Management Accounting

• Organize financial tasks
• Develop budgets
• Monitor cost and revenue trends
• Inform project managers of budget details
• Make strategic planning and resource allocation recommendations

• Employment Numbers: As of 2012, the Bureau of Labor Statistics reported 61,700 budget analyst positions nationwide.
• Salary: The Robert Half 2015 Salary Guide indicates that budget analysts working in mid-size companies, who also have one to three years of experience, can expect an annual salary of $53,000 to $71,750. Salary amounts may be higher at larger companies and for analysts with more experience.
• Projected Growth: The number of budget analyst positions available is expected to increase 6% between 2012 and 2022, which is slower than average growth across all occupations as predicted by the Bureau of Labor Statistics.

• A bachelor’s or master’s degree in accounting, statistics, finance, business or a related field is expected.
• Five or fewer years of relevant experience is typical for entry-level budget analyst positions.

• CPA: The Certified Public Accountant license is granted through State Boards of Accountancy. The process includes examination, as well as documentation of required education and prior experience as determined by each state.
• CGFM: The Certified Government Financial Manager credential may be preferred or required for positions in government agencies. The requirements include a bachelor’s degree, three examinations, at least two years of related experience and continuing education.

• Make cost management decisions
• Invest funds
• Improve financial practices
• Provide detailed data analysis and reports that track budget trends and forecast future needs.

• Employment numbers: The Bureau of Labor Statistics reports a total of 253,000 financial analyst positions in 2012.
• Salary: According to the Robert Half 2015 Salary Guide, financial analysts at mid-size companies, who have one to three years of experience, can expect to earn $55,250 to $72,500 annually. Salaries are typically higher at larger companies and for those with more experience.
• Projected growth: The job outlook for financial analyst jobs is positive. The Bureau of Labor Statistics indicates that 16% growth is expected between 2012 and 2022, driven in part by the need for expertise in investment analysis and regulatory reform.

• A bachelor’s or master’s degree in accounting, finance, economics, statistics or a related field is expected.
• Three or more years of relevant experience is typical of accountants entering a financial analyst position.

• CMA: The Certified Management Accountant credential, offered through the Institute of Management Accountants, includes work experience, an exam and continuing education.
• CFA: The Chartered Financial Analyst credential is another option for accountants who will be working primarily on tasks related to investment analysis and portfolio management.

• Prepare financial statements and balance sheets
• Assist with auditing requirements
• Ensure compliance with financial regulations
• Oversee the organization’s accounting processes
• Supervise and train staff accountants

• Employment numbers: The Bureau of Labor Statistics’ ongoing data collection found that there were 1,275,400 accountants and auditors employed in 2012.
• Salary: Accountants working in management positions at mid-size companies can expect to earn an annual salary of $74,500 to $97,500, according to the Robert Half 2015 Salary Guide for Accounting and Finance. Salaries are generally lower at smaller companies and higher at larger companies.
• Projected growth: Accountants and auditors in general can expect average growth of 13% between 2012 and 2022. The Bureau of Labor Statistics attributes this increase in part to the impact of financial regulations and need for accounting expertise in global business operations.

• A bachelor’s or master’s degree in accounting, business, finance or a related field is expected.
• Five to seven years of related experience is typical for accountants seeking management positions.

• CPA: The Certified Public Accountant license, granted through State Boards of Accountancy, may be preferred or required for some management-level positions. The process includes required education and prior experience as determined by each state, and an exam.
• CMA: The Certified Management Accountant credential is earned through a combination of work experience, an exam and continuing education. This certification is offered by the Institute of Management Accountants.

• Oversee all accounting functions
• Maintain financial data
• Supervise accounts payable and receivable transactions
• Audit financial documents and processes
• File tax returns
• Establish internal accounting policies and procedures
• Create financial reports

• Employment numbers: There were 532,100 financial managers in 2012, according to the Bureau of Labor Statistics.
• Salary: The Robert Half 2015 Salary Guide for Accounting and Finance reports an annual salary range of $79,250 to $209,000 for controllers. Smaller companies with lower overall revenue or sales generally offer lower salaries for this position.
• Projected growth: The Bureau of Labor Statistics indicates that this position will see average growth of 9% between 2012 and 2022, but this can vary depending on the industry of employment.

• A bachelor’s or master’s degree in accounting, finance, business administration or a related field is expected.
• Five to 10 years of related experience is typical for management accountants seeking positions at this level.

• CPA: Earning a Certified Public Accountant license includes an exam and the documentation of education and prior experience. This may be required if the company is publicly traded and reporting to the Securities and Exchange Commission.
• CMA: The Certified Management Accountant credential is earned through a combination of work experience, an exam and continuing education. This certification is offered by the Institute of Management Accountants.

• Lead all financial operations
• Fundraising and investing
• Risk management
• Budget planning
• Ensure regulatory compliance
• Report to the board of directors
• Participate in high-level decisions about asset allocation and strategic planning
• Provide oversight for human resources, accounting and other offices within an organization

• Employment numbers: According to the Bureau of Labor Statistics, the total number of top executive jobs in 2012 was 2,303,200. This number includes CFOs, as well as those in roles like Chief Information Officer (CIO) and Chief Operating Officer (COO).
• Salary: The Robert Half 2015 Salary Guide for Accounting and Finance reports the annual salary range for CFOs is $105,000 to $465,750. Higher salaries are expected at companies with higher sales volume. Accounting professionals working at this level may also be eligible for bonuses and financial incentives on top of their salaries.
• Projected growth: The Bureau of Labor Statistics predicts average growth for top executive positions, with an 11% increase expected from 2012 to 2022.

• A master’s degree in accounting, business administration or a related field is generally preferred
• Ten or more years of experience in positions leading to the CFO role

• CPA: The Certified Public Accountant license is expected at this level. The process includes an examination, as well as documentation of required education and prior experience as determined by each state.
• CMA: The Certified Management Accountant credential is earned through the Institute of Management Accountants. The process includes work experience, an exam and continuing education.

Management accountants work with their organization’s executive management. They analyze financial data, including risk data, and provide reports so that managers can make strategic business decisions.

According to PayScale, management accountants earn an average annual salary of $60,118. Prospective earnings grow depending on experience, location, and skills. High-value skills for management accountants include accounting, data analysis, and budget management.

Yes, employers often look for management accountants who hold certified management accountant, or CMA, credentials. The certification tests for skills in planning and analysis, performance management, and risk management and internal controls.

A good management accountant needs leadership and communication skills. Employers also look for workers with a thorough understanding of risk management and business structures.

Budget analysts plan budgets and collaborate with managers to ensure that projects adhere to the outlined specifications. Financial analysts work to improve financial operations for their companies through investments, cost management, and financial forecasting.