Cost & Management Accounting Alignment

This assignment examines the relationship between theoretical knowledge in cost and management accounting and practical job requirements. It analyzes specific learning objectives, identifies areas of alignment and mismatch with real-world expectations, and proposes additional modules or training to bridge these gaps. The discussion emphasizes the importance of soft skills and software proficiency for successful career transition in this field.

MANAGEMENT ACCOUNTING ASSIGNMENT

1
By student name
Professor
University
Date: 07 November 2017.
1 | P a g e

2
Contents
Data Collection………….……………………….………....……..……………………………………….3
Data Analysis….………….……………………….………....……..……………………………………….4
Final Report……………….……………………….………....……..……………………………………….6
References………...………….…………..………………....……..………………………………………10
2 | P a g e

3
1. Data Collection
Given below is the data collected in respect of the various vacancies for the cost and management
accountant collected from the various sites (Belton, 2017).
No. Position/Title
Sector (if available)
Industry or
Government
Position Description Date Listed Website Address Search Word(s) or Phrases
1
Project Accountant -
Mining
Engineering services
industry
Require an experienced Project Accountant with a
strong background in mining projects to be based in
their Townsville offi ce for an initial period of 3 - 6
months (with possibility of extension). 11-11-2017 www.seek.com.au Cost Accountant, Australia
2
Management
Accountant -
Property
Listed Real state
company
Reporting into the Finance Manager of this listed
property group, this role will give you exposure to
a wide variety of financial analysis and business
partnering. 10-11-2017 www.seek.com.au
Management accountant,
budgeting, australia
3
Management
Accountant
Software and
services industry
Reporting to and working with the Senior
Management Accountant, the Management
Accountant will be responsible for supporting the
DDG Managing Contract in maintaining the integrity
and transparency of financial data and providing
financial advice to facilitate planning and decision
making. 15-10-2017
www.careerone.co
m.au
Management accountant,
industry
4
Management and
cost Accountant
Recruitment
Industry
Reporting to the Group Financial Controller, this
Management Accountant will be responsible for a
wide array of duties ranging from management
reporting, process improvement as well as
business stakeholder management. 25-09-2017
www.mycareer.com
.au Accounting, Sydney
5 Cost Accountant
Manufacturer of
medical equipments
To complement their local Operations & Finance
Team, they are looking to appoint a qualified
Accountant. 10-11-2017 www.seek.com.au
Cost Accountant,
Melbourne
6
Project Cost
Accountant /
Business Analyst Consulting Industry
Contract role for specialist skilled in Project
Budgeting and Cost Management analysis and
Reporting, Estimating, EAC's, Earned Value
Reporting and Project Controls. 10-09-2017
www.mycareer.com
.au
Contract, cost accounting,
Australia
7
Management
accountant
Provision of retail
services
Currently seeking an experienced Management
Accountant to join our Marketing Solutions division
in Tottenham. 08-11-2017
www.careerone.co
m.au
Management accountant &
Budgeting
8
Management
Accountant
Government
company
Management Accountant, complex excel formulas,
12 month temporary contract. 30-09-2017
www.careerone.co
m.au
Management Accountant,
government
9
Non-Ongoing
(Temporary)
Employment
Register
Australian
Communications
and Media Authority
Non-ongoing (Temporary), Full-time, Part-time,
Casual 23-10-2017
www.apsjobs.gov.a
u
Cost management
accountant, government
10
Financial
Accountant
Finance and
Corporate Affairs,
Australian
Government Non-ongoing (Temporary), Full-time 10-10-2017
www.apsjobs.gov.a
u Accountant, Australia
3 | P a g e

4
2. Data Analysis
Given below is the analysis of the jobs mentioned above with respect to the qualification and other
requirements of the candidate and the roles and responsibilities that will need to be handled at the job.
No. Position/Title Position Requirements (selection criteria, responsibilities,
etc.)
Cost and Management Accounting Criteria Required for
Position
Alignment with
Learning Outcomes of
ACCT 6004
1
Project
Accountant -
Mining
Responsibilities will include (but not limited to):
Supporting month end, project review process,
Preparation of accounting journals, analysis of project costs,
Ensuring allocation of costs to project correctly,
Distribution of monthly projects cost reports, project
reconciliations.
Consolidation reporting for overall project spend
Preparation of monthly management reports.
Project forecasting, Liaising with stakeholders.
To be considered for this position, the candidate must
have:
Tertiary qualification in Accounting and CPA or CA
qualified, Demonstrated project experience,
Sound computer skills with MS Offi ce Suite and
financial management systems /databases
Proven experience of building relationships at all levels
of an organisation
Strong communication skills is essential oral and
written including negotiation and influencing skills and
the ability to establish effective working relationships
at all stakeholder levels.
Yes, this is aligned
with the requirement
of Accountant in the
industry
2
Management
Accountant -
Property
The role will have the following responsibilities:
Responsibility for financial matters, financial management
and financial reporting requirements for the business unit,
Preparation the consolidation for external market reporting
purposes, Partnering with the business to explain the external
market view, Collaborating with the business on financial
performance, Contributing to the reporting packs for various
stakeholders, Budgeting and Forecasting,
and ad-hoc reports and tasks.
Excellent communication skills and be experienced in
non-finance, senior stakeholder interaction. Need to be
qualified and exposure working within property/real
estate would be looked at favourably.
Aligned with the
course imparted
3
Management
Accountant
* Assisting with providing audit documentation
* Supporting month end tasks including determination of
revenue trading amounts and invoicing.
* Assisting in preparing the annual budget (IBP) and updates
on monthly forecast.
* Ensuring compliance with corporate guidelines, policies and
procedures, as well as accounting standards and legislations.
* Preparing and presenting monthly results, contract status
reviews, cash flow projections and other relevant information
as required
* Providing detailed, accurate & relevant variance
commentary
* Preparing project Sales & Margin trading plans
* Maintaining Project Risks & Opportunities that support the
program to achieve its financial targets
* Attending monthly forecast meetings with Subcontractors
* Assisting and advising on the maintenance of projects within
the Oracle ERP system
* Participating in the Analysis of Enterprise forecasts with the
Senior Management Accountant
* Providing detail of funds availability and budget tracking to
Project Manager and Cost Account Managers as required
* Tertiary qualifications in Finance or a related
discipline
* Chartered Accountant or working towards CPA
* Demonstrated self-management skills and ability to
work under own initiative to deliver outputs to time,
quality and cost
* Knowledge of Australian Accounting Standard and
Australian International Framework of Reporting
Standards
* Proficient computer skills with Microsoft Offi ce Suite
* Experience with the Oracle ERP system (or similar) or
exposure to Hyperion, desirable Aligned with the
qualification obtained
4 | P a g e

5
4
Management
and cost
Accountant
Preparation of key management reports and the provision of
key commentary and analysis
The preparation of the periodic budgets and preparation of
the rolling forecasts for the business
Develop and maintain key financial reports which include the
P&L, management pack and analysis of margins and KPI's
Providing key commentary and insights to key functions of the
business which will include operations
Providing business support key business stakeholders at all
levels both internally and externally
Assisting with ad-hoc projects ranging from process
improvement to business expansion
The ideal candidate will be a CA/CPA qualified
Management Accountant preferably with flexibility on
industry. The candidate should have advanced excel
skills with the knowledge of creating and modifying
complex financial models and at the same time have
experience working with large ERP systems such as SAP
and Oracle. Shpuld also have strong partnering skills
and be able to influence key stakeholders both internal
and external. Aligned with practical
knowledge required
on excel, etc
5 Cost Accountant
Day to day processing of Accounts Payable, matching invoices
and approving payment
Liaising with production to determine accurate cost of goods,
taking into account labour costs, currency fluctuation and
profit margins
Analyse and report on manufacturing variances and deferrals
in line with global best practice
Identify and implement cost effi ciencies as appropriate
through regular reporting to senior management.
General financial / administrative tasks as required.
Hold a Bachelor of Accounting or related qualification,
backed by at least 4 years practical experience as a Cost
Accountant
Demonstrate a thorough knowledge of Australian
accounting standards and industry best practice, ideally
in a manufacturing / distribution environment
Have exceptional eye for detail and the ability to
communicate effectively across departments
Be proficient (intermediate- advanced level) in MS
Excel, with experience using accounting software and
database packages
Thrive in a competitive environment, with the ability to
prioritise workload and meet deadlines
Enjoy the challenge of working in fast paced and
dynamic company in a high tech global industry.
As per the
requirement of the
course.
6
Project Cost
Accountant /
Business
Analyst
The position will be based in either Newcastle NSW, or
Brisbane QLD, and will involve a variety of duties, including:
Project Planning and Organisation (Project structures, WBS,
Dictionaries, Scoping traceability & documentation)
Budgeting/Estimation
Cost and Earned Value Principles, Reporting and Analysis
Project Scheduling
Project Status and Reporting
Estimate At Complete (EAC) Reporting
Project Controls
Contract Change Management and Baseline Controls
This role requires strong conceptual, analytical,
communication and organisational skills and ability to
work well within teams, with different stakeholders
and also independently. Also the candidate needs to
be well versed in project cost management principles,
using ERP systems (preferably Oracle) and spreadsheet
design and analysis.
Experience using COBRA is highly desirable.
Knowledge of scheduling and use of scheduling tools
such as Open Plan Professional (OPP), Primavera and
MS Project is preferable but not essential.
Experience using TM1 is also desirable but not
essential.
Aligned with the
requirements of CPA
and ERP knowledge
7
Management
accountant
Responsibilities for the position will include (but not limited
to);
Produce monthly management and performance reports for
Board
Prepare business unit wise and customer wise performance
reports with detailed analysis
Prepare Annual Budgets
Prepare/Review invoices
Ensure the cost and revenue allocation is accurate
Manage monthly accruals and journals
Handle end of month process including AR/AP/GL Closure
Coordinate with the offshore and onshore finance team
members to ensure the overall financial close process is
seamless
Work towards continuous process improvements to the
financial and accounting processes
Cross-skill to support team as required in other finance
activities
The student must have financial and cost accounting
knowledge
CA/CPA qualifications
Be proactive and willing to take initiative
Have strong verbal and written communication skills
Have advanced Microsoft Excel skills experience.
Experience with 'NetSuite a plus' would be highly
regarded
Have the ability to interact and present ideas and
updates to senior management and operational team
members
Aligned with the
requirements of other
skills imparted in the
course
5 | P a g e

6
8
Management
Accountant
The core responsibilities and duties will include, month end
reporting, board reports and commentary. Year-end
operational and expenditure analysis, cash flow forecasting,
costing, using cash flow models, budgeting, liaison with
stakeholders and management.
The candidate must have minimum 2 years’ experience
working in a management accountant role. He/She
must come from a commercially listed ASX Company or
from a big 4 accounting firm. As the successful
candidate you must be CA or CPA qualified. He/she
should also have strong core technical statement skills,
outstanding communication both written and verbal, be
meticulous with detail, and a proven ability to work
with complex excel formulas.
Work is aligned with
the course
requirements
9
Non-Ongoing
(Temporary)
Employment
Register
• Accounting and Finance
• Administration
• Communications and Media
• Compliance and Regulation
• Education
• Engineering and Technical
• Governance and Performance
• Information and Communications Technology
• Information Management
• Legal
• Organisation Leadership
• People
• Policy and Research
• Project Management
Should be a qualified Cost or management Accountant
and must have good knowledge of law.
The work is aligned
with the subjects of
the course
10
Financial
Accountant
Cancer Australia is looking for a financial accountant to lead
the preparation of monthly reporting, including journals,
reconciliations, analysis and preparation of reports and
completion of BAS and FBT for Cancer Australia.
Tertiary qualifications together with a recognised
professional qualification (CA/CPA) are essential.
The applicant will also be required to apply for and
maintain a baseline security clearance
The profile is aligned
with the accounting
and management
requirements
3. Final Report
With reference to the above shown 2 tables, below is the response:
Part 1
1. Almost all the job websites have a vacancy for the finance personnel having done cost
accountancy or management accountancy, the most common of which is www.seek.com.au,
www.mycareer.com.au, www.jobsearch.gov.au, etc (Knechel & Salterio, 2016).
6 | P a g e

7
The common sectors in which the positions are available include both the private as well as
government companies. The sector mainly include financial services, pharmaceutical,
manufacturing, trading, stock broking, other IT services, education, government and defense
sectors.
Mostly the positions are classified as ‘cost accountants’, ‘management accountants’ but besides
this there is a separate category too like ‘accountants’, ‘analysts’, ‘financial analysts’,
‘management trainee’, etc (Alexander, 2016).
The common requirements mainly include qualifications of CA, CMA, CPA, CFA or MBA with the
additional degree or diploma. Besides this, the candidate is also expected to have good
communication and interpretative skills. The analytical, speaking and other extra curricular skills
are also given preference. The selection criteria depends on how far they meet the reuirement
of the position and their past academic and professional work experience. The job
responsibilities is mainly centred around the analytical, reporting and accounting work. Besides
that working knowledge of SAP, ERP and excel and other office tools is also preferred. The
accountant is expected to deliver timely and rational information to the management to help
them take decisions effectively and efficiently (Visinescu, et al., 2017).
Part 2
2. As per the above job positions the most common cost and management skills and knowledge
required include qualification of CA, CMA, CPA, cost or management accountant with strong
interpersonal skills, excellent communication skills both oral and in writing, technical knowledge
on the subjects and working knowledge of SAP, ERP, accounting softwares and proficiency in
Microsoft excel (Bromwich & Scapens, 2016).
7 | P a g e

8
All these knowledge, skills and qualification is required so that the person can adjust in any given
circumstance and come up with timely reporting of the acocunts and help in taking significant
and critical decisions based on the accounting reports prepared by them.
3. The skills or knowledge of the cost and management accountant that is less commonly required
includes knowledge of specific softwares and accounting packages as most of the companies like
infrastructure or financial services company has their own suites or packages that are relevant
only to a specific type of industry or company (Davis, 2017). These skills and knowledge can be
acquired only post working in such a company or work environment. These also include having
skills like interpersonal or other such skills.
All this is not commonly required as they are not required frequently in all the types of
companies. Moreover these are industry specific and do not indicate the analytical or
accounting knowledge of an individual which is a must for these jobs.
4. The practical work environment is completely different from what is being taught in the
theoretical sessions. This is the main challenge where the accountant is expected to give the
relevant and reliable information in a timely manner so that the management can take decisions
on the basis of what has been presented. The other challenge is to meet multiple requirements
of multiple stakeholders where the person ultimately needs to prioritize the work in order to
deliver the quality results (Kim, et al., 2017). Apart from this, the other challenge includes
working on diverse software and ERP packages to which the cost or management accountant
may not be aware and hence has to take up the training all together in a new way.
5. With reference to the last column of table 2 above, the skills and knowledge of the cost and
management accountancy that have been found to be aligned with learning outcomes include
forecasting and budgeting of the financials, month end and quarter end closure of the financial
books, periodical reporting via the financial statements, reconciliation of the accounts,
8 | P a g e

9
consolidation of the books, analysing of the costs and other major variances, day to day
operational activities like invoicing and billing, legal and compliance related consultancy, etc
(Bennett & James, 2017).
Most of the subject’s learning objectives are aligned to the requirements of the job as all that is
being taught and being covered theortically is required in the practical work space and thus
decision making practices. There will always be certain specific requirements and adhoc analysis,
etc which can only be seen in practical job positions and cannot be covered in learning modules.
6. There are many cost and management accounting skills and knowledge which are specifically
required for these type of positions like the knowledge of ERP systems or the SAP which is not
being covered in the learning objectives. Furthermore, there are some general requirements too
like the strong communication, oral and written skills which are not being covered in the course
material but is required in all the job positions these days (Sithole, et al., 2017).
In my view, there should be an additional class or module on the soft skills and other software
packages so that the accountants can get acquainted of the same even before they appear for
the practical job positions (Dumay & Baard, 2017).
9 | P a g e

10
References
Alexander, F., 2016. The Changing Face of Accountability. The Journal of Higher Education, 71(4), pp.
411-431.
Belton, P., 2017. Competitive Strategy: Creating and Sustaining Superior Performance. London: Macat
International ltd.
Bennett, M. & James, P., 2017. The Green bottom line: environmental accounting for management:
current practice and future trends. Routledge: s.n.
Bromwich, M. & Scapens, R., 2016. Management Accounting Research: 25 years on. Management
Accounting Research, Volume 31, pp. 1-9.
Davis, P., 2017. Value Investing: Do Quant Strategies Measure Up?. Financial Analysts Journal, pp. 1-172.
Dumay, J. & Baard, V., 2017. An introduction to interventionist research in accounting.. The Routledge
Companion to Qualitative Accounting Research Methods, p. 265.
Kim, M., Schmidgall, R. & Damitio, J., 2017. Key Managerial Accounting Skills for Lodging Industry
Managers: The Third Phase of a Repeated Cross-Sectional Study. International Journal of Hospitality &
Tourism Administration, , 18(1), pp. 23-40.
Knechel, W. & Salterio, S., 2016. Auditing:Assurance and Risk. fourth ed. New York: Routledge.
Sithole, S., Chandler, P., Abeysekera, I. & Paas, F., 2017. Benefits of guided self-management of attention
on learning accounting. Journal of Educational Psychology, 109(2), p. 220.
Visinescu, L., Jones, M. & Sidorova, A., 2017. Improving Decision Quality: The Role of Business
Intelligence. Journal of Computer Information Systems, 57(1), pp. 58-66.
10 | P a g e