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.

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.