FEBRUARY 3 — As Malaysia further embraces digital transformation to boost the economic growth of the country, it is important that Malaysians adapt and re-skill themselves towards a new digital economy, so that they can minimise the risk of being left behind.
One particularly vulnerable group, at least according to Malaysia’s Economic Outlook 2020, are the Bumiputera graduates. These graduates experience some difficulty in securing jobs as professionals, managers, executives and technicians (PMET) and advancing their careers. This is due to several factors including a mismatch between the skills required by industries and their qualifications, as well as a general lack of interpersonal skills. Minister of Finance Lim Guan Eng also shared that Bumiputera participation in these skills-oriented and professional occupations at the executive managerial levels remains low.
With 21 per cent of Malaysia’s GDP expected to be digitalised by 2022 according to International Data Corporation (IDC), the mismatch of skills can have great implications for social mobility across Malaysia .
The driving force of social mobility
Education plays a vital role in improving social mobility and reducing income inequality among Malaysians. Perhaps this is why the Ministry of Education (MOE) was allocated some RM 64 billion in the Budget 2020, the biggest allocation for any Malaysian ministry.
In association, education providers in Malaysia can play a larger part in driving social mobility by providing Malaysians access to retraining and upskilling programmes. Local institutions for higher learning and training centres are essential avenues for graduates to retrain and equip themselves with the relevant skills for the digital economy regardless of their income status and family background. Accountancy training is one such steppingstone to provide Malaysians, including the Bumiputera population, with better employment opportunities by equipping them with industry-relevant financial skills that are highly sought after in the digital economy.
Skills for the digital economy
With the increasing prevalence of technology and automation in the workplace, key competencies for the future of work have inevitably evolved. Skills such as data and risk analysis, along with a need for professionals to think strategically, have only become more relevant in today’s digital economy. Additionally, accountants are increasingly expected to have a working knowledge of technologies such as robotic process automation and data analytics. The ability to conduct IT audit and forensic accounting is also highly valued as more companies are facing a growing threat of cyber risks and data management from digitalisation of business operations and economy.
Vocational accountancy courses can be relatively affordable and more value-for-money, compared to embarking on traditional long-term academic courses in higher education. Vocational accountancy courses are also designed to deliver practical and relevant accounting skills that are less academic and more tailored to the needs of businesses. Not only will students get to learn industry-relevant accounting techniques and processes that they can put into practice from day one, they can also learn critical interpersonal skills to excel in the workplace and have direct access to work placement opportunities. More importantly, such accountancy courses are often very flexible, allowing students to learn and take assessments around their work and life commitments.
Through vocational accountancy training and education, Malaysians can be equipped with the relevant financial skills required to secure jobs in skills-oriented and professional occupations at executive managerial levels and to further advance their career.
Unlock the potential of the digital economy
In order to unlock the full potential of the digital economy, it is essential to ensure that the demand for professional accountants driven by Malaysia’s steady and strong economic growth is being met. As Malaysia progresses towards the digital economy, access to accountancy education for Malaysians will not only improve social mobility in the country, but also allows Malaysia to accelerate its pace towards becoming a digital economy.
The Association of Accounting Technicians (AAT) announced one such training collaboration with Yayasan Peneraju Pendidikan Bumiputera (Yayasan Peneraju) in 2019 to contribute 500 accountants to Malaysia’s goal of doubling the number of accountants to 60,000 in the near future. While this is a modest number, it does it part in contributing to thetarget.To ensure that no Malaysians are being left behind as Malaysia progresses towards a digital economy, a concerted effort between the public and private sectors is critical to equip Malaysians with the relevant skills for the digital economy.
*This is the personal opinion of the writer and does not necessarily represent the views of Malay Mail.
