Strategic Management Accounting – Overview And Career Requisites

Strategic management accounting merges accounting with strategic management of business objectives. This is a forward looking business model that assists management in making decisions, keeping in consideration their current financial standing. The focus mainly is on internal accounting metrics in tandem with the external information related to market share, economic trends, costs and prices ad inflation and deflation. It is also about using the internal accounting information in formulating and implementing business strategies and decisions.

Strategic management – accounting plays a crucial role in effective execution of strategic decisions, ensuring viability and growth of business, managing the performance of an organization and identification, measurement, management and reporting of risks. It helps in carrying adaptive operations, cross-based planning and forecasting, which are further used while making decisions that will affect the future of the organization.

Strategic management accountants perform numerous related tasks, as a part of their ob profile. However, the degree of complexity differs, depending upon the experience and abilities and designation of an individual. The primary tasks include: -Cost analysis -Cost-benefit analysis -Financial forecasting -Price modeling -Life cycle cost analysis -Strategic planning -Annual budgeting -Cost allocation -Advanced auditing -Stakeholder management -Operations management

Most businesses, especially medium to large largely depend on strategic decision making in accounting to sustain and grow in today’s highly competitive business environment. They are constantly on a look out for professionals who can help them in crafting and executing strategy.

If you’ve been working in accounting, finance or a related field for few years now, you can also consider this career. Of course, the job comes with a lot of pressure but then you can’t be in the same old job forever. This is an opportunity for those who have business acumen, leadership skills and advanced understanding in accounting and finance along with hands-on training in technology applications, such as ERP systems.

Interested in advancing your career? Great, but you’ll also have to work towards it. You will need to obtain a comprehensive knowledge of all areas of management, enhance your knowledge in accounting and develop leadership, critical analysis and problem solving skills. And the best, shortest and most feasible way for achieving this is going back to the college and enrolling in a strategic management certificate program.

Going back to the college may seem weird initially, as typically you’re not expected to study further once you’ve spent years in your job. But if you look at the pros and cons of continuing education, it will be easy for you to decide. The number of professionals going back to the college to advance their careers is rapidly increasing. You can also join the brigade and advance your career.

Centennial College’s strategic management – accounting program is for professionals like you who want to upgrade their knowledge and skills for more advanced career opportunities. Upon graduation, you can easily find employment with financial institutions, government offices, public accounting firms and manufacturing industries as a business analyst, controller, accounting manager or accounting supervisor.

Author offers career advice to accounting and finance professionals to upgrade their knowledge and skills to build careers in strategic management accounting . Area of focus is to encourage them for continuing education to boost their careers.