Aspiring accounting and financial professionals face a bewildering array of degree, concentration, and career options. Individuals seeking high-paying financial analysis or management careers may do well to consider a management accounting concentration.
Featuring versatile curricula that integrate business acumen with quantitative and communication skills, managerial accounting concentrations train students to use financial data to inform organizational decision-making. With professional certifications and experience, this concentration can support students pursuing high-paying financial manager jobs, which boast a median annual salary of $129,890, according to the Bureau of Labor Statistics (BLS).
The following overview explores degree options, career paths, curricula, and professional resources related to management accounting concentrations.
The field of management accounting employs financial information and skills to guide internal management and planning. Management accounting concentrations cultivate students' skills in financial planning, control, decision-making, and problem-solving. Students train to become strategic partners by using business sense, accounting principles, and financial data to help executives make sound decisions. Graduates of management accounting programs often work as accounting managers, cost accountants, or CPAs.
General accounting degrees cover a wider breadth of topics and often focus heavily on financial reporting principles and practices, while management accounting concentration coursework focuses on forecasting, planning, and financial decision-making. Management accounting students often gain deeper understanding of the contexts and dynamics informing financial data.
Students can study management accounting at the associate, bachelor's, master's, and Ph.D. level. Many accounting positions require a bachelor's degree, but a master's degree or professional certification program can help candidates meet requirements for certified management accountant (CMA) or certified public accountant (CPA) credentials. Students interested in accounting research or education often earn doctoral degrees in management accounting.
General accounting bachelor's programs cover various business and accounting topics, while management accounting concentrations focus more heavily on cost accounting, management accounting, and budgeting. Graduates often work as financial planners or cost accountants. Bachelor's in management accounting programs may appear under the following degree types and titles:
Managerial accounting master's degrees feature a blend of core accounting courses and advanced managerial accounting courses. Most accounting master's programs feature core courses in accounting theory, internet technology, accounting analytics, and financial statement analysis. Management accounting concentrations include additional courses in controllership, internal and operational auditing, accounting and reporting issues, and advanced management accounting.
Master's degrees in management accounting may appear under titles such as:
Pursuing a management accounting concentration bears many personal and professional benefits. This versatile concentration prepares students for lucrative accounting and financial management careers and/or continuing education in related fields. Major advantages of management accounting concentrations include the following:
Management accounting's emphasis on using accounting for business decision-making prepares students for high-paying financial management roles within organizations. By examining business strategy and analytics, management accounting concentrations also position graduates for consulting careers.
According to BLS job outlook data for accountants and auditors, management accountants often advance into high-level executive positions and controller roles. A management accounting concentration can help position accountants for such advancements.
General accounting degrees expose students to a wider variety of accounting fields, areas, and topics. General degrees may therefore give students a wider breadth of career options. This track usually best suits students who are unsure of their career plans.
Relatedly, students interested in pursuing more advanced degrees often use a general accounting degree as a foundation, then follow it with a specialized master's or doctoral degree.
Most organizations require accounting services, so accounting programs often provide diverse concentration options focused on specific fields, roles, or skill sets. Popular accounting concentrations include auditing, cost accounting, financial accounting, and information systems. Some schools also offer specializations in fields such forensic accounting, environmental accounting, international taxation, or sports accounting.
Accounting curricula differ widely by school, degree level, program, and concentration. However, most accounting bachelor's programs feature core courses in accounting information systems, auditing, and intermediate and advanced accounting. Some bachelor's programs also require completion of a capstone project and/or internship at a real-world site.
Management accounting concentrations usually combine management accounting core courses, such as business law, accounting theory, and accounting analytics, with elective options such as business law, strategy, or controllership. Most master's programs culminate in a specialized management accounting internship, project, or thesis. Management accounting curricula often include the following courses:
Management accounting concentrations help qualify graduates for various career paths across multiple sectors and industries. At the bachelor's level, this concentration's focus on cost management and financial projection prepares students for careers such as cost accountant, budget analyst, or financial analyst.
By synthesizing traditional accounting with advanced business strategy and analysis, management accounting also serves as an excellent foundation for financial management careers such as accounting manager or financial controller. Many management positions require a master's degree, professional certifications, and/or experience in the field. Financial controller salaries average about $83,000 annually, according to PayScale salary data.
Doctoral degrees in management accounting can qualify graduates for careers as accounting researchers, professors, or consultants. See below for sample management accounting career descriptions.
These professionals oversee accounting departments and supervise accounting staff. Accounting managers design and implement financial reporting and analysis systems. Other responsibilities include budgeting, advising executives, and ensuring regulatory and legal compliance.
Annual Median Salary: $72,000
Also known as investment analysts or securities analysts, these professionals monitor investment performance, evaluate investment opportunities, and help clients make investment decisions. They analyze financial data, economic trends, and investment opportunities. Financial analysts often work in financial firms or insurance companies, preparing reports and advising company executives.
Annual Median Salary: $85,660
Sometimes called a comptroller, financial controllers oversee financial departments. These professionals produce financial reports, prospectuses, and forecasts that influence company decisions. Controllers require strong skills in finance, math, communication, and problem-solving. Most controller positions require a master's degree and 7-10 years of experience in related fields and roles.
Annual Median Salary: $83,000
These accountants analyze company operations and make recommendations for increasing cost-effectiveness. Cost accountants may create costing systems to help companies understand the value of products, inventory, labor, and operations. Skilled in research, observation, and analysis, these professionals often advise executives on company decisions, employee salaries, and product pricing.
Annual Median Salary: $56,000
Tax consultants assist clients with tax compliance and filing by collecting, analyzing, organizing, and preparing relevant data. Usually CPAs, these professionals possess advanced knowledge of accounting and taxation. Tax consultants also need skills in organization, communication, and research.
Annual Median Salary: $60,000
Choosing the right school and program for your management accounting education often requires consideration of many factors, including accreditation status, size, cost, and location. Important considerations include the following:
Management accounting professionals and students often benefit from the continuing education, networking, and career resources provided by accounting professional organizations. Many of these organizations also support accounting research and advocate for accountants and the accounting profession. Common benefits include conferences, publications, certification programs, and job boards. See below for descriptions of some of the many accounting professional organizations available.