Question

What is your perception of financial planning career in Malaysia?

Answer 1

A career in financial planning in Malaysia is not that attractive at present due to remuneration issues and job perception playing an important role in driving away young professionals from this sector to other sectors. Despite the fact that a significant number of Malaysian population requiring financial planning support for retirement planning, very few young professionals actually work in this sector. Financial planning in Malaysia is considered to be a commission based job and as the industry is still new to many, young professionals tend to prefer salary based jobs as against commission based financial planning.

The country has numerous certified planners who are not licensed to do financial planning due to the general perception that Malaysia is not ready for financial planning. The profession of financial planning is not viewed as a professional career opportunity by many graduates as they tend to undergo business or finance related degree before embarking on a professional course with respect to financial planning. The financial planning profession is regarded as very challenging which requires perseverance, positive attitude, skills, and knowledge. Financial planners in UK and the US charge commissions as well as advisory fees and this should be applicable to Malaysia also for the profession to become attractive.