How to further your finance career and work around the globe with management accounting
Have you thought about a career in management accounting? Management accounting is a great career path for anyone interested in business and finance and can lead you on to a salary in the region of £100-150,000 in senior roles. And thanks to the CIMA and CGMA qualifications, you can work anywhere in the world, making this a great career for any driven and determined graduate who wants to explore and travel the world as well as earn a great income! If you’re looking to travel, develop strong leadership skills, and fast-track your way to a senior finance-related role, then read on!
Introducing CGMA and CIMA
CGMA stands for Chartered Global Management Accountant and is a professional management accounting designation issued by the Chartered Institute of Management Accountants (CIMA) in partnership with the American Institute of Certified Public Accountants (AICPA). By becoming a CIMA member you’ll join the world’s largest professional body of management accountants, and go on to study for CGMA designation to become recognised as being a practitioner of one of the most valued professions in business around the world.
If you already have or are studying for a degree in accounting, law, business or finance at the prestigious University of Buckingham, management accounting may already be a natural career choice for you, however graduates from other subjects such as humanities also have a good foundation of knowledge and transferable skills that can make them successful in this path.
CIMA exemptions: your Buckingham degree exempts you from some CIMA papers.
Work anywhere in the world
One of the great benefits of management accounting is that CIMA and CGMA qualifications are recognised and highly sought after around the world, so CGMA designation holders will find themselves highly employable no matter where they are based. Many management accounting roles at larger companies also include opportunities for travel, making this career path perfect for anyone with the travel bug!
While the CIMA qualification is equivalent to a master’s degree, unlike a traditional university degree one of the benefits of studying for the qualification is that you can earn as you learn. While with a traditional degree, you may have had to forfeit international travel to pay for your tuition, studying for a CIMA qualification gives you the opportunity to travel while you work, all while earning enough to potentially relocate to a sunny destination of your choice!
Despite the continued economic uncertainty, CIMA and CGMA designation holders should expect rapid career progression and salary rises well above the national average. This is all down to the growing demand for qualified management accountants who are able to help businesses develop sustainable growth strategies for long-term success.
With entry-level salaries of around £28,000 per year, CIMA students in the UK earn approximately 36% above the national average. Meanwhile, the average CIMA salary is just under £67,000, while CGMA designation holders earn approximately £117,000. It is then possible to progress above this into CEO and Managing Director roles to earn up to £150,000 on average.
It’s, therefore, no wonder that in a recent survey of CIMA members, 69% of respondents were satisfied with their current salary, with respondents showing considerable optimism for future growth of their incomes, as 87% of qualified members expect an above-inflation salary increase of 3.4% in the next 12 months. Find out more about how real CGMA designation holders have progressed in their careers at the CGMA careers case studies page.
Does management accounting sound like the ideal career path for you? You can find out more on how to start working towards your CIMA and CGMA designation here, including what it takes to become a CGMA holder, what core skills you’ll need to develop to be successful and more information about the day to day task you’ll be doing.