Being a Certified Public Accountant can often be enough for many people. For some, they’ve received their degree, they’ve moved into the field they’re interested in, and that is good enough. Still, there are many CPAs who have dreams of climbing up to the top of the corporate/financial ladder. One way they do this is to move up the chain of the accounting world and become a Certified Management Accountant.

Management accountants assess an organization’s state, local and federal taxes. The role requires identifying ways to lower expenses and analyze monthly, quarterly and annual budgets. Depending on the organization, they might be involved in corporate strategic planning initiatives, manage costs related to new project and product development. They also prepare reports and white papers for investors, regulators and auditors.

One enters the field with a Bachelor’s in Accounting and starts as a junior accountant. The Institute then states getting a Masters in Accounting and/or Finance is a necessity. Management accountants then must take certification before calling themselves a full management accountant.

A certified management accountant also has to be more well-rounded than other accountants. They have to not only know the difference between profit and loss and incoming and outgoing expenses, but knowledge of statistics, marketing, operations management and finance usually goes with the job.

As such, many enter the field with their Bachelors of Science, more than likely Accounting, then enroll with an online college to finish off their degree program through work-study. The Institute is also very helpful in pointing ways to get financial aid, both grants and scholarships at its website. Companies who hire young accountants many times also offer financial assistance as part of their employment package.

The Bureau of Labor Statistics says they have only about 65,000 management accountants. It’s an incredibly small number when one realizes there are over 2 million accountants in the U.S. Conversely, the need for them is growing incredibly. The Bureau estimates a 22% growth in positions by 2018.

Salaries are highly attractive. The lowest current salary recorded is $47,000. Median income is around $55,000, but the high end borders at the $100,000 mark. Perks are more than just continued education. The package almost always has excellent health care and life insurance policies, expense accounts, 401(k) and other retirement/investment clauses. Stock options are not out of the realm of possibility.

The sky is virtually the limit once you start with your degree programs online. Many board executives, after receiving their degree programs online. , were certified management accountants a decade or even more recently. If being a member of a board isn’t enough, many management accountants go on to set up their own consulting firms, with top governmental agencies and the Fortune 500 as their clients. As said before, a management accountant is only one of a number of options available to a CPA. Still, the rewards make it one well worth considering. Whether you choose to go back to school and get an online degree or go to a traditional college campus, this is a career that can bring personal as well as financial achievement. If your are interested in getting more information about on line college degree, check the internet.

This entry was posted on Thursday, October 21st, 2010 at 5:50 am and is filed under Education. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.