The Definitive Guide: How To Become A Management Accountant
What is a Management Accountant?
Are you a master of maths? Want to be a professional number cruncher? Read this guide to find out if a management accountant role is for you.
On a day-to-day basis you’ll be reporting to the financial manager. A management accountant prepares reports and accounts, which provide managers with the financial information needed to make short-term decisions related to production, operation and investment. Budgeting will be a huge part of this role – you’ll be responsible for tracking internal costs, as well as driving efficiency and value for money throughout the organisation.
Hours of Work
As a management accountant, in most companies you will be working normal office hours: Monday – Friday around 40 hours per week. You will be expected to work overtime when needed especially when tight deadlines arise – for example around the end of the financial year.
So, what will your main responsibilities be as a Management Accountant?
Duties typically include:
- Preparing accounts
- Preparing financial statements
- Risk management
- Analysing performance
- Forecasting and business planning
- Completing balance sheets
- Managing accruals and pre payments
- Adhering to accounting policies
- Reviewing balance sheet reconciliations
- Recommending improvements to financial and accounting systems and processes
- Evaluate the company’s performance using financial data
- Managing the performance of the assistant accountant
Key Management Accountant qualifications
Do you have the qualifications to get the job?
It is not essential to have a degree, however most employers will ask that you have a professional qualification in business accounting such as:
Vital Management Accountant skills
Want to know if you’ve got what it takes? These are the skills you’ll need for the role
- Attention to detail
- Problem solving
- Communication skills
- Team work
- Project management
What is a Management Accountant’s salary?
Now we’re getting down to the nitty gritty…
The starting salary for this role is a decent £28,000, which can rise to £33,000 after passing the professional exams. The average salary in the UK is around £45,000 but this is dependent on multiple factors such as location, size of the company and experience and qualifications. Senior positions in this job can earn above £65,000!
How to become a Management Accountant
Now that you know what a Management Accountant does, how do you become one?
You could first start your career by training to become an accountant before working your way up the ladder to management accountant. This will take time but this is the most logical way of getting into this job role. You will usually need previous experience in an accounting background.
Your employer could train you up and your studies could be funded. Some companies train you up and fund your studies whilst working – and give you time off to study and take exams! Win-win situation.
How to develop your Management Accountant career?
Once you have proved yourself as a successful management accountant, you can work towards progressing to a finance manager or finance director. You will be in charge of a team and you will have much more responsibility. This will be the next step for you and the direction you can work towards.
If you’d rather work for yourself, or want a change from day to day - then have you thought about doing freelance work? You could be working for a range of companies week in, week out. You can work hours that suit you, find yourself in new environments, and meet new people.
You can find some of the best Management Accountant roles with brands such as Virgin Active, Fusion Lifestyle, Asda and many more.
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