How to become a management accountant?

Posted on Apr 22, 2021

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Management Accountant

The management accountants are to prepare and analyse the company's financial information. The information will help in examining their situation to make the right decisions. It will enable them to prevent from facing trouble, growth and success.
The role is a blend of accounting and skills for business management. Management accounts provide advice, so they need to see beyond numbers, predict, foresee and prevent organisations from deviating from their prime goals.

What is the job role of management accountants?

Three bookkeeping professional bodies offer a qualification in Bookkeeping:

To provide support to all departments and the management team to help make financial decisions
Prepare accounts, budgets, cash flows, variance analysis and commentaries
Prepare periodic financial statements, including profit and loss
To ensure spending is as per the budget
Preparing reports and budgets
Producing business strategies to maximise profitability
Analysis of the financial performance, assessing businesses situation and suggesting improvements on businesses performance

What are the skills need for the role of Management Accountant?

Attention to detail
Teamwork
Administration
Customer Service
Be flexible and open to change
Mathematics
Business Knowledge
Oral & Written Communication
Knowledge of Computerised Accounting

How can you become a management accountant?

It would help if you had a degree in the following subjects to become a management accountant:

Association of Accounting Technicians (AAT)
MBA or Masters in Accounting (MA)
CIMA (Chartered Institute of Management Accountants)
Accounting or Business related subjects (BA)

To become a qualified management accountant, you need to complete training with any of the professional accountancy bodies. Ideally, Management Accountants qualify for CIMA qualification (Chartered Institute of Management Accountants)

What is the salary a management accountant earns?

Salaries are depending on the business size, location, and type of company. The starting salary for new graduate students will be £28,000.
After completing the CIMA qualification (Chartered Institute of Management Accountants), your base salary will be £33,000. If you are more experienced, you will earn more. Senior management accountants earn around £65,000 annually.