Transcript Careers for Accountants: What’s Hot and What’s Not

Expert Series Talk: Accountants of the Future
Challenges for the
st
CPA in the 21
Century
Presented by Jason Ling CPA (Aust), CA(M), B Comm
12 June 2008
Agenda
About JobStreet.com
 JobStreet.com statistics
 Current developments/ trends
 Evolving role of finance & accountants
 Important skill sets
 What’s in demand and alternative careers
 Salary report

Brief intro of JobStreet.com

Malaysia’s No. 1 online recruitment website

Improving people’s lives through a better career

Operations in Malaysia, Singapore, Philippines, India,
Indonesia, Japan & Bangladesh

Over 25,000 companies in Malaysia use JobStreet.com to
hire

Even accountants found their jobs on JobStreet.com!
JobStreet.com statistics

About 16,000 jobs available on JobStreet.com MY site

About 2,400 jobs in audit/taxation, general/cost accounting,
finance/investment & banking/financial as of today

There are approximately 350,000 jobseekers registered on
JobStreet.com who majored in commerce, finance,
accountancy, business studies and management. This
accounts for about 31% of our database.
Total Accounting/Finance
Related Positions @ 10/06/08
Malaysia & Overseas
General/Cost accounting
1468
Banking/Financial
445
Audit & Taxation
349
Finance/Investment
203
Total
2465
Malaysia - Top 5 States Hiring
General/Cost Accounting Related
Positions
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Selangor (550)
Kuala Lumpur (426)
Johor (119)
Penang (75)
Melaka (25)
Malaysia - Top 5 States Hiring
Banking/Financial Related
Positions
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Kuala Lumpur (234)
Selangor (106)
Johor (44)
Penang (38)
Sabah (32)
Malaysia - Top 5 States Hiring
Audit &Taxation Related Positions

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Kuala Lumpur (110)
Selangor (91)
Johor (89)
Penang (29)
Kedah (8)
Malaysia - Top 5 States Hiring
Finance/Investment Related
Positions

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
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Kuala Lumpur (92)
Selangor (54)
Penang (21)
Johor, Kedah, Melaka, Negeri
Sembilan (5)
Labuan (4)
Overseas – Countries Hiring
Malaysians for General/Cost
Accounting Related Positions
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Singapore (178)
Thailand
Vietnam
China
Hong Kong
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India
Indonesia
Philippines
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Other locations (25)
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Overseas – Countries Hiring
Malaysians for Banking/Financial
Related Positions


Singapore (19)
Other Locations (22)
Overseas – Countries Hiring
Malaysians for Audit & Taxation
Related Positions
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Singapore (58)
China
Hong Kong
India
Indonesia
Vietnam
Other Locations (3)
Overseas – Countries Hiring
Malaysians for Finance/Investment
Related Positions
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Singapore (37)
China (5)
Other Locations
Jobs posted by specialization (JanDec 2007)
Information
Technology,
23463, 16%
Sales &
marketing,
24728, 16%
Accounting,
finance &
banking,
21808, 15%
Engineering,
21913, 15%
Others, 57625,
38%
Growth in accounting & finance
related jobs
14000
No. of jobs posted
12000
257 %
increase
10000
Audit & Taxation
8000
Corporate Finance/
Investment/
Merchant Banking
6000
General/ Cost
Accounting
4000
Banking & Finance
2000
0
2003
2004
2005
2006
2007
Developments / Trends

Globalisation

Economic growth e.g. China boom

Inflationary cost pressures

Increasing complexity in regulations and
financial disclosure e.g. fair value accounting

Shortage of experienced accountants globally
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Outsourcing/ offshoring
Globalisation – how does it impact
us?
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We’re no longer insulated from global events
Need to be familiar with rules and regulations outside
Malaysia
Increased governance
See big picture e.g. tax planning
Our systems need to be compliant with those of our
trading partners
Increased emphasis on cost reduction and higher valueadd & productivity
Culture and language barriers
Factors contributing to demand for
experienced accountants

Economic boom in China, India, Middle East

New rules/requirements e.g. SOX

Shared services and outsourcing/ business process
outsourcing

More alternative career paths for accounting
graduates

Retirement of baby boomers
Offshoring/ SSC/ BPO

Offshoring – relocation of certain business functions/processes from
one country to a lower cost country e.g. relocate manufacturing base to
China

BPO – outsourcing business functions to a third party e.g. Nike
outsourcing manufacturing to subcontractors, call centres in Philippines

SSC – centralization of in-house processes in one facility

Shell, Stan Chart, HSBC, IBM, DHL have set up SSCs in Malaysia

Objective of lowering cost, removing duplication, improving efficiency,
moving towards higher value-add
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How does that impact us as accountants?
The accountant’s role is evolving

Previously, technical based, number crunching,
report churning, information gatekeepers

Offshoring/outsourcing/centralisation of
transactional processing

Increased in business demands, globalisation
etc requires business intelligence

Changes in organisational structures

Accountants need to be BUSINESS PARTNERS
Change in emphasis
Before
Technical
Specialised
Financial
Routine
Hindsight
Now & Future
Strategic, analytical
Multi dimensional
Business acumen
Non-routine
Hindsight & foresight
The new finance model
Business insight/ analysis
Business planning
Budgets and forecasts
Customer profitability
Business
partner
Brand/ marketing effectiveness
Costing/ management
Procurement
Tax planning
Treasury
Risk management
Internal audit
Finance
specialists
Shared
services
Payroll
GL accounting
AR/ AP
Accounts
Source: In the Black, Dec 2006
Why accountants as business
partners?

Easier for accountants to update skills from provider to
facilitator of information

Reliance on financial information will remain important

Understands control mechanisms and processes

Always seen as an objective authority. Hence, credibility
established
Expectations on the modern CPA
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Strong business skills
Technical prowess
Strategic advice
Leadership skills
Strong interpersonal & communication skills
Understand business operations
See the big picture
Able to wear many hats
Hard skills to have/ develop
Source: In the Black, Dec 2006
And very importantly, soft skills
Source: In the Black, Dec 2006
What you can deliberately do…
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Expand your exposure in the organization
Plan your career wisely
Set objectives and timelines
Obtain the necessary accreditation
Read read and read
Keep abreast of developments
Develop soft skills
Complement accountancy with additional qualifications
e.g. FPM, CFA, IIA, MIT etc
Obtain overseas experience
Manage projects
Accountants in demand
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Compliance, risk management experience
International tax expertise
Experiences with regional roles
Strong interpersonal skills, negotiators
Bi-lingual
Willing to relocate
Strong business acumen
M&A experience
Alternative career paths…
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Fund management/ equity analyst
Financial journalists
Market regulators and authorities
Financial planners
Financial & ERP software consultants
Forensic auditors
Sales – wealth management products
Investor relations
Personal assistants to CEOs, MDs
Business development
Education – lecturing, technical dept
Project Manager
Salary report – explanatory note
Position Level
Senior Manager
Years of Experience
>10 years
Manager
5 – 10 years
Senior Executive
3 – 5 years
Junior Executive
1 – 3 years
Fresh Graduate
0 – 1 year
Salary Range
Percentile
Min
25
Average
50
Max
75
Estimated Salary Range (in Malaysia)
Accountant
Position Level
Availability
Min (RM)*
Average
(RM)*
Max (RM)*
Senior Manager
12
5,390.00
6,500.00
8,000.00
Manager
83
4,400.00
4,800.00
5,700.00
Senior Executive
134
3,200.00
3,800.00
4,500.00
Junior Executive
64
1,500.00
2,100.00
2,770.00
Fresh/Entry Level
7
800.00
1,000.00
1,550.00
Estimated Salary Range (in Malaysia)
Audit Assistant
Position Level
Availability
Min (RM)*
Average (RM)*
Max (RM)*
Senior Executive
134
3,200.00
3,800.00
4,500.00
Junior Executive
64
1,500.00
2,100.00
2,770.00
Fresh/Entry Level
7
800.00
1,000.00
1,550.00
Senior Accounts Executive
Position Level Availability
Senior Executive
449
Min (RM)*
Average (RM)*
Max (RM)*
2,600.00
3,100.00
3,500.00
Estimated Salary Range (in Malaysia)
Finance Executive
Position Level
Availability
Min (RM)*
Average (RM)*
Max (RM)*
Senior Executive
627
2,500.00
2,903.00
2,550.00
Junior Executive
977
1,900.00
2,203.00
2,500.00
Fresh / Entry Level
57
1,500.00
1,800.00
2,000.00
Finance Manager
Position Level
Availability
Min (RM)*
Average (RM)*
Max (RM)*
Senior Manager
95
6,000.00
7,500.00
9,000.00
Manager
433
4,500.00
5,600.00
7,000.00
Some tips and advice

Personalise your CV

Highlight exposure to multiple areas of finance & accounting
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Avoid copying lengthy common job descriptions
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Highlight leadership experiences

Use relevant keywords esp. in the online recruitment era e.g. IPO,
tax incentives etc.
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Mention experiences with various software and systems
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Always include a job application letter
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Demonstrate soft skill development and experiences
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Avoid frequent job hopping
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Act with integrity, apply wisely & show up for interviews
Search jobs smartly…
This is how companies see you…
Employers filter candidates…
Thank you
&
All the best in your career
journey