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Malaysia's main employment centres are concentrated in major town and cities. Malaysia's capital Kuala Lumpur, which is popularly known as KL, has a large number of foreign corporations and is also host to regional offices or support centres of many multinational companies, particularly in finance, accounting and IT.
KL is poised to become the global Islamic finance hub with an increasing number of financial institutions offering Islamic finance services. There are already several of the world's largest Islamic banks in KL, including Al-Rajhi Bank and Kuwait Finance House. CPA Australia is widely recognised in Malaysia for its contribution to the accounting profession and the development of accounting education.
CPA Australia has an office located in KL. The Malaysian division offers a range of services tailored to meet the needs of finance, accounting and business professionals in Malaysia. Members living in Malaysia can get involved in technical committees and discussion groups, CPA Program workshops, continuing professional development seminars and conferences, and networking events.
Local professional accounting body
Malaysian Institute of Accountants
To practice or hold yourself out as an accountant in Malaysia you need to be registered as a member of the Malaysian Institute of Accountants (MIA) and have spent the majority of your residence in Malaysia. These requirements, which are set out under section 22 and 23 of the Accountants Act 1967, also apply to holding company positions such as finance manager, accounts manager, financial controller, general manager or any other similar descriptions.
In June 2007, CPA Australia and MIA signed a mutual recognition agreement establishing guidelines under which members may be able to gain reciprocal membership. Under this agreement, CPA Australia members who hold CPA status are eligible to become members of the MIA without further requirement.
Public professional services generally require specific registration, licensing and certification arrangements, such as fulfilling the requirements of the Malaysian Ministry of Finance, the Inland Revenue Board, the Financial Planning Association of Malaysia or the Securities Commission.
If you wish to establish your own public practice in Malaysia, you will be required to obtain a valid practising certificate from the MIA. Only MIA members registered as chartered accountants with valid practising certificates can describe and hold themselves out as chartered accountants in public practice and may carry out services such as accounting, audit, liquidation, tax and other related services.
The practice of audit, liquidation and tax requires an additional licence issued by the Ministry of Finance. Accountants working in industry, commerce, government, academia are not required to obtain a practising certification.
Malaysia's business environment
Malaysia was a founding member of the Association of South East Asian Nations (ASEAN) and has been a strong regional competitor to bring about a pro-business and investment environment. This has included a relaxation of foreign ownership laws in the manufacturing sector and incentives to attract investors in areas such as operational headquarters, regional distribution centres and international procurement centres.
Employment opportunities
The prospects for professionals are growing as Malaysia increasingly becomes a regional hub for business and the outsourcing of accounting services within the Asia – Pacific region. There is a need for CPAs in a wide range of fields, including commerce and industry, public sector, public practice, banking, finance and capital markets, insurance, financial services consultancy, education and IT.
In 2009 CPA Australia forged alliances with the big 4 accounting firms in Malaysia. The alliances will help the big 4 recruit elite graduates by showcasing the opportunities they offer to potential employees. The alliances will also help ensure that more accountants choose to work in Malaysia in the face of attractive salary offers from other business centres.
Working conditions and lifestyle
Malaysia has a multi-cultural, multi-ethnic and multi-lingual makeup. With such an array of cultures, knowing how to address Malaysians can be difficult and it pays to do some homework in advance and gain an understanding of the ethnic mix and cultural requirements.
Understanding some general cultural requirements will be extremely helpful, such as taking into account the importance of Muslim prayer times and that Fridays are a particularly religious day for Muslims.
Even though Malay is the official language, English is normal for business discussions. In all business dealings it is important to respect age and titles and business dress is formal. It is important to take the time to develop business relationships with Malaysians in order to build trust.
Malaysia is moving towards a five day working week culture. Banks and government offices have led the way by implementing this. Office hours operate from 9.00 am to 5.30 pm. A healthy work / life balance is encouraged.
Work permits
Foreigners wishing to study or undertake contract employment in Malaysia must have the approval of the Immigration Department before they enter the country.
If you find a job there before you arrive, you might be granted an employment pass or professional pass by the employer. The right to work in Malaysia is limited to a particular job with a particular employer. Usually, employment passes are limited to several years' duration.
