ACCT6004: Management Accounting Report - Job Market Analysis

This report, focusing on management accounting, begins with a data collection phase, compiling information from various job postings across different sectors, including private industries. The collected data encompasses position titles, descriptions, required skills (such as budgeting, financial reporting, and cost analysis), and website sources. The second task involves a detailed data analysis, cross-referencing job requirements with the learning outcomes of ACCT 6004, identifying crucial criteria like cost accounting techniques, cost object analysis, and the application of cost information in planning and decision-making. The final report is divided into two parts. Part 1 summarizes the job market trends, highlighting the prevalence of management accountant roles and common requirements such as budgeting, forecasting, and reporting skills. Part 2 delves into the essential and less common knowledge areas for management accounting positions, including the importance of analytical skills, budget preparation, and understanding financial frameworks. The report underscores the internal focus of management accounting, emphasizing its role in providing information for internal decision-making.

Running head: MANAGEMENT ACCOUNTING
Management accounting
Name of the Student:
Name of the University:
Student ID:
Author’s Note:

1MANAGEMENT ACCOUNTING
Table of Contents
Task 1 – Data collection.............................................................................................................2
Task 2 – Data analysis................................................................................................................5
Task 3 – Final report................................................................................................................11
Part 1....................................................................................................................................11
Part 2....................................................................................................................................12
Reference..................................................................................................................................15

2MANAGEMENT ACCOUNTING
Task 1 – Data collection
No Position title Sector
Industry
or
governmen
t
Position description Date
listed
Website
address
Search words
or phrases
1 Management
accountant
Private Budgeting /cash flow 13 Mar
2018
www.see
k.com.au
Management
accountant
2 Management
accountant
Private Balance sheet
reconciliation/pay
roll management
03 Apr
2018
www.car
eerone.co
m.au
Management
accountant
3 Management
accountant/an
alyst
Private Reporting budgeting
and forecasting to
financial manager
30 Apr
2018
www.car
eerone.co
m.au
Management
accountant
4 Management
accountant
Private  Budget /re-forecast
and projections for
program activities
 Acquittal reporting
 Business process
improvements
23 Mar
2018
www.see
k.com.au
Management
accountant
5 Management
accountant/F
MCG
Private 1 Costing all products
and analysis
2 Review standard
and actual costs for
inaccuracies
3 Maintenance and
preparation of
4Manufacturing KPI
reports
5 Management of
12 Mar
2018
www.see
k.com.au
Cost
accounting

3MANAGEMENT ACCOUNTING
fixed asset register
6 Cost
accounting
Private  Monitor overhead
budgets and support
operation managers
to ensure their
costing is accurate.
 Perform costings
for new and current
products and
services
 Prepare variance
and cost reports on
overheads, labour
and materials
 Assist operation
managers with their
annual budgeting
and forecasting
23 Mar
2018
www.see
k.com.au
Management
accounting and
budgeting
7 Cost
controller
Private  Identify and
highlight key
project profitability
issues to project
manager
 Estimate costs for
the delivery of
projects / programs
 Assist cost
account in budget
preparation
 Perform analysis to
verify savings from
opportunities
identified
08 Apr
2018
www.see
k.com.au
Cost
accounting
8 Cost
controller
Private  Set up and
maintain Project(s)
Cost System using
Microsoft Excel
and accounting
reports generated
from MYOB and
Navision
 Producing weekly
cost reports and
advise of any
04 Apr
18
www.see
k.com.au
Cost
accounting

4MANAGEMENT ACCOUNTING
forecast cost
overruns or
savings promptly
to allow corrective
actions to be taken
in a timely manner
or capital to be
returned
 Maintain
comprehensive
registers of
financial
approvals,
variations and
change orders
9 Manufacturin
g accountant
Private  Cost Accounting
and BOM
preparation
 Data entry for
accounting data
such as payroll for
staff
 Financial
reconciliations
23 Mar
2018
www.see
k.com.au
Cost
accounting
10 Cost
accountant-
Vic
Private  Assist in the
preparation of
factory operational
budget/forecasts
 Assist in planning,
evaluate and verify
capital expenditure
proposals
 Provide analysis
and
commentary/interpr
etation to reporting,
including variances
to forecast and
budget
 Report daily and
weekly site
operational
performance reports
 Complete product
costing
information,
06 Apr
2018
www.see
k.com.au
Cost
accounting

5MANAGEMENT ACCOUNTING
including New
Product Innovation
requirements
Task 2 – Data analysis
No Position title Position requirement Cost or
management
accounting criteria
required or
position
Alignment with
learning outcomes of
ACCT 6004
1. Management
accountant
Budgeting /cash flow Valuation, analysis,
budgetary system
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost
estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.

6MANAGEMENT ACCOUNTING
2. Management
Accountant
Balance sheet
reconciliation/pay
roll management
High level
qualification in
management
accounting
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost
estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing
information to
management
decision making.
3. Management
accountant /
Analyst
Reporting budgeting and
forecasting to financial
manager
Must have 3-5 years
experienced in
same type of role
for managemnet
accountant.
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost
estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost

7MANAGEMENT ACCOUNTING
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing
information to
management
decision making.
4. Management
accountant  Budget /re-forecast
and projections for
program activities
 Acquittal reporting
 Business process
improvements
Exposure to ERP
system, CA/CPA
qualified and
excellent
knowledge over
excel
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost
estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing
information to
management
decision making.
5. Management
accountant /
FMCG
 Costing all products
and analysis
 Review standard and
actual costs for
inaccuracies
Strong knowledge
base for assurance
processes and
procedures.
Developed skills
organizational
sector
 Identify and
analyse ethical
and organisational
issues confronting
contemporary
management
accountants

8MANAGEMENT ACCOUNTING
 Maintenance and
preparation of
Manufacturing KPI
reports
 Management of
fixed asset register
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost
estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing
information to
management
decision making.
6. Cost
accountant
 Monitor overhead
budgets and support
operation managers to
ensure their costing is
accurate.
 Perform costing for
new and current
products and services
 Prepare variance and
cost reports on
overheads, labour and
materials
 Assist operation
managers with their
annual budgeting and
forecasting
Able to provide
pro-active, accurate,
financial advice to
management to
support in business
growth and meeting
legal requirements
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost
estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost

9MANAGEMENT ACCOUNTING
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing
information to
management
decision making
7. Cost
accountant /
controller
 Identify and highlight
key project
profitability issues to
project manager
 Estimate costs for the
delivery of projects /
programs
 Assist cost account in
budget preparation
 Perform analysis to
verify savings from
opportunities
identified
Good knowledge
base regarding
forecasting,
reporting and
budgeting platform
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost
estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
 Critically evaluate
the relevance of
both quantitative
and qualitative
costing
information to
management
decision making
8 Cost
accountant /
controller
 Set up and maintain
Project(s) Cost
System using
Microsoft Excel and
accounting reports
generated from
MYOB and Navision
Experience of job
costing, Advanced
knowledge of excel,
accounting or
business degree and
management
accounting
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost

10MANAGEMENT ACCOUNTING
 Producing weekly
cost reports and
advise of any forecast
cost overruns or
savings promptly to
allow corrective
actions to be taken in
a timely manner or
capital to be returned
 Maintain
comprehensive
registers of financial
approvals, variations
and change orders
experience estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
9. Management
accountant /
Manufacture
 Cost Accounting and
BOM preparation
 Data entry for
accounting data such
as payroll for staff
 Financial
reconciliations
Must have at least 3
years experience
and will be
responsible for
professional
designation in
accounting. Further,
applicant shall be a
qualified CPA/CA
shall have
experience in
manufacturing
organization.
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost
estimation
techniques to
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
10 Management
accountant
 Assist in the
preparation of factory
operational
budget/forecasts
 Assist in planning,
evaluate and verify
capital expenditure
proposals
 Provide analysis and
Exposure to ERP
system, excellent
knowledge over
excel, CA/CPA
qualified
 Categorise and
identify the nature
of various types
of costs, cost
objects and cost
behaviours and
use cost
estimation
techniques to

11MANAGEMENT ACCOUNTING
commentary/interpreta
tion to reporting,
including variances to
forecast and budget
 Report daily and
weekly site
operational
performance reports
 Complete product
costing information,
including New
Product Innovation
requirements
develop cost
functions.
 Apply cost
accounting
techniques to
calculate the cost
of a range of cost
objects as well as
analyse costs.
 Apply cost
information to
planning, control
and decision‐
making.
Task 3 – Final report
Part 1
Different job sites searched for the above mentioned posts are –
1. www.seek.com.au
2. www.careerone.com.au
 All the above mentioned posts were found in private sectors. Therefore no posts were
found in government sector.
 Out of all the searched and listed positions above 6 positions were for management
accountant and rest 4 positions were for cost accountant. Thus maximum positions
were found were for the post of management accountant.
 The most common requirement for the above listed positions were Assist in the
preparation of factory operational budget/forecasts, assist in planning, evaluate and
verify capital expenditure proposals, provide analysis and commentary/interpretation
to reporting, including variances to forecast and budget, report daily and weekly site
operational performance reports, complete product costing information, including
New Product Innovation requirements. The most common selection criteria were the

12MANAGEMENT ACCOUNTING
degree and education in the cost and management accounting field (Seek.com.au,
2018).
 Common cost and management accounting requirements were ability to prepare
budget, prepare performance and analysis report, recognized degree in management or
cist accounting like CA or CPA. The person shall also be able to Identify and
highlight key project profitability issues to project manager, Estimate costs for the
delivery of projects / programs assist cost account in budget preparation and perform
analysis to verify savings from opportunities identified (Careerone.com.au, 2018).
Part 2
2. Cost and Management Accounting is a special part of accounting process which deals with
an important aspect of business such as costs, management reports (Hilton & Platt, 2013).
The various aspects which should be present in an individual who is applying for the position
are given below:
 The most basic requirement for the position is that the individual has appropriate
knowledge and competencies of the individual in order ton establish if the individual
is fit for the job or not.
 In addition to this, another requirement for an individual is to possess necessary
analytical skills which are used by management and cost accounts on day to day basis.
The person should also know how to prepare budgets and also analyze the same
budget (Alviniussen & Jankensgard, 2015). On the basis of such budgets various
important decisions are taken by management.
 In addition to this, the cost and management accounting requires proper understanding
of the financial framework and the different categories of costs which might vary
from business to business as per the nature of the company.

13MANAGEMENT ACCOUNTING
3. The less common knowledge required for the application of cost and management
positions are:
 The requirement for tax knowledge for the position of cost and management
professionals are least common as management and cost professionals are responsible
for maintain their respective domains and tax management comes under different
purview itself. Moreover, individuals need to have special knowledge in tax
provisions for any position in tax department. Therefore, the skills which management
and cost personnel should have knowledge of their fields, analytical powers, clear
interpretation of the financial statement (Fullerton, Kennedy & Widener, 2013).
4. Management accounting professionals are associated with mostly internal functions and
preparation a report of management which can be used for decision making process. The
various problems which are faced by the management in case of management accounting are
discussed below:
 Management and cost personnel are responsible for effective representation and
preparation of different types of budgets which if incorrectly estimated can affect the
entire decision-making process and in addition to this there is always a question on
the accuracy of the estimation process of judgments (DRURY, 2013).
 The job of a management accountant or cost accountant is to collect various data
which can be used to incorporate the report of the company. This is a hectic process
and therefore the management accounting should be kept separate from financial
accounting (Lavia López & Hiebl, 2014).
5. The topics which are covered in ACCT 6004 and which were learned while following this
assignment are given below in point form:

14MANAGEMENT ACCOUNTING
 Recognizing and analyzing the data which are available to cost and management
accounting professionals
 Identifying and analyzing the ethical issues which are face in an organization
 Application of various techniques of cost accounting to evaluate, calculate and
ascertain a particular cost of the business.
 Interpretation of the financial information which are present in the financial statement
for the purpose of taking managerial decisions on the basis of the same.
 Explaining the significance of management accounting in an organization and the role
management and cost accounting process plays in the overall development of the
business.
6. As per my opinion, the topics which were covered in ACCT 6004 did not cover the basic
concepts which are used in management accounting as the technical base is very important
which ACCT 6004 missed out. In addition to this, for every indirect cost, allocation of costs
is very important which is not covered in ACCT 6004. These are the important topics which
should have been included in ACCT 6004 for better understanding and also a systematic
understanding at the same time.

15MANAGEMENT ACCOUNTING