The world of finance offers a lot of options while it comes to career opportunities. Specializations like management accounting opens up a lot of opportunities. Read on to know more.
A Career in Finance
A career in finance can be exciting and of course highly paid. Those who like challenges and are extremely good with number, might find a career in finance and accounting not only a satisfying one but also make good bucks. A vast field unto itself, accounting and finance courses are available widely across several educational institutes.
So at the undergraduate level, if you are majoring in any of these subjects– economics, commerce or business or mathematics, you actually have a wide range of career options. Whether it is exploring the domain of statistical purity or living the professional life of high-octane life of a City Banker – a career in finance can be highly lucrative for many. To be precise, a career in management accounting can be the answer to your career queries.
Management Accounting as a Specialization
As a specialization, management accounting is a combination of finance, accounting and management with a sort of leading edge technology that is required to drive businesses successfully. As a management accountant you will have to essay multiple roles and responsibilities. These would ideally include advising managers about financial implications of projects, framing business and corporate strategies, negotiating a business deal and conduct internal business audits. Precisely oversee the financial aspect of an organization.
At a level, management accountancy can be highly demanding but a rewarding career options for those who love challenges and also enjoys intellectual stimulation. You have to have strong grasp on mathematics; simultaneously you have to have a strong inclination towards data interpretation. You also must have it within you to make serious business decisions, and indulge in market analyses.
Apart from these knowledge and skills, you must be a quick and a curious learner. This also implies that you must have the desire to learn new things as much possible. Management accountants need to be pro-active enough to be able to keep tracks budgets, needs and plans. Management accountants are often called upon to advise the board and indulge in effective decision-making.
Top 5 Career Choices for Management Accountants
After completing a course in management accounting, some of the career options that you can explore are explained below:
Working as corporate treasurer is one of the most coveted career options for management accountant majors. Treasurers take the responsibility for all kinds of financial activities that take place within a corporate; these include managing liquidity, issuing debts, risk management, managing investments.
As the name suggests, corporate controllers are expected to maintain information about all the aspects of a corporate’s financial aspect. As a corporate controller you are expected to prepare budget reports, financial statements, forecasts and cost-analysis reports and of course maintain profit-and-loss statements.
Chief Financial Officer
All corporate finance functions are run by the Chief Financial Officer on a day-to-day basis. The CFO, dawns the role of steward taking care of the company’s assets and minimizing risks and thus ensure that all financial statements are correct and in place.
Preparing budget reports and fiscal reports are the major job descriptions of an accounting manager. As an accounts manager you are expected to take care of the internal management of the corporate and also coordinate with stakeholders. He or she is responsible for overseeing the master budgets and also other business projections.
Monitoring Task performance, keeping a track of all kinds of variances, review contract completion and work closely with others in all kinds of business projections and deals.
Students, who want to break into the world of finance through management accounting, must start early. End up reading widely all types of finance dailies. Internship and work experience can help in learning the intricacies of the world of finance.
In a world that is rapidly changing, demand for finance professionals are increasing. A qualification in finance and accountancy courses like management accounting can open a wide range of career options for you.
Sampurna Majumder is a professional writer who enjoys creativity and challenges. Barely a year into new media, she has written several posts, articles and blogs for prominent websites covering a wide range of topics—from Career to education; from jobs to relationships. The above post explores the career opportunities in management accounting.