Management Accounting

Key Points:

  • A survey conducted by us in 2017, indicated that the average total remuneration for management accountants with 1-4 years' experience in Australia and New Zealand is $97,983*.
  • Major skillsets required include strong numerical skills, good foresight and a flair for data analysis.
  • If you like making financial predictions and recommendations that could impact future business performance, then this role would be a great fit for you.

Also known as corporate accountants, management accountants produce information primarily for internal use by the company's management. The information is generally more detailed than that produced for external use to enable effective organisation control and to fulfil the strategic aims and objectives of the business. Management accountants must assess risk and implement strategy through planning, budgeting, and forecasting.

Information produced may include budgets and forecasts, enabling a business to effectively plan for its future or could be an assessment based on past performance and results. The form and content of the reports is based on management's needs and discretion.

Why management accounting could be the right fit for you

Management Accountants analyse data and make financial predictions for future business performance. This role could give you a big part in steering the direction of a business by making recommendations to the business's management team such as a board of directors or CEO.

The reports, budgets, commentaries and financial statements you produce will help advise the management team about financial implications of business decisions to aid growth and profit. If you enjoy looking behind the numbers, and relating those figures to the "bigger picture" then management accounting might be the one is for you.

Who can you work for?

There are opportunities in a variety of industries. Professionals in this field can work in public and private companies, not-for-profit and government organisations. This is a varied role as each organisation will designate a specific job title and responsibilities based on their business model and needs.

Key skills:

  • Numerical skills
  • Communication
  • Flair for analysing data
  • Translating complex financial information into understandable terms
  • Flexibility
  • Seeing the big picture
  • Forecasting
  • Presentation
  • Identifying risks

*These figures are taken from the 2017 Chartered Accountants ANZ Remuneration survey results of 124 Management Accountants with 1-4 years' experience in Australia and New Zealand.