Technology continues to change the face of business. A proliferation of new ways to process data created a demand for technical accounting managers, who specialize in developing and correcting problems with financial and accounting software used by firms around the globe. The first step to a rewarding technical accounting manager career can begin with enrolling in an MBA program with a specialization in Accounting.
Job Outlook
The U.S. Bureau of Labor Statistics (BLS) predicts that employment for accountants, including technical accounting mangers, will increase rapidly in coming years. The growing complexity of business, increasingly sophisticated information systems and additional availability of data will spur demand for skilled technical accounting managers. The 2017 Robert Half Salary Guide for Accounting & Finance lists accounting manager as one of its “hot positions.” Job seekers with master’s degrees in accounting or business should have the best job prospects.
What Does a Technical Accounting Manager Do?
While financial reporting is required in every business, some industries – such as investments and financial planning – face an ever-increasing volume of regulations and reporting requirements. For these and other cutting-edge firms, accurate corporate financial assessment and reporting is key to a healthy bottom line. Technical accounting managers help organizations meet goals by focusing on the technical aspects of accounting. These professionals analyze and correct problems with software packages, and may also develop software to meet a business’s data management needs.
Technical accounting managers take the lead in monitoring, auditing and implementing financial computer systems and networks. They may also assist with developing technology plans to improve financial reporting. These accounting specialists may research, analyze and recommend new hardware and software packages, as well.
Presenting clear, reliable and accurate financial information to regulators and stakeholders is vital to most firms; therefore, another important aspect of the technical accounting manager’s job is to continuously monitor accounting software for accuracy and report their findings to management.
Additionally, technical accounting managers typically initiate internal controls, policy development, research, documentation and compliance reporting. They may be required to prepare and file standard documents for government regulatory agencies. Often, technical accounting managers train and provide support to associated departments or external advisors.
Most technical accounting managers work in comfortable office environments. A 40-hour week is standard. Depending on the employer, travel may be required.
Potential Salary: Technical Accounting Manager
According to BLS data for May 2016, the average annual salary for all accountants, including technical accounting managers, was $76,730, while the middle 50% earned between $53,240 and $90,670. The lowest 10% earned approximately $42,140, while those in the highest 10% bracket brought in about $120,910. Higher salaries are generally earned by those with experience and advanced education.
The Robert Half guide indicates a salary range of $101,00-$140,250 for tax accountants at the manager-level for large companies. The data shows that the top salaries generally go to those with solid experience and the advanced education employers need to remain competitive.
Education and Training Requirements
For most technical accounting manager positions, a bachelor’s degree is the minimum acceptable educational level. Many employers prefer to hire candidates with a number of years experience or an MBA. In addition, some positions require the Certified Public Accountant (CPA) or CMA (certified management accountant) designations.
Accounting professionals who wish to advance into a technical accounting manager position can obtain must-have knowledge by enrolling in an MBA program with a specialization in Accounting. Coursework typically includes international accounting and reporting, managerial accounting, organizational behavior and advanced governmental and nonprofit accounting.
Employers can be confident that professionals who have earned an MBA with a specialization in Accounting are able to:
- Identify data issues and make effective recommendations for solutions.
- Recognize financial reporting and disclosure differences between international and domestic accounting practices.
- Advance managerial accounting through analysis of current issues.
- Develop financial reporting systems for a variety of organizations.
- Leverage advanced knowledge and skills to succeed as a technical accounting manager.
How to Become a Technical Accounting Manager
If you have a strong accounting or business background, proficiency with computer systems and an analytical approach to problem-solving, then the challenges of a technical accounting manager career could be a great fit for your skills. Strong verbal and written communication, the ability to build relationships and a high degree of integrity will also serve you well in this profession. Gaining the specialized knowledge and respect that comes with earning an MBA with a specialization in Accounting, is a great way to distinguish yourself from the crowd and launch a successful career as a technical accounting manager!