OFO No: 241102
What is a Management Accountant?
A Management Accountant is a specialised field of accounting.
Management Accountants work with the internal needs of a company. They are often found in manufacturing / production companies. They focus more on costs and losses. Cost accounting is therefore a large part of a Management Accountants job portfolio. These calculations determin budgets, pricing and profitability.
Management Accounting can be divided into 3 main areas:
- Raw materials (what the product will be made from)
- Labour (employees)
- Overheads (costs to company eg: building rent, water, electricity, etc)
What does a Management Accountant do?
- studies company’s financial data
- researches companies costs and overheads
- works out systems that benefit the company’s profitability
- implements cost accounting strategies
- liaises with other accounting staff
- writes reports
- creates graphs and spreadsheets for easy explanations and tracking
- does presentations
- keeps up to date with raw material prices etc
Are you . . . ?
- good at mathematics?
- good at analysing data?
- responsible and trustworthy?
- a person with a head for a business?
- a good communicator?
How do I become a Management Accountant?
All the learning pathways require Maths and English at a National Senior Certificate level (NQF Level 4).
- CLICK HERE to read about ‘Accountant’.
- Diplomas in Cost and Management Accounting can be done at many universities of technology and some private institutions.
- Bachelor degrees can be done at universities and BTech degrees at universities of technology.
- CLICK HERE to check for a training institution near you to see what they offer.
- Make sure you understand their entry requirements for each course.
- To avoid scams, make sure your institution is registered with the Department of Higher Education. CLICK HERE to check accredited Private Higher Education Institutions.
Is becoming a Management Accountant the right career choice for me?