This article was written by Elizabeth Bennet and developed in collaboration with The Guardian.
Whether you choose to work within a company or go it alone with your own business, a career in management accounting can be a varied and fulfilling one. There are different routes to starting out, but all involve gaining a professional qualification.
The Chartered Institute of Management Accountants (CIMA) offers a specific qualification for those wanting to pursue management accounting. Its professional qualification covers a wide syllabus including business economics, financial accounting, management accounting, and ethical considerations of commercial activity.
For those considering a career in management accounting or looking to progress in finance, we spoke with three senior management accountants for expert insight and career advice.
‘Be analytical about how you choose jobs’
Christian Jennings is CFO at Virgin Experience Days. He has 25 years of experience working across retail and B2B, holding positions at Moonpig, BBC and Zoopla.
Management accounting encompasses many different elements, including technical accounting and tax, legal, mergers and acquisitions, and debt. Jennings advises seeing
every role over the course of your career as an opportunity to add another set of skills to your portfolio.
“Be analytical about how you choose jobs and curate your career based on the gaps you wish to fill," he says. While each business is different, patterns start to emerge, so “use
your historic experience to relate to the new opportunities in front of you”.
Networking within your industry is crucial, and while it might not be something that comes naturally to everyone, Jennings highlights the value of doing so with authenticity.
“Be curious, ask genuine questions and be interested in what people are doing. Share knowledge with your competitors and build friendships that feel natural,” he says.
Joining a global professional body such as CIMA can also open up opportunities for networking with like-minded professionals via it platform and events.
Early on in your career, be it in interviews or junior roles, attitude can be as important as your skills. "I look for drive and ambition in candidates. Energy is as important as experience," says Jennings.
‘Working in the industry while studying was really helpful'
Sereena Malkani is head of finance at Sky, where she joined the finance graduate scheme after completing a degree in economics.
Switching roles to gain experience doesn't always mean moving companies - in large companies there are often internal opportunities to gain experience while working in various parts of the business.
This is something Malkani has done regularly during her time at Sky, with 10 roles in the company over nearly 12 years. “Each role has been in a different part of the business, which has given me a breadth of experience," she says.
Malkani studied for CIMA’s CGMA professional qualification while on the graduate scheme within the finance team at Sky - a route she highly recommends.
"I found it really helpful working in the industry while I was studying as it was easier to put things into context. If a problem came up on the course, I would think about how I might solve it at work," she says. The sense of community gained while studying with others was also really beneficial: “You could help and support each other."
‘Find something you can focus on’
Katarzyna Machalinski is the founder of Prevail Accountancy, which specialises in providing management accountancy services to SMEs in the construction sector. Prior to starting her firm 16 years ago, Machalinski co-owned a construction business and completed a master's in economics.
Pursuing a career in management accounting can also open the doors to run your own business. To do so successfully, Machalinski advises that you need to master both the skills of accountancy itself, and marketing and selling those services. Communication is crucial, whether that's with current or potential clients. “It's almost two jobs," she says.
Machalinski recommends nailing your niche. "You can't be good across every industry," she says. "Find something you can focus on and tweak your service offering. You will then speak those people's language and they will be eager to come to you.”
When it comes to the accounting itself, Machalinski emphasises the importance of understanding what is going on at every level. While management accountants look at the entire financial health of a business, it’s important not to oversee the traditional accountancy elements of the job, such as bookkeeping and payroll.
“You can't produce a good management record if you don't understand where to find the small details. You have to know the basics to find those mistakes," she Says.
Getting your head round digital systems is also crucial: “Understanding cloud technology is really important now, much more so than Excel.”
Of course, working for oneself may not be for everyone. "You have to be happy without a regular salary and knowing clients may leave for various reasons that have nothing to do with your performance,” says Machalinski.
Ultimately, if you have a solid foundation in training, and build on it the desire to constantly learn, gain crucial skills, and commit to working hard, you can look forward to a successful and rewarding career in management accounting.
