what is a management accountant?

A management accountant is an accounting professional who provides financial information to a company's management. Unlike an accounting technician, who typically tracks the company's day-to-day income and expenditures, a management accountant performs more detailed analysis in order to give corporate leadership the financial information they need.

As a management accountant, you use all of your financial knowledge and skill to help your company set its budget, forecast its future earnings, reduce its costs and manage its investments. To communicate this information, a management accountant prepares reports, contributes to meetings, delivers presentations and more. 

Depending on the size of the company, a management accountant may also supervise the accounting department as a whole. This role includes managing teams of accounting technicians, creating company accounting procedures and making sure they are followed. A management accountant can also serve as an analyst, examining financial data on specific products or projects to help management assess them. 

Would working as a management accountant suit your detail-focused financial skills? Then read on to find out what competencies and qualifications you need to thrive in a management accountant role.

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average salary of a management accountant

A starting management accountant can expect to earn around £25,000 per year. The National Careers Service reports that a more experienced management accountant can earn up to £100,000 per year. The average salary of management accountants is closer to the entry-level salary, at just over £27,000 per year. Management accountants in the upper 25% of the pay scale typically earn over £30,000 per year. 

factors affecting management accountant salary

A number of factors can affect your earnings as a management accountant. As with other office-based jobs, geographic location is an important factor. If you work in London, your compensation typically reflects the capital's higher cost of living. The median salary for management accountants in London is over £30,000 per year, more than 10% higher than the median salary for the same role in Birmingham, Bristol or Liverpool. Another factor that can influence earnings is the level of your professional qualifications. Part-qualified management accountants earn less than their fully-qualified counterparts, who are able to take on a wider range of responsibilities. 


types of management accountant

The major division among management accountants is between those who have yet to finish their complete professional qualification and those who have passed their final exams. Part-qualified or finalist management accountants can still work in management accountancy but deal with a narrower range of tasks. Once you've received your full professional qualification, you'll be ready for any of the tasks a management account is called on to handle.


working as a management accountant

Working as a management accountant means performing a range of tasks relating to your company's financial situation. You'll create financial statements and prepare accounts, as well as forecasting future financial data and conducting internal audits. If it affects your company's finances, it's your responsibility. Sounds like your cup of tea? Keep on reading!


education & skills

There are several different ways to qualify for a job as a management accountant. A degree in accounting is common among candidates for this type of job. Alternatively, a degree in business or mathematics can be a good start on this path. Although many management accountants hold a degree in a related field, there are other ways to prepare for the role as well. One of these routes is through an apprenticeship. To work as an accountant, you'll need a professional degree apprenticeship, equivalent to a postgraduate degree.



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