The future of accountancy in Malaysia

Among the current trends that are creating waves in the accountancy profession are Big Data and Analytics. Companies of all sizes create massive structured, unstructured and semi-structured data every day. Accountants and financial professionals can leverage on Big Data. This is because they have the ability to digest and analyse data in such a way that it makes it easier for management to make informed decisions. This requires accountants to be updated with the latest trends in business to be industry relevant. Professional education and certification plays a key role in this. Professional exams are frequently updated by the institutes to ensure that they build in key trends and competencies which allow future accountants to equip themselves with the necessary skills and knowledge be ahead in their career.The government’s announcement that Malaysia needs 60,000 accountants to achieve the High Income Nation status shows that the government recognises the role of accountants in the economy. The MIA is passionate and committed in ensuring that the target is achieved. Nonetheless, it is not an easy task although there are currently about 33,000 accountants registered with the Institute.

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