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How to become a management accountant?

How can you become a management accountant?

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.

How can KBM Training help?

KBM Training will help you to gain experience in:

  • Controlling accounts
  • Assessing a business’s situation using financial statements
  • Budgeting and forecasting
  • Computation and processing of payments and accruals
  • Variance analysis
  • Evaluation of the company's performance using financial data
  • Reviewing balance sheet reconciliations
  • Managing performance of the assistant accountant
  • To suggest improvements to financial and accounting systems

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