EASYUNI Ultimate University Guide 2013 July Issue | Page 57

What are the opportunities and challenges that aspiring accountants should look out for in the accountancy profession? An accountant’s role is synonymous to economic progression and national development. They are the `architects’ and `engineers’ behind the integrity of the foundation of a nation’s capital market and economic well-being. Students pursuing an accounting course must make sure that the programme they choose will prepare them for this challenging and rewarding career. As a result of rapid economic growth in developing countries worldwide, the need for accountants’ services has escalated exponentially. The expansion and growing sophistication of capital markets around the globe has also increased demand for accountants’ services. At the same time, there is worldwide convergence in ethics, standards and best practices. The trends towards the convergence and standardisation of accounting and reporting standards around the world is similarly stimulating increased demand for quali?ed accountants. As the adoption and updating of International Financial Reporting Standards gathers speed, quali?ed accountants will be needed in increasing numbers to help organisations interpret and apply these complex standards. Tougher laws on compliance are also driving demand for quali?ed accountants. The accountancy and business environment is becoming more dynamic, whether due to additional regulatory burdens, global competition or innovation in business ?nance and transactions, and more quali?ed accountants will therefore be needed to help organisations operate successfully. In Malaysia, rapid development and the shift from a manufacturing economy to a knowledge economy has opened up vast opportunities for accountants to play a more meaningful role. The government’s vision for pushing Malaysia up the value chain requires Malaysian business entities to create and execute innovative and sustainable strategies in facing global rivals. We must bear in mind that all our strategies and plans can only be achieved with competent human capital. Therefore, to be successful, paper quali?cations alone will not suf?ce. The industry needs a well-rounded hybrid person armed with technical competencies, as well as strategic, analytical and softer skills in order to enable a sustainable and successful career. By having broad knowledge combined with these skills, a person will have the opportunity to step up and take the lead in driving future business success. Apart from skills and knowledge, what other aspects someone new to accountancy should have? Accountants have a signi?cant part to play in shaping the future of business. Due to their strategic role in various industries and organisations, they are highly valued by these entities. The demand for competent accountants involved in decision-making within an organisation is now even greater than ever, and as a consequence, accountants will need to be more than technical advisers to succeed. a. Fine-tuned technical skills will always be a requisite so that ?nancial professionals will be able to deliver the more sophisticated analysis that organisations need, yet a more diverse portfolio of skill sets will become essential to meet the expectations of business. b. Equally important, accountants play a vital role in protecting the interests of a huge range of stakeholders. They have to maintain the `policing’ roles – protecting against fraud and waste, for example – as well as build on a more forward-looking skills such as risk evaluation, project appraisal and decision support. c. Accountants are also required to continue to develop new competencies, ensuring that they constantly increase the ways in which they are able to add value to organisation or business. What is the employment outlook for the accountancy sectors in Malaysia for the next 10 years? The employment prospects in the accountancy ?eld will remain buoyant and may even increase over the next few years. Many reasons account for this positive development. Prospects for business and economic growth - whether positive or negative remain encouraging. Why? The ?nancial sector is the key enabler and catalyst of economic growth. Hence, demand for skilled accounting and ?nance professionals will continue to grow in the coming decades. With all the key initiatives undertaken by the government and the private sector, to keep the economy buoyant the country has identi?ed and prioritised, among others, the professional services sector – especially ?nancial services – as one of its most important contributors to the future growth of the Malaysian economy. Ironically, shrinking economic growth may also fuel demand for accountants. A tougher trading climate will make the ?nancial insight provided by quali?ed accountants even more valuable. Tighter controls on spending will need to be matched with greater creativity in generating income streams, which is an area in which accountants specialise in. The Government and the industry in general are in need of highly competent accountants and ?nancial talents to drive and support Malaysia’s navigation towards becoming a high-income nation. Malaysia’s aspiration of becoming a high-income nation must be supported by a skilled, competent and professional workforce. The accountancy profession clearly has an important role to play in assisting efforts to build a credible, reputable and internationally competitive capital market. The accounting profession wields considerable in?uence in the capital market through their many roles, whether as auditors, advisors, consultants or as members of the corporate sector. What are the three most important pieces of advice you would like to tell someone entering the accountancy sector? Given the above dynamic business scenario, especially in meeting the profession’s expectations, here are things that aspiring accountants need to do to keep up with the trends: a. Increase professional standings - acquiring professional quali?cations, provide better opportunities for undergraduates to pursue career not only in Malaysia but also across borders, and increase market value; b. Stay up-to-date through continuous learning - As technologies and business environment change with the times, the only way forward is to constantly update oneself with various strategic skills to remain relevant to the market and business; c. Learn Speci?c Skills - Expect high demand in the near term as technological advancements, regulatory pressures, globalisation and market competition will create opportunities for those having knowledge and expertise in specialised areas such as Islamic ?nance, Malaysian ?nancial reporting standards, GST, managing strategic information, business analytics, corporate governance, audit quality, forensic accounting, taxation and public sector accounting standards, among others. For more information on how to chart your career in the accountancy profession, visit www.mia.org.my or write to [email protected] or call us at [phone]. EASYUNI Guide 2013 55