Koon Yew Yin's Blog
HOW TO CHOOSE A PROFESSION? Koon Yew Yin
Koon Yew Yin
Publish date: Mon, 11 Jan 2016, 10:54 AM
Koon Yew Yin
0 1,446
An official blog in i3investor to publish sharing by Mr. Koon Yew Yin.
All materials published here are prepared by Mr. Koon Yew Yin
All materials published here are prepared by Mr. Koon Yew Yin
To choose a profession is a constant puzzle to all students, career guidance teachers and parents. Most of them generally believe that the students themselves should make the choice because they have to do the work they have chosen throughout their lives. This view seems logical because they will blame whoever chose the professions for them if they do not eventually like the chosen professions.
Does a student know enough at this young age to make such an important choice for a life time?
Many a student thinks he knows but often wind up choosing a career that is not completely satisfactory. Some frustrated ones eventually make a change after having wasted some time. I have seen many, including my son who did a civil engineering degree course, changed to do accountancy.
Does it make sense when a student says that he likes science and mathematics so he must be a doctor or an engineer? If a subject called ‘How to make money?’ is taught in school, I believe almost all the students would like to study this subject and finally choose the profession of making money.
Happiness is every one’s ultimate aim in life. How can you be happy if you do not have money? Just look at your parents, in all their lives they have been working hard for money, spending prudently and trying to save some money for their old age. So, the most important consideration is money.
Which profession pays the best salary?
There are so many banks in every town or city and invariably the top 1 or 2 jobs in every bank are accountants. Accountants can easily find employment.
In most cases, if the job pays well, anybody will not mind if the work is not too enjoyable. So, it all boils down to money, the most important consideration. The average income for accountants is more than the average income for doctors or any other profession.
There are more than 1,000 public listed companies in Malaysia and invariably the top 2 or 3 jobs in every company are people involved in accountancy. Top accountants usually become senior managers or Chief Executive Officer of listed corporations and they enjoy the highest salary among all professionals.
For example, when I was on the Board of IJM Corporation Bhd which has a market capitalization exceeding Rm 11 billion, we appointed Krishnan Tan, an accountant as CEO, even though we had more than 200 Engineers and Technicians. IJM Corporation Bhd’s annual report will show that the CEO’s pay is more than one million Ringgit a year.
Most of the senior partners of the larger accountancy firms earn more than one million Ringgit a year.
This is an extract from a business magazine quote “Genting Bhd topped the list in terms of highest-paid directors, paying the highest remuneration to its entire board last year.
Genting Bhd’s board of directors received RM140.9 million in 2013 compared with RM117 million in 2012, according to Malaysian Business magazine’s annual survey of the "Highest-Paid Directors".
In a statement today, the magazine said it believed Genting’s highest-paid director was its executive chairman and chief executive, Tan Sri Lim Kok Thay, who received remuneration in the band of RM136.45 million-RM136.5 million in 2013.”
In fact, I have been using this article to convince almost all of my scholarship applicants to study accountancy. But a few still want to Doctors, Engineers and other professions.
I hope you are convinced!
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Discussions
8 people like this. Showing 50 of 113 comments
Well, we are comparing doctor and other job options here. So if doctor can get better income in other countries, same goes to accountants, business, scientist, engineer and so on. So dont put other countries in account. Not everyone willing to leave their family, their friends, and everything behind.
2016-01-12 00:19
MO's pay in Malaysia really peanut, it is worst than a graduate school teacher.
At least graduate teacher after 25 years service, he will be promoted to grade 54 with certainty and fixed time frame: 8 years to grade 44, another 8 years to grade 48, 6 more years to grade 52, and 3 more years to grade 54. If he is a bit better, he will achieve grade 54 in less than 25 years. Other than that, 'elite teachers' are given special consideration such as Pendeta Guru (Special Grade-Jawatan Utama), Guru Wibawa(Grade 54), Guru Kanan (Grade 52 and Grade 48).
Other than critical allowance and little bit of other benefits, it is not worth to work for life in government service for doctors.
Just compare and contrast scheme of service for Doctor and Graduate School teachers below to find out why.
Under Portal Rasmi Jabatan Perkhimatan Awam Bil 36
Penambahbaikan Jadual Gaji Minimum - Maksimum Gred 1 Hingga Gred 54 Di Bawah Sistem Saraan Malaysia
http://www.jpa.gov.my/index.php?option=com_content&view=article&id=2118:circulars-list-2013&catid=39
http://docs.jpa.gov.my/docs/pp/2013/pp362013.pdf
2016-01-12 00:29
Unless you want to practice as GP, everyday treating patients with cough, sore throat, or flu. That will be very monotonous and financially not rewarding.
To practice in private Specialist Hospital, you need to be at least a specialist (not even a Consultant yet). Hard to obtain fellowship in Malaysia to qualify as a Consultant, unless you willing to sacrifice some money and time to be oversea.
2016-01-12 00:48
but still captures the imagination of top students and their parents.
its called misguided.
2016-01-12 01:00
Top students should go for share market to make more money, if like uncle KYY said, life is happier if you have money. Doctors, alamak, those good old days are over. Some GP also go bungkus. After spending 5 to 6 yrs in medical school, 2 yrs as houseman, 4 yrs as MO, and if you are lucky, another 4 yrs as MD, i.e. specialist, and then another few yrs to get experience and make yourself known to the public before you venture into private practice! so, all together, at least 20 years after you passed your SPM, before you begin to earn. Imagine, if you spend 20 years to invest in share market, how much money can you make? Learn fundamental analysis from our revered guru Mr KC Chong, you just have to spend a pittance. In 20 years, you will be multi millionaires!!!!
2016-01-12 07:23
KYY is arrogant and egoistic in most of this articles, but he has valid points in this write up. I think he is trying to highlight that most parents or even the children itself thinks that glamorous professional like doctor, lawyer and engineer is a ticket to good money. not realizing that there are many other jobs which also pave a good career path. some people out there choose that profession not because out of passion/interest but because it is ASSUMED to pay well. I think KYY is just highlighting some other alternatives, such as accountancy, which also pays just as well.
2016-01-12 09:35
great sharing. often we are too look into money but neglecting wealth they we have- happiness and health. No money can buy both.
2016-01-12 09:38
what's wrong with becoming a musician?
what's wrong with becoming an artist?
what's wrong with becoming a lecturer?
what's wrong with becoming a sales man/woman?
what's wrong with becoming an entrepreneur?
must everybody be doctors, engineers, accountant, lawyers????
2016-01-12 09:45
the best is being a doctor or lawyer with own office business. manufacture money daily
2016-01-12 10:13
Raider see nothing wrong being what u want and chose the profession that u have passion.
But,If ur ambition, is to be doctor bcos u want to make a lot of monies, then the economics like what KYY says, does not support it mah...!!
But if u want to be very rich....to be an accountant is not right too, u need to be a entrepreneur & businessman loh !!
The accounting training is just the stepping stone loh....!!
2016-01-12 10:25
If everyone wants to be an accountant there would be no doctors left to cure your illnesses. Nor there be any engineers to improve your lifestyles. There would also be no teachers left to teach your children to become an accountant. LOL!
Its not just your profession that makes you wealthy. Its your VISION!
2016-01-12 11:20
My humble 2 cents
Doctor/engineer CAN easily learn the skills of accountant, but NOT vice versa.
and with due respect, NO, money is not the most important. It is THE THING YOU DO THE BEST AND ENJOY THE MOST that is most important. Wang Leehom and Kobe Bryant didn't study medical/ engineering/ accounting, but yet they still make a lot of money.
2016-01-12 11:29
Politicians could be very rewarding if you are Friends of BN. Free from laws and orders if he is with the right party (BN) while the rakyat are born in the wrong land
2016-01-12 12:01
things begin to change , it starts from east malaysia, with a cracking sound.....
2016-01-12 12:17
good education helps us to get better job opportunities but it's not the elixar of everything. I always remember the seminar the renowed speaker ( rich man poor man author ) told the audience.
Grade A student works for Grade C student and Grade B students joins the government. There might be some truth in the statement but nevertheless no matter whether you are Grade A or B or C student. Learn to work hard, be patient and humble. success will come to you
2016-01-12 12:28
Given you the choice to send you child to UK, do you want him to do accounting or medicine?
Be realistic, if sponsored by JPA, he should go for medicine.
If self-funded, he should choose to study accountancy, unless money is sub-sub water for you.
2016-01-12 14:52
All the top students want to be doctors. There is something incomplete with our career guidance and family upbringing.
2016-01-12 16:56
With so many medical schools looking for students to fill up their places, lesser "quality" students are now undergoing medical courses.
2016-01-12 16:57
Courses should be like apprenticeships. You undergo a course to learn the skills to earn a living. Your first guidance to your long term profession or vocation should be passion for the field you have chosen.
2016-01-12 16:59
smart of you.
<limchimleong I encourage my two children's to learn stocks investment.>
2016-01-12 20:19
Let your children pursue whatever course available, or they can grab. Get a job, earn and invest the extra money. Learn the fundamental analysis from sifu KCChongnz, you won't regret.His email is ckc13invest@gmail.com, cheap and good.I would advise my children to do so when they graduate.
2016-01-12 20:34
smart of you too.
but how you know they will follow i3 sifus and not contra?
<Let your children pursue whatever course available, or they can grab. Get a job, earn and invest the extra money. Learn the fundamental analysis from sifu KCChongnz, you won't regret.His email is ckc13invest@gmail.com, cheap and good.I would advise my children to do so when they graduate.>
2016-01-12 20:37
sad to read this from an elderly person like KYY.... Life is more than just $$$
2016-01-12 23:05
CHILDREN NEEDS GUIDANCE.
Children think they know, but they really don't.
<sad to read this from an elderly person like KYY.... Life is more than just $$$>
2016-01-12 23:11
take pharmacy students eg.
so many private U offering pharmacy courses....so many mothers register their children to study pharmacy just because it is available...and a safe course, a science .
it would be a mistake, just look at the phamacists in government hospital pharmacists.
2016-01-12 23:15
I had the same oppinion abt accountancy. Money aside, its the most practical courses for almost anybody. You don't have to stay put in an accountancy company. You can choose to work in ALL TYPES of companies; hospital, engineering company, listed and non-listed corporations, oil and gas, and more. And to know accounts means, taking care of your own finances well.
2016-01-13 08:16
Mr. Koon, nice article. However, we still need more doctors to fill up public hospitals or private practice (to increase competition among themselves to reduce their stagerring profesional medical fees). Also, we still need blue collar workers, how often do you see a Malaysian manning blue collar jobs that we tend to shun? Point is, if everyone gets to earn RM1 million a year and be happy, who is going to do the less glamarous work? Capitalism has a way of balancing this issue. However, i salute your philanthropy, giving a chance to the less fortunate.
2016-01-13 09:05
Thumbs up for Mr. Limchimleong for encouraging your children to learn stocks investment.I attended courses in FA and TA and now a subscriber of OTB for the sake of my children.The exposure to stock investment ,I hope will help them become financially independent as they grow older.I should be retiring cos touching age 70.Congrats to Dr.hyteo1992,keep it up.
2016-01-13 10:31
No matter how much money one have or how high is one status , tan sri , datuk , CEO, Executive Director , President , ect... when one really fall sick who do they see? A D0CTOR! Why then prejudice against giving scholarship to future doctors?
2016-01-13 17:27
Whatever vocation that we are in or planning to be in, one thing is clear... The need to know how to invest, invest wisely and treat your investment strategy as part of your work. That's the kind of "taking up 2 jobs" that we need.
2016-01-14 07:30
This is exactly why our society will never have Steve Jobs, Mark Zuckerberg or Bill Gates. The older generation always think that they are the supreme leader, they know everything and they eat salt more than you eat rice...
Just gave a few examples of people who studied accounting and eventually become CEO, and assumed that everyone should go study accounting instead of doctor or engineer?
I've also given the examples of people who dropped out of college. Does it mean that all the young people should stop studying.
In fact, the younger generation in our society are lack of creativity, poor communication and public speaking skills, and lack of confidence. As an old uncle, I would rather suggest them to broaden their horizon and seek for their true passion about something they want to pursue in their life.
Simply giving advice based on your outdated experience could spoil a person's life.
2016-01-14 22:28
Mr. Kyy, perhaps u never read this before, go, and read what is Job's last word http://www.conspiracyclub.co/2015/11/12/apple-boss-steve-jobs-last-words/
2016-01-15 00:56
How to choose a scholarship
1. JPA
2. Mara
3. Koon scholarship
4. Donation
2016-01-26 00:34
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2016-02-03 00:27
Well said Mr Koon, I had been in banking call centre industry for quite some time. Choosing and learning more about accounting and finance are one of the biggest opportunity in career wise. Eventhough I had no chance in getting your scholarship, I still manage to get education and experieces through HSBC outsource training. I also have a side biz, biz are tough when we are bad in numbers. Learning to read number and financial statement are valuable skill that serve for life.
2016-02-21 11:20
uncle only support accountant. in uncle eye, only got money. So we no need to have doctor, no need engineers. in this world only accountant. Ok?
2016-02-21 11:37
business owner is naturally above accountant.
henry ford once said, you can have it in any colour as long it is black.
2016-02-21 11:55
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If cannot earn a living in Malaysia, why can't you consider other countries?
For you to go for Masters programme in Malaysia, you have to work as MO for at least 4 years to enable you to apply. Pass your Masters then apply to be placed under category as a Specialist. I believe you have very slim chance to be a Consultant. More opportunity to get ST in Australia, or UK, if your degree is recognized there.
Attended any seminar or short courses in UK, and sat for the exam?
Many Malaysia junior doctors never participated in oversea medical seminar on their own expenses, because simply too expensive taking into consideration air fare, food and accommodation, seminar fees, exchange rate and their income.
2016-01-12 00:02