Professional Chartered Management Accountants are a specialized group of accounting experts who are responsible for financial planning and managing a business’s finances. They often work for large companies, governments or accounting firms on strategic financial planning and investment. They may also offer financial advice to a company’s leadership on areas such as risk management and corporate governance.
These professionals have a strong understanding of financial analysis and strategy, which helps them make business decisions that can improve the company’s performance. They help to identify what’s driving the company’s profits and losses, rather than simply reporting them.
They also play a role in helping to develop strategies for growth in the long term and adapting to market changes. They can work in a variety of industries, including education, manufacturing, communication and finance.
To become a professional chartered management accountant, you must study and gain experience in the field before attempting the CIMA certification exam. This exam tests your ability to manage financial information, budgeting and forecasting and other business analysis skills. You must also have a minimum of three years of relevant management accounting experience in order to achieve this certificate.
The Chartered Institute of Management Accountants (CIMA) is a UK-based professional body that provides training and qualification in the field of management accounting. It is a global organization that has more than 229,000 members, both professionals and students.
As a member, you can network with other professionals in your field and stay up-to-date on industry changes. You can also earn professional development and other incentives for your efforts in the field.
In 2012, the American Institute of Certified Public Accountants (AICPA) partnered with the Chartered Institute of Management Accountants to create a new credential called the CGMA designation. This Professional Chartered Management Accountants in Birmingham UK designation recognises the most skilled and committed professionals in the field of management accounting.
A CGMA credential can open up increased and more senior job opportunities for those in the field of management accounting. It can also increase your salary.
This type of job can be very challenging and rewarding, as you have to help a company succeed by providing guidance on critical business decisions. You have to be able to offer a broad range of expertise and experience, as well as strong people management skills.
The average base salary for a management accountant is $210,000 per year, but it can vary depending on the size of the company and the level of responsibility. You can also expect to receive bonuses and overtime pay for your work as a chartered management accountant.
Management accountants are at the crossroads of technology, financial analysis and strategy, and leadership. They are able to identify what is driving a company’s profits and losses, then assist the CEO in developing strategies for growth.
They are data explorers, looking for insights in a wide range of areas such as supply chains, innovations and customer behavior. They provide strategic insights to the management team that can lead to improved results, as well as new ideas for future growth and success.