Management accounting involves providing financial information to the managers of an organisation so that they can make day-to-day and short-term business decisions.
Management accounting is different from financial accounting in that it is forward-looking and prepared in accordance with the informational needs of managers, instead of being historical and prepared in accordance with the generally accepted accounting principles. Management accounting information is used internally by the managers of an organisation, and is generally not released to external stakeholders.
What will I learn when I study management accounting?
The topics that you will cover when you study a management accounting course will depend on the type of course that you choose to complete. However, you will generally learn more about some or all of the following topics:
- Management accounting principles
- Financial accounting principles
- Information systems
- Business economics
- Business mathematics
- Business law
- Corporate Governance
Knowledge of the above-mentioned topics will prepare you for working (or studying further) in the field of management accounting.
Where can I study management accounting?
You can study both financial accounting and management accounting courses at Oxbridge Academy. Here is the list of courses that you can choose from:
Once you have completed the ICB Accounting Programme (which consists of four courses in total, including the two listed above), you can continue your management accounting studies through CIMA. CIMA is the Chartered Institute of Management Accountants, and is the largest professional body for management accountants internationally.
Find out more about studying an accounting course at Oxbridge Academy
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What does a management accountant do?
A management accountant combines accounting and financial expertise with general management principles to assist managers in formulating and implementing organisational strategy. He or she is a business leader who aims to create value in an organisation by:
- Producing reports (that contain both financial and non-financial information) to assist in managing performance and making strategic decisions.
- Providing managers with commercial and strategic insight.
- Designing and implementing business processes and management information systems to ensure efficient and effective use of resources.
- Formulating and managing organisational policy, strategy and objectives.
- Producing business plans, forecasts, scorecards and analyses.
- Implementing corporate governance and risk management measures.
- Overseeing internal audit, internal controls, and stakeholder reporting.
- Carrying out due diligence in the context of mergers, acquisitions, business partnerships and joint ventures.
Management accountants need skills in:
- Analytical thinking
- Strategic thinking