MANAGEMENT ACCOUNTANT SALARY: A Guide to the Payroll in the UK

Management accountant salary

The increasing demand for management accountants in the UK is a trend that shows no sign of falling. The role of a management accountant cannot be overemphasized. However, with more qualifications, like the role of an SCMA, there is a high tendency to receive multiple job offers. This guide will take you through the salary range for a certified or trainee management accountant in London. Let’s start by understanding the job of a management accountant.

What Is the Job of a Management Accountant?

Management accounting is a specific piece of the accounting world that focuses on delivering financial information in a way that helps the managerial staff of a company make decisions. A management accountant must not only be an expert in accounting but also be able to present the data in a practical way that addresses management’s challenges.

A management accountant should have an excellent understanding of the functions and operations of management and leadership. Just so they understand how to present accounting information in a way that is useful for management. The ability to do cost analysis, budgeting, and strategic planning are all integral parts of management accounting. Previous leadership positions are highly recommended. This position takes place during regular business hours in an office setting, although overtime and travel may be necessary.

Certification as a management accountant is necessary for the position; a bachelor’s degree in business or accounting is also required, though a master’s degree is typically preferred. Three to five years’ experience is generally is also required.

Management Accountant Salary London

A part-qualified management accountant can hope to earn an average of £27,000–£40,000 in the UK. Fully-qualified management accountants are able to exponentially increase their earning power and could earn an average salary of £41,300–£50,500.

The average salary for management accountants is £41,843 per year in the London area. The average additional salary compensation for a management accountant in the London area is £3,461, with a range from £1,285 to £9,321. Salary estimates are based on 654 salaries in the London Area.

The salary of a certified management accountant in Scotland is almost level with those in London (which is the highest in the UK at present) due to a 4% increase in hiring within this region.

Bristol has become one of the UK’s top financial centers outside of London and has increased hiring in the insurance, legal services, and banking sectors. Management accountants can also earn an average of almost £53,800 in this area thanks to this employment boost.

Trainee Management Accountant Salary

The average salary for a management accountant is £38,500 gross per year (£2,480 net per month), which is £8,900 (+30%) higher than the UK’s national average salary.
A trainee management accountant can expect an average starting salary of £27,300. The highest salaries can exceed £130,000. Among management accountants, trainee management accountants or junior management accountants tend to have the lowest salary compensation. Moreover, experienced workers, like senior management accountants, enjoy the highest salaries.

An entry-level management accountant with less than three years of experience can expect to earn an average total compensation of £27,870 gross per year. A mid-career management accountant with 4–9 years of experience earns an average total compensation of £37,600, while a senior management accountant with 10–20 years of experience makes on average £49,300. Management Accountants with more than 20 years of experience earn £67,100 on average.

Certified Management Accountant

As a certified management accountant, You need to be great with figures and have the ability to explain financial information clearly to excel as a chartered management accountant.

Managerial accounting is the specialty of Certified Management Accountants. They explain the “why” behind the data, oversee project proposals, and offer advice on future profit potential.

Due to their business and managerial experience, CMAs are competent at overseeing teams and managing projects. CMAs are valuable to any firm that has to assess various projects, such as major manufacturers. They are qualified to make high-level business choices.

CMAs are adept at identifying diverse investment opportunities and making informed judgments while minimizing risk because they are financial specialists. This qualifies them as exceptional financial advisors and executives.

Certified Management Accountants have a distinct set of skills. They have a level of business acumen that non-certified accountants don’t have, as well as financial knowledge that non-accounting executives don’t have. This qualifies CMAs for managerial positions in practically any organization, from non-profits to Fortune 500 corporations.

Read Also: COPYWRITER SALARY UK IN 2023 (Updated!)

Every year, the Institute of Management Accountants (IMA) conducts a global salary study to uncover compensation trends and other important data for its members. The Institute of Certified Management Accountants (ICMA) is the world’s largest management accounting association. Its certification section, the Institute of Certified Management Accountants (IMA), is in charge of the CMA exam’s formulation, administration, and grading. Over 3,000 IMA members from 79 countries participated in the 2021 IMA Global Salary Survey. This year, China received 29.5 percent of the responses, followed by the United States with 39.2 per cent, the United Arab Emirates with 3.6 percent, and the remaining countries with 27.7 percent.

CMAs earn more than their counterparts at all levels of management. This is notable in senior management positions, where they might earn up to 58 percent more in total remuneration.

Salary of Management Accountant

In the United Kingdom, a part-qualified management accountant can expect to earn between £27,000 and £40,000. Fully qualified management accountants have the potential to significantly raise their earnings, with an average income of £41,300 to £50,500. In the United States, the average salary for a management accountant is $66,328 per year. There were 52 salaries reported as of April 2022.

Due to a 4% rise in recruiting, management accountant salaries in Scotland are nearly equal to those in London (which are currently the highest in the UK).

Outside of London, Bristol has become one of the top financial centres in the UK, with substantial hiring in the insurance, legal, and banking industries. Due to the increase in employment, management accountants can earn an average of about £53,800 in this location.


A management accountant can gain better career prospects if the focus is on developing the skills needed to evolve in a digital workplace. With more sophisticated technology to both aggregate and visualize high-quality data, management accountants who are able to easily adapt to new processes and blend them with existing forecasting and reporting skills are more likely to advance their careers.

Finance professionals with regulatory experience, particularly in data protection, MiFID II, IFRS, and PSD2, may see their salaries rise. Management accountants may find that investing in IT and tech training improves their professional worth when internal finance processes become automated.

Frequently Asked Questions

Is management accounting a good career?

If you appreciate arithmetic and have a natural talent for working with numbers, management accounting is a great career choice. It’s also a good choice if you enjoy overseeing, conducting research, analyzing financial statements, making decisions, and solving problems, as well as working well with people.

What jobs can you get with management accounting?

  • Manager/Director – Data Analytics
  • Vice President – Financial Planning & Analysis (FP&A)
  • Manager/Director – Strategic Planning
  • Financial Analyst
  • Staff Accountant
  • Manager/Director – Strategic Planning
  • Accounting Manager
  • Treasurer

Why should I choose management accounting?

This is a very commercial function that involves communicating with several departments inside the company. You will not only analyze past data but also provide information on what the company has to do to accomplish future goals.

  1. SWITCH ACCOUNTING: 6 Reasons to Switch accounting
  2. Starting A Construction Company UK: Step By Step Guide
  3. Certificate Of Incorporation: Meaning & All You Need To Know
  4. Professional Properties: Properties To Rent
Leave a Reply

Your email address will not be published. Required fields are marked *