How to become a Management Accountant
Who keeps an eye on the budget, watches the profit margins and makes sure the staff get paid?
What is a Management Accountant?
Management accountants or cost accountants, handle the financial records of their business. Part of their job is to monitor spending and savings, and track the finances against the budget that’s been set. They follow the profit margins and recommend possible cost reductions.
Management accountants also plan the budget for the next income period by doing an annual forecast of expected profit and expenditure. They handle the financial statements of the company and prepare them for external auditing. They may monitor or do themselves, internal audits when required, as well as oversee the company’s payroll systems.
We’re talking a lot of numbers in this kind of role. If you are interested in becoming a management accountant, your ability to interpret figures and data is key. You must be accurate and detailed in your work and be able to workshop problems to get solutions. Time management and strong computers skills are needed as this is a very busy role usually so getting things done quickly and as easily as possible is vital.
Hours & Conditions:
Full-time work is pretty standard for a management account, with overtime at busy times in the financial year if necessary. Your day is spent in an office, using a computer and attending finance team meetings usually.
How to become a Management Accountant: Qualifications
To become a management account you would need a diploma or degree in accounting or from a related field such as business or commerce that majors in accounting. Membership of Chartered Accountants Australia and New Zealand, CPA Australia or the Institute of Public Accountants programs are available to graduates depending on your degree. You may also be required to do further training or have experience before being granted membership.
To look at courses that will help you find a role as a management accountant, check out
There will be an increase in demand in this industry as the business markets continue to evolve with the current trends, particularly with stricter regulations and financial reporting rules. Experts in this kind of work will be sought both in the local and international business markets.