7 Reasons a Professional Accounting Qualification Is Worth Your Time and Money

1. High Demand for Professional Accountants

It is estimated that Malaysia will need 60,000 professional accountants by 2020 as our nation moves towards a developed economy.

We currently have about 36,000 accountants in Malaysia, with just 25,000 professional accountants amongst them. This is only 60% of the nation’s planned target.

2. Employers Prefer Hiring Those with Professional Qualifications

Employers do have a preference for recruiting candidates with professional qualifications. 

In a survey conducted by The Committee to Strengthen the Accountancy Profession (CSAP), 64% of employers indicated that their main criteria when recruiting accountants are candidates with professional qualifications and relevant market experience.

3. You Are Likely to Enjoy Better Career Prospects

There is evidence that accountants with professional qualifications enjoy a better career progression too. 

Another survey conducted by The Committee to Strengthen the Accountancy Profession (CSAP) showed that 24% of the board members in the top 100 public-listed companies in Malaysia were professional accountants versus only 5% accounting graduates without professional qualifications. That means that for every 1 accounting degree-holder who is a board member, there are 5 professional accountants who hold positions as board of directors!

The same can be said for senior management positions. In 41 of the top 100 public-listed companies, 15% were professional accountants compared to only 4% accounting graduates. Again, professional accountants led by a ratio of 4:1. 

The presence of professional accountants as board members and in senior management positions shows the importance of their skill sets and their contribution in leadership, governance, value creation and financial reporting.

4. Professional Qualifications Are Globally Recognised and Well-Respected Across the World

There is something to be said about possessing professional qualifications in an era where degrees no longer seem to be enough. In fact, according to a report by HSBC, 65% of Malaysian parents feel that postgraduate qualifications are necessary in order for their children to achieve their life goals.

Furthermore, organisations across the globe are looking for professional accountants to provide high-quality financial information and ensure good proper governance. 

With the establishment of the ASEAN Economic Community, it will be even easier for professional accountants in Malaysia to seek accounting jobs and opportunities within the ASEAN region.

5. You Will Gain Specialised and Comprehensive Knowledge

A degree gives you a more wholesome experience, with subjects such as law, marketing and information technology thrown into the mix. There is also a component of group assignments, coursework and research methodologies, which professional accounting qualifications may lack. 

However, in comparison to degrees, a professional accounting qualification will give you a deeper, more specialised knowledge about accounting. The professional level in ACCA, for example, covers advanced techniques and technical knowledge encompassing taxation, audit and financial management in much greater detail compared to a degree.

For starters, ACCA is beginning to redesign and enhance some of their modules to keep up with the demands of the industry. This includes introducing a Strategic Business Leader module that incorporates real-world scenarios, requiring students to blend technical, professional and ethical skills in their responses.

6. Gain a Bachelor’s and Master’s Degree Along the Way

While certain professional accounting qualifications can be considered equivalent to a bachelor’s degree (sometimes even up to a master’s), ultimately, professional qualifications are not recognised as degrees.

The good news is that professional accounting bodies recognise the importance of academic degrees, which has a research component where most professional qualifications lack. 

For starters, ACCA offers students a pathway to obtain a BSc (Hons) Degree in Applied Accounting from Oxford Brookes University. In addition, ACCA has also tied up with the prestigious University of London where students can obtain their ACCA qualification and an MSc in Professional Accountancy at the same time. 

The combination of having both a professional qualification AND a degree will certainly increase your competitive edge and enhance your employability, making you an unstoppable force!

7. Add Prestigious Acronyms to Your Name

Completing a professional qualification will give you the opportunity to stick a well-respected ‘ACCA’, ‘CPA’ or ‘ACA’ (for ICAEW members) in your name card.

Having a professional accounting qualification will certainly boost your credibility and reputation.

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Edited by: 浪子

Bibliography

Sue Loh. (2016). 7 Reasons a Professional Accounting Qualification Is Worth Your Time and Money. 
Retrieved from https://eduadvisor.my/articles/7-reasons-professional-accounting-qualification-worth-time-money/