If one were to look at the accounting field as an army, the Certified Public Accountant would be considered the foot soldier, the Certified Internal Auditors the MPs. As for the officers? They start with the Certified Management Accountant. None of these, however, will start with out a degree.
Management accountants assess an organization's state, local and federal taxes. The role requires identifying ways to lower expenses and analyze monthly, quarterly and annual 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 white papers for investors, regulators and auditors.
While one can gain entry into the accounting profession with a Bachelors in Accounting, its professional organization, the Institute of Management Accounting, states getting a Masters in Accounting and/or Finance is a need. Management accountants also are required to take a two-part certification test before they can officially carry the title.
A certified management accountant also has to be more well-rounded than his peers. They not only have to know the difference between the left and right side of a balance sheet, but knowledge of statistics, marketing, operations management and finance usually goes with the job.
As such, many enter the field with their Bachelors of Science, more than likely Accounting, then enroll with an online college to finish off their degree program through work-study. The Institute is also very helpful in pointing ways to get financial aid, both grants and scholarships at its website. Companies who hire young accountants many times also offer financial assistance as part of their employment package.
The fact is there are really not that many management accountants out there. The Bureau of Labor Statistics states there are only about 65,000 of them in the U.S. When one considers there are slightly over 2 million accountants employed in the U.S. these days, the number is incredibly small. At the same time, the need for management accountants is conversely huge, and like other accounting fields the Bureau estimates a 22% growth in positions by 2018.
As this is truly a management position, salaries are highly attractive. The Institute states that the lowest salary annual recorded as $47,000. Median income is around $55,000, but the high end borders at 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.
Posted in: Accounting, Accredited, Degree, Management, Online Accounting Degree, Positions, Surprise, Upper
