Management accounting is the internal business building role of accounting and finance professionals who work inside organizations. These professionals are involved in designing and evaluating business processes, budgeting and forecasting, implementing and monitoring internal controls, and analyzing, synthesizing, and aggregating information—to help drive economic value.
The role of management accounting differs from that of public accounting, since management accountants work at the “beginning” of the value chain, supporting decision making, planning and control, while audit and tax functions involve checking the work after the fact. Management accountants are valued business partners, directly supporting an organization's strategic goals. With a renewed emphasis on good internal controls and sound financial reporting, the role of the management accountant is more important than ever.
It obviously takes more people to “do” the work than it does to “check” the work. In fact, of the five million finance function professionals in the U.S., more than 90% work inside organizations as management accountants and finance professionals. Some common job titles for management accountants in organizations of all sizes and structure include:
Staff Accountant
Cost Accountant
Senior Accountant
Corporate or Division Planner
Financial Analyst
Budget Analyst
Internal Auditor
Finance Manager
Controller
Vice President, Finance
Treasurer
Chief Financial Officer (CFO)
Chief Executive Officer (CEO)
CMA Parts 1, 2, 3, 4 (Books,Test prep questions) - Current 4-part Exam
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