Malaysian talent export
February 2008
2007 was a banner year for Malaysia's exports of palm oil, oil and gas, and - wait for it - financial professionals.
Although the brain drain cuts across all sectors, accountants are in hot demand. Since Malaysia is perceived as one of the most developed accounting regimes in the Asia Pacific, on a par with Singapore and Hong Kong, it makes sense that qualified Malaysian accountants are sought after for their skills and experience. Apart from professional qualifications and familiarity with IFRS, corporate governance and risk management, many Malaysian accountants are fluent in English, Mandarin and Malay, and are at home in a multicultural environment.
China is a prime destination for Malaysian talent. Its scintillating boom has spawned a human resource shortage, and it makes sense for China to recruit talent from Malaysia, which boasts one of the largest pools of Mandarin-speaking accountants worldwide. Apart from China, scores of Malaysian financial professionals have moved on to jobs in Singapore, Hong Kong, the UK and the Middle East, particularly the Gulf Cooperation Council (GCC) nations.
Carrots used to lure Malaysian accountants include the challenge of working abroad, an improved work-life balance, as well as compensation packages that can be up to three or four times more than what they were making previously.
On the downside, the migration of Malaysia's accountants abroad has intensified the staffing shortage in key areas like audit and assurance, and in the financial industry. Whereas, on a holistic basis, the exodus contributes to the chronic shortage of qualified accountants who are needed to fuel a growing economy. It is estimated that, come 2020, Malaysia is likely to be short of 16,000 qualified accountants.
2007 was a banner year for Malaysia's exports of palm oil, oil and gas, and - wait for it - financial professionals.
Although the brain drain cuts across all sectors, accountants are in hot demand. Since Malaysia is perceived as one of the most developed accounting regimes in the Asia Pacific, on a par with Singapore and Hong Kong, it makes sense that qualified Malaysian accountants are sought after for their skills and experience. Apart from professional qualifications and familiarity with IFRS, corporate governance and risk management, many Malaysian accountants are fluent in English, Mandarin and Malay, and are at home in a multicultural environment.
China is a prime destination for Malaysian talent. Its scintillating boom has spawned a human resource shortage, and it makes sense for China to recruit talent from Malaysia, which boasts one of the largest pools of Mandarin-speaking accountants worldwide. Apart from China, scores of Malaysian financial professionals have moved on to jobs in Singapore, Hong Kong, the UK and the Middle East, particularly the Gulf Cooperation Council (GCC) nations.
Carrots used to lure Malaysian accountants include the challenge of working abroad, an improved work-life balance, as well as compensation packages that can be up to three or four times more than what they were making previously.
On the downside, the migration of Malaysia's accountants abroad has intensified the staffing shortage in key areas like audit and assurance, and in the financial industry. Whereas, on a holistic basis, the exodus contributes to the chronic shortage of qualified accountants who are needed to fuel a growing economy. It is estimated that, come 2020, Malaysia is likely to be short of 16,000 qualified accountants.
posted by Toyers at
1:38 AM
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