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
Be flexible and open to change
Oral & Written Communication
Knowledge on Computerised Accounting
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