What does a Chartered Management Accountant do?
The preparation, development and analysis of financial information for an organisation’s management team to use when making well-informed decisions, which helps to secure future stability, growth and profitability. A chartered management accountant’s role is to analyse the performance of a business and advise on how to prevent problems, adapt to changing circumstances and improve value.
What skills does a Chartered Management Accountant need?
- Commercial awareness and an understanding of how businesses work and manage resources
- Numerical skills
- The ability to clearly explain complex information in layman’s terms to a range of stakeholders
- Professionalism and the ability to remain impartial
- Excellent oral and written communication skills
- An understanding of accounting technology
- Project management skills and the ability to lead
- Strong teamwork skills and the ability to work with colleagues including non-finance members of staff
- A logical approach to work, as well as analytical and problem-solving skills
- Organisational skills and the ability to work to deadlines
- Motivation to complete studies whilst working.
How to become a chartered management accountant?
To become a chartered management accountant you’ll need a professional qualification with the Chartered Institute of Management Accountants (CIMA). This career is open to all graduates, no matter what subject your undergraduate degree is in. However, if you’ve studied a relevant degree, such as accounting or business, you may be able to skip certain CIMA exams.
How much do chartered management accountants earn?
Entry-level chartered management accountants earn between £28,000 and £33,000 after passing professional exams. Experienced professionals earn between £40,000 and £45,000, depending on location and company. Senior chartered management accountants could earn around £65,000.
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