Management accountants provide financial guidance, planning, and advice to management staff, with the aim of making their business more profitable.
They forecast revenue, provide insightful reports to leadership, and advise on the financial implications of strategic decisions.
Below is a detailed management accountant job description and a full job guide, including important qualifications, skills, and typical employers.
- Management accountant Job Description
- How much do management accountants earn?
- What does a management accountant do?
- Requirements, skills, and qualifications
- Who employs management accountants?
- Which junior jobs progress to management account roles?
Management accountant job description
Management Accountant | Fourpeople
Fourpeople is a leading digital business that works with entrepreneurial thinkers to introduce new products and ideas across e-commerce. It’s a fast-paced industry and we’re committed to offering excellent services to businesses trying to take their products online.
About the role
We’re looking for an experienced Management Accountant to provide timely and accurate financial insights to our leadership team, manage our financial processes and help us to make well informed strategic decisions.
- Produce and support the HoF with the monthly management accounts, and support in presentation to senior leadership
- Budget and forecast production, including providing insight into areas where profitability can be improved
- Review monthly costs with our budget holders and introduce cost savings where possible
- Provide analytical reports to drive our business decisions, develop a strategy and manage financial risk
- Present data to shareholders & potential investors, gain buy-in for new projects and investments
Location & Commitments
- Permanent role with 40 hours a week
- Location-based outside Guildford, remote work is possible in certain situations
- Extra hours expected at end of the financial year
- Proven experience managing accounts for a large-scale commercial business
- Experience with a range of accounting software, i.e QuickBooks, Sage X3, etc
- Studied towards a professional designation in accounting, such as the CIMA or ACCA (these are not essential with demonstrated experience)
- A strong work ethic and good people skills – we’re a friendly office
Are you an experienced management accountant looking to work in a fast-paced environment? Fourpeople is a successful e-commerce business that needs your help to succeed. To apply, please send an email to firstname.lastname@example.org, our hiring manager.
How much do management accountants earn?
The salary of a management accountant can vary due to a variety of factors, but has a national average of £40,000.
Management accountant salaries in the UK
- Low: £32,000
- Average: £40,000
- High: £47,000
Management Accountant Salaries vary depending on:
- Employer industry – Does the accountant work for a retail brand, IT consultancy, or for local government?
- Company size – Larger companies with higher revenues and complex finances will usually pay more than smaller companies
- General salary factors – Such as level of candidate experience and location
Take this example – A senior management accountant working for a global bank in central London, will normally earn more than a junior one working for a small independent chain of restaurants in a small town.
These figures are averages taken from job adverts from the last year and are not fully representative of the extra perks, such as bonuses, overtime pay, or non-financial benefits.
What does a management accountant do?
Going beyond the jargon of a typical job description, here’s a quick breakdown of the main responsibilities of a management accountant throughout a typical week:
- Studying financial data – Sift through data and find the details most relevant to the management team
- Prepare reports, budgets, and statements – Once the data is analysed the management accountant will compile the findings in various forms, from budgets to financial predictions, to help management gain a clear picture of company financial health
- Internal financial reviews – A management accountant manages all internal finances, including administration, finance tracking, and conducting finance audits in-house
- Financial strategy advice – Based on data analysis, a management accountant may be called on to help upper-level management develop financial strategy for growth or to cut costs
- People management – Management accountants may be in charge of a team of lower-level accountants, this involves providing workflows and direction of staff
- Securing funding – a management accountant will provide financial information and predictions to shareholders and potential investors to gain funding for projects and investments
- Income and expenditure management – Control income and expenditure to ensure profitability and
- Analysing and managing risks – Identifying financial risks to the business and advising management on to reduce them
- Develop new systems – Developing new financial systems in-house to adapt to internal and external changes
What do management accountants need?
There’s no doubt that management accounting is a skilled role with significant responsibilities. Employers look for qualified management accountants with the right skillset and experience in the field.
Here’s a general rundown of the qualifications, skills, and personal qualities needed for a role as a management accountant.
Junior management accountant jobs – Junior management accounting roles will usually require the candidate to have a few years of experience in a less senior accounting role, such as accountant.
Intermediate to senior management accountant roles – These roles will require demonstrated experience in management accounting, and often experience within the particular field being worked in e.g. retail, insurance etc.
Management accountant skills
A variety of skills are needed to excel in the profession, here are some of the main ones;
- Written communication: In a role that involves regular reporting to senior management, written communication is crucial
- Commercial know-how: Management accounts require a deep understanding of how businesses work and make profits
- Accuracy: Mistakes are not popular in accounting, even the smallest errors can have huge implications
- Numeracy: As with any finance role, a good head for figures is extremely helpful
- Analytical skills: Being able to assess raw financial data and turn it into meaningful insights for the business, is the core function of the job
And the more industry specific hard skills include:
- Accounting and finance: A solid understanding of business finances and accounting methods are essential
- Software: Accountants will be required to use accounting software such as Sage, Quickbooks, and data tools like Excel
- Stakeholder management: The ability to manage the expectations of senior management and investors
Management accountant qualifications
Accounting is a strictly regulated line of work, so management accounts are expected to have relevant qualifications, such as the following:
The most widely recognised management accounting qualification body is the Chartered Institute of Management Accounting. They provide a range of qualifications to support aspiring and experienced accountants perform their roles well.
- The CIMA Certificate in Business Accounting (Cert BA) provides people with little or no accounting experience with a solid grounding in business economics and accounting.
- The CIMA Professional Qualification provides a deeper level of training and equips management accountants to take on leadership roles within their fields.
- CIMA also offer apprenticeship schemes where school leavers can learn on the job and gain qualifications at the same time
Certified Management Accountant
This professional designation can be earned to work towards a higher salary in the industry. Offered by the Institute of Management Accountants, this qualification is available to those who’ve completed a bachelor’s degree, a previous course, and worked for two continuous years in the industry.
A degree in a related field such as business, accounting, finance or economics will provide a sound level of knowledge for management accountant roles.
What is expected of management accountants?
Management accountants are senior members of staff and as such, expectations from employers can be high.
- Full-time hours – (35-40 hours a week) with potential overtime during project closure or the end of the tax year
- Extended hours – May be required to meet financial reporting deadlines or close important projects
- Financial targets – Some management accounts will be expected to achieve financial targets such as reducing spending or improving efficiency
- Location – typically based in employer’s office with occasional travel for meetings with investors or colleagues
Management accountant benefits
Management accounts are a key member of a business’s team and will likely receive the benefits associated with that, including:
- Pension scheme
- Bonuses based on business performance
- Car allowance
- Paid study
Who employs management accountants?
Any medium to large company with a financial department needs a management accountant, making this a very high-demand role across a variety of industries. Whether it’s in the public or private sector there is a lot of demand across the UK
Typical management accountant employers include companies within:
- Banking and finance
- Health services
Which junior jobs progress to management accountant roles?
There are a number of entry-level jobs that can progress into a good step-up to management accounting:
Working as a company accountant provides candidates with a solid grounding in basic accounting and financial record keeping – employees can choose to progress through to management accounting in larger businesses, or seek promotions externally.
Junior Internal Auditor
A junior internal auditor is responsible for analysing data and building reports on a company’s internal finances, often supporting a senior counterpart – the perfect experience for a training management accountant.
Which senior jobs do management accountants progress to?
Management accountants at the senior-end of their careers can be appointed a number of important roles in a business, such as:
Finance directors are one of the most senior members of a business leadership team and oversee all of the financial activity and decision within that business.
Chief financial officer
A CFO is responsible for managing the total financial decisions of a company, including tracking cash flow, develop full-scale financial plans, and determining strengths and weaknesses in company’s finances.
Management accountant job description – conclusion
Management Accountants are highly in-demand across the UK in a range of industries.
With accessible qualifications and an above-average salary, if you are keen on numbers, work well with computer software, and have a naturally analytical mind, you could go far in the industry.