Malta: Get Qualified!

Last Updated: 22 June 2016
Article by Finance Malta

Most Read Contributor in Malta, July 2017

Accountancy continues to be one of the most popular options for young people who are considering their career options. In Malta the accountancy profession can boast full employment.

There are various routes that an individual can take to become an accountant. In Malta the main qualifications are ACCA (offered by the Association of Chartered Certified Accountants - ACCA), ACA (offered by the Institute of Chartered Accountants in England and Wales - ICAEW) and the Masters in Accountancy. The former are UK qualifications that are offered in Malta by ACCA and ICAEW in collaboration with the Malta Institute of Accountants (MIA), whilst the latter course is offered by the University of Malta (UoM). These qualifications are recognised by the Accountancy Board for registration as a Certified Public Accountant (CPA) in terms of Maltese law.

Part 1 – The International Passports to an Accountancy Qualification 

ACCA

Association of Chartered Certified Accountants (ACCA), is a globally recognised qualification. ACCA has over 110 years of experience, innovation and excellence. The association champions opportunity within accountancy, demonstrates excellence through their suite of qualifications, and acts as a driving force within the accounting profession to constantly improve working practices.

In order to become a qualified ACCA member, a student must complete:

  • The professional level of exams
  • The ethical requirements as outlined by ACCA
  • Three years practical, relevant work experience.

ACA

On the other hand, studying ACA will allow the student to become a Chartered Accountant. The ICAEW chartered accountancy qualification, the ACA, is one of the most advanced learning and professional development programmes available. The ACA has as four key components:

  • Professional development
  • Ethics and professional scepticism
  • Practical work experience
  • Accountancy, finance and business modules.

MIA - ACCA joint examination scheme

For those ACCA and ACA graduates who are then interested in obtaining the local certificate to practice accountancy, the Institute would be their next port of call. The MIA - ACCA Joint Scheme was established in 1973 and brought about International recognition of the Institute's own qualification by virtue of which MIA graduates would be granted exemptions when pursuing ACCA studies overseas. MIA's relationship with ACCA was fully consolidated in 2003 through the ACCA-MIA Joint Examination Scheme agreement (JES) with which graduates obtained both ACCA and, subject to them sitting for the local variant papers, an MIA qualification. In 2013, ACA students started benefiting from this scheme in view of a multi-lateral agreement between MIA, ACCA and ICAEW.

The JES includes two main subjects, advanced Maltese tax and Maltese law that are required by the Accountancy Profession Act (CAP 281 of the Laws of Malta) before qualified individuals are given a certificate to practice the profession of accountant in Malta. Additionally if the individual wishes to register as an auditor, then he or she would need to pass the relevant audit and assurance papers.

Part 2 – The changing face of accountancy education at the University of Malta 

The year 1978 symbolised a very important change in the status of accounting within the Maltese archipelago. Indeed not only did the Department of Accountancy offer another possible route to qualification complement the then existing route provided by the MIA but it also represented the upgrading of accountancy as a discipline eligible to be studied as an academic subject within a university.

Until 1987, the Department of Accountancy offered a five year under-graduate course in accountancy. In May 1987, then rector the late Professor Rev. Peter Serracino Inglott introduced a general under-graduate three year course in commerce. This created the B.Com course but it also triggered a spin-off whereby those eligible and thinking of pursuing a career in accountancy would immediately join the stream labelled as 'major in accountancy'. So subsequently to obtaining an overall 65% or better in the B.Com (major accounting stream), students would then have been eligible to further another two years and obtain a B.Accountancy (Hons) degree.

Following the Bologna Process[1], the UoM had to review all of its under-graduate programmes in such a way that a first degree does not straddle over three years. Consequently, the B.Accountancy (Hons) degree changed to an M.Accountancy (Hons) degree. This also meant that students had to prepare a 25,000 dissertation (Min 20,000) rather than a 10,000 one.

Accountancy is an illustrious career choice, and the accountancy qualifications available in Malta all offer a passport to success. A qualified professional accountant joins the ranks of peers in other professions too, such as lawyers and doctors. And the public wants to be assured that the lawyers, doctors and accountants we rely on for expert advice are tested, trained, and developed to their full potential, in a fair, balanced and robust way. Being an accountant demands expert knowledge, immense responsibility and someone who recognises their own strengths.

Footnote

[1] The Bologna Process is a series of ministerial meetings and agreements between European countries designed to ensure comparability in the standards and quality of higher education qualifications.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.