Complete Guide to Diploma in Accounting in Malaysia
What is Accounting?
Accounting is the systematic and comprehensive measurement, processing and communication of financial transactions and information pertaining to a business. This includes the preparation of the summary, analysis and reports of the transactions. Accountants measure the result of a company’s economic activities for the understanding of significant people such as investors, creditors, regulators and business managers.
A diploma in accounting in Malaysia will provide you with the basic knowledge and practical skills required to be an accountant. There are different fields of accounting that students can choose to specialize in once they have graduated.
Fields of Accounting
||Concerns with the summary, analysis and reporting of a business organization’s financial statements.
||Responsible in fiscal accountability which is the use of government revenue collection and expenditure in the form of taxes that influence the economy and society.
||Provides consultation for independent and objective assurance that is designed to improve and add value to an organization’s operations.
||Keeps managers informed by providing provisional accounting information to help them make decisions within their own organizations.
||Serves clients such as business owners, individuals, non-profit organizations and government in tax work, consultation, auditing and reviewing financial statements.
||Assists clients in their financial and income tax statements by collecting tax-related information, reporting to taxation authorities and advising on the tax impacts on the clients’ organizations.
How is Accounting structured?
How long is the duration of an Accounting Diploma?
A typical Diploma in Accounting in Malaysia takes 2 years to complete. However, some universities may offer it up to 2.5 years.
What will you study in a Diploma in Accounting?
A diploma in accounting in Malaysia is designed to equip students with practical skills for the industry and basic theoretical knowledge. This will give students the option to enter the workforce early after graduation or pursue a professional / undergraduate degree for more in-depth studies. The subjects you will learn are:
- Business Communication
- Business & Company Law
- Risk Management
Accountants deal with numbers. Hence, you will enjoy this course more if you have a passion for Mathematics. Logical thinking and problem solving will also be an added advantage.
Why should you study a Diploma in Accounting in Malaysia?
- You want to join the workforce ASAP: An accounting diploma takes 2 years and it will equip you with all the necessary knowledge and practical skills needed to work in the industry. You will take lesser time if compared to an undergraduate degree. After you graduate with the diploma, you can either work right away or sign up for an undergraduate course.
- Jobs are in demand: Accountants can find a place in almost any organization or company as their expertise are very much needed in the long-term. With more new companies finding grounds in Malaysia and established companies expanding, there will be more job opportunities for accountants. Accountants can also offer their services and expertise via their own private companies to assist other organizations.
- High salary: Accountants enjoy some of the higher paying positions in Malaysia. Fresh graduates can look forward to a salary of RM2500 a month, whereas senior professional accountants make up to RM6000 a month. Accounting managers in Malaysia make RM4000 to RM9000 a month.
Is an Accounting Diploma your ideal choice?
This diploma is definitely for you if…
- You have a knack for crunching numbers, love mathematics and analyzing costs. Accountants work with numbers, including the measurement and processing of financial information. The information will then be analyzed to be used by the clients or managers. Accountants are required to produce accurate results. Being able to think logically and critically is an important skill to have.
- You work well under pressure. Accountants work with large data and there are various numbers to be processed and analyzed. A single mistake can cost the organization thousands or millions. Not many people can handle such pressure. However, if you can handle the pressure and take up the responsibility well, then this course is for you.
- You have a clear path in life. Your ambition is to be an accountant and you want to dedicate your life to it. This is because a diploma in accounting in Malaysia is your fastest ticket to an accounting career.
This diploma might be for you if…
- You want to progress fast in your career. As companies are constantly expanding, accountants often find themselves progressing in their career and holding supervising positions within 2 years of work. Most accountants eventually become managers or start their own accounting firms.
- You want a high paying job. Accountants have some of the higher paying jobs in Malaysia due to their knowledge and expertise which almost all companies find useful.
This diploma might not be for you if…
- You are looking for a more creative and exciting work environment. Accountants work regular hours in an office environment while wearing formal clothing every day. Some people might find this boring, while other look forward to such working environment. Only consider this if you like a regular and traditional work schedule. Student taking an accounting diploma also learn traditional accounting subjects and established theories.
- You hate following the rules. Being an accountant means you have to follow all the rules be it company’s policies, tax regulations, governmental laws, etc. This means working within a strict and established guideline with no room for errors.
- You want to gain in-depth knowledge in accountancy and plan to further study till postgraduate levels. A diploma in accounting in Malaysia provides the necessary basic knowledge and practical skills. If you wish to study accounting in detail and plan to reach higher levels, you should consider an undergraduate degree course instead.
This diploma is certainly not for you if…
- You dislike numbers. Being an accountant, you are required to be comfortable with mathematics and should be able to think critically and crunch number fast.
- You do not want to dedicate majority of your time to your career. As an accountant, you will follow a 9-to-5 schedule. However, during tax seasons, you might need to do overtime regularly. Also, working for a client means you will have to work based on their schedule. Liaising with client organizations and governmental authorities also takes time which requires a lot of patience and dedication.
Career options with an Accounting Diploma
Accountants can find work in almost all companies or work in their own private accounting firms. Here are some of the accouting roles available:
- Finance Executive
- Investment Analyst
- Procurement Buyer
Entry requirement for a Diploma in Accounting in Malaysia
- SPM: Minimum 3 credits including Mathematics and English
- O Level: Minimum 3 B’s including Mathematics
(entry requirements may differ between universities)