Overview
Management accountants produce and present financial reports to senior management. This provides them insights into the performance of the organisation, which in turn allows them to make informed business decisions. By collating the financial information and condensing it into appropriate formats, strategic decisions can be made over budgets, acquisitions, expansion or downscaling, the direction of marketing activities; anything with a financial bearing.
What is a Management Accountant?
They essentially bridge the gap between the accounting team and senior decision makers within the organisation. Providing a range of financial analysis services, they identify trends within the data, forecast income and expenditure, and maintain financial policies and management information systems. Key to the role are skills in both accounting and management; understanding the raw data before translating it into more digestible formats of communication.
Responsibilities include:
Financial record keeping, along with maintaining data protection over confidential information
Overseeing accounting procedures and the supervision of junior members of the team
Gathering information to evaluate the efficiency of financial procedures
Ensuring that practices which the organisation follow adhere to regulatory standards
The development of strategies which reduce operational and production costs
Advising senior management on strategic planning
Giving presentations and reports to communicate data to those outside of the finance department
What is the difference between a Management Accountant and a Financial Accountant?
Management accountants deal with internal stakeholders (such as managers and directors), as the information and advice they provide has a bearing on decisions which are made within the organisation itself. Financial accountants in contrast, present their information to external stakeholders including investors and shareholders.
Typical Employers
Larger firms tend to have management accountants, as a vital member of their finance team. Organisations can include:
Qualifications needed to be a Management Accountant
For degree level graduates, qualifications which cover accountancy, mathematics and business are highly beneficial as they cover some of the elements which on the job training would otherwise provide. Roles in management accountancy can however be sought without an associated degree. For school leavers, a work placement allows training to happen in situ, supported by the Chartered Institute of Management Accounting (CIMA). Upon completion of the training and exams provided, this leads to professional qualifications as a certified management accountant.
Those with bachelor's degrees in other subjects are often accepted, but further training modules and exams are likely to be included to cover the skill gap.
Management Accountant Salaries
Salaries vary across the UK but management accountants are typically paid between £28,000 and £40,000 per annum.
Management Accountant Vacancies
Specialists in all job roles relating to accounting and finance, here at Paul Card Recruitment we offer all the support and help you need to secure your ideal career in this field. Browse our job vacancies across a wide range of employers and industries. If we don’t have any management accountant jobs at present, simply upload your CV and register your details. We’ll contact you as soon as something becomes available.
