Management accountants are mainly concerned with the collection, comparison and interpretation of a large variety of information and advice with regard to costs and cost trends, levels of performance and budgets.
The provision of financial data is an important aspect of management success, and chartered management accountants turn ideas into money while providing management with advice on the profitability of various possibilities. Nearly every organisation needs the analytical, advisory and decision-making skills of a trained management accountant.
By applying their skills to the decision-making process, management accountants are vital members of any management team.
They contribute to the management of organisations by identifying, presenting and interpreting financial and other information for strategy, decision-making and control.
Management accountants determine the organisation’s development and efficiency in a competitive market. They also assess the impact of change in organisations. Facts provided by management accountants serve as a basis for the determination of the feasibility of any enterprise. They calculate expenses and costs to determine pricing structures for goods and services. They may also give advice on matters such as labour compensation and remuneration.
Management accountants use computers to provide more in-depth information required by management for better planning, development and control. Organisations in every field make use of the knowledge of the management accountant in matters such as budget control, labour compensation, expense calculation, price determination, management guidance and many other fields where analysis and control of expenditure are necessary.
Satisfying Aspects
- challenge and variety of work
- opportunity to stay current on economic trends
- good possible salary and fringe benefit structures
- good job opportunities
Demanding aspects
- work pressure
- working to deadlines
- long working hours
- heavy responsibilities - mistakes in this area can be very costly
Requirements
A chartered management accountant should:
- have the ability to work methodically
- think logically and high intelligence level
- have an interest and aptitude for Mathematics
- be prepared to take responsibility for decisions made on recommendations
- be able to work under pressure
- be able to work accurately and convey recommendations clearly
- comply with high ethical and professional standards required
- have dependability and integrity
- have determination and perseverance
- have analytical and interpretive skills
- have sound judgement and good business sense
School Subjects
National Senior Certificate meeting degree requirements for a degree course
National Senior Certificate meeting diploma requirements for a diploma course
Each institution will have its own minimum entry requirements.
Compulsory Subjects: Mathematics, English
Recommended Subjects: Accounting, Economics
Training
The Chartered Institute of Management Accountants (CIMA) is the only internationally recognized professional and examining body specializing in the goal of managing the resources of industry and commerce with maximum effectiveness
Students can study towards the CIMA (Chartered Institute of Management Accountants) examinations through universities, universities of technology, private colleges and distance learning.
To qualify as a member of CIMA, candidates have to pass all of the Institute's examinations, i.e. 4 stages of exams with 16 papers. They also need to have gained at least 3 years of practical experience in: Basic Accounting; Management Accounting; and/or Financial Management.
Those who have a relevant university degree, chartered accountant or chartered secretary qualifications or N.Dip: Cost Accounting or Accounting, may gain exemption from some of the CIMA examinations.
Employer
- manufacturing industries
- various organizations, such as Transnet, Sasol, IMittal Steel, CSIR, SANDF
- mines
- educational institutions
- self-employment, skilled and entrepreneurial chartered management accountants can open their own private practice, for example as a consultant to larger firms not having their own management accountant
Contact
Chartered Institute of Management Accountants (CIMA)
P O Box 2659
Randburg, 2125
Tel: (011) 789-6376
Institute of Certified Management Accountants
2nd floor, South Block Offices
Thrupps Centre
204 Oxford Road
Illovo, 2196
P O Box 745
Northlands, 2116
Tel: (011) 788-8723 Fax: (011) 788-8724
www.cimaglobal.com