Management accounting is a specialist profession that deals in strategic management activities focused on the entire financial well-being of an organisation.
It includes forward planning, implementing management information systems (MIS), policy development and forecasting, delivering regulatory and internal reports, and providing expert financial advice on present and future business activities.
Management accountants are employed in public and private sectors, independent professional practices and enterprises across all industry and commercial sectors. Who doesn’t need a Chartered Management Accountant?!
You can find current vacancies on our Jobs page in the Banking, Finance and Accountancy sector.
Salary & benefits
Starting salaries for management accounting trainees are in the range of £20,000 and £27,000. Post-qualification salaries start from £25,000, and, with growing experience, can rise upwards of £60,000 to anything as high as £150,000.
The combined remuneration package includes an annual bonus of as much as £50,000.
Most companies also provide full financial and study support for obtaining relevant professional qualifications, including chartered status, annual professional association membership and additional paid study leave.
Other benefits include 25 days of annual vacation, pension and share save schemes, life and health insurance, interest-free season ticket loans or a loan to purchase a bicycle under the Cycle2Work scheme, childcare vouchers, subsidised gym memberships and a variety of social and sporting events throughout the year. All the perks, basically.
Salaries are generally higher for employees working in and around London and the Thames Valley. Management accountants are usually part of the senior or strategic management team and, as such, work around ten hours a day with weekends off.
Work is mainly office-based with a certain amount of travelling to regional offices from the head office or vice versa. In large, multinational companies this can include overseas travel as well.
Graduates with a 2:1 or higher degree in any discipline and strong A-level grades (particularly in mathematics and English) are eligible to apply for management accounting jobs.
Candidates with degrees in any finance, business or accounting related degrees are directly eligible for taking up qualifications administered by the Chartered Institute of Management Accountants (CIMA).
Those with degrees in subjects other than the above may need to complete a CIMA-approved Certificate in Business Accounting, which functions as a foundational conversion course.
All candidates are required to possess exceptional analytical and logical reasoning, commercial awareness and articulate communication skills.
Training & progression
Graduate training and development programmes are conducted over a period of three years and include hands-on work experience, professional qualifications from CIMA and the final Test of Professional Competence in Management Accounting (a case-study based assessment).
The professional qualifications phase is classified into three core disciplines: business, financial management, and management accounting. Each discipline involves two levels of examinations: managerial and strategic.
Post-qualification career growth is mainly dependant on professional expertise and individual performance. Management accountants need to keep their professional qualifications updated.
CIMA professionals with over three years of experience in a strategic or managerial role are eligible to become a Fellow of CIMA and use FCMA initials after their name, lucky things.