Management Accountant
What is the work like?
As a management accountant, you would look after your company's finances and find ways of improving profitability and growth. You would work for one company or organisation as its own in-house accountant, unlike a private practice accountant who offers accountancy and audit services to fee-paying clients.
Your work could include:
- preparing regular financial statements and accounts, such as profit and loss accounts
- monitoring spending, costs and budgets
- analysing the company’s financial performance
- forecasting and planning future spending and profits
- recommending ways to reduce costs and increase profits
- making business decisions, along with other managers
- carrying out internal audits of various departments
- providing external auditors with the company reports and financial data they need
- managing a team of accounting technicians and finance clerks
- overseeing the company's payroll, credit control, and bookkeeping systems.
What qualifications and experience will employers look for?
To become an accountant, you must qualify with one of the six professional accountancy bodies. All of the professional bodies include some financial management in their training, but most management accountants choose to qualify with the Chartered Institute of Management Accountants (CIMA).
CIMA training involves two stages:
- CIMA Certificate in Business Accounting – CIMA’s entry-level qualification, with five computer-based exams
- CIMA Professional Qualification – the second stage of training, with nine exams.
Your entry point will depend on your previous qualifications and experience.
You do not need any qualifications to begin studying for the CIMA Certificate in Business Accounting, although you will need a good standard of maths and English. You will be able to miss out some or all of the CIMA Certificate exams if you have relevant qualifications, such as:
- an accountancy or business-related degree or postgraduate qualification
- Association of Accounting Technicians (AAT) Technician level
- Open University Certificate in Accounting
- a professional qualification from another accountancy body.
If you have any other qualifications (including a non-business degree), you must pass all five CIMA Certificate exams before you can start the CIMA Professional Qualification. See the CIMA website for full details of exemptions.
Some management accountants choose to train with the Association of Certified Chartered Accountants (ACCA), taking the business management modules instead of audit and taxation options in the final part of their training. See ACCA website for more details.
The Institute of Financial Accountants (IFA) also offers training in financial management. IFA is a non-chartered organisation with training at Technician, Associate and Fellow levels. See IFA website for further details.
What further training and development can I do?
To become a fully-qualified chartered management accountant (ACMA), you must pass the CIMA Professional Qualification and complete at least three years’ relevant work experience.
To achieve the CIMA Professional Qualification you will need to complete:
- six exams at Managerial level
- three exams at Strategic level
- one Test of Professional Competence in Management Accounting, based on a case study.
If you have certain relevant degrees or professional qualifications, you may be exempt from some of the Managerial stage exams.
Each paper in the Professional Qualification usually takes between three and four months. You can study full- or part-time, or through distance learning. Your employer may fund your training. See the CIMA website for details of course providers, exam centres, exemptions and the work experience requirement.
Once you have qualified, you should keep your professional knowledge up to date throughout your career. The professional accountancy bodies each run a programme of continuing professional development (CPD) to help members achieve this. You could also choose to take a Master of Business Administration (MBA) degree, which may help to further your career in business management.
Where can I go for more information?
51 Gresham StreetLondon
EC2V 7HQ
Tel: 0845 257 3772
44 London Road
Sevenoaks
Kent
TN13 1AS
Tel: 01732 458080
89 Hydepark Street
Glasgow
G3 8DT
Tel: 0141 582 2000
London
SW1P 4NP
Tel: 020 8849 2251
If you would like to discuss your career options with a learning adviser, call 0800 100 900 or use our online enquiry form
Alternatively, you can visit our website at: www.direct.gov.uk/careersadvice
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What salary and other benefits can I expect?
- Trainee and part-qualified accountants could earn between £17,000 and £25,000 a year.
- Qualified management accountants could earn £25,000 to £40,000.
- Finance directors could earn between £50,000 to £120,000 a year.
Figures are intended as a guideline only.
What are the hours and working conditions?
Your standard working hours would be 9am to 5pm, Monday to Friday. You may need to work overtime during busy periods such as the end of the financial year. Part-time hours, flexitime and job sharing may be available.
You would be office-based. Dress code is usually formal.
What skills and knowledge will I need?
- good mathematical and computer skills
- analytical ability and a logical approach
- a good understanding of business
- accuracy and attention to detail
- good communication skills
- the ability to explain technical financial information clearly
- organisational and time-management skills
- honesty and discretion.
What opportunities are there?
You could work in the accounting or financial department of all kinds of company or public sector organisation. You could also work in private practice if you gained a further audit qualification. See the related profiles for more about working in other sectors.
Jobs may be advertised in the local and national press, industry magazines, and financial recruitment agencies.
With experience, you could become a senior manager or finance director, or even progress to chief executive of a company. You could also become a self-employed management consultant.
You may find the following links useful for job vacancies and further reading (links open new window):
CIMA My Jobs
Accountancy Age
Accountancy
eFinancial Careers
Accounting Web
Totally Financial.com
We do not accept responsibility for the content of external sites.
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