on keeping track of how public sector or government-linked entities handle money. This is because public sector entities are nominally not profitmaking businesses, but are meant to focus on delivering services to benefit the public and/or the redistribution of income or wealth.

The primary objective of public sector accounting is to provide transparent and accurate information about government income and spending to stakeholders, including taxpaying voters, elected officials, and government agencies. In Malaysia, this means that all public sector entities must comply with the Malaysia Public Sector Accounting Standards (MPSAS), which provides a framework for local financial reporting in the public sector.

Public sector accountants play a crucial role in managing government resources and ensuring accountability. They are responsible for ensuring that government financial records comply with relevant accounting standards, regulations, and laws. At higher levels of experience, they also provide advice on federal- or state-level financial matters and assist in the development of government policies and programmes.

CAREER PATHWAYS

Most government and public sector entities in Malaysia typically require a degree as a minimum qualification for entry-level accounting positions.

As with most other accounting career pathways, you will also eventually need to be professionally qualified if you hope to ascend the ranks later on. Qualification by the Malaysian Institute of Accountants (MIA) is particularly favourable in this case.

Career pathways for public sector accounting vary depending on the type of organisation you are placed in. Most public sector entities in Malaysia hire directly for entry-level roles, so you will have to keep an eye out for such direct opportunities. Graduates typically start off as junior accountants or financial analysts, assisting in the preparation of financial statements, budgets, and financial reports.

As you gain more experience (and get professionally-qualified), you can advance to roles such as government accountant, public sector auditor, or financial manager. These roles involve more complex financial analysis, budget planning, and financial management responsibilities. You may also eventually move upstream to the Accountant General’s Department (AGD), which oversees accounting standards and reporting for all public sector entities in Malaysia.

An alternative career pathway is to work for the public sector accounting desk at a private sector accounting and professional services firm. Large accounting firms like the Big Four do have specialised divisions providing audit and assurance services for public sector entities or advisory services for businesses looking to work with the government. This could be a viable option if you have an interest in public sector accounting, but still want to remain in the private sector!

REQUIRED SKILLS

A big difference between accounting in the public sector vs. the private sector is that you will need to keep public sector accounting standards as dictated by the MPSAS in mind at all times. Public sector accountants must have a thorough understanding of such standards to ensure that all financial reporting complies with the guidelines set by the government.

Adaptability is a key skill for this line of work as well. Public sector accountants must be able to adapt to constant changes in the public sector landscape, such as changes in regulations, government direction, or government policies, and adjust their work accordingly.

Communication skills are also important as public sector accountants must be able to communicate financial information to stakeholders in a clear and concise manner. In addition, because the public sector is a giant bureaucracy, you will need to communicate and follow-up across departments, entities, or even ministries at times to get the data you require. Knowing who to engage with will be just as important as how to engage them.

Lateral thinking is another key skill, as you must be able to discern how data and financial transactions from various departments or divisions all link together to form a bigger picture about an entity’s financial spending or usage of their governmentassigned budget. And of course, as with all other accounting jobs, you must still be highly numerate and have great attention to detail.

RISK ASSESSMENT

Use logic, creativity, and interpersonal skills to help companies understand, prioritise, and manage potential business risks.

OVERVIEW

Risk assessment is a crucial process in accounting that helps organisations identify potential risks and vulnerabilities that may affect their operations. By assessing risks, organisations can develop strategies to minimise their impact or prevent them from occurring altogether.

For example, if a company wants to expand their business, they’ll need to consider the costs of hiring new staff, the available pool of skills, the technology required, competitor responses, and avoiding supply chain disruption. The process of risk assessment involves identifying such potential risks, evaluating the likelihood and impact of these risks, and developing strategies to mitigate them.

Risk assessors work closely with executive boards and senior management at companies to provide advice on all areas of business, from security and fraud to environmental and social impact. Such services are sometimes offered alongside compliance advisory (i.e. helping businesses to comply with new laws and regulations that affect their industry), or governance advisory (i.e. ensuring that a business has an effective set of processes to meet the expectations of management and stakeholders).

In Malaysia, both publicly-traded and public sector organisations are required to conduct regular risk assessments to comply with regulations such as the Malaysian Code on Corporate Governance and the Malaysian Public Sector Accounting Standards.

CAREER PATHWAYS

Risk assessment is largely a consultative role, which means career opportunities are typically found with accounting and professional services firms providing risk consulting services for clients. You may also find opportunities with large corporations which require regular risk assessments often enough to hire a designated in-house team. However, those don’t tend to pop up as often.

Graduate hires tend to start out in a more general area (e.g. audit) for training before they specialise in risk assessment. However, some accounting firms do have dedicated graduate programmes for risk assessment, so keep an eye out for those. Large organisations hiring in-house typically prefer to train graduates in other areas before absorbing them into their risk assessment department later on.

To become a risk assessment professional in Malaysia, graduates must obtain a specialist risk management qualification with a professional accounting body. As a risk management trainee, you will typically start out with tasks like monitoring daily business functions, evaluating existing risk controls, and assisting with preparing recommendation reports for clients/ management.

Once you are qualified, you will take a larger hand in planning, designing and supervising the implementation of risk management processes and continuity plans for a client/ company. You may also be tasked with establishing and determining the risk appetite of an organisation, and adjusting existing risk management processes to match.

REQUIRED SKILLS

The most important skill for risk assessment professionals is problemsolving ability, that is, being able to foresee potential risks and develop effective strategies to mitigate them. This requires creativity and adaptability, as risks can vary greatly in their nature and severity.

Strong analytical skills, attention to detail, and critical thinking abilities are key as well. You should also have excellent communication and negotiation skills - both written and verbal - as you must be able to persuade others to follow through on your findings and proposed solutions.

In-depth knowledge of enterprise risk management (ERM) software and Risk Control Self Assessments (RSCA) is needed, though these can be picked up on the job. You must also have a comprehensive understanding of the various types of risks that a firm may face both locally and internationally, as well as stay constantly up to date on relevant business laws and regulations.

In addition to these technical skills, risk assessment professionals should also possess strong interpersonal skills. You will need to collaborate with other departments and build relationships with stakeholders in order to get the most accurate findings and have a higher chance of your recommendations being adopted.

TAX ADVISORY

Help companies and individuals comply with tax laws and pay taxes in the most efficient way possible.

OVERVIEW

Tax advisors work with businesses and high net-worth individuals to ensure compliance with tax laws while minimising their tax liabilities. They may also provide consulting services to help clients understand changes to tax laws, or the tax implications of certain business or investment decisions.

Aside from major corporate tax issues, like compliance, tax returns, and taxes on large transactions like business mergers and acquisitions (M&A), there are other smaller specialist areas in tax advisory. This includes employee-related issues such as stock options and EPF/ SOCSO contributions, advising on indirect taxes like VAT, GST, and import duties, as well as personal taxation services for high-net worth clients (e.g. estate or inheritance taxes, asset liquidation, etc.).

Tax rules are complex and always changing, so it is important for those working in the field to keep up to date constantly to ensure that they can offer the best possible advice to their clients. Tax advisors must also build up strong relationships with their clients, who demand discretion with their financial matters. Such clients may also have investments liable to taxation in many different parts of the world, so a tax advisor may have to be aware of what is happening in multiple tax jurisdictions at the same time.

CAREER PATHWAYS

Graduates typically start off as trainees within the tax advisory division of an accounting and

professional services firm while they work towards the professional qualifications to become a chartered tax accountant. Once qualified, you can choose to either be a generalist or focus on specialising further in certain areas of taxation.

As a trainee, you will typically be assigned to an established team of tax advisors, performing research duties, assist with calculating client tax projections, and learning the necessary tax regulations on the job.

Once you become a full-fledged tax advisor, you will be responsible for handling clients directly, preparing their taxes in such a way that it decreases the amount of tax that needs to be paid while still complying with government regulations. This will involve research into previous tax filings, attending strategy meetings with clients, and preparing reports and presentations on potential tax liabilities to keep them updated.

Tax professionals often work in teams with varied backgrounds and specialisations, so you will gain exposure to different aspects of accounting and financial advisory work as well. This role also involves a lot of relationship-building, and you will likely build up a solid network of professional contacts over time as a result.

REQUIRED SKILLS

Tax advisors must stay constantly up to date with changes to tax codes and regulations, not just in Malaysia but around the world as well. Knowledge of broader market movements both locally and abroad will also be key to helping you

understand and forecast where potential changes in tax laws might be applied.

Strong analytical skills are crucial for tax advisors, as you must be able to analyse financial data and calculate tax liabilities accurately. Attention to detail is also critical, as even small errors can have significant consequences.

Critical thinking abilities and problem solving skills are also essential. You must be able to evaluate complex tax issues and develop effective strategies for minimising tax liabilities. You will also need to be able to constantly anticipate and identify new opportunities for helping your clients optimise their tax positions.

You must also have excellent time management and stress management skills. Tax advisors often handle multiple clients at once, and the pressure to offer solutions and execute them will amplify greatly as tax filing deadlines roll around each year.

Lastly, strong interpersonal and communication skills are a must in this line of work. A large part of your job will be building relationships with clients and stakeholders. You will have to build that bond of trust since you will be handling a lot of sensitive and confidential financial information.

Plus, every once in a while, tax professionals can still encounter difficult clients who insist on being frustratingly secretive of their business accounts. Knowing how to navigate such cases diplomatically will be key to getting your job done.