Secure a rewarding future with ACCA
DECIDING on the right career can be quite daunting, but it is a decision students should make before pursuing their higher education. Admittedly, this is not easy when one is not really sure about what to do, which is all the more reason for them to be proactive about making this potentially life-changing decision.
A career in accountancy will open the door to thousands of options. There is a common misconception that this career path is only suited to people who are good with numbers. What most don’t realise is that accountants of today are increasingly depended upon to look beyond the numbers to provide strategic business counsel.
From giant corporations to small private businesses, every organisation depends on qualified accountants to sustain their business and bring them to the next level of success. This means that whichever industry sector students wish to enter, and however far they want to go, accountancy could be their way in.
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, which understands what is required of the next generation of accountants. According to ACCA Malaysia country head, Jennifer Lopez, “Accounting is no longer just about compliance but also performance and providing strategic value to the business. And for over 100 years, ACCA has been at the forefront of preparing our students to take up this ever evolving role of accountants.”
ACCA – ticket to a rewarding career
The world’s economic centre of gravity is undeniably moving East and greater economic uncertainty and volatility will be the norm. As business expectations of the finance function increases and regulations become more complex, the accounting profession has become more challenging but also more interesting.
Thus, by all accounts, it appears this is an exciting time for new accountants to join the profession. Indeed, there seems to be endless opportunities for young Malaysian accountants within and across the national borders.
If the latest research by ACCA is anything to go by, then accountancy is certainly a promising and rewarding profession. The report entitled ACCA members’ global salary and career survey 2011 published by ACCA offers an insight into the working lives, career expectations and salaries of accountants around the world, including in Malaysia.
It was discovered that ACCA accountants working in Malaysia have rewarding roles and good levels of remuneration, but are working hard, with more than a third in the corporate sector working more than 50 hours a week.
“The findings show that accountants are optimistic about their future career prospects. Many have entrepreneurial aspirations, wishing to start their own business; many also wish to move up the career ladder seeing a clear career progression for them in the future,” said Lopez.
Statistics show that salaries in Malaysia are healthy:
Over three-quarters of ACCA members in Malaysia received a pay rise in 2010, with 61% of these gaining an uplift of over 5% and 31% over 10%. Pay rises were most frequently (53%) due to a basic company increase, but many members (38%) were awarded performance-related awards. A few (3%) experienced a pay reduction, in the face of uncertain global economic conditions.
ACCA members generally expect salaries to continue growing – 78% anticipating a salary increase in 2011. Expectations are particularly high in larger organisations (250 or more employees), where 82% of ACCA members expect a pay rise, compared to 74% in SMES. No survey participants expect a decrease, reflecting Malaysia’s strong economic growth driven by both domestic demand and international trade.
The majority (77%) of members received a bonus in 2010, those in financial services and accounting practices particularly likely to do so (86% and 84% respectively).
The research also shows that ACCA members in Malaysia have had varied careers and are very ambitious:
Many members in Malaysia (62%) have multi-sector experience. There is substantial job mobility, 38% having changed role in the last 12 months.
Members’ ambitions focus on leadership: 90% aim to gain a more senior position in their existing area and 72% to lead a finance team. The majority display an entrepreneurial spirit, 59% anticipating starting their own business. Over half (53%) plan to work abroad at some stage. Grooming future business leaders ACCA offers business-relevant, highly respected qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. All ACCA members go through a rigorous process of training, including work experience and ethics modules, prior to qualifying.
In short, the ACCA qualification is designed to mould promising talents into future business leaders by providing them with the skills and knowledge relevant to any organisation.
With over 100 years of experience, ACCA has built and developed strong relationships with a vast network of employers, governmental bodies and professional institutes across the world.
Their world-class reputation means that the ACCA qualification is recognised all over the globe, allowing members international mobility in their career.
So visit www.accaglobal.com to embark on the ACCA journey. Be prepared to be different!