List of Top 4 Careers in Management Accounting

Below are some of the top management accounting jobs that you can look for in your career.

You are free to use this image on you website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be HyperlinkedFor eg:Source: Management Accounting Careers (wallstreetmojo.com)

Overview of Management Accounting Career Opportunities

Management Accounting, also termed Corporate Accounting, involves responsibilities that focus more on internal development and awareness, budget preparation, risk assessment, financial analysis, etc. Management accounting, often confused with financial accounting, has the basic difference that, where financial accountingFinancial AccountingFinancial accounting refers to bookkeeping, i.e., identifying, classifying, summarizing and recording all the financial transactions in the Income Statement, Balance Sheet and Cash Flow Statement. It even includes the analysis of these financial statements.read more is more historical, management accounting is a current and forward-looking approach that has more of a futuristic approach for the development of the organization. Management accountants work on revenue/cost analysis, reasons for increase/decrease, and a budgetary process that helps senior managers make decisions, identify the focus areas, and ensure that things are under control and within set standards.

Career #1 – Financial Analyst

Career #2 – Finance & Accounts Manager

Career #3 – Budget Analyst

Career #4 – Treasury & Payroll Manager

Other Careers in Management Accounting

There are various other options a management accountant can pursue as career options in today’s growing finance segment. They can work in the stock market as an analyst for equity, bond, and other financial instrumentsFinancial InstrumentsFinancial instruments are certain contracts or documents that act as financial assets such as debentures and bonds, receivables, cash deposits, bank balances, swaps, cap, futures, shares, bills of exchange, forwards, FRA or forward rate agreement, etc. to one organization and as a liability to another organization and are solely taken into use for trading purposes.read more. They can work as controllers in various departments to monitor and exercise control over assigned cost centers. They were then banking in another sector with lots of opportunities. In the United States, public limited companies are also one of the biggest recruiters for management accounts for various roles. Then there are non-banking financial companies that offer a lot of opportunities. Apart from the traditional roles of forensic accounting, big data, data analytics, and SOXSOXThe Sarbanes-Oxley Act (Sox) of 2002 was enacted by the US Federal Law for increased corporate governance, strengthening the financial and capital markets at its core and boost the confidence of general users of financial reporting information and protect investors from scandals like that of Enron, WorldCom, and Tyco.read more compliance, increasing statutory compliances pose a great challenge and provide many opportunities for budding professionals in the coming days.

A Financial Analyst works on the compilation of data and analysis and provides variances analysis for any movement in an assigned cost area, cost centerCost CenterCost center refers to the company’s departments that don’t contribute directly to the corporate revenue; however, the firm has to incur expenses for keeping such units operative. It comprises research and development, accounting and human resource departments.read more, department, or entity.

Finance & Accounts Manager takes care of complete Accounts PayableAccounts PayableAccounts payable is the amount due by a business to its suppliers or vendors for the purchase of products or services. It is categorized as current liabilities on the balance sheet and must be satisfied within an accounting period.read more, Accounts ReceivableAccounts ReceivableAccounts receivables is the money owed to a business by clients for which the business has given services or delivered a product but has not yet collected payment. They are categorized as current assets on the balance sheet as the payments expected within a year. read more, preparation of financial statementsFinancial StatementsFinancial statements are written reports prepared by a company’s management to present the company’s financial affairs over a given period (quarter, six monthly or yearly). These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels.read more, and other statutory reports for audits.

The Budget Analyst works closely with the board and higher management and falls under the Financial Planning & Analysis (FP&A) team. A budget analystA Budget AnalystBudget Analyst is a professional data-oriented person. He/she organizes and allocates various financial resources (Income from business/profession, interest income from bank deposits, profits from trading in stocks or shares) by monitoring each spending on an estimation basis and then produces probable surplus/deficit from the said calculations.read more is involved in planning and controlling an organization’s functions through budget preparation and comparison and analysis of budgeted numbers to actual results.

Treasury & Payroll Accounting Manager ensures that the organization’s funds are being used inappropriately; there is enough balance in accounts to pay the vendors, employees, and other statutory dues. The person is also involved in cash flow statementCash Flow StatementA Statement of Cash Flow is an accounting document that tracks the incoming and outgoing cash and cash equivalents from a business.read more preparation, dealing with banks, and other fund management functions.

Conclusion

Management accounting is a great career field as it is crucial in maintaining coordination between various internal and external stakeholders. Management accounting is how the organization is handled, and resources are used optimally. Management accounting is an effective tool for performance measurement of departments, individuals, and cost centers, and it also helps increase efficiency and cost reduction, resulting in profit maximization. Also, management accounting is involved in identifying foreseeable revenue or expenses, which gauges the organization’s future. So, this is one of the most exciting fields with great scope and future in the coming years. It also adds stability to one’s career and is a rewarding field. Ultimately, there is much to learn, work, and earn in management accounting.

This has been a guide to Management Accounting Careers. Here we provide the list of top 4 careers in management accounting opportunities, including Financial Analyst/Senior Financial Analyst, Finance & Accounts Manager, Budget Analyst, and Treasury & Payroll Manager.  You may also have a look at below finance articles to learn more –

  • Fixed Income CareersForensic Accounting CareersCareers in TradingCareers In TradingForex Trader, Equity Trader, Commodities Trader, Fixed Income Trader, and Derivatives Trader are all possible trading careers.read more