A managerial accountant records and analyzes financial information by means of collecting, interpreting and preparing financial data to the organization or company's management team. The data is then used to form practical financial decisions that can benefit the company's overall growth. A managerial accountant also must pay attention to details, be a critical thinker, and have a strong mathematical background, and most likely a bachelor's degree in Business, Accounting, or a similar financial field. If you believe that this represents you, read on for what may end up being your dream job.
Main Objectives for a Managerial Accountant
As a managerial accountant, your responsibilities will be to manage numerous transactions that the firm or company is involved in. One objective is planning or forecasting future issues outcomes that the management team may encounter. Creating budgets and incorporating lessons from past mistakes are also crucial tasks for those in the role of the Managerial Accountant.
Another important skill for this job is being an effective decision-maker. Leading a company's finance department in financial decision making can make the difference between finding solutions to problems or not. The final decision in these cases is often made through a combination of planning and intuition. Having a strong decision-maker as part of your staff means more time is spent executing the objectives that will make your company succeed. This is the role of the Managerial Accountant. No matter the size of the company or firm, crucial decision making is an hour by hour, and sometimes minute by minute process. Having a managerial accountant on your team will allow your company to make better decisions about their future.
The Skills Needed to be a Managerial Accountant
As one may expect, accounting itself deals a great deal with numbers. So being proficient in math is a must. Organization skills and communication skills are incredibly valuable, along with time management capabilities. Ok, so you decided that you have the basic skills to become a managerial accountant, what's next? In order to follow through with this career path, one must receive at a minimum, a Bachelor's degree in Accounting. However, many employers look for prospects for the job that holds a Certified Management Accountant credential as well. In order to receive a CMA Certification, there is a two-part exam to be taken. It covers subjects like financial reporting, cost management, planning and budgeting, and Investment decisions to name a few. It may seem a lot to be covered, but rewarding. The next paragraph will explain why to choose this exciting career path.
Now that you understand the objectives and skills that a Managerial Accountant requires, and have decided to get the higher education to do so, here is one good reason to choose this field of interest. Managerial accounting has become one of the highest paying career options for entry-level graduates. According to the BLS (Bureau of Labor and Statistics), "employment of accountants and auditors is projected to grow 10 percent from 2016 to 2026." With this increase, it proves to be a worthwhile career path for any person with proficient mathematical skills to take a leap in. Go ahead, and watch your career take off.