Ambitious characters and those looking for a challenge are perfect candidates for a career in management accounting. This rewarding career combines financial skills with managerial skills, you will not only be analysing information, but also forming strategies and making key business decisions! Many paths in management accounting will also give you the opportunity to get out there and travel the world, making this the perfect choice for those with a sense of adventure!
Management Accounting requires not only knowledge of budgeting and accounts, but also the ability to effectively communicate budgets and plans to other managers and colleagues. If you are looking to combine business and finance with the opportunity to work around the world, then a management accounting career may be for you! Interested? – Read on!
The Journey to Becoming a Management Accountant
Becoming a Chartered Global Management Accountant (CGMA) designation holder can lead you into a lot of proficient positions. CGMA’s may work in finance, or put their broader business training to use in roles such as being a Board Director, Chairman, CEO or CFO. Any management accountant role will involve critical business decision making, and require you to drive strong business performance. Management accounting positions encompass a mix of strategy and management skills, operations expertise, and financial knowledge.
On the route to become a CGMA designation holder you follow the syllabus of the Chartered Institute of Management Accountants. This qualification is operates on a competency framework which acts as a bridge between education and employment.
Is it for you?
If you’re ambitious and driven then you could be a perfect candidate to become a Chartered Global Management Accountant! Assessing risk and making decisions are a big part of the role, since Management Accountants lead long-term, sustainable success for the company or organisation by putting in place long-term and short-term strategies. You may already have some of the skills required, check out this skills checker list to fully understand the scope of your knowledge.
Entry level salaries are very competitive. Leaving university with a degree in a relevant subject such as Accounting, Finance, Business or Law will give you a head start, typically netting you between £25,000 and £27,000 per annum. As you progress and take on more responsibilities, your earning potential will rise. After five years in the industry you can expect to earn around £49,000 to £84,000, and potentially earn up to an impressive £116,767!(From the Office of National Statistics). Discover more about how your salary could progress by clicking here.
Beyond the impressive salary, a qualified management accountant has the opportunity to explore the world! This may be for working with a company operating in a global market, or you may choose to take your expertise elsewhere in the world, whether to work for a company overseas, or working independently as a consultant. The CGMA designation is globally recognised; meaning employers worldwide will know the value that an individual with these skills will bring to the company. Popular destinations for Management Accountants include Australia, the United States, New Zealand and South Africa, to name a few!
What You Need to Do to Get into this Field
Accounting, Finance, Business and Law are all relevant degree subjects and mean that you are already armed with a strong foundation needed to succeed. However don’t worry if your degree isn’t in one of these subjects, as even those with degrees in other disciplines are still able to work toward the designation. The CIMA qualification recognises individual circumstances, qualification levels, location and past experience- head here and click ‘Get Started’ to find out which path is best for you.
How to Open Doors to a Management Accounting Career
The route to becoming a CGMA involves both examinations and experience, increasing your earning potential along the way. The framework you will follow for the qualification requires you to have three years of relevant, practical experience, and whilst there is no time limit to complete the qualification on average, it takes a full-time working, part-time studying student between three to five years to qualify.
You can get some great tips from people who’ve been there and done that, by visiting the CGMA website’s careers case studies. Read about their career progression, how they worked their way up to the top, and the challenges faced along the way!
There are many options for study when working towards the CGMA designation, you may choose to study at home, online, or take the course at a local centre. The doors that this qualification can open are endless; with the letters ‘CGMA’ after your name you will be recognised by employers worldwide. To find out more about becoming a Chartered Global Management Accountant head to the website.