Professional accounting courses

Teo Ee Sing, Executive Director of Sunway-TES, gives us a clearer picture.

Professional accounting courses are interesting and exciting as the knowledge obtained is gargantuan and the papers are practical in nature with real-life scenarios. In order to succeed, students should not be confined to pure textbook knowledge but they need to keep abreast of current developments as well.

Also, professional accounting qualifications are recognised worldwide. In today's context, it is essential for one to be mobile and possess a qualification that is universal as well as versatile, thus providing you with an additional edge.

Professional Accounting Programmes

The Association of Chartered Certified Accountants (ACCA) was founded in 1904 and is now one of the largest professional accountancy bodies recognised internationally with over 400,000 members and students in 170 countries. Graduates of ACCA, with the relevant approved practical experience, may be appointed as Public Accountants, both locally and internationally.

Certified Accounting Technician (CAT) is a vocational qualification introduced in 1998 by the ACCA. It is designed to equip students with the necessary technical skills and knowledge required to fulfil a supporting role in accountancy. As an introductory course to accountancy, the Advanced Level of CAT is equivalent to the first year of a university degree programme. Consequently, CAT graduates are allowed to move directly to the Fundamentals Level (Skills Module) of the new ACCA qualification. An exemption of the Knowledge Module is granted.

Getting into professional accounting courses

According to Teo, a student, upon completion of SPM with a minimum of five credits including credits in Math and English, may pursue CAT. He or she may then pursue the ACCA qualification and obtain an exemption of three papers in Fundamental Module (Knowledge Level).

Alternatively, a student may embark on the ACCA programme directly, provided the student has attained a pass with distinction in a pre-university programme or obtained a degree (any degree) from an approved university. In this respect, the student would commence from the Knowledge Module, resulting in a total of 14 papers.

With regards to the ICAEW ACA qualification programme, a student needs to be employed with an Authorised Training Organisation (ATO) under a training contract and has completed a recognised degree in any field or a professional financial qualification with at least a first class or second upper honours degree. The ICAEW exams are held twice a year - June and December.

For the ACCA course, the duration is two years while the CAT programme is one year, making it a total of three years, provided the student passes at every sitting. Should a student pursue the ACCA course directly, the duration is between two and a half to three years. The ICAEW ACA qualification programme takes three to five years to complete, depending on your training contract with an ATO.

Challenges you may face when pursuing these courses

Teo said the exams are tough and practical in nature thus requiring students to be well versed in all the papers. Also, since the exams are held twice a year, students need to be focused to grasp the subject matter during lectures and revision courses.

Students attempting this paper whilst in employment have an added advantage, as their working experience would certainly provide them with an edge in pursuing the papers.

The future for you in accounting

The prospects of employment are very good. Most graduates would seek employment with the Big 4 international professional services firms. There are also graduates who seek employment in the banking sector, governmental departments as well as large multinationals. There are some who diversify into another field altogether!

Indeed, there is a very large demand for professional accountants. In fact, a survey conducted by the New Straits Times in February 2007 reported an estimated shortage of 16,000 qualified accountants in Malaysia by the year 2020. This would boost the confidence of students pursuing an accounting qualification as they would be readily absorbed by companies and it would also encourage an increased enrolment of students.

Moreover, no matter what situation of the economy, be it recession or inflation, there will always be a need for qualified accountants as all entities, big or small, require a qualified accountant to manage their finances efficiently.

Debunking the myths

Is studying accounting boring? 'Accounting and accountants have synonymously been viewed mutually as number crunching apt only for the square-minded,' said Teo. 'However, this perception was of the 1950s. Today, to be an accountant is viewed to be exceedingly desirable especially when your role models in the domestic front are the likes of Dato' Tony Fernandes (Air Asia), Dato' Sri Che Khalib Mohamad Noh (TNB), Dato' Abdul Wahid Omar (Telekom Malaysia), Dato' Johan Raslan (PwC), and Tan Sri Dato' Sri Mohd Hassan Merican (Petronas).'

Is it tough? 'ACCA and ICAEW are recognised worldwide and those who have completed it are awed by the community. Due to the prestige of the qualification and its extensive acceptance and recognition, yes, it is a challenging course,' said Teo.

He added: 'The feedback from our students has been positive and they have obtained tremendous exposure, experience and knowledge. The more aspiring and challenged individuals are further inspired to seek new avenues and opportunities.'

The subjects

Some of the subjects you will go through in these courses include: CAT level:

• Recording, Maintaining and Drafting Financial Statements
• Basic and Advanced Costing
• Managing People and Systems
• Implementing Audit Procedures
• Preparing Tax Computations

ACCA Professional Scheme Fundamental Module:

• Financial and Management Accounting
• Corporate and Business Law
• Taxation
• Financial Reporting
• Audit and Assurance
• Financial Management
  ACCA Professional Scheme Professional Level: The Professional Level consists of two modules:.
  Essential Module
  • Professional Accountant (new paper)
  • Corporate Reporting
  • Business Analysis, and Options Module, where students are required to attempt two papers from the choice of four papers
    • Advanced Financial Management
    • Advanced Performance Management
    • Advanced Taxation, or
    • Advanced Audit and Assurance
    For the ICAEW, the papers are: Professional Stage - Knowledge Modules
    • Business and Finance
    • Management Information
    • Accounting
    • Law
    • Assurance
    • Principles of Taxation
    Professional Stage - Application Modules
    • Business Strategy
    • Financial Management
    • Financial Accounting
    • Financial Reporting
    • Audit and Assurance
    • Taxation
    Advanced Stage
    • Technical Integration - Business Change
    • Technical Integration - Business Reporting
    • Case Study
    © GTI Specialist Publishers. Reproduced with permission.