ADD ADVICE TO FAVManagement accountant
Management accountants work in commerce and industry. They carry out all accountancy functions except external audits.
What management accountants do
- are involved in their company’s management and strategic planning
- advise managers on all aspects of financial policy and control
- advise managers on costs and benefits of projects under discussion, eg expansion, purchase of new premises or equipment
- monitor spending and effectiveness of financial control
- conduct internal audits and prepare periodic financial statements for managers’ information, including profit and loss accounts
- prepare profit forecasts and budgets
- evaluate existing financial information systems and suggest improvements.
Key skills
- accuracy
- logic
- ability to remain impartial
- written and verbal communication skills
- initiative
- numeracy
- commercial awareness
- ability to acquire sufficient technical knowledge to understand the company’s business and products.
Training to be a management accountant
Training involves three to four years of on-the-job training and part-time study or distance learning for professional examinations.
Three years’ experience with an employer is needed before a Chartered Institute of Management Accountants qualification can be gained.
Salaries
Trainees start on £18,000 to £20,000 and newly-qualified accountants earn £25,000 to £35,000. Senior accountants can earn over £100,000.
Professional bodies
Related jobs
- Chartered accountant
- Chartered certified accountant
- Financial accountant
- Management consultant
- Public finance accountant
- Treasurer
