If you’re Maltese or a student aspiring to get started in Accounting in Malta, this is the right place to be. The past few years where some kind of a roller-coaster. I was completely lost from where I should get started into accounting, so, today I want to share with you all the steps you need to take prior to making a decision that could define your future. Getting started in Accounting in Malta might be a little bit confusing at first as this could be your future – starting as a junior accountant all the way to a financial controller – Thus we have created a step by step process to guide you through all the necessary steps.
This is a whole lot of data that we collected and is subject to growing in the future. We are no professors; we’re only trying our best to provide the essential information that we needed when we couldn’t find any of it.
Having said that, I will be providing a context of what this article consists of, part-by-part.
This has been a journey and I’m still growing. It is always essential to have your heart and mind at the right place. You cannot know until you try, as life is a learning experience. Don’t be scared to try and don’t be scared to learn. You(we) never know enough. So, having said that, let’s get started and dig deep into how to get started in accounting in Malta!
As Stated in Business Dictionary:
“It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm’s assets, liabilities and owners’ equity.”
In simple terms Accounting is the process or work of keeping financial accounts. A process that is used in everyday life, thus making this skill essential in its own way. Its constantly changing and evolving, endorsing new or updated laws. As you progress and widen your learning base, you will quickly notice how things evolve, and how everything is connected together.
Yes, definitely! It is one of the most sought-after skills in Malta, this is proven as there are daily job postings requiring this specific skill. Learning this skill could open up to a wide array of different levels. A skill where hundreds of students graduate each year, further proving this point. Having this skill at your disposal is not useful only in Malta, but all around the world. Having said that, countries might carry different laws so a small test would be taken to get in line to that country’s standard.
There are hundreds and thousands of businesses in Malta, all of these require accounting and financial statements. There is where you would fit in. The opportunities are limitless.
As stated before, Accounting is a highly demanded skill. These high demands are a clear-cut of how there is a future for Accounting in Malta. Not only that, according to reports from the financial sector, the sector is forecasted to grow marginally as the GDPR reports suggest accordingly. Furthermore, following an international study (for the US) conducted by accounting web, suggest that Accounting jobs are here to stay. Not only that, but demand is subjected to grow substantially by as much as 19% in the financial sector.
There is always room to progress. Always room to grow bigger. There are a lot of companies which offer internships and you could grow from there if you’re in that early stage. Having said that, you might be searching for something higher after some experience, thus there are a lot of companies which offer different kind of Accounting jobs in different sectors – from payroll to fund manager to CFO (Chief Financial officer), the list could go on, however, I will be going over some jobs within the following steps.
Freelancing in Malta is becoming a more common phenomenon. So be one of the leading freelancers!
After you have got your accounting warrant, you could start your own freelancing. For that, we have tailored a specific guide as per follows.
First of all, you need to take into consideration what you want, and most importantly what is vital for you and what’s not. If you’re going to study full time, or part time. How to choose between part-time studying and fulltime?
Part-time usually means, studying after time and thus allowing people to study more flexibly. This will allow leverage to work, study and balance time between all priorities. However, studying part-time might take a lot longer when compared to a full-time student. Having said that, you’ve even got the leverage to balance time and finish the examinations faster or slower than the standard fulltime student.
Furthermore, one is gaining a lot of experience, whilst working, thus improving vastly employers desire to employ the individual.
Studying fulltime definitely has its pros. I had the luxury to study both fulltime and part-time. Studying full-time is more structured. It gives you time to think and assess a certain situation. It tends to be less stressful compared to part-time, and as a result you’ll be more concentrated. However, an issue might arise as cash flow might be a headache. Some courses require big money and you would need to work regardless, so even though you’re not as stressed as part-time students are, I believe that the stress factor is quite close and comparable.
To sum up this point, I believe that the list might go on, but I think that these are the clearest points. Having said that, you have to decide I which stage you are and what are your priorities at this set moment. Following is our tip and suggestion regarding this part:
It’s not quite a clear cut to everyone, as everyone is at different stages in their life. So, we summarised what has been told by categorizing age groups, as follows: Kindly note that each situation is VERY subjective.
To begin with, to become a fully qualified Accountant you’ll be needing to finish the masters with your preferred institute. However, if you choose to opt out beforehand there’s a good chance that you would still find a job.
Examples of potential jobs if you opt out:
These are only examples of jobs at different levels. Each position might vary, but these are the main positions that are most sought-after in accordance to the specific qualifications.
Having said that, at first it might be a little bit confusing to get started. So, we have structured out steps at different levels to get you started in Accounting in Malta as per follows:
After doing so, you could choose from the following options: They can all be studied on a part-time or/and fulltime basis.
More on MCAST:
I am a witness for this myself, as I never studies Accounts in the secondary as an O–level, however, I studied Accounts only at Junior Collage as an A–level. It was quite a bold move, which I most definitely do not regret.
So, this highly depends on the path you have chosen. We will highlight each very important category as per follows. If you choose to go with ...
Fulltime – MCAST: This is quite a clear cut, as it is a very organised and structured environment. Having said that, this might not be the fastest path. If you get up to level 4 you would be able to start ACCA from the very beginning. Please note, that if you progress with MCAST to level 5 you would be exempt from the first 3 ACCA related exams.
Part-time/fulltime studying in Malta – After you completed your A-levels with enough requirements to go to University of Malta: You could enrol in a university course both at part-time or even at fulltime. This however, might be slightly limited as the part-time is not really as flexible with the timetable as the other private institutions.
Part-time/fulltime studying in Malta – After you completed 2 A-levels and a couple of Intermediates: You could either
Just to point out that PWC, Deliotte, Earnest and Young (and the potential of some other) offer a fully paid course + work experience. However, the full commitment to the company after the studies might is something to be wary of.
Furthermore, the same companies offer students at University as well to work for them if your package is strong enough.
This depends a lot on which path to take. For the following example, we plotted the path in a perfect scenario and with approximates (so numbers aren’t pin perfect accurate – but quite close), where the student would not fail. Not even once. We are to assume that a student is fulltime for this example. So, scenarios as per follows:
These numbers might scare you if you’re a complete beginner, however they should not. They should motivate you as the opportunities are endless. As we discussed before, this is a highly regarded skill, so you could easily opt out of the masters and take a gap year or two, and still find a very well-paid job. What’s extremely beneficial in accounts is that it is highly progressive – you know what’s next and what’s not, what needs doing and what’s not.
If you are to opt out at certain points, here’s a small guide on what achievements you would have made.
When undertaking ACCA:
Well, this depends on your current lifestyle. As discussed earlier, there are a lot of factors to take in, many of which require you to sacrifice stuff for this ultimate dream of yours. However, have faith in your capabilities, spread your wings and fly. You don’t know what you don’t know. What I know is that time flies, you might have your reasons to be sceptic about studying, and I respect that. However, start step-by-step, one level after another, you’ll arrive there in no time.
Knowing that you’re learning and widening your range of understanding is never a waste of time. This is not just a job opportunity, it’s a business opportunity, a life opportunity and much more.
Suggested links as per follows;