How simple is it to transition into a career in accounting?
In an interview with Mei Yoke Pak, the representative for AAT in Malaysia, Worldfuturetv.com asks about the challenges in transitioning to a career in accounting from a different background. How tough can it be and why people should not get too worked out if such an option is in the offing.
AAT (Association of Accounting Technicians), is the UK’s leading professional body for Accounting Technicians.
“One of the key challenges is the lack of technical knowledge. The other is insecurity and fear of the unknown. Another of course is that they may have to start at a lower level than what they were at. The initial financial loss is challenging especially if they are the breadwinners,” says Mei.
Below is the full interview:
Why is accounting one of the hottest jobs in Malaysia and what are the unique criteria sought by current employers?
Cash is king. Without proper accounting, businesses cannot keep track and control their expenses and hence their bottom-line. Spending without tracking them would lead to liquidity issues. Cash flow is vital to business sustainability. Accounting ensures that business owners can keep a tab of what is happening; its revenues and its costs. Besides, accurate accounting figures give insight into the future and enable businesses to foresee potential expansions or losses.
Employers are picky. They don’t just want an accounting specialist, they want someone who is able to tell them how the business is doing and what the future outlook is. It is critical that accounting specialists know how to interpret, analyse and forecast, and convey this to the bosses objectively. Communication, especially when presenting financial figures so that management understands, is tops.
What are the distinctions between the AAT pathway and a commonly known course like ACCA?
AAT prepares people to be qualified Accounting Technicians. Accounting Technicians are an emerging group of accounting experts taking on the middle and lower span of accounting functions. Many people work in accounting after SPM but they are not technically competent as their experience may only involve certain aspects of accounting and are incomplete.
AAT is a level lower than ACCA, CIMA and ICAEW. After AAT, people can continue to be a full accountant or chartered accountant by pursuing ACCA or CIMA. They will get generous exemptions from these bodies.
On AAT’s courses
- Strengthen the accounting industry through the pandemic
- Malaysia’s businesses move ahead in the post-pandemic era
Salaries are a big component of a company’s spending. Coming out of the pandemic, businesses have to be cautious with their costs, especially the small medium enterprises.
More than 95% of businesses in Malaysia are SMEs. It is more cost-efficient to employ accounting technicians who are able to do all the necessary bookkeeping and accounting functions.
Upon completion of this phase of recording, reporting and initial analysis, the external auditors or accountants can take over the higher level strategic number crunching.