Do You Have the Skills to Be A Management Accountant?
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Unlike CPAs or public accountants, who often work on behalf of dozens of clients as part of an accounting firm, management accountants normally just work within one specific company.
CMA-certified professionals work inside organizations of all sizes, industries, and types, including manufacturing and services, public and private enterprises, not-for-profit organizations, academic institutions, government entities, and multinational corporations.
Management accountants are professionals who work in business, across all areas of an organization, in decision support, planning, and control functions. Their role is distinct from the responsibilities of public accountants, who focus on audit, taxation, and compliance. Some common job titles for management accountants include:
Chief executive officer (CEO)
Chief financial officer (CFO)
Chief technology officer (CTO)
Treasurer
Vice president, finance
Controller
Finance manager
Internal auditor
Budget analyst
Financial analyst
Marketing analyst
Corporate or division planner
Senior accountant
Cost accountant
Staff accountant
Here’s a quick overview of the types of skills and education required along common management accounting career paths.
Entry Level
Common Jobs: Staff accountant, cost accountant, junior internal auditor
Education & Skills:
Bachelor degree in finance or accounting
Good technology skills (specifically MS Excel)
Common Job Duties:
Work under a senior accountant or manager
Help in the budget department
Prepare reports for the controller’s department
Mid Level
Common Jobs: Accounting manager or senior accountant, senior internal auditor
Education & Skills:
All entry-level requirements
Strong communication and analytical skills
An MBA with a focus in accounting or Master of Accounting (MAcc) degree; CPA or CMA certification is recommended
Common Job Duties:
Prepare financial statements
Assess internal controls
Analyze and/or prepare monthly financial information
Create and analyze company budgets
Supervise accounting staff
Senior Level
Common Jobs: Controller, director of accounting or finance, CFO
Education & Skills:
All mid-level requirements
Track record of excellence and leadership in the field
Solid management skills
Knowledge of the industry and US accounting principles
MBA or MAcc, and/or CPA or CMA certification is desired
Common Job Duties:
Responsible for all or part of a company’s financial status, actions and transactions