i've been on this forums for a while, but recently just registered. i'm a lecturing architect in UTM, been here for almost 5 years now. i've been involved in several accreditation processes especially on private institutions in malaysia, and i would like to share what i've come to know. topic owner/moderators, u guys can edit this post as u see fit, for the benefits of all. i might be repeating a few points already made, but i'm just putting it down to preserve a little structure to my post.

AFTER SPM

assuming u're going for tertiary education, here are ur options (applies for both public or private institutions):

i. study for STPM
ii. study at A-level (or equivalent)
iii. study in a matriculation programme
iv. study for a diploma
v. study for certificate level (last choice, my fren)

remember, the objective here is to get ur degree as soon as possible, coz there's no point of settling for anything less. here are the details:

i. study for STPM

STPM is accepted as an A-level qualification. some places regard this paper as even higher than A-level, but lets not touch on that. STPM is cheap. it's quite broad, covers a variety of subjects, and open for all. u can study/sit for STPM almost everywhere in malaysia. and it's quite easy to get in (compared to my time...)

STPM is also internationally recognized, so if u passed ur STPM, u can apply anywhere u want. be advised that u might need an IELTS or TOEFL to prove ur english proficiency (costs around RM400-RM550)

ii. study at A-level

a lot of institutions now offer A-level papers. i cant really say which institution offers the best. A-level is easier to pass than STPM, covers a variety of subject. the only catch is it can be a little expensive (for those who cant afford to pay by themselves). rate varies to institutions.

iii. matriculation

this is one of the more popular choice these days. the reason being, once u're in the programme, u just need to pass all exams to be admitted to a degree programme. but this applies only to the university offering the programme. for example: u cant use ur matriculation results from UM to apply for UPM.

this programme is not recognized outside of malaysia. so only apply if u're really sure that's the degree u r after. they offer limited subjects, and mostly are tuned/focused to the area of ur degree course.

iv. diploma

most universities and institutions in malaysia still offer diploma programme. u can enrol using ur SPM results. this is one of the most common choice amongst those who couldnt get through to STPM or matriculation programmes. the overall costs would be higher too, but with SPM results slightly lower than everybody, this is the best bet.

after ur diploma, u can immediately enrol to 2nd year degree programme, and sometimes if u excell, they'll let u skip 2nd year altogether (very special case lah).

v. certificate

this is ur last choice. certificate usually offers very, very generic skill, and usually does not involve manipulation or implementation of knowledge. (which i forgot to mention: skill and knowledge is two very different things). but due to its short duration, some of u might opt to take a certificate to boost ur application.

these can be very basic certs, for example: "cert of basic PC assembly and repair"; "cert of ledger management"; or "cert of autoCAD" (just to name a few). usually the course range between 3 days to 6 months, depending on the depth. but this will seriously BOOST ur applications.
so that's about all the options u have after SPM in malaysia. i'd be happy to answer any questions or queries.

Depends on your budget, i guess.
and if you receive an oversea education, do you intend to come back after graduation?