Kuala Lumpur, 26 April 2012 – The Malaysian Institute of Accountants (MIA) has officially appointed Binary University College to run the Institute’s Qualifying Examinations tuition programmes which is expected to cater for over 2,000 candidates sitting for the March and September examinations.
This was announced today at a signing of a memorandum of understanding between both parties in Kuala Lumpur. The event was formalized by the Deputy Minister of Foreign Affairs, YB Senator Kohilan Pillay.
According to MIA President Datuk Mohd Nasir Ahmad, the move was in line with the Institute’s early initiatives to increase the number of professional accountants practicing in Malaysia.
“Right now MIA accounts for over 28,000 members comprising business and commerce, public service, public practice and academia. The Second Industrial Master Plan has outlined that by the year 2020, the country would require a total close to 80,000 professional accountants. That’s 6,500 professional accountants that need to be produced annually until 2020 to realise a considerable percentage of the requirement. We are confident that by outsourcing QE tuition programme, the turn around time to produce high quality and “job ready” professional accountants can be addressed effectively and efficiently,” said Datuk Nasir.
The president also mentioned that the move was timely as the Institute will be introducing a change to the current QE assessment system which is 100% examination based. He said that the new assessment system will require candidates to undertake the programme which comprises of 40% workshop evaluation and 60% final examination.
“With the availability of tuition venues such as Binary University College that has the resources and facilities to carry out professional training more aspiring accountants will now have the chance to achieve their dreams,” added Datuk Nasir.
The collaboration will assist the development and advancement of the accountancy profession specifically to provide an alternative pathway for MIA admission to graduates who do not possess a qualification recognised under the Part I and Part II of the First Schedule to the Accountants Acts, 1967. This includes overseas and local graduates who have graduated from twinning programmes.
“We at Binary University College are honoured to be accorded this important role and partnership with MIA to help increase the number of chartered accountants in Malaysia, thus increasing the number of “high income earners” as required under the Economic Transformation Programme (ETP) towards achieving high income economy status by 2020” said Dato’ Professor Joseph Adaikalam, Executive Chairman of Binary University College.
“Apart from addressing the shortage of qualified accountants in the country through this strategic alliance,Binary UC will be able to offer a differentiated opportunity to budding accountants in that its accounting degrees have a high level of entrepreneurship content. This is in line with Binary UC’s aim of producing entrepreneurial accountants,entrepreneurial managers and entrepreneurial IT professionals. As we all know,many of the top entrepreneurs in Malaysia are qualified accountants. By providing a solid foundation in entrepreneurship within the accounting,we are able to open wealth creation opportunities to young accountants who have every reason to excel as entrepreneurs” added Dato’ Joseph
“Binary UC’s BA(Hons) in Accounting is a 3 year honours degree that is accredited by MQA and recognized by JPA.The University’s School of Accounting & Finance has been offering accounting qualifications for over 15 years and enjoys global professional recognition. However Binary UC has kept its fees at a very reasonable level in order to assist more people to take up accountancy as a profession and build successful careers,”he summed up.
The MIA Qualifying Examinations (QE) was introduced as an alternative qualifying route for accounting, business and finance graduates to qualify as accountants whose qualifications are not recognised under the Accountants Act 1967 but recognised by the Public Services Department. The first QE examinations were carried out in September 2003.