Career passport: Next stop, Kuala Lumpur

Deliberating whether to move overseas for career advancement is both exciting and daunting. On one hand, it promises professional growth, cultural exposure and the chance to step outside your comfort zone. On the other, it demands sacrifices including distance from loved ones and navigating unfamiliar systems. 

What is at stake is more than a job — it is a lifestyle, identity and career trajectory. 

Could Kuala Lumpur be the next stop on your career journey? Here is a snapshot of what it can offer.

This article is part of a spotlight series featuring information for accounting and finance professionals looking to expand their career by working in popular APAC destinations.

Spotlight on Kuala Lumpur

Population: 8.8 million

Land area: 243km²

Time zone: GMT +8

Currency: Malaysian ringgit

Official language: Malay

A tourism hotspot with rich cultural diversity, Malaysia has experienced remarkable economic growth since gaining independence in 1957. Its capital city has evolved into a vibrant business centre with a skyline marked by the iconic Petronas Twin Towers and an industrial profile that is shifting in line with the country’s increasing digital aspirations. 

What industries are thriving in Kuala Lumpur?

Once a resource-based economy, KL — the popular term for Kuala Lumpur — is home to diverse industries including finance, technology, health care, services and manufacturing. 

The government’s Twelfth Malaysia Plan aims to propel the country toward a digital economy. It identifies industries such as aerospace, advanced manufacturing and sustainable energy as areas of critical investment and job generation. 

Malaysia’s National Policy on Industry 4.0 has also ushered in a new digital transformation era, creating opportunities in cybersecurity, automation and data analytics. 

Meanwhile, the Malaysian Government has set an ambitious goal for the nation to rank among the top 20 countries in the global startup ecosystem index by 2030, with KL serving as a regional startup and digital hub. Plans include the development of South-East Asia’s largest integrated circuit design park with incentives such as tax breaks, subsidies and visa exemption fees to attract global tech companies and investors.

The country’s National Biotechnology Policy 2.0 may also lead to Malaysia becoming a regional powerhouse in industries from sustainable agriculture to healthcare innovation. Between January and May 2024, Malaysia’s biotech and bio-based sectors recorded 1.5 billion ringgit (A$536 million) in revenue and attracted 838 million ringgit (A$300 million) in new investments.

What skills are in demand in Kuala Lumpur?

Malaysia’s financial sector is vital to the nation’s economic stability, contributing 6.7 per cent to GDP in 2023 and employing more than 168,000 people. However, like many countries, Malaysia faces a shortage of accountants. While its Economic Transformation Programme aimed to produce 60,000 accountants by 2020, this has been revised to 2030. 

Malaysia’s emigration rate sits at 5.6 per cent, which is higher than the worldwide average of 3.6 per cent, presenting new opportunities for highly skilled expats. As of 2022, around 1.86 million Malaysians had migrated overseas.

Along with accounting expertise, skills in cybersecurity, ecommerce and ESG are among the areas forecast for growth. 

Experience with artificial intelligence (AI) will also help jobseekers, with 75 per cent of employers in Malaysia looking for AI literacy in their job requirements. Skills such as leadership, project management and strategic thinking are also highly desirable.

What roles are in demand in Kuala Lumpur? 

A report from Randstad shows accounting roles are in demand in Malaysia, especially as companies look to digital transformation and automation to transform their operations. An increasing need to meet international ESG reporting requirements is also driving opportunities. 

Randstad notes that leadership skills in accounting are increasingly valued and that key in-demand roles include:

• financial planning and analysis
• group consolidation 
• financial reporting. 

What are the salary expectations for accountants in Kuala Lumpur?

While accountant salaries vary depending on experience and role type, data from Michael Page puts the average accountant salary in Malaysia at 100,000 ringgit (A$35,700). However, expats with desirable skills or experience could expect much higher salaries.

An expat’s tax rate in Malaysia depends largely on their residency status. If you stay in the country for less than 182 days in a calendar year, you are considered a non-resident and taxed at a flat rate of 30 per cent on income earned in Malaysia. 

If you stay for 182 days or more in a calendar year, you are considered a resident for tax purposes and are subject to progressive tax rates ranging from zero to 30 per cent, depending on your income level. Exemption on individual income tax for foreign-sourced income will continue until the end of 2036.

What might life look like living in Kuala Lumpur? 

KL is one of the least expensive cities in the world, with Mercer’s Cost of Living City Ranking 2024 placing the Malaysian capital as one of only eight “sweet spot” cities that combines low costs with a high quality of life. 

Kuala Lumpur’s modern amenities, diverse culture, delicious local cuisine and proximity to beautiful beaches and islands are among its key attractions, along with access to health care and international schools.

While foreign ownership rules allow expats to buy property, rental accommodation is much less expensive than in neighbouring Singapore. On average, a one-bedroom rental apartment in the city centre costs about 390 ringgit (A$854), while renting a three-bedroom home in the same location costs about 4495 ringgit (A$1605).

While the cost of living in Kuala Lumpur is a drawcard, achieving work-life balance may present challenges. A recent Working Abroad Index from InterNations shows only about one in four workers in KL are happy with their work–life balance.

KL’s workforce is multilingual and multicultural, and expats should be aware of cultural sensitivities. As Malaysia is a predominantly Muslim country with significant minority populations of other faiths, expats will experience religious diversity in the workplace.

Public transport in KL is generally reliable, although traffic is prone to congestion. Grab is the dominant ride-hailing app and offers a convenient way to book taxis and private cars. A ride on the Mass Rapid Transit (MRT) or Light Rail Transit (LRT) systems can cost up to 8.00 ringgit (A$2.80).

While some expats are drawn to KL’s tropical climate, the weather can get steamy — expect the humidity to spike during the north-east monsoon season from November to March.

One expat’s advice

Patrick McPhee FCPA, managing partner for insolvency & advisory at Baker Tilly Malaysia, first moved to Kuala Lumpur in 2005, then moved back in 2015 after some time away.

“It’s a vibrant, modern city; the food is among the best in the world and the cost of living is an attraction — the cost of groceries in KL, for example, is about a third of what you’d pay in a city in Australia. 

“There are cultural nuances in the workplace, and you just need to be aware of and respect other cultures. There are a lot of opportunities for expats in KL — it’s a great city to live and work in. There are so many public holidays here that it is easy to lose count, so there are plenty of opportunities for short visits to nearby destinations.”