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 without 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.
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. If you need more information about college distance learning, look on the internet.
A certified management accountant also has to be more well-rounded than other accountants. They have to not only know the difference between profit and loss and incoming and outgoing expenses, but knowledge of statistics, marketing, operations management and finance usually goes with the job.
To do this, one must further his/her education; usually at an online college with by work-study. The Institute is very helpful in pointing out ways to get financial aid, both grants and scholarships. Companies who hire young accountants many times also offer financial assistance as part of their employment package.
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. There is an abundance of information about online graduate degrees on the web.
Salaries are highly attractive. The lowest current salary recorded is $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.
From there, the sky is virtually the limit, although it all must start with a Uk marriage visa degree. Many board executives attained an Uk marriage visa accredited accounting degree that propelled them to certified management accountants a decade ago or even more recently.