A management accountant is someone who is in charge of the financial activities going on in an organization. If a career as a management accountant interests you, then you may want to know what it entails. Below is how to become a management accountant, the duties involved, and how to get top-earning jobs in the field.
How to Get in a Management Accounting Career ?
Getting into a management accounting career requires going to a four-year college to earn a degree. Depending on the country, you can get an associate degree or bachelor’s degree to qualify as an accountant. To become a management accountant, do the following:
i. Get a Bachelor’s Degree
The first step to becoming a management accountant is getting a bachelor’s degree in commerce or accounting. Fortunately, acquiring a degree in any of the two fields takes only 3 years. However, you have to be above the age of 17 to be able to pursue a degree in any of these courses.
ii. Become an IMA Member
After acquiring a bachelor’s degree in a relevant field, you need to apply to be an IMA member. As a member of the IMA, you will have access to courses, materials, and job opportunities that will boost your career. Interestingly, the application fee paid when applying for an IMA membership depends on your position on the career ladder.
iii. Get a CIMA Professional Qualification
To become a qualified management accountant, you need to possess a CIMA professional qualification. CIMA (Chartered Institute of Management Accountants) is an association of professional management accountants. In order to become a member, you need to enroll and write an exam within a year after your registration. Upon passing the exam, you will become a professional chartered management accountant.
What Does a Management Accountant do daily ?
Listed below are some of the daily duties of a management accountant.
- Carrying out financial analysis to create a budget and make reports for senior management.
- Supervising other accounts in charge of income and tax records.
- Collecting all tax documents
- Carrying out financial analysis to make accurate forecasts.
- Advise the company’s managers on business and strategic planning.
- Compiling financial records for internal and external use.
- Helping the other managers to manage the company’s investments.
- Creating new financial policies for the company.
Where to Find Management Accountant jobs ?
You can find jobs in the following areas as a management accountant.
i. Consulting Companies
Businesses come to consulting firms when they need advice regarding their accounting, finance, and taxation. Consulting companies hire management accountants because of their experience in these areas. If you are looking for where to find management accountant jobs, then a consulting company is one of such places.
ii. Retail
In the retail industry, the financial skills of management accountants are in high demand. This is because retail companies need managers who can carry out financial analyses and take inventory.
iii. Media and Publishing
You can offer your skills as a management accountant to media and publishing firms. Some of the services you can offer include credit control and accounts payable in addition to management accounting. Skills that are highly demanded by media and publishing firms are financial analysis and forecasting. If you are skilled in these areas, the media and publishing industry is the best place to find management accounting jobs.
Tips to Find Top-Earning Management Accountant Jobs
As a management accountant, you will find the following tips helpful in getting top-earning jobs.
i. Set Goals and Focus on Them
Before applying for management accountant jobs, you must have career goals. When setting your career goals, you are to define them properly. This is to help you apply for management accountant jobs that align with your career goals. If one of your career goals is to make more money, then go for a top-earning management accounting job.
ii. Have a Plan
Another tip to help you land a top-earning management accounting job is to have a plan. This plan may include furthering your education and acquiring a professional qualification. With a plan, you can achieve your career goals and dedicate a few hours every day to your job search. In addition, you will be able to update your resume with your latest achievements.
iii. Network with other Professionals
To find top-earning management accounting jobs, you need to network with other professionals in the industry. However, the only way you can do that is by attending events and virtual conferences organized by professionals in your field. They will inform you about new job openings and give you tips on how to land them.
iv. Hire a Recruiter
Top recruiting agencies are partners with different firms across various fields. This means they are always informed about the latest job openings. When you hire the services of a recruiter, you will tell them about the type of job you need. As a result, finding the right management accounting job becomes easy.
Conclusion
Now that you know what being a management accountant entails, you can decide if it’s the right career for you or not. If you are already a management accountant, then you might have found some helpful tips in this article. Accounting has gone beyond using analogs. To learn about account management software visit Upflow.