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What is management accounting?

Management accounting is the sourcing, analysis, communication and use of decision-relevant financial and non-financial information to generate and preserve value for organisations.

Management accounting combines accounting, finance and management with the business skills and techniques you’ll need to add real value to any organisation. Management accountants are qualified to work across the business, not just in finance, advising managers on the financial implications of big decisions, formulating business strategy and monitoring risk – much more than just crunching numbers.

Management accountants use information of all kinds, not just financial, to lead and inform business strategy and drive sustainable success. As a Chartered Global Management Accountant (CGMA), you will use this information to develop dynamic solutions to improve business. 

CGMAs work in all areas of business, in all types of organisations in both the public and private sectors, all over the world. They work in finance, IT, marketing, HR, operations and senior management positions. They could be project managers, management consultants, finance directors or chief executives, and many go on to run their own business.

The difference between management accounting and financial accounting

Financial accounting Management accounting
Prepare reports, generally based on past performance; in line with reporting requirements Collate information such as revenue, cashflow and outstanding debts to produce timely trend reports and statistics to inform important, day-to-day management and business decisions
Produce the required financial information for use by other functions within the business, for example department managers. Combine financial information with non financial information data to paint a complete picture of the business. They use this to drive business success.

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