Management Accountant Job Description

Written by: Evie Courtier
Published on: 19 Jan 2023

Management Accountant Job Description

Management Accountant jobs involve analysing crucial financial information to optimise and improve financial planning across a business. This Management Accountant job description will dive into the questions of what a Management Accountant does, how much they earn, and how you can develop your financial career path.

  • What is a Management Accountant?

    Based in an organisation’s finance department, the Management Accountant offers strategic advice on business decisions across the company.

    Analysing both financial data and accounts to provide advice on investments, risk and budget planning, the role demands a certain level of accounting and extensive business expertise.

    In a large business with a significant finance team, the Management Accountant will often report to the Head of Finance, Finance Manager or Finance Director. By contrast, in an SME or start-up, your direct manager may be the Finance Director or Chief Finance Officer. Wherever you work, this role will see you reporting to, liaising with, and consulting with members of seniority.

    View the latest Management Accountant Jobs.

  • What Does a Management Accountant do?

    The main purpose of a Management Accountant is to conduct a detailed financial analysis for the benefit and eyes of corporate leadership. As a Management Accountant, you will help the company set its budget, forecast its future profit and earnings, manage its investments and reduce its expenditure. Your findings will be presented in the form of reports for the use of meetings and presentations.

    Depending on the size of the organisation, you may also have a variety of management responsibilities, overseeing the finance department. The key duties and responsibilities of a Management Accountant will often include:

    • Producing financial statements including profit and loss accounts, budgets, monthly management accounts, and cash flow
    • Drafting board packs and monthly consolidated accounts
    • Preparing monthly consolidated P&L forecasts
    • Calculating and conducting VAT and CIS returns
    • Producing annual statutory accounts
    • Reviewing ongoing cash flow
    • Negotiating on major projects, loans, investments and grants
    • Reporting on company assets and accountabilities, such as balance sheet account reconciliations
    • Ensuring compliance with all financial regulations
    • Reviewing working accounting practices and processes to ensure effective operations
    • Providing management reporting in the form of project appraisal, evaluation and post-implementation examination
    • Creating and supervising new company procedures

  • How to Become a Management Accountant

    The role of a Management Accountant can lend itself to part-qualified, as well as qualified individuals. You can still conduct management accountancy in part-qualified Accountancy & Finance jobs however, will be limited to a narrower selection of duties and tasks.

    The pathway to achieving a Management Accountant role will usually start with the accomplishment of an undergraduate degree in finance and accountancy. An Accountancy or mathematical discipline will certainly give you the edge in an interview process.

    Without a degree, the route may seem a little trickier, however, you can apply for a range of entry-level finance roles to get you started and investigate a range of apprenticeships.

    Whatever route you choose to commence your management accountancy career, you’ll require a professional certification further down the line. Studying towards a professional accountancy qualification such as CIMA, ACA or ACCA will enhance your future employability prospects.

    Our partner the professional body of the Association of Certified Chartered Accountants (ACCA) offers a range of qualifications for you to choose from.

  • Management Accountant Career Path

    Once you’ve spent a few years in a role and established yourself as a sought-after Management Accountant, you may enquire about progression opportunities. There are a few linear and stable directions you can turn to for your next step.

    If you’re interested in a corporate position, following a management framework, you could move up the hierarchy into a Finance Manager job; and ultimately, depending on a company’s size and structure could look at entering a Chief Financial Officer role.

    Another option would be to pursue consultancy work, with the option of becoming a Chartered Accountant or Management Consultant.

  • How Much Does a Management Accountant Make?

    According to our 2022 Audience Insight Report, Management Accountants earn £44,627 per year on average, with 64.2% of our audience reporting a pay rise since 2021. This amount is malleable by factors such as location, employer, industry and the seniority of your role.

    Our Report also found that 34% of Management Accountants are offered a bonus on top of their basic earnings.