Chartered management accountant job profile

Chartered management accountants analyse financial information to guide and advise businesses to become more successful

Your role as a chartered management accountant is to support business leaders in their strategic financial planning, ensuring the company's financial stability, profitability and growth. You'll do this by:

analysing operations and performance - identifying ways to manage and reduce operational and production costs
providing sound financial advice - enabling business leaders to implement effective strategies and gain a clearer sense of direction
future-proofing the organisation - analysing performance to predict potential issues and adapt to changing circumstances.

Whether you work within a specific division or across the entire organisation, your expertise helps shape the financial health and strategic direction of the business.

Responsibilities

The role of a chartered management accountant combines accounting and business management skills, and you'll typically need to:

establish and maintain financial policies and management information systems
analyse financial data to evaluate performance and contribute to medium and long-term business planning and forecasts
prepare periodic financial statements, including profit and loss accounts, budgets, cash flows, variance analysis and commentaries
prepare detailed reports on specific products, market reach and performance, for example
provide a support service by working with all departments and the management team to help make financial decisions
ensure spending is kept in line with the budget and that financial resources are allocated effectively
inform key strategic decisions and formulate business strategies
advise on the financial implications of business decisions
identify and assess potential risks and develop strategies to mitigate them
negotiate on major projects, loans and grants
offer professional judgement on financial matters and advise on ways to improve business performance
interpret and communicate financial data to non-financial managers
liaise with other function managers to put finances and accounts in context
monitor and evaluate financial information systems and suggest improvements where needed
conduct internal audits by monitoring spending and financial control to ensure compliance and efficiency
implement corporate governance procedures, risk management and internal controls.

Salary

Salaries for part-qualified assistant management accountants are usually between £30,000 and £42,000, depending on your location and employer.
Fully qualified management accountants typically earn between £45,000 and £60,000, with higher salaries in London, Bristol, and Scotland.
Salaries for senior roles (e.g., finance director or chief financial officer) can reach £100,000+ depending on your experience and the sector you work in.

Salaries vary depending on your location, the sector you work in the and the type of employer, as well as your experience, qualifications and level of responsibility.

Additional benefits may include a pension, bonuses, private medical insurance and life assurance.

Income data from AICPA & CIMA. Figures are intended as a guide only.

Working hours

You'll typically work around 40 to 45 hours Monday to Friday. There are certain times of the month and the financial year when there are tight deadlines, such as month end and year end, when extra working hours may be required.

Working hours don't usually include weekends or shifts.

There are some opportunities for part-time or hybrid working.

What to expect

The work is office based, with regular meetings across the organisation.
Jobs are available throughout the UK. After gaining several years' experience, self-employment or freelance work in financial or management consultancy is possible.
AICPA & CIMA are committed to promoting gender diversity in the profession and continues to support initiatives for gender balance in finance leadership roles.
Travel within a working day, absence from home overnight and overseas travel may be occasionally necessary.

Qualifications

To become a chartered management accountant, you'll need to complete a period of training with a professional accountancy body, usually AICPA & CIMA.

To be awarded the Chartered Global Management Accountant (CGMA) designation, you will need to complete the CIMA (part of AICPA & CIMA) CGMA Professional Qualification and have a minimum of three years' relevant practical experience.

Training is open to all graduates regardless of degree subject, although accounting, finance, commerce and business are particularly relevant. If you don't have a relevant degree, you may need to take the CIMA Certificate in Business Accounting (Cert BA) before moving on to the CGMA Professional Qualification.

The CGMA Professional Qualification is divided into three levels:

operational
management
strategic.

You'll study nine subjects from three areas of knowledge - enterprise, performance and financial - and will need to successfully complete all three levels.

You can choose to follow the self-tailored learning and assessment route, which allows you the flexibility to study how you want, or the finance leadership programme which is a fully-guided route.

Find out more about the CGMA Professional Qualification.

If you have a relevant degree or professional qualification, you may be eligible for exemptions from some or all of the CIMA Certificate-level subjects and, in some cases, papers at higher levels. To confirm your eligibility, check CIMA's Exemptions Calculator.

Some management accountants choose to train with the Association of Chartered Certified Accountants (ACCA), and both organisations are widely respected with UK employers and recognised around the world.

When deciding which body to train with, think about your overall career aims. Generally speaking, CIMA provides a specialised route for those wanting to pursue management accounting, business strategy and finance leadership roles, whereas ACCA provides more of a focus on specialist technical accounting knowledge and skills. Research each option carefully.

Some employers may accept HND qualifications, but a degree (preferably in business, finance or economics) is generally preferred. Larger employers may ask for a minimum 2:1 degree, as well as high UCAS points and good levels of English and maths.

Firms of all sizes offer graduate schemes, which can be highly competitive. Large employers tend to recruit in the autumn. Job titles vary so keep an open mind when looking for vacancies.

Some companies offer excellent packages to cover the cost of studying, including tuition fees and paid study leave.

If you live in England, it's also possible to become a chartered management accountant by doing a CIMA apprenticeship. CIMA apprenticeships are available at Level 4 (equivalent to a foundation degree) and level 7 (Masters) and combine paid on-the-job training with study.

Find out more about CIMA apprenticeships.

You don't need a postgraduate qualification, but many CGMAs later pursue an MBA or other advanced degrees for career progression.

Skills

You'll need to show:

commercial awareness, with an interest in business and an understanding of how an organisation works and manages resources
a strategic approach to work with strong analytical and problem-solving skills
numerical skills
excellent communication skills with the ability to explain complex financial information clearly
strong interpersonal and teamwork skills, with the ability to collaborate effectively across departments and cross-functional teams
leadership and decision-making skills
attention to detail
IT proficiency, particularly Excel, and experience of using computerised financial systems and software
professionalism and commitment
organisational skills with the ability to work under pressure and to deadlines
resourcefulness and self-motivation, with a proactive and flexible approach to work
a passion for continuous learning and improvement.

Work experience

Although you don't need work experience before starting your CIMA qualification, it's a crucial part of completing the CGMA Professional Qualification. Getting some pre-entry experience, however, can be really useful and helps you to develop practical skills and build a network of contacts. Relevant work experience may also count towards the three years' experience you need to qualify as a chartered management accountant.

You could look for a summer vacation placement or internship in finance, accounting or business management or take a year out during your degree. Part-time employment that offers experience in these key areas is also useful.

Speak to your university careers service about work placement opportunities and look on the websites of the larger management accountancy firms. Joining professional networking sites like LinkedIn and attending industry events can also be useful for making contacts and finding out about opportunities.

For smaller firms, you could send a speculative application asking about opportunities for work experience. Make sure you send a targeted email that shows you've done your research into the company and explain why you'd like to work for them.

Find out more about the different kinds of work experience and internships that are available.

Employers

Chartered management accountants can be found in all types and size of industrial, commercial and public sector organisations. These range from voluntary organisations to international companies.

Jobs are available in many sectors, including:

banking
consultancy
health
insurance
local and central government
manufacturing (covering automotive, aerospace, electronics and pharmaceuticals)
retail
technology
transport
travel and tourism
utilities.

Some organisations employ their own management accountants. However, others may use private accountancy firms, which offer accountancy services to fee-paying clients.

With experience, there are opportunities to set up and run your own chartered management accountancy business.

UK accountancy qualifications are recognised internationally and many companies around the world employ chartered management accountants.

Look for job vacancies at:

Accountancy bodies in Scotland and Northern Ireland also advertise vacancies:

Jobs are also advertised on LinkedIn.

Some recruitment agencies, such as Robert Half and Michael Page, specialise in management accountant roles.

Professional development

Many employers offering CIMA (part of AICPA & CIMA) training to graduates will have a structured programme that combines the practical experience required with opportunities to study for the CGMA Professional Qualification. Although many employers will give employees time off for study leave, there is a substantial amount of private study required.

There are five key skills areas covered by the CGMA Professional Qualification:

technical - applying technical accounting and finance skills in a range of business situations
business - the ability to analyse data and turn it into actionable insights and strategy
people - the ability to communicate, influence, negotiate and collaborate
leadership - developing and motivating teams to help drive performance
digital - managing finance in the digital age.

Once you've successfully completed the CGMA Professional Qualification, you'll be awarded the Chartered Global Management Accountant (CGMA) designation.

You'll need to undertake continuing professional development (CPD) throughout your career to keep your skills and knowledge up to date and to help with career progression. The professional accountancy bodies such as AICPA & CIMA and ACCA have a range of CPD courses, events, conferences and other networking opportunities available to members. See, for example, AICPA & CIMA CPE.

Many chartered management accountants also go on to study for an MBA or other advanced degrees to help with career progression.

Career prospects

You'll typically start in roles such as financial analyst or management accountant, where you'll gain experience in budgeting, forecasting and financial reporting. Your promotion prospects will depend on a range of factors including your skills and experience.

Being able to relocate can help your career advancement and some companies may expect employees to move to different locations while training to gain maximum exposure to the business.

With experience, there are opportunities to move into senior management positions such as finance manager, financial controller and even chief financial officer (CFO). In these roles, you'll have greater responsibility at a strategic level and will oversee entire finance departments.

After three years' leadership experience in a strategic, technical or operational/functional role, it's possible to apply to become an AICPA & CIMA Fellow Chartered Management Accountant (FCMA), which offers increased recognition and career potential.

Other potential areas of work for chartered management accountants include:

business analysis
corporate governance
internal audit
management consulting
operations management
project management
risk management.

There are also opportunities to become self-employed as a freelance consultant or to set up your own accounting firm.

Chartered management accountant