What to Expect From a Career in Management Accounting

Help clients make better financial decisions by keeping them up-to-date with their money matters. Here’s what to expect from a career in management accounting.

Thinking of stepping into the world of finance? That’s great! But you’re probably weighing all your options and wondering what to expect from a career in management accounting. Well all the information you need is right here. We’ve done the research so you don’t have to. 

What to Expect From a Career in Management Accounting

If you love the idea of keeping track of a company’s finances and coming up with ways to decrease risks within a business, this is the job for you. Need more convincing? Well here’s what to expect from a career in management accounting. 

Qualifications You’ll Need

When you study through CIMA, you can start your management accounting career with a course known as a CertBA. It doesn’t require any previous knowledge or qualifications, not even a matric certificate! You’ll then be able to move on to the next courses. Once you get qualified, the world will be at your fingertips! 

Job Duties

Want to get a taste of what your day-to-day in this role will look like? Here are just a few of the responsibilities of a management accountant.

Creating Financial Statements

Financial statements are documents that show how the company performed financially. These include records of their expenses, income, as well as how good the business is at bringing in cash to pay its debt. 

Budgeting

Management accountants are part of a team that ensures a company spends its money correctly and reaches its financial goals. This involves strict financial planning in the form of budgeting. 

Cost Analysis

This is a very handy process that allows a company to predict how much profit they’ll potentially make from a project. It can help potential investors decide if the project is worth doing at all. 

Opportunities for Growth

If climbing the corporate ladder is one of your main life goals, we have good news for you. There are many opportunities to grow throughout your career as a management accountant. These are just some of the jobs you can have in this field:

  • Budget Analyst
  • Finance and Accounts Manager
  • Treasury and Payroll Manager
  • Controller
  • Chief Financial Officer (CFO)

Salary

Accounting is a scarce skill, which means that these professionals are in high demand! This is why you can expect to earn a handsome salary in this field. According to Payscale, professionals with one – four years of experience earn around R280 000 – R395 000 a year. 

Skills Needed to be Successful in This Role

Every career requires a good amount of soft skills to get the job done. Management accounting is no different. So here’s what skills you’ll need to use in your day-to-day:

Attention to Detail

You’ll be working with numbers. So it should go without saying that you need to pay attention to the finer details to prevent any mistakes. 

Critical Thinking

Many jobs will require this skill. But in management accounting, critical thinking means you should analyse financial problems and try to find solutions to them. 

Good Communication 

Numbers are not easy for everyone to understand. So you need to find a way to get your point across simply through good communication.

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Our CIMA Courses Will Take you Straight to the top

Ready to start your career in management accounting? Well then you should go ahead and get qualified first. Our CIMA Courses are a great place to start. Get in touch with our course experts for more information. You can: 

  • Call us on: 0800 39 00 27 – It’s free!
  • Fill out our contact form and we’ll call you back
Last Updated: June 13, 2022

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ABOUT THE AUTHOR:

Tamsyn Gallie
Tamsyn Gallie
Tamsyn Gallie is a Junior Content Writer at Skills Academy. Her aim is to create content that is well-researched, educational and engaging. In her spare time, she enjoys writing, baking and anything that allows her to be creative. She is passionate about lifelong learning and believes it’s never too late to learn something new.