How to become a management accountant

Are you looking to progress in your career, extend your accounting and finance management knowledge, or change your career altogether? Whatever your reasons are, if you enjoy working with numbers and want a career with many progression opportunities, a role as a management accountant is a great one to go for.

Through focusing on improving traditional financial management strategies and offering its members diverse opportunities to develop skills beyond what is taught in the world’s leading business schools, studying for your CIMA qualification is ideal when working towards a career as a management accountant.

But how do you get started and become a management accountant? Let’s have a closer look …

What is a management accountant?

If you’re looking to progress your career to becoming a management accountant, it’s important to note the responsibilities that come with the role.

A management accountant plays an important part in monitoring and analysing the financial performance of a company. You would provide vital information to assist colleagues such as executives, managers and stakeholders in making decisions that can improve the profitability of operations. Some of the daily responsibilities would include budgeting, cost analysis, forecasting, and reporting on the financial performance of a company.

The job role also requires providing financial advice to management on cost reduction and other strategies. In a nutshell, a management accountant is there for healthy growth and development for the majority of successful businesses.

What skills are needed?

A career as a management accountant requires a specific set of skills. It is important to have an understanding of accounting principles and the ability to analyse financial data and make decisions based on the numbers. However, if you don’t already have these skills, you can gain them through further education while strengthening the knowledge needed.

It’s useful to be an analytical thinker and enjoy problem-solving for the role, but you’ll also need to have good communication skills to effectively communicate your findings with your colleagues.

Average salary

Working as a management accountant can be a challenging but rewarding job. You will have many responsibilities, with opportunities to advance your career as you become more experienced.

The average salary of a management accountant depends mainly on factors such as your experience, knowledge, and the region or organisation that you’re working in. However, the current average salary across the UK is estimated to be upwards of £52,5000 per year.

Tips on how to become a management accountant

Strengthen your knowledge. The best place to start is by gaining knowledge and understanding of what will be required in the job role. You can do this by studying for your CIMA qualification, which will open up many doors in the accounting and finance industry once you are qualified. Employers will also acknowledge your dedication due to your studies.

Gain work experience. This is essential for any management accountant as it will allow you to gain practical knowledge of the job and develop a better understanding of financial analysis. Working in an accounting department can help you build your skills while you can also network with other professionals in the industry.

Keep up to date. It’s important to be aware of any changes and trends in the industry that you’re working in. Practical work experience will help this become part of your second nature. Keeping up to date with changes will ensure that you remain accurate and reliable in your organisation.

Don’t give up. Especially if you haven’t studied in a while, or if this is a whole new industry that you are entering, it can be very challenging to gain your CIMA qualification or work in a new job role. Remember to keep going, and remind yourself why you’re doing it. At Eagle Education, we will support you throughout your studies to make sure that you’re not alone. So, with hard work and dedication, you will succeed!

Interested in kick-starting your career?

A great place to begin is by studying for your CIMA qualification. At Eagle, we offer a subscription method where you will have access to the full CIMA qualification, online materials, a personal mentor and tutor support when needed!

If you’re still unsure whether this is the right fit for you, have a look at our free 7-day trial to gain insight into what you can expect.