A management accountant helps firms and companies make sound financial business decisions by analyzing profits and losses. They must be able to forecast the potential profitability of individual ventures, and they are often involved in product development for this purpose.
If you’re a patient, diligent, decision maker who thrives on providing numbers and statistics to help give others’ ideas a tangible form, you might be an excellent management accountant. However, there’s much more to this position than being handy with a calculator or a spreadsheet. Read on to see if a career as a management accountant is right for you.
Since a management accountant plays an important role in a firm’s future ventures, employers tend to favor candidates with advanced degrees and certifications.
The most prevalent distinction for a prospective management accountant is a Certified Management Accountant (CMA). This title is obtained after passing an exam and completing two years of relevant work experience, and it is only conferred on management accountants that have at least a bachelor’s degree.
A management accountant records and analyzes financial data for their firm or company. Some of their daily duties may include the following:
A management accountant takes the numbers and financial data and prepares reports to help executives make sound business decisions. He or she also prepares auxiliary financial reports for regulatory agencies, creditors, stockholders and tax authorities.
The salary of a management accountant varies widely according to their location and education level, but Robert Half International’s 2007 salary survey of accounting and finance reveals that management accountants earned between $51,250 and $101,500.
Median annual earnings for management accountants according to the Bureau of Labor Statistics were $55,560 in May 2006. The disparity in salary is also heavily influenced by the size of the employer’s firm or company and the employee’s work experience. With a solid background in accounting, advanced degrees and certificates, an experienced management accountant can expect to earn over six figures.