Start On A Career As A Certified Management Accountant With An Accounting Degree!
There are a number of different titles within the field of accounting. In fact, when one starts breaking them down by their abbreviations, it's a veritable alphabet soup of financial analysts. Still, if there is one that truly stands out, it's the Certified Management Accountant. No matter where one fits inside this multi-faceted field, the first requirement is a degree.
According to their main professional organization, the Institute of Management Accountant, management accountants assess an organization's state, local and federal taxes, identify ways to lower expenses and analyze budgets. Depending on the organization they might be involved in corporate strategic planning initiatives, manage costs related to new project and product development. They also prepare reports and write papers for investors, regulators and auditors. This list only begins to outline a management accountant's possible financial responsibilities.
One enters the field with a Bachelor's in Accounting and starts as a junior accountant. The Institute then states getting a Masters in Accounting and/or Finance is a necessity. Management accountants then must take certification before calling themselves a full management accountant.
A certified management accountant is more a generalist than others. They have to not only know all the basic accounting principles and techniques, but have a solid idea about statistics, marketing, operations management and finance. In other words, a management accountant is more a generalists than others in the field. They apply their knowledge to monitor the overall health of a company.
To further education, usually at an online college with by work-study, the Institute is very helpful. It will also point the ways to get financial aid at its web site. Companies who hire young accountants many times also offer financial assistance as part of their employment package. Even after graduation and certification, the job calls for further seminars and professional meetings, in order to stay on top of the latest financial tricks of the trade.
The Bureau of Labor Statistics says they have only about 65,000 management accountants. It's an incredibly small number when one realizes there are over 2 million accountants in the U.S. Conversely, the need for them is growing incredibly. The Bureau estimates a 22% growth in positions by 2018.
Salaries can be incredibly appealing. On the low end, salaries are $47,000. The high end borders around the $100,000 mark. Perks are more than just continued education. The package almost always has excellent health care and life insurance policies, expense accounts, 401(k) and other retirement/investment clauses. Stock options are not out of the realm of possibility. So while it takes a lot of work to become one, the rewards make it worth the effort.
For those involved in this field, it may have started with an online degree. It should be noted that many sitting on boards were certified management accountants less than a decade previously. If sitting at board meetings and making decisions isn't enough, many management accountants set up their own consulting firms with top governmental agencies and the Fortune 500 as their clients. In all, having an accredited accounting degree and working up the ladder sounds like a good way for an officer in the financial world to travel the career path.
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