A chartered management accountant prepares, develops and analyses key financial information to ensure that an organisation's management make well-informed decisions to ensure future stability, growth and profitability.
They establish and maintain financial policies and management information systems, as well as provide a high quality support service by liaising with management colleagues on all aspects of finance. The role combines accounting skills with business management skills.
A chartered management accountant’s role is to look to the future. They analyse the performance of a business and advise on how to pre-empt problems, adapt to changing circumstances and improve value. This is done by managing and reducing operational and production costs and implementing newer more effective strategies. They can work in a specific division or across the whole organisation.
Typical work activities
Typical work activities include:
preparing periodic financial statements, including profit and loss accounts, budgets, cash flows, variance analysis and commentaries;
providing a support service by working with all departments and the management team to help make financial decisions;
ensuring spending is kept in line with the budget;
informing key strategic decisions and formulating business strategies;
advising on the financial implications and consequences of business decisions;
analysing financial performance and so contributing to medium and long-term business planning/forecasts;
negotiating on major projects, loans and grants;
offering professional judgment on financial matters and advising on ways of improving business performance;
interpreting and communicating financial data to non-financial managers;
liaising with other function managers to put the finances and accounts in context;
monitoring and evaluating financial information systems and suggest improvements where needed;
implementing corporate governance procedures, risk management and internal controls.
The role will vary depending on the management structure, for example there may be some openings in large firms with a focus on a business advisory role.
There may also be some variation to the function depending on the nature of the organisation (commercial, public sector or not-for-profit) and, with larger organisations, the department or departments that the individual is based in or supports.