Migrating Abroad as an Accountant :
(1) Let's say you're a Senior Associate migrating to America or Canada, earning USD 85,000 ( RM 399,500) per year.
Gross Monthly = USD 7083 ( RM 33, 290)
Net monthly income after tax ( USA 45%, Malaysia 27 %) = USD 3895 ( RM 18,306)
(2) Due to very high cost of living in America, with a net monthly income of USD 3895, can you afford to buy a decent apartment in Los Angeles, San Francisco for instance?
(3) But if you migrate to UAE as an Accountant , it's a tax free country for Expatriates.
(4) In Malaysia, as an Accountant - Senior Associate with PWC, your estimated monthly gross salary = RM 10,000.
Net monthly salary after 27 % tax = RM 7300
Living in Klang Valley, you may simply purchase a decent condominium of RM 300,000 to RM 500,000. Also driving a brand new Honda Accord or Toyota Camry, or second hand Mercedes Benz or BMW.
(5) But nowadays, Professionals may work remotely. You may work in Malaysia, but in charge of Accounting / Auditing of Companies in America.
(6) For your career progression :
If as a Manager at PWC with a starting estimated monthly salary of RM 11,000, you may consider to hop to Petronas with a starting estimated monthly salary of RM 20,000, provided you're offered with a Managerial position (P5 Grade) subject to your working experiences.
I hope any of our LinkedIn Connections who're Accountants or Chartered Accountants may give your comments as well. I also would like to grab coffee sometimes with any of Accountants or Chartered Accountants for further deliberations.
Partner: Finance & Accounting Executive Search @Harmer Associates
4moWhat a good looking group and a great way to celebrate an outstanding 2023!!! Thank you Randy Harmer for this great tradition of recognizing outstanding achievement!