Chartered Accountant in Malaysia
Steps to be License Chartered Accountant in Malaysia accordance to Malaysia Institute Accountant
3/13/20245 min read
A chartered accountant is a professional who specializes in financial matters and is recognized by a professional accounting body. They play a crucial role in providing financial advice, auditing financial records, and preparing financial statements for individuals, businesses, and organizations. Chartered accountants undergo extensive training and education to gain the necessary expertise in areas such as taxation, auditing, and financial management. They are well-versed in national and international accounting standards and regulations, ensuring compliance and accuracy in financial reporting. Additionally, chartered accountants assist in formulating financial strategies, identifying potential risks, and advising on investment decisions. Their contribution is essential in maintaining the financial health and integrity of businesses, making them trusted advisors in the world of finance.
Chartered Accountants are required to register with the Malaysia Institute of Accountants (MIA) to ensure professional competency and ethical conduct within the accounting profession. This registration serves as a recognition of their expertise and provides credibility to their services. By being a registered member of MIA, Chartered Accountants are held accountable for their actions and are expected to adhere to the highest standards of integrity and professional conduct. The registration process involves meeting certain educational qualifications, passing rigorous examinations, and fulfilling ongoing professional development requirements. This regulatory framework ensures that the profession is regulated and that its members possess the necessary knowledge and skills to perform their duties competently. Furthermore, registration also provides access to valuable resources, networking opportunities, and continuous learning platforms, enabling Chartered Accountants to stay updated with the latest industry developments and best practices.
There are certain steps and requirements that need to be fulfilled to be a chartered accountant in Malaysia. Firstly, one must possess a recognized degree in accounting or a related field from a recognized university. Additionally, candidates must complete a professional accounting program accredited by the Malaysian Institute of Accountants (MIA). This program typically includes practical training and examinations to ensure competency in the field. Furthermore, aspiring chartered accountants need to accumulate a minimum of three years of relevant work experience under the supervision of a practicing chartered accountant. This practical experience is crucial in developing the necessary skills and knowledge required for the profession. Lastly, candidates must pass the final examination conducted by the MIA, known as the Qualifying Examination applicable to those that has attain degree from unrecognized University, for those educated from the recognized University as listed in MIA recognition body no need to undergo the examination.
There are several entry routes available. Firstly, individuals who have completed a recognized accounting or finance degree and have obtained practical experience in the field of accounting or finance through relevant employment minimum 36 months( 3years) can apply for membership. This includes those who have worked in positions such as account, audit or tax professionals. Additionally, professionals who hold a recognized professional qualification in accounting or finance, such as ACCA or CIMA, CPA, are also eligible to become MIA Members. . Finally, candidates who have successfully completed the MIA Professional Programme, which is designed for non-accounting graduates, can also become MIA Members. The MIA offers various pathways for individuals from different educational and professional backgrounds to join as members.
Individual who interested to be chartered accountant can register to MIA Website by creating an account and process the online application form. Once you've done register, you will be contacted by the MIA person to be guiding you the whole process to fill up the form RPE that require to fill 36 months exclusive internship training as part of your accumulated experience. This form need to be has proper validation by the mentor who had MIA Member licenses as your supporting. All supporting documents must be certified true copy such as Identity card, Transcript University, Degree Holder and etc. Once everything is completed you can submitted through online or by email.
The evaluation process involves a thorough examination of the applicant's academic qualifications, work experience, and ethical conduct which inclusive 2 times review through then it will be tabulated to MIA Council for approval. This whole process normally take 1 - 2 months to be notify of the successful or not. If successful, individuals will be granted the title of a chartered accountant and has to fulfill comply E-Mic learning (Member induction course-charge RM 180 for enrollment for 4 hours course with quiz) within 7 days. Once you had fulfill it, you can finally obtained the membership certificate by request direct sending to your house or take directly to the MIA HQ. These process to ensures that only qualified and competent individuals are entrusted with the responsibilities of a chartered accountant.
MIA members are required to fulfill certain obligations to maintain their membership status. These obligations include timely payment of membership fees, active participation in MIA events and initiatives, and adherence to the code of conduct set forth by the association. By fulfilling these obligations, members contribute to the growth and success of the MIA community. They have the opportunity to network with industry professionals, gain access to valuable resources, and stay updated with the latest developments in their field. MIA members also have the responsibility to represent the association in a professional and ethical manner, promoting its values and principles. Failure to meet these obligations may result in the suspension or termination of membership. Therefore, it is crucial for MIA members to understand and fulfill their obligations to maintain their active membership status.
However, MIA membership offers a multitude of benefits to its members. By becoming a member of MIA, individuals gain access to a wide array of resources and opportunities that can greatly enhance their professional growth and development. As an MIA member, you will have the chance to network with industry experts and professionals, expanding your connections and opening doors to new career opportunities. Additionally, you will receive exclusive discounts on various services, such as training programs, conferences, and workshops, further empowering you to stay up-to-date with the latest industry trends and advancements. Through MIA membership, you will also have the opportunity to contribute to the accounting profession by participating in various committees and forums, where you can share your expertise and insights. Overall, being a member of MIA will undoubtedly bring numerous advantages and elevate your professional journey.
Becoming a Member of the Malaysia Institute of Accountants (MIA) comes with several disadvantages. Firstly, the membership process can be quite rigorous and time-consuming. Applicants need to meet certain educational requirements, pass professional examinations, and accumulate relevant experience. Secondly, once you become an MIA Member, you are required to comply with their strict code of conduct and professional ethics, which means you have to uphold high standards of integrity and professionalism at all times. Additionally, maintaining the membership entails paying annual fees and fulfilling continuing professional development requirements, which can be costly and time-consuming. Lastly, being an MIA Member may limit your career options as some employers may prefer candidates with other international accounting qualifications. Therefore, it is important to carefully consider the disadvantages before deciding to become an MIA Member. But don't take this disadvantage discourage you instead take it as your committed involvement that help your future self. It worth involvement and good for career advancing too.