1.0 Development Plan
Everyone has goals and ambition is their life. There is no any achievement if one has no goals and ambition. My ambition is to be a chartered accountant. I am interested and enthusiastic in accounting since secondary school. Accountancy as a profession has become popular recently. There are many job opportunities available in accountancy. According to Wei-Shen, Wong (2013), for Malaysia to achieve Vision 2020 and be known as a high-income nation, more accountants are needed. This shows that accountants is in high demand and there is a bright career prospect in accountancy. To fulfil my ambition, first, I need to obtain a degree in accounting. Currently, I am taking 3+0 B.Sc. (Hons.) in Accounting & Finance from University of Gloucestershire, U.K. which is conducted by the Department of Business Studies of New Era College. Knowledge and skills that I have learnt in the degree of accounting and finance such as corporate reporting, taxation, business law, financial and management accounting are useful in preparing the way to become a chartered accountant in the future. There are some skills that must be possessed by a chartered accountant: Integrity and trustworthiness in preparing financial statements and reports. Responsibility to perform duties in accordance with all principles, standards and laws. Good written skill in preparing complete and understandable financial report. Communication skill in communicating the financial report to users of financial report. Professional competence and due care in performing accountancy jobs. Self-management is discipline in performing the jobs.
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To become a successful chartered accountant, I need to possess these skills.
I have already possessed integrity and trustworthiness, responsibility, computer skill (UBS), self-management skills and some accounting knowledge as before I take degree course, I have completed Certified Accounting Technician (CAT) Qualification. However, I am lacking of good written skill, communication skill and professional skill. Once I have finished my degree, I would probably find some jobs in accounting firms such as Deloitte and work as an accountant executive in order to gain some practical experiences for two years. According to Job Street (2014), the average monthly salary for a fresh accountant executive is RM 2,000. According to Payscale (2014), an accountant assistant earns an average salary of RM 33,268 annually. At the same time, I would find some courses for self-development and improvement. According to Figure 1, my physiological, safety and belonging (social) needs are fulfilled. In order to satisfy my self-esteem and self-actualization needs, I need to have some courses to gain the skills required to be a chartered accountant.
Figure 1. Maslow’s Hierarchy of Needs
I would go for some English courses such as Cambridge English Advanced (CAE). CAE is an internationally recognized qualification. The purpose of taking this course is to develop my language skills so that I have the ability to communicate effectively at the workplace and improve my written skill. CAE will test on 5 parts: Reading
Use of English
I will take this course at New Era College. The fee for this course is RM 1,250 and the duration of the course is 20 weeks. The certificate of CAE can act as a badge for excellence and as a proof of high-level achievement. By holding this certificate, I will have a greater advantage and increased opportunities in my work. One of the way to become a chartered accountant is taking ACCA and become a member of ACCA. “ACCA is an ideal choice for budding accountants as it provides a cost-effective pathway that leads them to becoming chartered accountants in the shortest duration possible,” (Doris
Tan Hong Hooi, 2012). ACCA is the global body for professional accountants. According to ACCA (2014), there is a total of 14 papers according to Figure 2 and I can exempt up to 8 papers of fundamental level of ACCA with the degree I am holding now. After two year, I would take part time ACCA course to gain professional knowledge and skills required to be a chartered accountant. I will take this course at Sunway University College, Malaysia. The fees of the course is approximately RM 20,000. First, I will complete Fundamental Level F8 paper. After that, I will start with Professional Level papers. As I am taking part time course, I will attend the class on every Saturday and Sunday for 22 weeks for each semester. It will take me around one and a half year to complete the whole ACCA course. As I will study ACCA as part time, With ACCA qualifications, I can gain specialized knowledge in finance and accounting. It can increase my career prospects.
After I have completed all ACCA papers and have at least three years of approved practical working experience and completed the Professional Ethics module, I am a member of ACCA. To become a chartered accountant, I need to apply to become a member of Malaysian Institute of Accountants (MIA). By becoming a member of MIA, I have a driving seat for a career in any industry and I can appreciate some of the knowledge products of MIA (MIA, 2014). According to Payscale (2014), the average salary for an Accountant is RM 59,285 per year while the average salary for a Chartered Accountant is RM 61,778 per year.
ACCA (2014) ACCA Qualification [online], Available from: < http://www.accaglobal.com/my/en/qualifications/glance/acca/details.html> [Assessed 1 May 2014] DISTED COLLEGE NEWS (2012) Accountants in high demand [online], Available at: < http://www.disted.edu.my/events/12/ev-news-accountancy-talk-union.htm> [Assessed 30 April 2014] JobStreet (2014) Accountant Executive Salary Report [online], JobStreet. Available from: < http://myjobstreet.jobstreet.com.my/career-enhancer/basic-salary-report.php?param=Account%20Executive%7C%7C150%7C%7Cmy> [Accessed 3 May 2014] MIA (2014) Privileges & Entitlement [online], Available at: < http://www.mia.org.my/new/members_benefits.asp> [Assessed 1 May 2014] Payscale (2014) Accountant Executive Salary (Malaysia) [online], PayScale Inc. Available from: < http://www.payscale.com/research/MY/Job=Account_Executive/Salary> [Accessed 3 May 2014] Payscale (2014) Accountant Salary (Malaysia) [online], PayScale Inc. Available from: < http://www.payscale.com/research/MY/Job=Accountant/Salary> [Accessed 3 May 2014] Payscale (2014) Chartered Accountant Salary (Malaysia) [online], PayScale Inc. Available from: < http://www.payscale.com/research/MY/Job=Chartered_Accountant/Salary> [Accessed 3 May 2014] UCLES (2014) What’s in the exam? [online], Available
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