The Certified Management Accounting course is one of the most reputed accounting certifications across the globe. This certification signifies that you have the required knowledge in domains like financial planning and analysis, decision support, professional ethics, and control.
So, it is safe to assume that it holds high regard in the sector of finance, but what is its scope? Is there a career in management accounting? Well, let's decode that.
What is new age accounting?
In the digital era, many technological changes are being introduced daily in management and accounting. If businesses have to maintain a competitive edge over their rival corporations, they must incorporate these changes.
Therefore, accounting and finance professionals need to be aware of many financial tools used for accounting and financial data processing. They should be aware of automation and data analytics. There is a whole new field of study that is involved. They need to be updated on that part. Accountants and managers must be in sync with these updates to help an organization to move in the right direction and attain growth and success. At the same time, they must adhere to all the right accounting standards and regulations and follow the necessary compliance.
Significance of Certified Management Accounting
What is the importance of management accounting? An organization must systematically perform management planning in today's complex corporate world. It helps the management and the associates to handle the authority delegation. It also helps in the overall decision-making process and efficiently conducting the business.
The functions of management need to be very systematic because they need to conduct three organizational processes smoothly and efficiently. They are
- Investigation of financial reports
- Evaluation of financial data
- Supervise the functioning of every operational unit from a financial standpoint
Each of these processes helps an organization to accomplish its business goals. Certified Management Accounting aids in fulfilling all these management requirements. Management Accounting helps in gauging the financial data and reporting the requisite information to the management. It also facilitates achieving corporate objectives and arriving at the necessary conclusions.
Scope of Certified Management Accounting
Certified management accounting course helps them build effective accounting and management skills, enabling them to make strategic company decisions. By helping in the financial data recording financial data and presenting them to the higher management, they make the decision-making process easier.
So here is the career options after graduation for a certified management accountant –
A finance manager is in charge of the company's treasury or money reserves. So they are responsible for the financial reporting of the company. They handle financial data tracking and recording. They also help the organization explore solutions for generating additional revenue. They also supervise the company's financial transactions, perform bookkeeping of balance sheets and handle risk management of financial losses incurred by the organization.
Budget Managers help manage an organization's overall budget by monitoring the funds flow. They are also involved in the approval of the budgetary invoices of the management and staff for running various company operations. They also handle budget review and future expenditure forecasting.
The Compliance Manager is responsible for aligning an organization's rules and regulations following ethical and legal standards. They are completely educated in the field of compliance, and they also possess analytical skills. Sometimes they also help in drafting an organization's operational policies.
Forensic Auditors analyse a company's accounting and financial statements to check whether they have been involved in money laundering or any other financial misconduct. They are extremely adept in following all accounting standards and are skilled in perusing all financial statements. They carry out the financial statement investigation thoroughly and are hired by government organisations and even private organisations to procure data on any financial fraud.
Assistant Manager/Assistant Director
Assistant Manager or Assistant Director handles the preparation of the financial statements. They monitor and set up the internal cash and credit flow system. They also help prepare the monthly, quarterly and annual financial reports by accumulating all the bookkeeping data and procuring them from all the required sources. They play a big role in preparing the annual budget of any company or organisation.
In the modern era of finance, where technology plays a big part, you need to upgrade your skill set to stay relevant and find success in your career. In this process, a certified management accounting course can help you significantly. This will open new avenues for you and help you achieve the professional goals you have set for yourself. So, to help you in this regard, Imarticus Learning has introduced a Certified Management Accountant course. Managed by the best faculties, it will give you the platform to take the next step.