Management Accounting Careers

Updated on April 5, 2024
Article byWallstreetmojo Team
Edited byAshish Kumar Srivastav
Reviewed byDheeraj Vaidya, CFA, FRM

List of Top 4 Careers in Management Accounting

Below are some of the top management accounting jobs that you can look for in your career.

Management Accounting Careers

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Overview of Management Accounting Career Opportunities

Management Accounting, also termed Corporate Accounting, involves responsibilities that focus more on internal development and awareness, budget preparation, risk assessment, financial analysis, etc. Management accounting, often confused with financial accounting, has the basic difference that, where financial accounting is more historical, management accounting is a current and forward-looking approach that has more of a futuristic approach for the development of the organization. Management accountants work on revenue/cost analysis, reasons for increase/decrease, and a budgetary process that helps senior managers make decisions, identify the focus areas, and ensure that things are under control and within set standards.

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Career #1 – Financial Analyst

Who is the Financial Analyst/Senior Financial Analyst?

A Financial Analyst works on the compilation of data and analysis and provides variances analysis for any movement in an assigned cost area, cost center, department, or entity.

Financial Analyst/Senior Financial Analyst – Job Description
ResponsibilitiesResponsible for financial analysis and providing out, which helps in decision making, and budgeting and gives deep insight.
DesignationFinance Analyst/ Senior Financial Analyst
Actual RoleActively manages the day-to-day financial processes, monitors revenue and related costs, analyzes the trends of financial indicators and predicts the future, and gives input for decision making.
Job StatisticsThe Bureau of Labor Statistics of the US displays that job growth for financial analysts was 11% from 2016-26, which is faster than average. A growing range of financial products and the need for in-depth knowledge of geographic regions are expected to lead to strong employment growth.
Top CompaniesBoston Consulting Group, Travelers, Cisco, Goldman Sachs, Deloitte, Edward Jones, Morgan Stanley, Citi.
SalaryThe average salary for a financial analyst is $68k as per 2019 published results, and salary increases with years of experience.
Demand & SupplyThere will be a good demand for financial analysts focusing on cost analysis and big data being in focus nowadays.
Education RequirementBachelor’s degree in finance for entry-level jobs and CMA/CFA/ MBA for further progression.
Recommended CoursesBachelor’s degree in finance for entry-level jobs and CMA/CFA/ MBA for further progression.
PositivesExtensive Knowledge of various finance functions and exposure to how exactly an organization is run.
NegativesSometimes the role is too scattered, leaving a person exhausted and not focused on one thing at a time.

Career #2 – Finance & Accounts Manager

Who is the Finance & Accounts Manager?

Finance & Accounts Manager takes care of complete Accounts PayableAccounts Receivable, preparation of financial statements, and other statutory reports for audits.

Finance & Accounts Manager – Job Description
ResponsibilitiesResponsible for finance and accounting functions for profit & loss and balance sheet preparation.
DesignationFinance & Accounting Manager
Actual RoleActively manage the daily operations of the payables and receivables and take calls on vendor/customer management for deals and negotiations.
Job StatisticsThe bureau of labor statistics of the US displays that job growth for accounting managers is 10% from 2016-26, which is faster than average.
Top CompaniesUSAA, Capital One Financial, One deck Capital, JP Morgan Chase, Ernst & Young, Deloitte & Touche, PricewaterhouseCoopers (PwC), KPMG, Bank of New York Mellon, Automatic Data Processing Inc, etc.
SalaryThe base salary for an accounting manager ranges from $91,835 to $116,722.
Demand & SupplyThere will always be a good demand for this role as monthly book closing and reporting is a widely accepted practice now.
Education RequirementBachelor’s degree in finance for entry-level jobs and CPA/CFA/CMA/MBA for further progression.
Recommended CoursesBachelor’s degree in finance for entry-level jobs and CPA/CFA/CMA/MBA for further progression.
PositivesExtensive knowledge of the different accounting functions and exposure to statutory and internal accounting requirements.
NegativesIn the long run, the accounting function becomes a repetitive task.

Career #3 – Budget Analyst

Who is a Budget Analyst?

The Budget Analyst works closely with the board and higher management and falls under the Financial Planning & Analysis (FP&A) team. A budget analyst is involved in planning and controlling an organization’s functions through budget preparation and comparison and analysis of budgeted numbers to actual results.

Budget Analyst – Job Description
ResponsibilitiesResponsible for coordination between investors and higher management and ensures that accurate data is provided for discussion and decision-making.
DesignationBudget Manager/FP&A Manager
Actual RoleThe person was involved in the performance measurement of departments, individuals, and cost centers by identifying areas for cost reduction and efficiency improvement. The budget analysts are also involved in decision-making on whether a CAPEX expenditure should be incurred or not by doing the net present value and cost-benefit analysis.
Job StatisticsThe bureau of labor statistics of the US displays that job growth for budget personnel was 7% from 2016-26, which is equal to the national average.
Top CompaniesBoston Consulting Group, Travelers, Cisco, Goldman Sachs, Deloitte, Edward Jones, Morgan Stanley, Citi.
SalaryThe average salary for a budget analyst is $74K, which increases with years of experience and career progression.
Demand & SupplyThere will always be a good demand for budget analysts as tracking expenses and comparing budgets to actuals has become an integral part of any organization.
Education RequirementBachelor’s degree in finance for entry-level jobs and CFA/MBA/CMA for further progression.
Recommended CoursesBachelor’s degree in finance for entry-level jobs and CFA/MBA/CMA for further progression.
PositivesExtensive knowledge of planning and preparation of steps involved in the budget process and how to gauge in the future.
NegativesIt is not an easy task to gauge the future and determine how the thing will look a few years down the line, so sometimes the job becomes too demanding and stressful.

Career #4 – Treasury & Payroll Manager

Who is the Treasury & Payroll Manager?

Treasury & Payroll Accounting Manager ensures that the organization’s funds are being used inappropriately; there is enough balance in accounts to pay the vendors, employees, and other statutory dues. The person is also involved in cash flow statement preparation, dealing with banks, and other fund management functions.

Treasury & Payroll Manager – Job Description
ResponsibilitiesResponsible for ensuring that working capital requirement is met and there is no deficiency of funds in case of payment dues.
DesignationTreasury/Payroll Manager
Actual RoleTreasury is very important in any organization, as managing cash and making it available for all occasions is a tough task. The Treasury manager is the person who oversees the flow of actual cash. The person remains in contact with all the banks to track the receipts, payments,s and other statutory dues.
Job StatisticsThe Bureau of Labor Statistics of the US displays that job growth for treasury personnel is expected to be 14% from 2016-26, which is way faster than average.
Top CompaniesEvery company, whether big or small, needs a person or team for its cash management functions.
SalaryThe average salary for a treasury manager role is $ 91K.
Demand & SupplyAs suggested by the Bureau of Labor statistics of the US, job growth for treasury personnel is expected to be 14% from 2016-2026, which suggests a strong demand for professionals who specialize in cash management.
Education RequirementBachelor’s degree in finance for entry-level jobs and CFA/CMA/MBA for further progression.
Recommended CoursesBachelor’s degree in finance for entry-level jobs and CFA/CMA/MBA for further progression.
PositivesExtensive knowledge of cash management and banking functions is very helpful in career progression.
NegativesIt is a high-risk job as it involves cash and any mismanagement or error causes a great deal of loss to the organization.

Other Careers in Management Accounting

There are various other options a management accountant can pursue as career options in today’s growing finance segment. They can work in the stock market as an analyst for equity, bond, and other financial instruments. They can work as controllers in various departments to monitor and exercise control over assigned cost centers. They were then banking in another sector with lots of opportunities. In the United States, public limited companies are also one of the biggest recruiters for management accounts for various roles. Then there are non-banking financial companies that offer a lot of opportunities. Apart from the traditional roles of forensic accounting, big data, data analytics, and SOX compliance, increasing statutory compliances pose a great challenge and provide many opportunities for budding professionals in the coming days.

Conclusion

Management accounting is a great career field as it is crucial in maintaining coordination between various internal and external stakeholders. Management accounting is how the organization is handled, and resources are used optimally. Management accounting is an effective tool for performance measurement of departments, individuals, and cost centers, and it also helps increase efficiency and cost reduction, resulting in profit maximization. Also, management accounting is involved in identifying foreseeable revenue or expenses, which gauges the organization’s future. So, this is one of the most exciting fields with great scope and future in the coming years. It also adds stability to one’s career and is a rewarding field. Ultimately, there is much to learn, work, and earn in management accounting.

Recommended Articles

This has been a guide to Management Accounting Careers. Here we provide the list of top 4 careers in management accounting opportunities, including Financial Analyst/Senior Financial Analyst, Finance & Accounts Manager, Budget Analyst, and Treasury & Payroll Manager.  You may also have a look at below finance articles to learn more –

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