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How to Get the Most from Managerial Accounting

Introduction

Many students become accounting majors because they want to work in public accounting. It should not come as a surprise that students may not be hired by public accounting firms, and if they are hired, they may not be employed for a long period of time. Working in private industry is not a consolation prize. Working in private industry is a great opportunity for an accounting major. One way for an accounting major to prepare for a career in private industry is to get the most from managerial accounting.

Organization

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JP Stearns

18 hours ago

Interesting take. I would add some chapters; although, I somewhat assume CVP and such planning tools are incorporated withing the FP&A discussion. I do think we need to continue to expand our concept of management accounting. Top of my mind right now is building competency and skills in navigating and managing uncertainty. Stronger skills in analytics and associated tools, as well and understanding psychology and how people respond to uncertainty and the measures we use to manage it, are all valuable and part of management accounting.

Karl Kern

9 days ago

Cost Accounting for the Management Accountant

Introduction

Cost accounting is an integral part of management accounting. Because of the emergence of service companies and the reliance on intangible assets, some believe that cost accounting is outdated. I could not disagree more strongly! Cost accounting has an important role in management accounting, especially with the increased role of AI. I would like to share how I use cost accounting in my work as an accounting professor and an accounting systems specialist.

Organization

31 Views

Gary Cokins

Feb 05

Karl ... Thank you for your comprehensive comment above (and also for mentioning my name as a resource).

Your description of cost accounting as an integral part of management accounting is very informative and well written.

I have an overly simple description for the purpose of cost accounting (and management accounting too). It is this: "To generate needed questions !!" An example is: Why is our largest customer in sales revenue unprofitable? (Activity-based costing [ABC] often surfaces this surprising observation.) In effect what an saying is cost accounting is "a focusing tool". It stimulates the need to take corrective actions.

Karl Kern

14 days ago

Why I Became a CMA

Introduction

Accounting provides several opportunities for certification. Each certification opportunity helps professionals organize their career path. For me, the Certified Management Accountant (CMA) certification is the best for organizing my career path.

Organization

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Admin

Feb 03

It's great to learn how obtaining the CMA has helped advance your professional sill set. For those who are really interested in get the skills that will enable them to serve a strategic business partners within their organizations, stay turned for PACE's training on the Profitability Analytics Framework, coming this summer. This training will go way beyond what you've previously encountered.

JP Stearns

15 days ago

What is management accounting?

One of my more contentious perspectives is that management accounting is an exceptional set of tools but lacking a unifying conceptualization. Yes, it is accounting for decision makers inside the firm, but that is such an excessively broad umbrella every discipline could fit under it.

On the other extreme, some have tried to separate components into separate disciplines. I tend to think this waters down the discipline and creates unnecessary strife. I've mostly seen this with some trying to argue Financial Planning and Analysis is something different than Management Accounting (from my perspective FP&A is very much a component of Management Accounting).

Somewhere in between being everything to everyone and being so cracked apart we're just arguing amongst ourselves, there should be a good articulation of what the discipline is and is not. Taking a stab a vision of this, which is surely inadequate, I might start with the notion…

24 Views

Gary Cokins

Jan 30

JP ... Thanks for you

r post. I wrote a chapter in one of my EPM / CPM books with a taxonomy of accounting. I have tried to attach it as a pdf. Can you successfully download and open it? ... Gary ... Gary Cokins

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