INTRODUCTION:
The ACCA qualification in Malaysia consists of three core academic requirements: Passing 13 papers, completing EPSM modules, and gaining practical work experience for 36 months. After completing all these requirements, an individual is considered a qualified accountant in Malaysia. Whereas, an ACCA Affiliate Certificate is granted to those who are part-qualified, someone who has completed the EPSM modules and 13 papers, but hasn’t gained the required work experience.
Nonetheless, an ACCA affiliate in Malaysia also gets to enjoy many professional perks as a part-qualified accountant; hence, such individuals are advised to take advantage of any value-adding opportunity that comes their way. Many students planning their academic and professional journey get confused between the status of an ACCA affiliate and an ACCA member. Therefore, to help students get clarity on this matter, we have prepared this comprehensive guidebook that discusses 7 core key facts about the ACCA affiliate in Malaysia; read the blog till the end to find your answers.
7 BEST KEY FACTS ABOUT ACCA AFFILIATE IN MALAYSIA:
Below are the core details that you need to know about being an ACCA affiliate in Malaysia:
1: DIFFERENCE BETWEEN AN ACCA MEMBER AND ACCA AFFILIATE IN MALAYSIA:
Let’s begin with the basic differences between the two most confused professional statuses: ACCA affiliate and ACCA member. An ACCA affiliate in Malaysia is someone who has completed all the academic requirements other than the PER (Practical Experience Requirement); this situation can arise if you have either completed the work experience but haven’t submitted it yet, or if you are still on your way to complete at least 36 months of work experience. Whereas an ACCA member is someone who has completed all the ACCA requirements, including PER, and has it verified as well.
Affiliates are not considered to be qualified ACCA professionals or ACCA members as they are yet part-qualified and need to complete a few more requirements to become a qualified accountant.
2: QUALIFIED ACCOUNTANT IN MALAYSIA AND MIA:
A qualified accountant in Malaysia is legally defined by MIA (Malaysian Institute of Accountants); this means such accountants can be members of this prestigious accounting body according to the Accountants Act of 1967. In Malaysia, to legally practice accounting services, one needs to be a respectable member of MIA; hence, this makes it evident how big an achievement it is if one becomes a qualified accountant in Malaysia.
3: ACCA QUALIFICATION IS RECOGNISED, NOT THE AFFILIATE STATUS:
One thing about an ACCA affiliate in Malaysia is that he can not be well-recognised in the practical world because of the status of affiliate; to make your presence in the Malaysian finance industry prominent, it is essential to be a part of MIA by getting the ACCA membership title (becoming fully-qualified). Therefore, students should be quick to avail themselves of the membership status and elevate their progressive journey in the professional world.
4: AN ACCA AFFILIATE IN MALAYSIA CAN NOT BECOME A PART OF THE MIA AUTOMATICALLY:
Some individuals believe that after becoming an affiliate, you can become a part of MIA; this is absolutely false. To become a member of MIA, one must first become an ACCA member; only then can they proceed to complete other requirements of MIA, such as the requirement of relevant work experience. Therefore, there is a proper procedure one needs to follow to become a member of the MIA (Malaysian Institute of Accountants).
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5: BEING AN AFFILIATE IS USEFUL IN THE PROFESSIONAL WORLD, BUT OFFERS LIMITED OPPORTUNITIES:
Being an ACCA affiliate in Malaysia is not a total waste; even with the title of an affiliate, you can get a decent accounting role in the professional world. But these roles are not as progressive or as value-adding as those of a fully-qualified ACCA member; therefore, if you dream of a huge progressive career, you must earn the ACCA membership, which will open the doors to numerous local and global career prospects.
6: PATHWAY TO BECOME A QUALIFIED ACCOUNTANT IN MALAYSIA:
If you are an ACCA affiliate in Malaysia, you are just a few steps away from becoming a qualified accountant; therefore, students should take it as an opportunity to strengthen their career and keep themselves motivated. All affiliates need to complete and submit the PER experience to the ACCA Global, avail membership status, and proceed to apply for the MIA membership.
7: AN ACCA AFFILIATE IN MALAYSIA CAN NOT WORK WITH MANY BIG EMPLOYERS:
For executive-level roles, an ACCA affiliate is never eligible, especially if you aim to work with big employers and get more than entry-level roles. You must first complete your ACCA qualification in Malaysia. Becoming a qualified accountant can enhance your professional worth in the finance and accounting industry and bring forward various value-adding career opportunities.
CONCLUSION:
An ACCA affiliate in Malaysia is not a fully-qualified accountant; becoming an ACCA affiliate in Malaysia is, however, an achievement in itself, as clearing the challenging ACCA exams is absolutely not a piece of cake. But if you have come so far with utmost determination and ambitions, it is better to keep yourself consistent and avail the membership title by completing the other academic requirements. Once you become an ACCA-qualified accountant in Malaysia, you will get a bundle of work opportunities that are quite progressive; therefore, stay focused to achieve your goals.
FREQUENTLY ASKED QUESTIONS:
Q1: Where and how to submit the ACCA PER work experience in Malaysia?
Answer: The ACCA PER work experience should be well-documented/ recorded, and then, along with the application, it is submitted to the ACCA Global through your MyACCA portal; once submitted, the documents are verified, and if they are valid, you receive the title of an ‘ACCA member’.
Q2: How to fast-track the ACCA work experience in Malaysia?
Answer: To efficiently manage the time of completion of work experience, students are advised to complete the PER alongside their ACCA papers; this way, they can reduce the qualification completion time and complete all the academic requirements side by side.
