Accounting and finance go hand-in-hand. Both deal with money; both look at financial transactions inside and between organisations; both are the keys to the success of any business.
For people looking to go into business, studying accounting and finance can give you a one-up in the field because of your theoretical knowledge and practical skills to track a company’s financial performance, make informed decisions, and manage resources effectively, including recording transactions, analysing data, and preparing financial reports.
Just look at Tony Fernandes, a Malaysian entrepreneur who has made a name for himself in the low-cost airline industry with AirAsia.
Before he founded this internationally renowned company, Fernandes studied accounting at the London School of Economics and Political Science. Today, he is among Forbes’ list of Malaysia’s 50 richest, with a net worth of US$355 million.
Things that you may want to know before you enter the industry. Source: AFP
Why study accounting and finance?
Studying accounting and finance can be beneficial due to the high demand for these skills, with the overall employment rate projected to grow faster than the average for all occupations come 2033. According to the US Bureau of Labour Statistics, about 963,500 openings are projected each year.
And as Spider-Man’s Uncle Ben once said, “with great demands come great rewards,” or something like that.
Professionals in accounting and finance are reported to earn an annual average of US$79,050.
Another reason why you should get into accounting and finance is because of the freedom to work in any industry. All companies, no matter their fields or size, need professionals who can record, classify, summarise, interpret, and communicate the financial information of their business. You could be working with a variety of clients both locally and internationally, thus moving from several different industries to another.
However, many mid-to-large corporations require you to have a license or certification like the Certified Public Accountant (CPA) before they will consider you for a higher position.
And if you do not know, the CPA exams are the worst.
Joseph Arnold, founder of SmarterCPAs, writes in a LinkedIn post that no matter how much he studied for his CPA, it was still not enough.
“I would spend so much time and energy studying every day. I would put in a level of work that I should be proud of and feel good about. But I almost never felt good. I always felt guilty. Anytime I wasn’t studying, I had a little voice in my head nagging me about how I hadn’t studied enough. Whispering about how I’ll never pass at this rate.”
But do not let an exam deter you from your dreams. Hear from these international students and the really important advice they’ve got to share with you.
What to know before studying accounting and finance, from those who’ve been there, done that
Desmond Ng
University: Monash University
Before Desmond Ng co-founded Big Boss HSP, a fast-food restaurant in Malaysia serving Australian-style halal snack packs, he chose to study accounting and finance at Monash University, Clayton campus in Melbourne, Australia.
“I was surprised by how much there is with accounting and finances. It’s a very broad terminology,” Ng says.
Your accounting classes alone can cover topics like taxation, audit, international tax, management accounting, financial accounting, and more.
“What I’m trying to say is that what you learn can be so applicable in life that I wish I knew how useful it was beforehand,” says Ng. “So I take it even more seriously, because now I’ve come to realise that whatever I studied at the time is related to my current business. Everything makes sense right now.”
Deric Yee didn’t want to work as a number cruncher in corporate after studying accounting and finance, something that many fresh graduates today relate to. Source: Deric Yee
Deric Yee
University: Lancaster University
When Deric Yee started out by studying accounting and finance, he caught what’s known as the “startup-founder” bug.
He was inspired by his peers, watching founders passionately pitch their visions, build their companies, and brainstorm new ideas. This led him to pivot, starting his own coding school that allowed those with no coding experience to get a job in the tech industry.
“When I finally broke into the industry and started building projects for clients, the gap between what traditional education taught and what the industry actually needed became painfully clear,” he said. “Focus on building tangible skills and solving real-world problems. Your portfolio will speak louder than any degree.”
“Don’t be afraid to pivot or explore new fields if something excites you. And most importantly, surround yourself with people who inspire and challenge you. Growth happens when you step outside your comfort zone and collaborate with others who push you to think bigger.”
Shi Mei Chin (first from the left) is helping pave the way for future female leaders in finance. Source: Shi Mei Chin
Shi Mei Chin
University: University of Melbourne
Shi Mei Chin, the Chief Financial Officer (CFO) for Spark Systems Pte Ltd — a deep-tech foreign exchange trading platform in Singapore — was inspired to enter the industry by her mother, who is a successful business owner herself.
Her experiences working in high-profile firms like Ernst and Young and PwC helped shed light on a broader issue — a lack of female representation in the finance industry, especially in finding role models for mentorship, advice, and inspiration.
“The industry can be challenging at times, which is why having a mentor to go for advice and guidance can make a huge difference, as there is someone that women can relate to,” she says. “With more women stepping up to leadership roles and empowering young women, I believe it will be easier for ‘glass ceilings’ to get out of the way.”
“The journey was definitely not easy to navigate for young women in leadership. Still, I was well equipped with the advice and support of my mentors, as well as the professional training acquired during my Accountancy Certification with MICPA CA x ANZ.”
Izzat Aliyas is an Audit Manager at Deloitte, New Zealand. Source: Izzat Aliyas
Izzat Aliyas
University: University of Auckland
Like Chin, Izzat Aliyas is an MICPA x CA ANZ Qualifying Programme Alumni. He is an Audit Manager at Deloitte (Christchurch), New Zealand, specialising in auditing various companies in the retail, oil and gas, and plantation industries.
He holds the designations of Chartered Accountant, Australia & New Zealand, or CA, and Certified Public Accountant, Malaysia, or CPA (M), as a result of his membership in both MICPA and CA ANZ (ANZ).
His advice? Make sure you don’t skip out on the professional qualifications as they’ll be what you need to bridge local and global contexts.
“By going through the MICPA x CA ANZ Qualifying Programme, I was able to explore how international and local companies applied different approaches to harness the benefits of technology and financial data analytics provide,” says Aliyas.
For Aliyas, this included identifying patterns and understanding what business costs to reduce in order to make room for investments that would increase business efficiency as well as promote long-term business sustainability. Here, having the right accounting qualifications will enable future graduates to understand global practices that can be implemented locally.
“The accounting industry has been through a rapid transformation, and it can get tough to keep up,” shares Aliyas. “To be a skilled accounting professional that moves forward with the current changes, you will need a clearer focus on the industry updates, skill set, technological tools, qualifications, and understanding to future-proof your accounting career.”
