A certified management accountant is an essential professional in an industrial business setting. In this position you will provide three necessary services for the business – accounting, management and advice on strategies. There are six functions associated with management accounting:
- Financial reporting
- Strategic management
- Risk Management and Governance
- Performance Management
- Performance Measurement
- Financial Resource Management
The position of certified management accountant is a high-ranking position in the accounting industry. In order to be eligible for the certificate, you must have a Bachelor’s degree in accounting and have worked in the area of management accounting for at least two years. The requirements include verification of the work experience in a form completed by the employer that specifies the type of work you have done in your job. Once you meet the education and work requirements, you have to pass a rigid four-part exam in order to receive the certificate. The exam covers various issues associated with the job, such as analyzing financial statements, issues related to working capital, issues of valuation, capital structure and risk management.
There are several things you should consider when you want to become a certified management accountant. The most important thing to consider is how beneficial this designation will be in advancing your accounting career. With this certification, you demonstrate to your employers that you have the skills and abilities to handle challenging issues because by passing the exam proves that you can work across all areas of accounting. It shows that you have good decision-making skills and abide by the code of ethics.
As a certified management accountant, you have many more employment opportunities open to you than other accountants. According to the statistics, those in this position have salaries at least 27% higher than public accountants. The certification is accepted all over the world and with this designation, you will be sought after by multi-national companies.
You will be part of an executive team as a certified management accountant. You will be responsible for several projects and determine whether these projects or acquisitions will be beneficial for the company. The daily tasks could include such things as preparing cost estimates and making decisions about the budgeting process for proceeding with certain projects. It may also mean negotiating with contractors and overseeing the development of the project, adjusting costs and expenditures and analyzing them to ensure that they are within the budget.
In this job, you will also have to analyze financial statements and reports so that you can provide the company executives with sound financials advice that will affect the future of the company. Cost estimating is an important aspect of this position, as you will have to project future costs to try to develop budgets for projects. It is a rewarding position and one in which you can advance in your accounting career.