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In Brief... Management Accountant

 Brief Description:

Management accountants provide business data and analysis to managers within organisations to assist in business decision-making and control

The focus is on the analysis and reporting of a company’s financial position in order to provide insight into business performance.

Specifically, you will provide the monthly management accounts, and budgets and forecasts to aid business planning. You will also be involved in cost analysis and cost-reduction projects, competitor analysis, variance analysis, tender preparation and review, strategic planning, long and medium term planning, as well as investor appraisal.

Why choose management accounting?
This is a highly commercial role interacting with different areas of the business. You will not only analyse historical data but will provide information on what the business needs to do going forward to meet expectations. As a result you are very much considered to be a finance business partner and will be expected to offer an opinion on your analysis.

Career progression
There are two main paths for a management accountant to follow. Progressing to Head of Financial Planning and Analysis is a route which allows you to access a more sophisticated reporting and analysis environment. The alternative for many management accountants is to ultimately progress to a Financial Controller role and become Finance Director. If this is your medium to long-term aim, it is recommended that you also consider a role in financial accounting. The role of a management accountant is also transferable to financial services up to manager level.

Typical tasks undertaken in this profession: 16

»  

Prepare, examine, or analyze accounting records, financial statements, or other financial reports to assess accuracy, completeness, and conformance to reporting and procedural standards. 

»  

Report to management regarding the finances of establishment. 

»  

Establish tables of accounts and assign entries to proper accounts. 

»  

Develop, implement, modify, and document recordkeeping and accounting systems, making use of current computer technology. 

»  

Compute taxes owed and prepare tax returns, ensuring compliance with payment, reporting or other tax requirements. 

»  

Maintain or examine the records of government agencies. 

»  

Advise clients in areas such as compensation, employee health care benefits, the design of accounting or data processing systems, or long-range tax or estate plans. 

»  

Develop, maintain, and analyze budgets, preparing periodic reports that compare budgeted costs to actual costs. 

»  

Provide internal and external auditing services for businesses or individuals. 

»  

Analyze business operations, trends, costs, revenues, financial commitments, and obligations, to project future revenues and expenses or to provide advice. 

2 In Detail...
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Education
Most of these occupations require qualifications at NFQ Levels 7 or 8 (Ordinary / Honours Degrees) but some do not.

Related Experience
A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an engineer must complete four years of college and work for several years in engineering to be considered qualified.

Job Training
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Job Zone Examples
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, computer programmers, teachers, chemists, environmental engineers, criminal investigators, and financial analysts.


Qualifications required?

Degree + Professional Exam

Typical entry routes:

School leavers can complete a Certificate in Business Accounting (from the CIMA), and use it as a stepping stone to the professional qualification. College students will also have to complete this course, but may be exempt from some of the exams. Other routes to qualifications are set out for those with different backgrounds as follows: Accounting Technicians, those with MBA or Masters in Accounting; those with ACCA qualifications, for Institute of Bankers members and for Engineers Ireland members.

Related courses

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Sectors related to this occupation:

This occupation is typically found in the sectors below. You can explore information relating to sectors by clicking on the titles below.

Accountancy & Taxation
Business Organisation & Business Management

Future Skills Requirements & Concerns

Current Labour Market Research highlights concerns in some occupations. These comments are presented here where available: [source: Forfas]


 
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