Management accountant
Management accountants oversee a company's finances and find ways to improve profits.
Also known as: Chartered management accountant
- Starter salary£30,000 a year
- Experienced£60,000 a year
- Typical hours37 to 39 a week
What you'll do
As a management accountant, you could:
- prepare financial statements and accounts
- monitor spending and budgets
- analyse the company's financial performance
- make business decisions
- audit departments in your company
- forecast and plan future spending and ways to reduce costs
Working environment
You could work at a client's business or in an office.
Skills and knowledge you'll need
You'll need:
- knowledge of economics and accounting
- maths knowledge
- to be thorough and pay attention to detail
- administration skills
- analytical thinking skills
- the ability to work well with others
- ambition and a desire to succeed
- excellent verbal communication skills
- to have a thorough understanding of computer systems and applications
How to become a management accountant
You can get into this job through:
- a university course
- an apprenticeship
- combining work with studying a professional qualification
University
You could do a degree in any subject then apply for a place on a graduate training scheme to work towards a professional accountancy qualification.
If you want to take a more focused route onto a graduate scheme, you could study for an accountancy related degree, like:
- accountancy
- accounting and finance
- business and management
- maths
Some degree courses may give you exemptions from certain professional accountancy training modules.
Entry requirements
You'll usually need:
- 2 to 3 A levels, or equivalent, for a degree
- 4 or 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths
Apprenticeship
You could take your first steps towards a career as a management accountant by applying for place on an apprenticeship, such as:
- Professional Accountancy or Taxation Technician Level 4 Higher Apprenticeship
- Accountancy and Taxation Professional Level 7 Apprenticeship
Entry requirements
You'll usually need:
- 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship
Other routes
To become a qualified management accountant, you could train with a professional body, for example:
- Chartered Institute of Management Accountants (CIMA)
- Association of Certified Chartered Accountants (ACCA)
- Institute of Financial Accountants (IFA)
They all have different entry requirements and ways to qualify, so it's important to check with them which is the right route for you. If you already have relevant accounting or business-related qualifications, you may be able to qualify in a shorter time.
Career path and progression
With experience, you could become a:
- finance manager
- chief financial officer
- finance director
- chief executive
You might also become a self-employed management consultant or work as a financial business analyst.
Career tips
Look out for ways to get experience in a company's finance department or with a financial organisation. There may be opportunities to do:
- work shadowing
- Easter and summer holiday schemes
- virtual and workplace internships
- year in industry placements
These are offered by small and medium-sized businesses, as well as large national companies. They can give you an insight into the career and help you make contacts in the sector.
Guides for this industry
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