Why choose management accounting?
Management accounting is much more than number crunching – management accountants use their training to combine financial and non-financial data to paint a complete picture of the business.
Here are some of our top reasons to become a management accountant.
Companies around the world, no matter what size, require the knowledge and services of management accountants. Chances are, in any industry you can think of, there’ll be management accountants.
A career in management accounting offers a clear pathway to progress. Whether you have an existing finance qualification or are starting with CIMA Certificate in Business Accounting (Cert BA), it’s possible to progress to membership with CIMA.
No need for a degree
You don’t need a degree to start a successful career after school or college. Our entry-level qualification, the CIMA Cert BA will help you build your business and financial knowledge. It’s a recognised qualification in its own right and a stepping stone to the Professional Qualification.
In addition to accounting and analytical skills, management accountants must also have an understanding of the organisation, its business model, its strategic context and its competitive position. They also need the people and leadership skills necessary to ensure that they apply their expertise effectively, whether it be in the form of supplying management with accounts, information, analysis or insights.
There are key differences between financial and management accounting which you can see below.
As a financial accountant, you would:
- prepare reports based on past performance.
- produce required financial information to be used across other roles in a business.
As a management accountant, you would:
- gather information on revenue, cash flow and outstanding debts to spot trends, gather stats, and write reports that help your company make decisions — from day-to-day management to corporate strategy.
- combine financial and non-financial data to paint a complete picture of the business. Then use that to drive the success of the business.
Source : CIMA