Certified Financial Accountant (CFiA) Qualification

The Malaysian Institute of Certified Public Accountants (MICPA) has introduced a professional qualification called the Certified Financial Accountant (CFiA).

The CFiA is intended to be a qualification in its own right. CFiA holders will be well equipped to build a career in accounting, finance and management in the business, public sector and commerce and industry. It also serves as the gateway to attaining the CPA qualification at a later stage of their careers.

Admission Requirements

The requirements for admission to membership of the Institute as a CFiA are as follows:

• Possess an accredited Bachelor of Accountancy degree or pass the MICPA Professional Stage Examination
• Complete the CFiA Professional Competence Programme
• Obtain not less than 3 years of relevant practical experience

Rights and Privileges of CFiA Members

CFiAs have the same rights of membership as a Certified Public Accountant (CPA) with the exception of the right to seek election to the MICPA Council, to attend general meetings of the Institute and to carry out any duty reserved to CPA members. CFiA members are entitled to access the full range of services provided by the Institute to members.

CFiA Professional Competence Programme

CFiA Professional Competence Programme The CFiA Professional Competence Programme comprises 60 hours of participatory workshops and covers the following subject components:

• Advanced taxation
• Professional values, ethics and governance
• Financial reporting
• Business finance and management

Candidates will be assessed on the following bases in the workshop sessions:

• Written Assignments
• Quizzes / tests
• Group project and presentation
• Participation in discussions
• Final assessment through a written examination

Application for Admission to Membership as CFiA

Application for Admission to Membership as CFiA Candidates who have successfully completed the CFiA Professional Competence Programme are required to apply for admission to membership as a CFiA within 12 months from whichever is the later of:

1. the date on which the candidate is notified that he has successfully completed the CFiA Professional Competence Programme; and
2. the date of completion of the requisite period of relevant practical experience.

The above requirement is similar to that applicable to registered students, associate members and provisional members with regard to their admission to membership as a CPA. Applications for admission to membership as a CFiA must be made using the prescribed form and accompanied by the appropriate fees.

The current rates of fees payable by CFiA are as follows:

Admission Requirements for Teachers / Lecturers of Accountancy

Teachers / lecturers of accountancy may apply for admission as a CFiA member subject to satisfying the following provisions:

1. The candidate holds a Doctorate or Master degree, with a major in accountancy or allied subject, acceptable to the Council, from a tertiary institution approved by the Council.
2. The candidate holds a position as a full-time teacher in a faculty offering a course approved by the Institute for graduates seeking admission to the MICPA programmes provided:
• the position is that of lecturer, or a position of higher standing; and
• the position has been held at one or more approved tertiary institutions for not less than 5 years.
3. The candidate is a fit and proper person in that the person is of good personal reputation and in good professional standing.
4. The candidate shall provide references from:
• Two members of MICPA, who are not related to the candidate and who have known the candidate for at least 2 years and who shall testify as to the candidate’s character and integrity; and
• Two academics, one of whom must be Head of the School or Dean of the Faculty in which the candidate is engaged and the second of at least equal status to the candidate but from another institution, who shall testify as to the candidate’s professional ability.

Advancement to the CPA Qualification

CFiAs who have attained their membership through completion of the CFiA Professional Competence Programme who wish to advance to the status of a Certified Public Accountant (CPA) are required to:

• Pass the Advanced Stage Examination consisting of Modules C, D, E and F within 6 years from the date of the first attempt; and
• Satisfy the practical experience requirements.

Candidates who have passed Modules C and D before transferring to the CFiA programme may be granted exemption from these two modules provided the last module passed was within 4 years of the date of the first attempt for the remaining modules of the Advanced Stage Examination. They will be given 4 years from the date of the first attempt to pass Modules E and F.

Application for Admission to Membership as Certified Financial Accountant

Application for Admission to Membership as Certified Financial Accountant under Special Provision

CFiA Workshop & Exam 2008 Registration Form