What's it like to be a Management Accountant?
Management Accountants are responsible for the sourcing, data analysis, communication and use of financial and non-financial information to make decisions that will affect the future of an organisation.
Tasks and duties
- Collating information such as revenue, cash flow and outstanding debts.
- Using financial and non-financial data to formulate a complete picture of how the business is going.
- Advising stakeholders on the financial implications of significant decisions, business strategy and monitoring risk.
Combining skills in accounting, finance, management and business, Management Accountants assist in improving profitability and growth for firms and organisations.
The job responsibilities of a Management Accountant may vary widely depending on the place of employment and role within the company.
What can I earn as a Management Accountant?
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How to become a Management Accountant
- Complete a qualification in the field of accounting. Courses such as a Bachelor of Accounting or a Bachelor of Commerce are generally three-year courses, open to anyone over 17 years who has completed year 12 with an appropriate Universities Admission Index.
- Complete a CIMA (Chartered Institute of Management Accountants) Certificate in Business Accounting. If you have a relevant degree like accounting or business, you may be entitled to exemptions from some CIMA exams, which will allow you to progress onto the professional qualification sooner.
Complete the CIMA Professional Qualification. The length of time this takes will depend on previous study and exemptions, however if you hold a masters or MBA in accounting, you'll just need to pass the CIMA gateway exam, which is a three-hour computer-based case study exam.
Once you have completed the CIMA Professional Qualification, you will be awarded the Chartered Global Management Accountant (CGMA) designation.
- There are numerous opportunities for management accounts; consider becoming a finance director, chief executive, management consultant or running your own business.