The field of cost and management accounting are closely integrated with each other and cost accounting deals with the establishment of budget and real expenditure of products, processes and operations apart from the study of social utilization/profitability of funds and variances. On the other hand, management accounting deals with the needs and use of principles of accounting by managers within firms. This type of accounting is done mainly for offering the managers with the correct information with a view to make them better equipped for making decisions on the basis of management and control.

Career in cost and management accountancy:

Prosperity and growth of any entity irrespective of whether it is a nation or a business organization depends on the way in which the resources of the organizations are utilized, managed and disposed. In the backdrop of competitive and globalized economy, this growth and prosperity has got tremendous importance. The managerial strategies have occupied a crucial place and these strategies can deliver fruitful results only when they are backed up by a sound information system with appropriate and quality information. In this context, the profession of cost and management accounting commands its place of pride. The occupation has acquired a place of an organized profession offering a yeoman service to business houses in particular and society and general, with its origin at the time of World War II.

Personality requirements to become a successful cost and management accountant:

Since cost and management accounting field deals with the benefit and cost analysis of service and products, it demands attentive and analytical mindset with an objective outlook. It is essential that the professionals in this field should possess fair amount of awareness about global economic conditions. These professionals, normally deal with making future forecasts and projections about costs, prices, etc… that makes it crucial to have good judgemental qualities. Since the job involves working and interacting with a number of people, good communication skills is also needed and team spirit is also required to shine in this field.

Government job opportunities:

Almost all organizations, irrespective of whether it is a government or a private organization require cost and management accountant for effectively managing the day-to-day operations of the organizations and therefore government organizations frequently recruit professionals in this field. As an entry-level position, they can get job opportunity in government organization as junior cost and management accountants and slowly as they gain experience they can climb in the ladder of promotion.