Find Out What are the Top 8 Commerce Courses with High Job Demand that All Malaysian Students Must Study for a Better Future

Popular business courses doesn’t mean that they are the best for you. Many students choose popular business courses like business administration or management without much consideration of the future job demand that the degree programme will open for them. Students after secondary school must carefully consider the future job demand for the business programmes that they plan to study. With the advent of the Industrial Revolution 4.0, rapid advancements in technology has changed job roles dramatically making some jobs obsolete. Therefore, if students are not careful in choosing the right course, you may graduate and be jobless.

Below are the top 8 business courses with future high job demand in Malaysia:

1. Financial Technology (Fintech)
2. Finance
3. Accounting
4. Actuarial Science
5. Digital Marketing
6. Human Resource Management
7. eBusiness
8. Marketing

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Top 8 Business Courses that has High Job Demand in Malaysia

No. 1 Financial Technology (Fintech)

The pandemic has accelerated digitalisation globally, including Malaysia. With more companies looking to adopt new technologies to support and automate their business, the FinTech industry is certainly growing. Malaysia has seen many companies, local and foreign, setting up a company in this area.

As FinTech gains momentum year-on-year, there is a huge demand for professionals with specific FinTech skills. For the most part, however, the demand for skilled professionals far outstrips supply; with one LinkedIn report predicting that the global skills gap for candidates with relevant experience and expertise

The adoption of technology and AI-driven approaches in the financial sector has never been more of a priority. With all this development investment, careers in FinTech, now more than ever, are providing lucrative opportunities for finance, tech and business experts.

With the industry projected to grow exponentially in the coming years, talented FinTech professionals will be quickly snapped up for their unique skills and capabilities.

What is Financial Technology (Fintech)?

Financial Technology or Fintech is an umbrella term that encompasses all institutions that provide and employ newly developed digital and online technologies in the banking and financial services industries. Fintech is the technology used to augment, streamline, digitize or disrupt traditional financial services. It refers to software, algorithms and applications for both desktop and mobile. FinTech can include everything from straightforward mobile payment apps to complex blockchain networks housing encrypted transactions.

Degrees With a Focus on FinTech

When it comes to traditional degrees, more colleges are offering degrees with a focus on fintech as the field grows. These programs allow students to learn the specifics of a traditional finance major while developing the technical skills that may be potentially valuable in fintech. The degree programme at a private university in Malaysia will take 3 years to complete.

• Banking & Finance (Fintech)
• Accounting (Fintech)

No. 2 Finance

According to Robert Walters Recruitment, there is an increased demand to fill roles in risk management and business continuity planning to continue in 2022, as companies have seen the importance of such positions as they struggled to cope with the lockdowns and overall impact of COVID-19.

Skilled finance, banking & investment professionals are projected to remain in high demand in Malaysia’s accountancy & finance job market as employers grow their businesses and add more value for clients. Strong demand exists for qualified graduates in finance, banking & investment possessing technology skills, critical  thinking skills, innovative, interpersonal communication skills and a strong command of the English language.

A competent and highly skilled workforce is critical for the financial system to function effectively.
Over the past decade, the size of Malaysia’s financial sector1 workforce grew by 16% (2020: 166,360), driven by a larger proportion of higher skilled workers. Employment conditions in the sector remained resilient amid challenging times throughout the pandemic. The financial sector has continued to be a net creator of jobs, led by the banking sector. Net jobs gained after layoffs and discharges remained robust, averaging above 4,000 jobs per year over the past three years.

As the financial sector continues to evolve, jobs and skills will transform in tandem. The next stage
of Malaysia’s financial development journey will require a more adaptive workforce that is agile and
equipped with skillsets of the future to effectively perform their role.

Skilled finance, banking & investment professionals are projected to remain in high demand in Malaysia’s accountancy & finance job market as employers grow their businesses and add more value for clients. Strong demand exists for qualified graduates in finance, banking & investment possessing critical thinking skills, innovative, interpersonal communication skills and a strong command of the English language.

No. 3 – Accounting

Malaysia is in need of 60,000 qualified professional accountants by 2030. Currently, there are just over 37,000 members registered with the Malaysian Institute of Accountants (MIA). Accountants will always remain relevant. Courses of study have gone through changes to incorporate 21st century skills and competencies,

The career of a chartered accountant is stable and their services will always be required, no matter the economic climate even in pandemics. The job of a chartered accountant is a great choice for students wanting a career that’s stable with high job demand and salary. Furthermore, chartered accountants are in high demand even during economic downturns, are able to command high salaries and excellent benefits. Accountants are also needed in almost every industry sector.

The automation of accounting transactions is inevitable and accountants have to constantly stay relevant by providing value-add to the business. Competition may be stiffer with lesser accounting jobs in the market over time as a result of automation thus there is a demand for higher quality accountants who are able to provide sound business judgement, proposals while still upholding accuracy. Transactional roles like general ledger, accounts receivable and payable may be endangered, but other higher-skill roles like financial planning and analysis or business controlling would still be in high demand.

In Malaysia, trends in the accountancy profession are Big Data Analytics and Integrated Reporting.

Irrespective of the industry, we generate tonnes of data every day. Accountants and financial professionals can leverage on Big Data. They have the ability to analyse data to help management make informed decisions. Accountants and financial professionals could play a strategic role in the organisation as their ability to interpret data could reveal business opportunities.

No, 4 – Actuarial Science

Around 70,000 qualified actuaries are present around the world, but over five million qualified accountants and lawyers are also in demand. The Actuarial Society of Malaysia observed that with the expected continuous growth in the insurance market, the demand for actuaries in Malaysia will continue to grow in the next few decades. The rewards for an actuary is good and is one of the higher paid jobs. There is a demand for actuaries in Malaysia.

• Given the expected continuous growth in the insurance market, it is anticipated that the demand for actuaries in Malaysia will continue to grow in the next few decades.
• Future regulatory developments (e.g. requirement for certification of IBNR) and the increasing need for risk management are likely to result in significant increase in demand for actuarial services by general insurers.
• With only 164 qualified actuaries in Malaysia, the market for actuaries can perhaps still be considered unsaturated.

In life insurance, retirement benefit consultancies, asset management, post-retirement medical benefits, and general insurance, actuaries are involved. In Malaysia, the need for actuaries is on the rise and is expected to continue over the next couple of years.

AI. Automation. Machine learning. The rise of technology is rapidly creating a new future of work. And it’s gathering speed, redefining jobs, and transforming entire professions by enabling humans and machines to work side by side. In addition, evolving global and local regulatory requirements promise fundamental change. These collective forces are dramatically changing the future of actuaries in an exciting way—opening opportunities for actuaries to take on dynamic, new business roles.

Long recognized as key contributors of business insights around risk and data analysis, actuaries often find themselves overwhelmed with highly manual, machine-type work. Advances in technology are enabling actuaries to automate and augment their work, boosting them into higher-value, more strategic roles focused on insight generation and key decision-making.

No. 5 – Digital Marketing

Given that Malaysia’s internet penetration rate peaked in 2022, employing effective digital marketing strategies may be the way to go for marketers to expand in Malaysia, as uncertainty continues to loom.

Malaysia has one of the highest internet penetration rates in the Southeast Asia region, with 89.6% of its 32.98 million population. Meanwhile, 30.25 million are active social media users, accounting for 91.7% of the population.

The Malaysian social media market is burgeoning to reach $403.2 million in 2022. Additionally, 37% of Malaysians use social media for finding products to purchase.

Thanks to technological advancements, we can witness a growing trend in all 3 aspects of cellular mobile connections, internet users, and active social media users. These set a solid foundation for the success of Malaysia’s digital marketing. With its robust economic growth and highly urbanized traits, Malaysia consistently proves to be one of the most conducive locations for digital marketing.

• There were 29.55 million internet users in Malaysia in January 2022.
• Malaysia’s internet penetration rate stood at 89.6 percent of the total population at the start of 2022.
• Kepios analysis indicates that internet users in Malaysia increased by 365 thousand (+1.3 percent) between 2021 and 2022.

With digital marketing now an integral part of any industry, the need for professionals with suitable skills has become a priority for most businesses. However, the rapid evolution of digital marketing has created a “digital disconnect” where professionals are yet to reach the expected level of digital skillsets. This has led to a shortage of suitable talent in the technology jobs market, including digital marketing technology.

No, 6. – Human Resource Management

According to a report by Hays Recruitment Malaysia – HR professionals whose expertise lie in learning and development, talent management, change management and transformation are an extremely sought-after breed, and especially so if such talent possess digital adoption or digital project management experience to boot. The heightened need for greater tech-savvy HR professionals is accelerated by initiatives such as the Malaysian government’s announcement to pump US$720 million into its “Industry Digitalization Transformation Fund”, in its endeavours to enhance its digital economy. A significant US$50 million of which would be used to help small and medium enterprises (SMEs) in their transition to Industry 4.0.

Aptly observed in a Deloitte report, “HR has a critical opportunity to help lead the transformation to a digital enterprise. In the next several years, HR teams that embrace digital platforms to take up the dual challenge of transforming HR operations on the one hand, and transforming the workforce and the way work is done on the other, will be game changers. HR leaders who “lean into” new technologies, platforms, and ways of working… will be strongly positioned to have an impact on business results and employee experience.” The importance of the HR function to digitalise the modus operandi of businesses has never been more indisputable.

Another factor driving HR talent demand in Malaysia is the setup of regional HR Shared Service Centres (SSCs) in the country. Candidates who have specific experience in this area are therefore highly sought after. This trend will continue to grow due to the language capabilities of Malaysian talent, which makes the country an ideal location for MNCs to operate SSCs.

No. 7 – eBusiness

Malaysia is the 35th largest market for eCommerce with a revenue of US$6.3 billion in 2021, placing it ahead of Israel and behind Denmark. With an increase of 30%, the Malaysian eCommerce market contributed to the worldwide growth rate of 15% in 2021.

Malaysia’s e-commerce has grown tremendously in the past couple of years. The Department of Statistics Malaysia (DOSM) reported that the total income for e-commerce transactions in 2021 was RM1.09 trillion, a growth of 21.8% as compared to RM896 billion in 2020.

This is the first time that income from e-commerce transactions breached the RM1 trillion mark, and is on track toward realising Malaysia’s aspiration of having an e-commerce market size of RM1.65 trillion by 2025 – a vision propelled by the National E-Commerce Strategic Roadmap (NESR).

Building on the foundation of the first NESR, NESR 2.0 – which has been endorsed by the National Council of Digital Economy and 4IR (MED4IR) – aims for e-commerce to be the engine for catalytic growth for businesses in Malaysia from 2021 to 2025.

With the greater convenience of online shopping made possible by advanced shipping and online systems, ecommerce has its place in the Malaysian market as seen by its projected revenue of US$10.12 billion. In Malaysia, online retail sites are a popular way to discover a new brand. Speaking of online retail stores, Shopee is one of the most-visited sites in Malaysia. Malaysians are spending billions of dollars on ecommerce annually. By developing a mobile-friendly website, customers can view your products when searching for their desired products on Shopee, Lazada, and other online shopping sites simultaneously

To heighten your ecommerce in Malaysia, brands are encouraged to adopt image recognition tools when developing ecommerce sites. It allows online shoppers to easily find products by uploading or taking photos of their desired items. As a result, consumers can satisfy their needs and wants while your product can reach those who show an interest. Moreover, image recognition can identify the user’s preference. This can be exemplified by Instagram’s algorithm, which recognizes and analyses images to conclude on the user’s preferences and suggest relevant ads subsequently.

No, 8 – Marketing

Marketing is a degree which will prepare you for a wide range of careers. Among the reasons why one may study marketing is because you get to build a solid foundation of business skills, not just in sales. Marketing is the process of finding out the needs and wants of consumers and being able to deliver the products that satisfy those needs and wants.

The Salary for a Marketing Professional is one of the highest paid in Malaysia. In the advancing age of technology, the marketing professional needs to equip themselves with the skills to help them to succeed.

Marketing graduates can work in almost any industry such as health care, advertising, IT, insurance, banking, health products, food & beverage, hospitality, travel & tourism, fashion, education, construction, property, and more.

They can begin work as executives in marketing, customer service, FMCG, business development, public relations, market research, retail management, consultants, account servicing, sales, and more.

With knowledge of marketing in both domestic and international markets, you can aspire to be a professional in marketing management, marketing research, public relations and promotions activities, sales management and sales.

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