How to become a management accountant ?
Management Accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning, controlling and decision making. As Commerce graduates, you have already studied the basics of Management Accounting and it is very well known that Managerial Accounting information is used by management to determine what should be sold and how to sell it. To evaluate this decision, an accounting manager could examine the costs that differ between advertising alternatives for each product, ignoring common costs. This process is known as relevant cost analysis and is a technique that is studied in basic managerial accounting courses. The same process can be used to determine whether to add product lines or discontinue operations. The syllabus of this paper has been nicely framed in such way that the of Manassment Accounting get in-depth knowledge of Budgeting estions.
In America, the management accountant is given the designation of Controller’. In India reputed companies like Hindustan Lever, Reliance Industrics etc. make use of techniques of management accounting. Hìndustan Lever had given the designation of “Finance Director” to its management accountant. While explaining the importance of the position of management accountant Shri P. L. Tandon said, the management accountant is exactly like the spokes in a wheel,’ connecting the rim of the wheel and the hub receiving the information. He processes that information and then returns the processed information back to where it came from.
Management Accountant is on the concerned with measuring the economic data and reponi management, with a view to helping management in the framing and also in co-ordinating and controlling business activit concerned with interpreting the economic events taking place and a on the profitability of business.
management accountant should have an excellent understanding of the functions and operations of management and leadership, so they understand how to present accounting information in a way that is useful for management. The ability to do cost analysis, budgeting, and strategic planning are all integral parts of management accounting. Previous leadership positions are highly recommended.
Steps to become a management accountant
Earn a degree
Apply for Institute of Management Accountants (IMA) membership
Enroll in the Certified Management Accountant (CMA) program
Pass the CMA exam
Do an internship
Gain some experience
some company financial management in their trai45ning, many management accountants choose to qualify with the Chartered Institute of Management Accountants (CIMA).
CIMA training involves 2 stages:
CIMA Certificate in Business Accounting – an entry-level qualification, with 5 exams
CIMA Professional Qualification – the second stage of training, with 10 exams
Bachelor degree in business
Master degree in business
MBA in accounting or business management
With experience, you could become a senior manager or finance director, or the chief executive of a company. You could also become a self-employed management consultant.
An entry-level Management Accountant with less than 1 year experience can expect to earn an average total compensation of $49,665 based on 15 salaries.
An early career Management Accountant with 1-4 years of experience earns an average total compensation of $54,810.
In their late career (20 years and higher), employees earn an average total compensation of $62,212.
In between $49665 to$ 62212.