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Real Business : Issue 2 2009
COMPANY PROFILE Australia and Malaysia in recent times is another exciting development. CPA Australia has forged alliances with the big 4 in Malaysia with a strategy that has been developed to: help fi rms recruit elite graduates by showcasing the opportunities to potential employees provide employees with a clear entry pathway to membership of CPA Australia as they strive to develop their accounting skills promote a globally recognised Looking beyond the current challenges facing the Malaysian economy will uncover some exciting opportunities for CPAs in this regional business hub. WRITER: CAMERON COOPER PHOTOGRAPHER: VIGNES BALASINGHAM AS ONE OF THE ECONOMIC POWERHOUSES of Asia, Malaysia is accustomed to the swings and roundabouts of market cycles. Today is no diff erent. As the impact of the global fi nancial crisis puts the heat on the nation’s crucial manufacturing sector and dampens economic growth forecasts, Prime Minister Najib Tun Razak’s government has unveiled a US$16 billion stimulus package to spur on the country’s economy. In the fi rst quarter of 2009, the Malaysian economy shrank 6.2 per cent, according to the Central Bank of Malaysia, as electrical and electronic exports slumped. Falling commodity prices are also a concern in a nation that is a major producer of oil and gas and an exporter of palm oil. Th e scenario represents the biggest wake-up call for Malaysia since the onset of the fi nancial crisis Asia experienced in the late 1970s. As the news unfolds, the big 4 accounting fi rms in Malaysia – PricewaterhouseCoopers, Deloitte KassimChan, Ernst & Young and KPMG – are fi netuning their strategies to help their clients combat the fi nancial crisis. 26 26-29_Big4v6_RB907.indd 26 26-29_Big4v6_RB907.indd 26 OK WITH CORRECTIONS DESIGN EDITORIAL PUBLISHER CLIENT By signing your initials in the space provided you are either approving this layout or authorising the listed changes. CORRECTIONS TO MAKE DATE OK DESIGN EDITORIAL PUBLISHER CLIENT ADVERTISING 9/07/2009 5:49:05 PM 9/07/2009 5:49:05 PM And they have good reason to be optimistic. Momentum in domestic markets ensures the economy has been reasonably resilient. And as Malaysia increasingly becomes a regional hub for business and the outsourcing of accounting services within the Asia-Pacifi c region, the prospects for young professionals are also growing, especially for those working at the big 4 (see profi les). Manager of employer development for CPA Australia, Paul Heard, says Australia, New Zealand, the United States and Europe are increasingly tapping into the accounting expertise that exists in Malaysia, while multinational companies such as IBM, Intel and Dell are setting up bases in Kuala Lumpur. “Th ere’s opportunity around managing that kind of business development for large organisations that are acting as outsourcing and off -shoring providers to businesses,” he says. Th e growth of accounting ties between qualifi cation so employees can grow into strategic business leaders Th e fi rms will communicate the benefi ts of membership with CPA Australia and encourage young professionals to complete CPA Program, which, since its inception in 1986, has equipped more than 65,000 members with the skills to be leaders in fi nance, accounting and business. Th e alliance will also help ensure that more accountants choose to work in Malaysia in the face of attractive salary off ers from other business centres. Paul says Malaysian accounting graduates are starting to appreciate that they can gain exposure to experience in areas such as treasury, auditing and fi nancing in their home country. To that end, he believes the alliance with the big 4 is an exciting development. “And there will be more things added to the partnership as we go forward over the next couple of years.” Paul says the Malaysian alliances will form the blueprint for other programs around the world. Similar programs are expected to be launched within about 300 organisations throughout the region in the next three to fi ve years.
Issue 1 2009
Issue 1 2010