Account

Description:
Accounting relates to preparation of accounting records, preparation, analysing and interpretation of financial statements.

The accounting programme gives students a critical insight into familiar concepts such as ‘profit and loss’, ‘cost’ and ‘value for money’. These terms often explain and justify business and public policy decisions.

Accounting graduates are being trained to provide and advise on the use of such concepts and how they relate to the real world. Accountants learn skills that are always in demand in the commercial and industrial world. Accountants are trained to understand and record the business transactions, to control costs, interpret figures and make decisions, in an effective and efficient manner.

An accounting degree is the premier training route for those interested in pursuing a career as a professional accountant in business, professional practice or the public sector and also those interested in pursuing a career in general management
 
 
Personality Suited:
Work Independently
You must definitely be able to work independently. Accounting does not involve a lot of group brainstorming or teamwork.

Even auditors who work in teams divide the tasks up and work independently on different pieces of the accounting puzzle bringing everything together at the end.

Research Accounting Authorities
Accountants do a tremendous amount of research and use this research to make decisions. Attention to detail is very important.

There is also a lot of what I refer to as circular logic in accounting - ‘if this then do that’ but ‘if that do this’. This can be tedious at times. Therefore, accountants need to be logical thinkers to be able to work their way through tax code and accounting pronouncements.

Communication Skills
You will be explaining your decisions and results with other employees, clients and outside users - communication skills, both oral and written, are very important.

Each person you communicate with will have different backgrounds, many without any knowledge of accounting. Even when explaining your decisions to your partner in the accounting firm or other accountants you must be clear and concise – you worked on the issue - they did not. Your audience will not be working with your same knowledge base on the topic.

Computer Skills
Reasonable computer software skills and the ability to learn software programs is also a must. At the very least accountants need to be proficient in Excel and Word. Knowing QuickBooks, Peachtree or Oracle is a plus.

The good news is that once you understand one accounting software package it is easy to pick up other accounting software packages. Some employers use proprietary software – training will be required. Even if they don’t use proprietary software, most employers realize that new employees will need to be trained to use the company’s preferred accounting boxed software.

Listen and Learn
The ability to surface learn is also very important. If you are doing the accounting for a surf shop you do not need to be up to speed on every nuance of running the business or be able to swim even. But to do a professional, competent job you better know such basic industry facts as the average markup on a bikini is 500% while surfboards are marked up minimally. Without the basic knowledge of the way the business does it’s business you will not know if your facts and figures make sense.

Others
  • Being able to earn people’s trust is important as financial advisors are privy to their customers’ most personal financial details.
  • Need honesty and tact to help their clients’ have realistic expectations of the future.
  • Mathematical ability is essential to understanding financial products and interpreting them for clients.
  • Enjoy the challenge of helping firms or people make financial decisions
Job Responsibilities:
Auditor
  • give a true and fair view of an organisation’s financial performance and financial position.
  • S/he does this by examining financial statements issued by the organisation.
  • Auditors also review accounting systems and control procedures within organisations.

Main Tasks
  • studying the accounting methods of clients
  • liaising with the staff of clients
  • gathering and studying business and legal documents
  • possibly checking that funds are used wisely and within the law, especially if working for a government agency
  • possibly advising clients on ways to improve their accounting systems
  • issuing information/reports that give an accurate financial view of an organisation
  • possibly assisting in the stocktake of a client’s business
  • possibly assisting in the valuation of a business.


Financial Accountants
  • prepare financial reports and advise their company’s management on financial issues such as cashflow and loans.

Main Tasks
  • developing and administering budgets
  • recording all money spent and received by the company
  • preparing financial statements
  • filing tax returns
  • advising on cashflow and other money/business matters
  • analysing an organisation’s financial performance


Management Accountant
  • advises management on accountancy procedures and how to reach the financial and business goals of an organisation

Main tasks
  • analysing and providing financial data to senior management, the board of directors and bankers
  • preparing the annual budget, including cashflow forecasts
  • ensuring a financial system with requisite checks and balances is in place
  • regularly reviewing financial and general operating procedures to identify inefficiencies
  • suggesting steps to remedy operational and financial inefficiencies
  • reviewing investment proposals
  • assessing the impact of changes in cost, sales volume and anything else that affects profitability
  • regularly checking costs such as wages, materials and equipment
  • advising management on the pricing of products and services
Working Environment:
  • Mostly in an office
  • Working hours are fixed or flexible
  • Minimal traveling required unless for auditors and financial analysts
  • Solitary working environment
  • Very hectic especially when rounding up yearly accounts
Employment Opportunities:
  • Auditor
  • Business advisor
  • Consultant
  • Cost Accountants
  • Commercial Accountant
  • Finance Manager
  • Financial Support Accountant
  • Forensic Accountant
  • Fund Accountant
  • Insolvency
  • Tax Accountant
Sample of Subjects:
  • Auditing
  • Company law
  • Cost accounting
  • Micro- and Macro- Economics
  • Financial accounting
  • Management accounting
  • Management information systems
  • Quantitative methods
  • Taxation


Related Association accreditation

Any person wishing to apply for membership into MIA as a Chartered Accountant needs to have one of the following qualifications recognised by the Institute:
 
  • Have passed any of the final examination specified under the approved list of Institution/ University by MIA
  • Be a member of any of the recognised bodies specified under the MIA for e.g. CPA
  • Be eligible to sit for and has passed the Malaysian Institute of Accountants Qualifying Examination (QE).

Unless a person does not possess a qualification recognized (either a degree or bodies), the MIA QE provides an alternative pathway for admission to become a MIA member.

In addition, applicants would need to gain 3 years of practical working experience in the service of chartered accountant or in a government department, bank, insurance company, local authority or other commercial, financial, industrial or professional organization before he/she are eligible to registered as a member of MIA.



Usefull Links

Malaysian Institute of Accountants (MIA)
Malaysian Institute of Certified Public Accountants(MICPA)
The Institute of Chartered Accountants of Scotland(ICAS)
Institute of Chartered Accountants of Australia(ICAA)
Arizona Society of Certified Public Accountants(ASCPA)
New Zealand Institute of Chartered Accountants(NZICA)
Chartered Accountants of canada (CICA)
Institute of Chartered Accountants of India (ICAI)
The Association of Chartered Certified Accountants,UK (CIMA)
Association of Chartered Certified Accountants(ACCA)
Institute of Chartered Accountants in England and Wales(ICAEW)
The Institute of Chartered Accountants in Ireland(ICAI)
Description:
Accounting relates to preparation of accounting records, preparation, analysing and interpretation of financial statements.

The accounting programme gives students a critical insight into familiar concepts such as ‘profit and loss’, ‘cost’ and ‘value for money’. These terms often explain and justify business and public policy decisions.

Accounting graduates are being trained to provide and advise on the use of such concepts and how they relate to the real world. Accountants learn skills that are always in demand in the commercial and industrial world. Accountants are trained to understand and record the business transactions, to control costs, interpret figures and make decisions, in an effective and efficient manner.

An accounting degree is the premier training route for those interested in pursuing a career as a professional accountant in business, professional practice or the public sector and also those interested in pursuing a career in general management
 
 
Personality Suited:
Work Independently
You must definitely be able to work independently. Accounting does not involve a lot of group brainstorming or teamwork.

Even auditors who work in teams divide the tasks up and work independently on different pieces of the accounting puzzle bringing everything together at the end.

Research Accounting Authorities
Accountants do a tremendous amount of research and use this research to make decisions. Attention to detail is very important.

There is also a lot of what I refer to as circular logic in accounting - ‘if this then do that’ but ‘if that do this’. This can be tedious at times. Therefore, accountants need to be logical thinkers to be able to work their way through tax code and accounting pronouncements.

Communication Skills
You will be explaining your decisions and results with other employees, clients and outside users - communication skills, both oral and written, are very important.

Each person you communicate with will have different backgrounds, many without any knowledge of accounting. Even when explaining your decisions to your partner in the accounting firm or other accountants you must be clear and concise – you worked on the issue - they did not. Your audience will not be working with your same knowledge base on the topic.

Computer Skills
Reasonable computer software skills and the ability to learn software programs is also a must. At the very least accountants need to be proficient in Excel and Word. Knowing QuickBooks, Peachtree or Oracle is a plus.

The good news is that once you understand one accounting software package it is easy to pick up other accounting software packages. Some employers use proprietary software – training will be required. Even if they don’t use proprietary software, most employers realize that new employees will need to be trained to use the company’s preferred accounting boxed software.

Listen and Learn
The ability to surface learn is also very important. If you are doing the accounting for a surf shop you do not need to be up to speed on every nuance of running the business or be able to swim even. But to do a professional, competent job you better know such basic industry facts as the average markup on a bikini is 500% while surfboards are marked up minimally. Without the basic knowledge of the way the business does it’s business you will not know if your facts and figures make sense.

Others
  • Being able to earn people’s trust is important as financial advisors are privy to their customers’ most personal financial details.
  • Need honesty and tact to help their clients’ have realistic expectations of the future.
  • Mathematical ability is essential to understanding financial products and interpreting them for clients.
  • Enjoy the challenge of helping firms or people make financial decisions
Job Responsibilities:
Auditor
  • give a true and fair view of an organisation’s financial performance and financial position.
  • S/he does this by examining financial statements issued by the organisation.
  • Auditors also review accounting systems and control procedures within organisations.

Main Tasks
  • studying the accounting methods of clients
  • liaising with the staff of clients
  • gathering and studying business and legal documents
  • possibly checking that funds are used wisely and within the law, especially if working for a government agency
  • possibly advising clients on ways to improve their accounting systems
  • issuing information/reports that give an accurate financial view of an organisation
  • possibly assisting in the stocktake of a client’s business
  • possibly assisting in the valuation of a business.


Financial Accountants
  • prepare financial reports and advise their company’s management on financial issues such as cashflow and loans.

Main Tasks
  • developing and administering budgets
  • recording all money spent and received by the company
  • preparing financial statements
  • filing tax returns
  • advising on cashflow and other money/business matters
  • analysing an organisation’s financial performance


Management Accountant
  • advises management on accountancy procedures and how to reach the financial and business goals of an organisation

Main tasks
  • analysing and providing financial data to senior management, the board of directors and bankers
  • preparing the annual budget, including cashflow forecasts
  • ensuring a financial system with requisite checks and balances is in place
  • regularly reviewing financial and general operating procedures to identify inefficiencies
  • suggesting steps to remedy operational and financial inefficiencies
  • reviewing investment proposals
  • assessing the impact of changes in cost, sales volume and anything else that affects profitability
  • regularly checking costs such as wages, materials and equipment
  • advising management on the pricing of products and services
Working Environment:
  • Mostly in an office
  • Working hours are fixed or flexible
  • Minimal traveling required unless for auditors and financial analysts
  • Solitary working environment
  • Very hectic especially when rounding up yearly accounts
Employment Opportunities:
  • Auditor
  • Business advisor
  • Consultant
  • Cost Accountants
  • Commercial Accountant
  • Finance Manager
  • Financial Support Accountant
  • Forensic Accountant
  • Fund Accountant
  • Insolvency
  • Tax Accountant
Sample of Subjects:
  • Auditing
  • Company law
  • Cost accounting
  • Micro- and Macro- Economics
  • Financial accounting
  • Management accounting
  • Management information systems
  • Quantitative methods
  • Taxation


Related Association accreditation

Any person wishing to apply for membership into MIA as a Chartered Accountant needs to have one of the following qualifications recognised by the Institute:
 
  • Have passed any of the final examination specified under the approved list of Institution/ University by MIA
  • Be a member of any of the recognised bodies specified under the MIA for e.g. CPA
  • Be eligible to sit for and has passed the Malaysian Institute of Accountants Qualifying Examination (QE).

Unless a person does not possess a qualification recognized (either a degree or bodies), the MIA QE provides an alternative pathway for admission to become a MIA member.

In addition, applicants would need to gain 3 years of practical working experience in the service of chartered accountant or in a government department, bank, insurance company, local authority or other commercial, financial, industrial or professional organization before he/she are eligible to registered as a member of MIA.



Usefull Links

Malaysian Institute of Accountants (MIA)
Malaysian Institute of Certified Public Accountants(MICPA)
The Institute of Chartered Accountants of Scotland(ICAS)
Institute of Chartered Accountants of Australia(ICAA)
Arizona Society of Certified Public Accountants(ASCPA)
New Zealand Institute of Chartered Accountants(NZICA)
Chartered Accountants of canada (CICA)
Institute of Chartered Accountants of India (ICAI)
The Association of Chartered Certified Accountants,UK (CIMA)
Association of Chartered Certified Accountants(ACCA)
Institute of Chartered Accountants in England and Wales(ICAEW)
The Institute of Chartered Accountants in Ireland(ICAI)