A 'chartered management accountant' relates the accounting principles to make available the economic information required for the financial protection and planning of businesses in the private as well as public sectors. They maintain and establish financial policies and systems of management information, and mediate between the management colleagues related to the facets of finance.
Chartered management accountants lean on the future. They examine the functioning of a particular business and recommend the tips to improve its worth.
They can work in an economic function or in specialist departments that provide financial advice as well as information to sustain planned business decision making.
Description of the job
The general work activities of a chartered management accountant include:
• To create, implement and monitor the procedures and processes around the formation of monthly predictions.
• To prepare periodic economic statements, including accounts of profit & loss, cash flows, budgets, commentaries and variance analysis.
• To inform strategic verdicts and formulate business strategies.
• To ensure the efficient utilization of resources.
• To manage expenditure and income, payroll, sales and stocks.
• To inform operational decisions.
• To confer for major loans, grants and projects.
• To safeguard intangible and tangible assets.
• To maintain evidence of CPD or "continuing professional development".
• To coordinate with other role managers to put in context the finance analysis.
Entry requirements
Although the field of chartered management accounting is accessible to all the graduates, the candidates who do not have any relevant degree should work headed for the 'business accounting certificate' from the "Chartered Institute of Management Accountants" (CIMA). The relevant qualifications necessary to access entry in this field are:
• The business accounting certificate from CIMA
• A specialization degree in business or accounting
• Technician level/ diploma pathway from "Association of Accounting Technicians" (AAT)
• Certificate of accounting from open university (OU)
If the qualification of a person has been acknowledged by CIMA, one may get some exceptions from the professional qualification managerial level.
Career development
The advancement of career in this field depends on the successful achievement of every level of CIMA qualifications. Post qualification progress will be in accordance with the skills developed (project management and manageable skills like teamwork and communication) and experience gained.
Continual development of the profession is incredibly important and the qualified accountants of CIMA will be asked to attend the training seminars and events of industry networking currently.
Salary
• The preliminary salaries for the trainees can be up to $42,800. The normal initial salary for current graduates can be around $34,500.
• The salary substantially increases on clearing the germane examinations. The usual salaries for recently trained chartered management accountants are $49,400 - $74,000.
• The usual salaries for the senior level posts range from $60,000 - $100,000 plus.
Thus, there is a wide scope for chartered management accountants in the near future. It will bring a good turn in the life of those people who are considering making a career in it.
