How to become a Management Accountant?

How to become a Management Accountant?

What is a Management Accountant?

  • Management Accountants produce and analyse the company's financial information to examine their situation in order to make accurate decisions to enable them to prevent them from facing trouble, grow and become successful.
  • The role combines accounting and business management skills. They are required to comment and see beyond numbers, predict, foresee and prevent organizations from deviating from their prime goals.

What are Management Accountants role?

  • To prepare periodic financial statements, including profit and loss accounts, budgets, cash flows, variance analysis and commentaries
  • Preparing reports, budgets,
  • Providing a support service by working with all departments and the management team to help make financial decisions
  • Ensuring spending is kept in line with the budget
  • Analysing financial performance, assessing businesses situation and suggesting improvements on businesses performance
  • Producing business strategies to maximise profitability

What skills are required for the role of Management Accountant?

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

How do you become a Management Accountant?

  • You will need a degree in the following subjects:
  • Accounting or Business related subjects (BA)
  • Association of Accounting Technicians (AAT)
  • MBA or Masters in Accounting (MA)
  • CIMA (Chartered Institute of Management Accountants)
  • To become a qualified accountant, you must 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 of Management Accountant?

  • Salaries depend on the size of the business, location and type of company. The starting salary for newly graduated students will be £28,000.
  • After completing CIMA qualification (Chartered Institute of Management Accountants) your base salary will be £33,000. The more experienced you are, the higher your pay. Senior Management Accountants earn from £65,000.

How can Future Connect Training help?

  • Future Connect Training will help you to gain experience in controlling accounts
  • Assessing a businesses situation using Financial Statements
  • Budgeting, forecasting and variance analysis
  • Computing and processing accruals and prepayments
  • Reviewing balance sheet reconciliations
  • Recommending improvements to financial and accounting systems
  • Evaluate the company’s performance using financial data
  • Managing the performance of the assistant accountant
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