Management Accountant

Average Salary: £30,000 - £35,000
Competition: LOW
Years Experience: 2 years +

Job Summary

Management Accountants are not your typical accountant. Yes, they still play a big part in finance, but rather they use the financial information they interpret to find ways of making a business more profitable. This can be by producing forecasts, implementing management information systems and even getting involved with new strategies. If finance and business had a baby, this would be it.

Duties

Rather than solely concentrate on reporting on current information, a Management Accountant’s role is to look to the future. Think Fortune Teller. They work across many industries and are usually given the responsibility to do the following:

  • Producing financial statements including profit and loss accounts and cash flow
  • Creating and managing budgets using variance analysis
  • Analysing financial performance and producing forecasts
  • Using financial information to influence strategies and decision-making
  • Reviewing a business’s procedures and processes to ensure efficiency and cost effective
  • Working alongside and advising managers and other operations

Key Skills & Characteristics

A Management Accountant should:

  • Have sound numerical skills whilst having commercial awareness
  • Possess excellent communication skills, having the ability to explain complex financial information
  • Have an attention to detail ensuring thoroughness and accuracy
  • Have an analytical and logical mind-set
  • Approach problem-solving in a creative but realistic manner
  • Be confident in one’s suggestions and being decisive about them

Entry Routes

Becoming a Management Accountant is a similar route to becoming a Financial Accountant, but with a few differences. It would make perfect sense to complete a degree in accountancy. This will give you a head-start when completing your Chartered Institute of Management Accountants (CIMA) qualification, giving you exemptions. Which, employers look with Bambi eyes, at individuals who are qualified or actively pursuing CIMA qualifications. But, completing a relatable degree such as business, is definitely not the end of the world.

In terms of work experience, getting a summer placement, internship or doing a sandwich course whilst at university is always advisable when you finally looking for a graduate position in Management Accountancy. But don’t write yourself off if you haven’t.

Job Progression

Trainee Management Accountant

Management Accountant

Senior Management Accountant

Finance Controller

Finance Director

Advice From Our Experts

The Good

  • Variety – Management accountancy gives you best of both worlds of finance and business
  • Meeting New People – Being a broad role, you get to communicate with people throughout different areas of the organisation that you never would have thought
  • Influence – Being a part of the decision-making allows you to have more of an influence

The Bad

  • Updating Knowledge – The broad role means you have to update knowledge on a lot of different areas of business
  • Intensity – Being involved with lots of areas of the business can be quite intense and stressful
  • Difficult People – Working with difficult people in regards to decision-making can be frustrating