Accounting
Keeping the world’s finance in check.
What is Accounting?
Accounting involves recording, analysing, and reporting financial transactions for companies to be able to make strategic business decisions. In addition, accounting is also important to ensure businesses comply with the law (think tax and audit).
Now, this seems like it is more than you can handle. But the truth is, accounting skills are very practical and can be applied to many areas of your life, such as managing your spending.
For example, to ensure that your college finances do not get out of control (giving you a heads up here!), you’ll need to budget wisely to ensure that your cash outflows (college tuition fees, books, living expenses) are less than your cash inflows (monthly allowance or part-time work income).
Why Consider Accounting?
As an accountant you are the closest to understanding the insights of businesses and you will be in a trusted position to provide financial advice to management.
An accountant’s salary can be lucrative especially a certified Chartered Accountant (CA). In Malaysia the demand for CA is high seeing that there are only 10,000 registered CAs.
Knowing how to manage finances already gives you an advantage if you plan to start a business as most business fail because of lack of financial understanding.
Accountancy can be a fulfilling career especially when you fit into these traits required to be a successful accountant.
- Motivated in dealing and solving complex transactions
- Comfortable and love working with numbers
- Meticulous and have a good eye for details
- Enjoy following and understanding business news
- High ethical values
Fields of Accounting
Reporting of the financial position and performance of a firm through financial statements issued to external users on a periodic basis.
Transmit content through video or audio to a broad audience via an electronic medium—radio, television, or new media (social media).
Focuses on taxes, and is governed by the Internal Revenue Code, which dictates the specific rules that companies, and individuals must follow when preparing their tax returns.
Involves concepts and technical aspects of auditing, which is a review or inspection of a company’s financial accounts.
Minimum Requirements for a Degree in Accounting
Graduates must note that having CA certification allows one to accelerate their careers and have more opportunities to assume higher level of responsibilities and earnings.
Generally, those who do not attain CA certification have scope limited to operational tasks such as book-keeping, credit control, payables and receivables management and so forth.
Do note different universities have varying requirements.
How does your Education Pathway look like?
Generally, upon completion of your SPM or an equivalent qualification, you can choose to progress to a Pre-University course (A-Level, STPM, AUSMAT, etc) or a Foundation in Business or Foundation in Arts. You can also choose to pursue a Diploma in Accounting instead.
Upon completion of your Pre-University, Foundation or Diploma qualification, you can then choose to pursue your Degree in Accounting.
If you want to enhance your technical knowledge in the accounting field and add more bells and whistles to your résumé, you can pursue professional accounting qualifications such as ACCA, MICPA, CPA Australia, CIMA and ICAEW.
