What is a management accountant?
Management accountants provide a wide range of essential financial analysis and planning services to organisations. They prepare, develop and analyse financial information so that leadership teams have reliable figures on which to base their critical strategic decisions. That means your input will be driving the successful growth and prosperity of an organisation.
Management accounting is a key role in finance, with positions available in the corporate and public sectors, financial services and shared service organisations, as well as public practice. The sector you work within is just one factor that could influence your career path - and the accounting wages you could take home.
How do I achieve it?
There are many entry points into management accountancy, with excellent opportunities to progress to senior levels. You could even end up leading the overall financial strategies of the organisation. This, alongside the opportunities to work across a variety of sectors, are two top reasons why accountancy is a good career choice.
Aspiring management accountants often have an accountancy or finance degree, but it’s also important to understand the difference between finance and management accounting. The key distinction lies in their focus: management accounting supports internal decision-making through budgeting, forecasting, and performance analysis, while finance manages money on a broader scale – raising capital, investing, and maximising value for shareholders.
If you have chosen management accounting as your next career step, the following Strategic Professional exams will be highly useful:
- Advanced Financial Management (AFM)
- Advanced Performance Management (APM)
Due to a management accountant's broad responsibilities and the central requirement to work with different leadership teams, this role is best suited to those with heightened soft skills and cognitive flexibility.
