The position of management accountant can also be known by other titles, such as cost accountant, industrial accountant or private accountant. In this position, your responsibilities include recording and analyzing the financial statements of the company or government department. Large firms and state and federal governments employ accountants in this type of position, so there are plenty of opportunities for employment in this field of the accounting industry. In management accounting, you will be part of a senior level team responsible for making major decisions such as acquisitions and project development.
Some of the routine responsibilities involved in the position of management accountant include budget development and maintenance, evaluating performance, cost management of projects to determine profit or loss and management of the company’s assets. Analyzing and interpreting the company’s financial information is one of the main duties because this information is necessary to determine future activities of the company. The preparation of financial reports for investors, stockholders and other involved with the company is also a responsibility on a regular basis.
In order to obtain a position as a management accountant, you need to hold an undergraduate degree from an accredited university in accounting, business or a related field. When you graduate from university, you will not automatically obtain this type of job. This is a senior level position and you need quite a few years of experience, plus several certifications before you can apply for such a job. One of the certifications you will need is the CMA certificate – Certified Management Accountant. You will have to write an exam and obtain a minimum passing score in order to gain admission into this graduate level program. In addition, you also need to hold other accountant certifications, such as CPA (Certified Pubic Accountant), CFA (Certified Financial Accountant) or CIA (Certified Internal Auditor).
Another requirement for the certification for a management accountant is at least two years experience working in this field of accounting. You have several options in preparing to take the certification exam. You can attend class, study at home or take online courses to help you pass the exam. The exam itself is in four parts and its very rigid and comprehensive. The first three exams deal with specific issues related to management accounting and business, while the fourth exam is a comprehensive review of all three.
Once you receive certification as a management accountant from the Institute of Management Accountants, you will have global certification enabling you to take a job anywhere in the work in this capacity. While you do not necessarily need to have this certification to obtain a job, you can benefit greatly when you do have it. It will bring you a raise in salary and place you in the perfect position for a promotion within the company of government department. The CMA designation shows your present and future employers that you have the skills and knowledge required to manage a successful business. It is considered a mark of excellence in the accounting industry.