Management accountants provide business data and analysis to managers within organisations to assist in business decision making and control.
As a management accountant, you will analyse the company’s financial position and provide insight into business performance. The monthly management accounts and budgets and forecasts will be some of your key responsibilities. You will also be involved in cost analysis and cost reduction projects, competitor analysis, variance analysis, tender preparation and review, strategic planning, long and medium term planning and investor appraisal.
Why choose management accounting?
This is a highly commercial role, interacting with the different areas of the business. You will not only analyse historical data but will provide information on the business needs to do to meet future expectations. You are very much considered to be a finance business partner and will be expected to offer your opinion on your analysis.
There are two main paths for a management accountant to follow:
If you are a commercially minded accountant with strong modelling and analysis skills, you will be suited to this role.
- Ultimately become a Head of Financial Planning and Analysis (which allows you to access a more sophisticated reporting and analysis environment)
- Progress to a Financial Controller role and then become a Finance Director (financial accountants also progress into these areas)
Who should become a management accountant?
Historically, companies tend to recruit newly-qualifieds with CIMA qualifications but the focus has shifted in recent years and currently employers are more likely to look for strong transferable skills from any professional accounting accreditation.
If you are a commercially minded accountant with strong modelling and analysis skills, you will be suited to this role. You will develop excellent communication skills due to your frequent interaction with finance and non finance professionals when preparing interpreting and communicating a variety of reports for your portfolio of internal clients.
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