So you want to be a contract management accountant?

In the accountancy jobs market, becoming a contract management accountant is a hot topic.

Robert Walters explores the role in more detail and provides you with need-to-know advice if you’re looking towards a position in the field.

Management accountants: enough demand?

In the market, we are currently experiencing what can be seen as a high level of demand for contract management accountants, particularly within commercial organisations. This is due primarily to the roles focus on the future and long-term planning. Given the high amount of competition in the market, companies are increasingly looking toward contract management accountants to provide support and a competitive edge.

Why contract?

As the nature of the market changes, management accountants are increasingly becoming akin to the nature of contracting. Aside from the daily rates providing an obvious financial incentive, these professionals have the ability to gain expertise across a variety of sectors and business cultures. For those newly relocating to the Middle East, this can also provide similar benefits.

Given the high amount of competition in the market, companies are increasingly looking toward contract management accountants to provide support and a competitive edge.

Hot skills: commerciality

Commercial delivery is one of the key things that employers look for when hiring. If you have a proven track record of meeting deadlines, make sure this is highlighted on your CV. Companies want to be as sure as possible that you can ‘hit the ground running’ as well as being comfortable engaging with non-financial stakeholders within and outside the business.

Adding value and applying the figures

Contract management accountants need to not only have a strong grasp of figures but an ability to apply them and understand what they mean. This means that you will need to adapt to your new environment quickly, holding an ability to recommend the most appropriate solutions and adding value wherever possible. This includes being able to manage the allocation of resources, control costs and identify the most lucrative opportunities to increase market share.

Key responsibilities

For a management accountant, key accountabilities involve managing the month and year-end reporting, making forecasts, reviewing KPI associated performance and conducting internal reviews. 

Although depending on the size of the organisation you are within, you may also find yourself accountable for other tasks including; accruals, accounts payable and accounts receivables, working capital, depreciation, general ledgers and trial balances.

How should my skills differ?

For a management accountant, technical expertise is quite an obvious and minimum requirement. However if you are looking to work across industry sectors, you will find that many of the additional skills may change. Within commerce and industry, employers may look for differing qualities in their management accountants, however primary emphasis will come back to engaging with the wider business and providing solutions to what can be industry-specific problems.