Accounting
What is Accounting?
Financial Reporting
Presenting financial data accurately for stakeholders to understand an organization’s performance and make informed decisions.
Auditing
Systematic review of financial records and controls to ensure accuracy, compliance with standards, and enhance trust in financial reports.
Taxation
Understanding tax laws, minimizing liabilities, and providing strategic advice to individuals and businesses for efficient compliance and planning.
Studying Accounting isn’t just about recording financial data or ensuring legal compliance for businesses. It’s a skillset with broad practicality, influencing effective decision-making not only in corporate realms but also in personal finance management. Accounting is about recording, analyzing and reporting financial information.
Beyond its apparent complexity, accounting skills play a pivotal role in everyday life. Whether it’s monitoring personal expenses during college, where smart budgeting becomes crucial, or overseeing the financial health of corporations, those proficient in accounting wield the power to navigate and manage finances effectively. In essence, the expertise gained in accounting extends beyond mere numbers, offering a foundational understanding of financial principles applicable across diverse domains, making it a skill set with immense real-world significance.
Should You Study Accounting?
Reasons to Study Accounting and Skills You Need to Study Accounting
Accounting involves systematically recording, summarizing, and interpreting financial transactions of businesses or organizations. It produces essential financial statements for assessing an entity’s financial health and guiding decision-making. It’s a vital tool ensuring accuracy and transparency in financial reporting, adhering to standards like GAAP or IFRS.
Studying accounting as a college major offers numerous benefits. It fosters financial literacy and analytical skills crucial in diverse industries. An accounting degree opens doors to varied career paths like auditing, taxation, and financial analysis, offering job security and advancement prospects. Moreover, it cultivates ethical responsibility, essential in ensuring compliance with financial regulations.
In Malaysia, accounting is a popular major due to its relevance in the thriving economy and its alignment with qualifications like ACCA, offering pathways to global accounting recognition and enhancing career opportunities.
Strong Analytical Skills
Accounting involves interpreting and analyzing financial data, requiring a strong ability to evaluate and understand complex numerical information. Analytical skills are crucial for comprehending financial statements, identifying trends, and making informed decisions based on the data presented.
Attention to Details
Precision is paramount in accounting. Having a keen eye for detail ensures accuracy in recording financial transactions and preparing reports. Even the smallest error could have significant implications, so meticulous attention to detail is essential to maintain the integrity of financial records and reports.
What You'll Learn
Accounting students learn to analyze, interpret, and accurately record financial transactions while applying various accounting principles and standards to prepare financial statements.
Subjects Areas:
- Financial Accounting
- Management Accounting
- Tax Accounting
- Audit and Assurance Services
Career Outcome
Accounting students work in various industries including finance, banking, public accounting firms, corporate sectors, government agencies, non-profit organizations, and consulting firms.
Job Positions:
- Certified Public Accountant (CPA)
- Financial Analyst
- Auditor
- Tax Consultant
What Subjects Are Required to Study Accounting?
Accounting Entry Requirements
Entry requirements for an accounting major typically entail a high school diploma or equivalent, emphasizing prerequisites in mathematics and occasionally economics for undergraduate programs. Some universities may additionally request standardized test scores, letters of recommendation, and a personal statement. Graduate-level programs may require a bachelor’s degree in accounting or a related field, often with specified GPA criteria and sometimes work experience, although requirements can vary among institutions.
Checking the specific requirements of individual colleges or universities is advisable due to potential variations.
How to Become an Accounting in Malaysia?
How to be a Chartered Accountant in Malaysia
In Malaysia, to become a certified accountant, you’ll typically follow these steps:
Complete a Relevant Degree: Start by earning a bachelor’s degree in accounting or a related field. It’s essential to choose a recognized program accredited by the Malaysian Institute of Accountants (MIA).
Undertake Professional Qualifications: Pursue professional qualifications such as the Certified Public Accountant (CPA) or Chartered Accountant (CA) offered by MIA. These programs include rigorous exams and practical training.
Practical Training: Gain practical experience through an approved training program. This experience is an essential part of becoming a certified accountant in Malaysia.
Apply for Membership: Once you’ve completed the necessary qualifications and practical training, you can apply for membership with MIA. Becoming a member signifies your official recognition as a certified accountant.
Continuing Professional Development: To maintain your certification, engage in continuous professional development by participating in relevant courses and activities. This ensures you stay up-to-date with industry standards.
Featured Universities
University of Illinois, Chicago
BS in Accounting
Location: Chicago, Illinois
Intake: January, August
Tuition Fees (2023/2024): $31,020+
Duration: 4 years
Arizona State University
BS Accountancy
Location: Tempe, Arizona
Intake: January, May, August
Tuition Fees (2023/2024): $34,398+
Duration: 4 years
George Mason University
BS Business, Accounting
Location: Fairfax, Virginia
Intake: January, August
Tuition Fees (2023/2024): $39,170+
Duration: 4 years
University of Exeter
BSc (Hons) Accounting and Finance
Location: Exeter, England
Intake: September
Tuition Fees (2023/2024): £23,500
Duration: 3 years
University of Strathclyde
BA (Hons) Accounting
Location: Glasgow, Scotland
Intake: September
Tuition Fees (2023/2024): £19,600
Duration: 4 years
Lancaster University
BSc (Hons) Accounting and Finance
Location: Lancaster, England
Intake: October
Tuition Fees (2023/2024): £24,475
Duration: 3 years
University of South Wales (UNSW)
Bachelor of Commerce – Accounting
Location: Sydney, Australia
Intake: February, May, September
Tuition Fees (2023/2024): A$45,340
Duration: 3 years
University of Western Australia
Bachelor of Commerce – Accounting
Location: Perth, Australia
Intake: February, July
Tuition Fees (2023/2024): A$42,900
Duration: 3 years
University of Newcastle Australia
Bachelor of Commerce – Accounting
Location: Newcastle, Australia
Intake: February, July
Tuition Fees (2023/2024): A$35,514
Duration: 3 years