Management Accountant job description

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The role of a management accountant is essential in the budgeting and financial departments of all types of organisations, from non-profit organisations to international corporations. He or she works as an expert advisor to senior managers in the effort of reducing the cost of production and daily operations
Daily tasks for a management accountant involve using generally accepted auditing standards to analyse and evaluate company budgets and operational data to pinpoint areas with potential for cost reduction. Additionally, the job holder will spend time assessing and advising officials regarding taxes on both a local and a national level. As a general rule, all persons working in this post must hold at least a Bachelors degree in accounting or finance in addition to official certification from the Chartered Institution of Management Accountants
Salaries for those working in this post in the UK see a high degree of variation according to the location and size of the employer. Overall, the average figure is £35,000 per year, though this can range from as high as nearly £60,000 for senior positions and as low as £25,000 for entry-level roles.

Description

Management Accountants help improve the productivity and growth of an organisation. They evaluate all the existing processes and measures, review them for efficiency and implement newer more effective strategies. These accountants may work with accounting agencies as consultants to other businesses or in an accounting capacity for a company.
People who become Management Accountants can be promoted to top executive positions. These may include becoming a finance manager or director of accounting.
A Management Accountant usually performs any of the following tasks:
• Making management decisions
• Developing strategic plans
• Advising executives and directors
Controlling financial expenditure
• Preparing financial statements
• Appraising financial information systems
• Revising old strategies and implementing newer processes
• Evaluating productivity models
• Assisting the management team
• Helping the company be compliant with industry regulations
Management Accountants usually keep standard office hours unless the necessity arises to work longer hours. They may work long hours especially at the end of the month, or during yearend cycles. These accountants work out of an office unless they have to meet with clients, suppliers or other industry professionals. Earnings are very lucrative and management accounting professionals earn bonus packages, pay rises and other benefits.

Skills

• Communication
• Numeracy
• Being analytical
• Technical knowledge of accounting and business
• Information technology
• Leadership
• Project management
• Pursing further studies
• Attention to detail
• Being discrete
• Professionalism
• Organisational skills

Education

In order to become a Management Accountant it takes several years of study and working experience. There are several professional organisations with which one can obtain certification to become a Management Accountant.
•    Association of Accounting Technicians (AAT)
•    Association of Chartered Certified Accountants (ACCA)
•    Chartered Institute of Public Finance and Accountancy (CIPFA)
•    Chartered Institute of Management Accountants (CIMA)
•    Institute of Chartered Accountants in Ireland (ICAI)
•    Institute of Chartered Accountants in England & Wales (ICAEW)
•    Institute of Chartered Accountants of Scotland (ICAS)
•    Institute of Financial Accountants (IFA)

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