The Path to Becoming a Management Accountant
All businesses sometimes need an external perspective on how to optimise their processes. When it comes to finances, this is where management accountants step in, providing invaluable insights into how organisations can reach their financial goals.
In the UK, becoming a management accountant typically requires a combination of pursuing relevant education, getting the appropriate certification, and then relevant work experience. Let’s go through the path step by step.
1. Get a Relevant Degree
To become a management accountant in the UK, it’s often necessary to get a degree in accounting or a similar, related field. Some employers may accept degrees in business or finance, or accept candidates with absolutely outstanding professional experience. In most cases, however, having an accounting degree is preferred.
There are a wide variety of universities in the UK and worldwide that offer accounting degree programmes. These degrees can provide students with foundational knowledge in subjects such as financial accounting, management accounting, auditing, relevant regulatory requirements, and business law.
2. Gain Work Experience
After completing a degree programme, it’s essential to gain real-world work experience in the accounting field. There are a number of ways to get this kind of experience, such as through internships, entry-level accounting positions, or even through getting a role in related fields like finance or business. Look for accountancy jobs online to gain work experience.
Work experience allows aspiring management accountants to develop a thorough understanding of how to optimise a business from a financial standpoint, in addition to developing key soft skills such as communication and an eye for detail.
3. Get further professional qualifications
In the UK, management accountants are typically expected to have certain professional qualifications. The most common qualification for management accountants is the Chartered Institute of Management Accountants (CIMA) qualification.
The CIMA qualification is highly respected in the UK and is recognised globally. To get the qualification, candidates can take CIMA courses online, pass a series of exams, complete a period of practical experience, and meet strict ethical requirements. In addition to CIMA, there are other qualifications available, including the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW).
4. Look into specialising
Management accounting is a relatively broad field, and there are a variety of specialisations that you can pursue within it. Specialising in a particular area can help management accountants to develop sought-after expertise, allowing for an accelerated career progression.
5. Ongoing professional development
Once qualified, management accountants need to make sure that they continue their professional development as their careers progress. This could involve attending courses to update their training, keeping an eye on any regulation changes, or even just reading industry-specific journals.
Continuing professional development is important to ensure that management accountants are able to provide the highest level of service to their clients in the long run.
Clearly, becoming a management accountant is a relatively straightforward process – that being said, it still requires some hard work. This typically involves studying for a relevant degree, getting some work experience, and then ensuring that you continue to prioritise professional development in the long run. It’s a rewarding career path that offers many opportunities for growth, especially in the current challenging economic climate.