ONE OF THE MORE PRESTIGIOUS JOBS IN THE FINANCE INDUSTRY IS BEING AN ACCOUNTANT. THE QUALIFYING PROCESS TAKES A LONG TIME BUT STUDENTS ARE NOT DETERRED.
Accountants are employed by private accountancy firms, commercial businesses and industrial organisations or within the public sector. Their work entails: preparing accounts and tax returns; auditing financial information; giving financial advice; dealing with insolvency cases; meeting and interviewing clients; compiling, analysing and presenting information; and writing reports.
In Malaysia, the word ‘accountant’ is protected. The Accountants Act 1967 established the Malaysian Institute of Accountants (MIA) as the national regulatory body for accountants. All persons practising as accountants or auditors in Malaysia are registered with Malaysian Institute of Accountants (MIA). Subsequent to the amendments to the Accountants Act 1967, which took effect on 28 June 2001, MIA members are now made up of 3 different groups of accountants. They are:
- Chartered accountants (previously public accountants and registered accountants)
- Licensed accountants (people who qualified via their vast work experience and were in practice prior to 1967, or members of the Malaysian Society of Accountants who passed any of the final examinations of that body last held in December 1992 and have gained 3 years’ worth of related working experience)
- Associate Members (generally, academics who are currently teaching at universities or institutions of higher learning, but who are otherwise not qualified to be admitted as members).