Management accounting is all about getting to the right answer to make decisions. It helps internal stakeholders understand data and a killer management accounting team is crucial for a business to succeed.
Management accountants spend a lot of time with internal stakeholder worrying about the internal operations of a business. A management accountant will create special reports for executives, analyze costs of manufacturing, or look at customer profitability. At its heart, management accounting really helps answer tough questions for CEOs and CFOs.
Within a business, you often find management accountants working with the Financial Planning & Analysis (FP&A) groups, as well as other specialized projects or product teams. Due to the varied exposure they get to the business’ detailed operations, accountants in this field can quickly get promoted up the chains. It’s fun, varied work with great salary potential.
|Big 4||Most Big 4 careers are for people specializing more in Financial Accounting and Audit, although you can gain the skill sets you need to pursue management accounting by starting out at a Big 4.|
|Private Company||Private companies are where a management accountant thrives. Any established company will have a team who focuses on different areas of the business and how it is performing. These are critical team members who provide pivotal insights into the company.|
|Small Firm||Small firms probably don’t have a large management accounting presence. Given the scope of their work, tax and audit are where these firms excel.|
|Independent||As an independent adviser you might be able to work with smaller companies on a consultant basis but as a company expands they will move towards having an internal management accounting team.|
If you are interested in learning more about management accounting, head on over to our college search section and find the school that’s right for you.