Whilst trawling the internet for career information, I became more aware of the similarities and differences betwixt Financial and Management accountants.
Essentially, a financial accountant is responsible for profit and loss accounts and other financial information which is utilised by people outside of the organisation, such as tax authorities or those considering an investment in the company.
A management accountant, on the other hand, works within the organisation and produces reports for management. Unlike financial accountants, whose reports are structured to be compiled at certain dates or intervals, management accountants are not only called upon to report on the financial state of the organisation at any given time, but also analyse a wider range of data, such as cost efficiency, budget and comparative analysis , feasibility reports and merger and consolidation reports.
If I were to pursue a career in accountancy, I feel I would enjoy management accounting more due to the increased variability of the work ; Rather than compiling profit and loss accounts on a daily basis, analysing the feasibility of a merger or acquisition of another company seems interesting an enjoyable, and lends itself well to a number of other careers within business and finance, such as an Equity Sales role within the city of London ( i.e stockbroking ). Stockbroking is an enticing career option for me again due to the variety of the work ; A stockbroker is required to know every intricate detail regarding the companies which he or she is aiming to sell shares, and as a result learns a great deal about some truly fascinating businesses.
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