It’s no good selling thousands of products if every time you do it makes a loss – a company would go bust very quickly. A management accountant is the person who makes decisions about financial information to give to the management team for future growth, stability and profitability. In short, he or she will make sure those products make a profit, not a loss.
Day to day work.
Your day to day role is always looking to the future – How is a business performing? What problems can you anticipate? How can you solve them? How can you make it more profitable or cut costs?
Your work will involve preparing financial statements, looking at profit and loss statements, financial forecasting and modelling, providing reports to the management team, ensuring budgets are kept to, keeping an eye on the efficiency of financial systems in place and making sure everything is compliant with tax laws regulations and procedures.
Qualifications and experience needed.
You’ll need a degree and professional qualifications to be considered for a management role. The profession is open to all graduates through a degree in a related subject such as finance or business is advantageous.
You’ll need to complete professional training with one of several accounting bodies: The Association of Certified Chartered Accountants, the Chartered Institute of Management Accountants or the Institute of Financial Accountants.
If you already have an accounting degree you may be exempt from some professional examinations but once qualified you can work in a range of industries and study towards chartered management accountant status.
Work experience isn’t essential but it’ll certainly prove helpful and might give you that all-important head start, particularly if competition for a role is fierce.
Some of the key skills you need are:
- Excellent numeracy skills
- Great IT skills
- Strong interpersonal and teamwork skills
- Good communication skills
- Ability to work under pressure and to deadlines
You don’t have to be a maths geek to be a management accountant but enjoying working with numbers certainly helps! Being analytical and logical is important as is the ability to make sometimes dry financial information interesting and engaging for those without a financial background.
Contrary to the old accountancy stereotype, management accountancy is far from dull. What you say or do will have a real impact on the success or failure of a business.
You could work in financial services, in industry, health, manufacturing, technology or tourism, for example. You could also earn around £64,000 a year doing it, especially if you go for chartered status.
Travel the world, become a financial director for a major company, open your own business or start a consultancy – management accountancy is extremely versatile and means the world really is your oyster.
- Highly respected role with lots of transferable skills
- Great for people who love data and finance
- Excellent career prospects