Management Accountant

The key features behind any successful enterprise are having a powerful circle of expert business advisors and remaining organised and informed at all times through timely and well-formatted reports and records. It is precisely these services that a Management Accountant delivers, integrating accounting, finance and management to drive businesses towards success.

What do Management Accountants do?

A Management Accountant would typically need to:

1. Record and crunch numbers, help to select and manage company investments, carry out risk management and budgeting, and formulate plans & strategies; assist management with decision-making while also explaining its financial impact; prepare financial statements.
2. Analyse and communicate a company's financial position and the financial implications of its business model and decisions; offer insights into enterprise performance; work with the general management to create business strategies that generate shareholder value.
3. Prepare commentaries, monthly budgets, forecasts, and accounts to help with business planning; analyse, control and forecast income and expenditure to ensure conformity with the budget.
4. Develop and maintain financial systems and policies; identify and recommend systems that reduce costs, manage risks better, and improve business performance.
5. Negotiate and procure finance for major projects.
6. Offer professional inputs on financial matters, such as competitor analysis, variance analysis, tender preparation and review, strategic planning, and long- & medium-term planning.
7. Liaise with colleagues; simplify and communicate financial data to non-financial managers.
8. Create and supervise a team of accountants who monitor the business activities of various firms.
9. Stay aware and ahead of different emerging macroeconomic trends and fluctuations in the financial markets.

Management Accountants typically work in an office setting in government chambers, large firms and local businesses. Some may choose to take up residence near their workplace for ease of commuting. They may sometimes travel to attend conferences and seminars.

Qualifications:

A bachelor's degree is highly recommended for aspiring Management Accountants. Although any major is acceptable, accountancy, finance, business, statistics, or mathematics may be more relevant. These subjects may exempt you from some exams required to qualify as a professional Management Accountant through relevant courses.

To become a Management Accountant, you must complete training with professional bodies for accountancy, such as the Chartered Institute of Management Accountants (CIMA). Certification demonstrates a Management Accountant's competence in a skill set, typically through work experience, training, and passing an examination.

Career Progression:

Performance, experience, and the acquisition of professional qualifications drive career progression. Employees with consistently high levels of performance may be eligible for promotion every two to three years. With experience of at least five years or a master's degree in accounting, Management Accountants can work their way up to senior roles such as Financial Controller, Finance Director, or Chief Financial Officer (CFO) of a company.

Job Prospects:

Candidates with the necessary skills, experience, and education have the best job prospects. Attention to detail, critical thinking skills and computer proficiency may enhance a Management Accountant's job prospects.

Continuing professional development (CPD) will help an active Management Accountant build personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning.

If you like keeping track of budgets and enjoy working in a role with responsibility and authority, management accounting is the field for you. Management Accountants occupy an irreplaceable position in any business, providing timely and accurate information while participating as consultants and partners with the management to create strategic plans for organisational growth.