Every day in their organizations, management accountants make an impact. But on May 6, IMA gives them special recognition with a global holiday. If you work as a management accountant, you have a great deal to celebrate. For instance:
- You know accounting is the language of business. You speak it fluently.
- Your skill set is in high demand across diverse industries. You feel confident in your ability to move between jobs.
- Your career path is determined by your professional interests. You may work in accounting today, but you have gateway competencies to work in a wide range of roles.
With benefits like these, what keeps people from choosing management accounting as a career path?
Myth No. 1: Management Accountants Can Only Work in Public Accounting Firms
Public accountants who pursue the Certified Public Accountant (CPA) designation are the people who work in public accounting firms. In contrast, management accountants work in every industry, from government entities to manufacturing companies. They are the people with the titles:
- CFO
- Controller
- Financial Analyst
- VP of FP&A
- Staff Accountant
Myth No. 2: Management Accounting Is a Fixed Career Track
“Management accounting has an image problem,” said Nick Araco Jr., CEO of CFO Alliance, at one of his company’s roundtables. Araco noted how accounting careers are not straight lines. Rather they are fluid.
He said, “…we need to recognize [accounting] as a gateway competency, one that unlocks opportunities in sales, marketing, HR, technology, operations, supply chain, and beyond.” Management accountants work on complex enterprise-wide projects and ensure the business is set up for growth. They allocate resources so critical projects are funded, they capture performance metrics to understand if the business is working as it should, and they safeguard against fraud or financial malfeasance through the implementation of proper governance and internal controls.
Myth No. 3: Management Accountants Don’t Work with Technology and Data
Management accountants work with vast amounts of data from a variety of different sources. From management control systems to business intelligence to AI to ERP, management accountants must know how to leverage data to draw insights about their companies’ financial health. Most undergraduate accounting programs have a data analytics and AI component, either integrated directly into the accounting curriculum or as add-ons.
Myth No. 4: Management Accountants Don’t Bring Any Value to Society
Management accountants are the fiscal stewards of their organizations. Their work is critical to maintaining a healthy business culture. Investors would not trust company financial reporting if not for management accountants and the principles they uphold. Capital markets could not exist without management accountants and their leadership in ethical business practices.
Becoming a management accountant can be a rewarding career choice. The future looks bright for these talented individuals.