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PENANG: By the time Malaysia achieves its expected developed nation status by 2020, the country may have a shortage of 60,000 accountants.
The accounting industry is already feeling the pinch as several countries are luring Malaysian accountants with salary offers of four times their earnings here.
Malaysian Institute of Accountants (MIA) Penang branch chairman Adelena Lestari Chong said the industry faces the big challenge to retain these accountants.
“Other than higher salaries, Malaysian accountants are also drawn to the quality of life in countries such as Australia and Britain,” she told The Star.
She said China has the most number of Malaysian accountants working there, adding that other countries pinching these professionals include Singapore and the Middle East countries.
“This is making it difficult for local companies to employ qualified accountants.
“If the trend continues, the country would be short of 60,000 accountants by 2020,” said Chong.
Ernst & Young Malaysia partner Simon Kua said the phenomenon was due to globalisation and that it was not just Malaysia losing its accountants.
“For example, Singapore loses its accountants to China and the rest of the world. So, our accountants end up going to Singapore to fill the gap there.”
Accounting firm KPMG partner Ooi Kok Seng said a ccountants from Malaysia were sought because their qualifications conform with the globally-recognised International Financial Reporting Standards (IFRS).
“Being multi-lingual, our accountants also have the advantage,” he said.
Malaysian accountant Kelvin Yap, who now works in Britain, said while the higher salary was enticing; it was more the international exposure and greater opportunities that took him there.
Long-term success, measured by wealth or professional recognition, made the offer by a British recruiter three years ago irresistible, he said in an e-mail interview.
He used to work with PricewaterhouseCoopers in Kuala Lumpur for three years before moving to London, saying that the job progression is good despite people thinking there would be a glass ceiling for non-English professionals.
Yap, 26, from Petaling Jaya, now works as an investment professional in HarbourVest Partners, a global private equity of funds.
