Interested in Management Accounting? Perhaps this post from our guest blogger Katy Crouch, on behalf of the Chartered Global Management Accountant (CGMA) will help.
Management Accounting – What it is
Management accounting roles combine financial know-how with management skills. This career will have you using accounting expertise in order to form business strategies; and as you progress you can work your way up to making essential business decisions and driving success!
A rewarding career
A career in management accounting can satisfy the most ambitious of people. It offers the opportunity to earn a living as you study towards a Chartered Institute of Management Accountants (CIMA) qualification, and by obtaining this certificate you can go on to become a Chartered Global Management Accountant (CGMA), taking your career to the next level.
With global recognition
As a Chartered Global Management Accountant (CGMA) you have the opportunity to work all over the world! This qualification is recognised globally, by small and large businesses, and this opens doors for those with a sense of adventure to travel world-wide. CGMA designation holders are highly-employable, and this career offers fantastic salary potential.
After completing the CIMA framework, which takes a full-time working, part-time studying individual an average of five years, the next step is to become a CIMA member and then you automatically qualify for a CGMA designation. The course framework acts as a bridge between employment and education, and your employer will work to ensure you gain valuable industry experience as you learn and apply your knowledge.
The ‘earn whilst you learn’ nature of the first steps of this career path make this an attractive progression for a graduate – as it provides the opportunity to earn a living whilst studying. The average salary at entry-level is around £26,000 per annum.
Your salary will rise as you progress, and 70% of part-qualified or newly qualified employees agreed that working toward this business finance qualification gave them a strong position when negotiating their salary. To find out more information on the salary you can expect, including salary expectations around the world, click here.
Entering the field
Those with a degree have a fantastic grounding for this career path. Graduates with a degree in accounting, law, business or finance will have relevant knowledge; however, graduates from other subjects may well have transferable skills that would also give them an appropriate foundation of knowledge.
Prospects, a website for graduate careers, has information on an alternative organisation to train with to become a Management Accountant – Association of Chartered Certified Accountants (ACCA).
This route takes out the business management modules instead of audit and taxation options in the final part of their training.
On the journey to becoming a CGMA designation holder you will gain an applied knowledge across many areas of business, including operations, strategy forming, management tasks, finances and analysis. To get a full view of the mix of expertise you will gain along the way take a look at the CGMA checklist, you may also discover you have some of these ticked off already!
On a daily basis you will be making business decisions, communicating with other managers, and exercising a working knowledge of all things finance. This is the ideal career to satisfy a driven, enthusiastic individual, who will find the path both challenging and rewarding.
On the CGMA’s website you will find a business case studies page with articles from companies such as M&S and L’Occitane as well as business giant Unilever. Here you will find top tips and you can read how management accountancy has drive growth within their companies; for example Unilever talk of how they attracted 600,000 new consumers, they say –
“By close cross-functional working and using management accounting techniques to build a clear understanding of the value of the different investment levers of price, promotions and advertising, the team were able to develop and execute a clear strategy which built the long-term health of a key part of the UK business.”
Step by Step
The route to becoming a Chartered Global Management Accountant offers a host of benefits – the opportunity for working across the world, a great salary potential, and the advantage of earning whilst you progress.
The route to becoming qualified will involve both education and experience, and the CIMA professional body aims to help you every step of the way. The CIMA dedicated job site allows you to search for positions across the world across a range of sectors for many different skill levels.
What’s more the CIMA allows you to study in a way that suits you, whether that is with a course provider at a location local to you, self-studying from CIMA textbooks, or by taking an online course.
Interested? Check out the CGMA Website to find out more.