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Become A Cost Accounting Manager

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Working As A Cost Accounting Manager

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $79,735

    Average Salary

What Does A Cost Accounting Manager Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Cost Accounting Manager

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Cost Accounting Manager Jobs

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Cost Accounting Manager Career Paths

Cost Accounting Manager

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Help others decide if this is a good career for them

Average Length of Employment
Plant Controller 4.7 years
Accounting Manager 4.2 years
Accounting Officer 3.7 years
Finance Supervisor 3.6 years
Cost Accountant 3.5 years
Cost Analyst 3.0 years
Top Employers Before
Controller 7.4%
Accountant 5.8%
Manager 1.7%
Consultant 1.3%
Top Employers After
Controller 18.8%
Consultant 5.5%
Manager 2.4%
Accountant 2.2%

Do you work as a Cost Accounting Manager?

Cost Accounting Manager Demographics

Gender

Male

70.5%

Female

27.9%

Unknown

1.6%
Ethnicity

White

62.9%

Hispanic or Latino

14.2%

Black or African American

10.8%

Asian

8.7%

Unknown

3.3%
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Foreign Languages Spoken

Spanish

47.2%

Chinese

9.4%

Mandarin

7.5%

German

5.7%

French

5.7%

Korean

5.7%

Portuguese

3.8%

Finnish

1.9%

Cantonese

1.9%

Japanese

1.9%

Russian

1.9%

Bengali

1.9%

Sanskrit

1.9%

Arabic

1.9%

Hindi

1.9%
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Cost Accounting Manager Education

Schools

University of Phoenix

13.9%

DePaul University

7.2%

Auburn University

6.7%

Fairleigh Dickinson University

5.7%

Michigan State University

5.2%

San Jose State University

5.2%

Santa Clara University

4.6%

Webster University

4.6%

Northern Illinois University

4.6%

University of South Florida

4.1%

Regis University

4.1%

Portland State University

4.1%

Western Michigan University

4.1%

University of Wisconsin - Oshkosh

4.1%

Arizona State University

3.6%

Duquesne University

3.6%

Case Western Reserve University

3.6%

Suffolk University

3.6%

Southern New Hampshire University

3.6%

Cleveland State University

3.6%
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Majors

Accounting

40.3%

Business

36.0%

Finance

12.2%

Management

2.7%

Marketing

1.0%

Economics

0.9%

Operations Management

0.8%

Computer Information Systems

0.7%

Taxation

0.7%

Computer Science

0.5%

Education

0.5%

Political Science

0.5%

Environmental Control Technologies/Technicians

0.5%

Engineering And Industrial Management

0.5%

Management Science

0.4%

Mechanical Engineering

0.4%

Supply Chain Management

0.4%

Project Management

0.3%

Business/Commerce

0.3%

Information Technology

0.3%
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Degrees

Bachelors

45.6%

Masters

42.5%

Other

8.1%

Associate

1.7%

Certificate

1.5%

Doctorate

0.6%

Diploma

0.1%

License

0.1%
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Real Cost Accounting Manager Salaries

Job Title Company Location Start Date Salary
Accounting Manager I-Cost Accounting Gulfstream Aerospace Corporation Savannah, GA Mar 03, 2015 $118,019
Cost Manager Gardiner & Theobald, Inc. New York, NY Jan 02, 2015 $117,500
Cost Manager Faithful+Gould, Inc. Houston, TX Nov 26, 2014 $105,200 -
$128,000
Cost Manager Cumming Construction Management Inc. Los Angeles, CA May 01, 2014 $104,350
Cost Accounting Manager I DJO, LLC Vista, CA Aug 05, 2014 $98,998
Cost Manager Gardiner & Theobald, Inc. New York, NY Dec 17, 2014 $98,500
Cost Analysis Manager Hyundai Motor Manufacturing Alabama, LLC (HMMA) Montgomery, AL Jun 15, 2011 $97,786
Cost Accounting Manager I DJO, LLC Vista, CA Oct 01, 2012 $97,057
Cost Accounting Manager Tramontina USA, Inc. Sugar Land, TX Oct 01, 2015 $95,000
Costing Manager Covidien Irvine, CA Dec 02, 2016 $90,314
Cost Manager Cumming Construction Management Inc. New York, NY Oct 01, 2014 $90,000
Cost Manager Faithful+Gould, Inc. Houston, TX Jan 22, 2012 $87,500
Cost Accounting Manager Proximo Spirits, Inc. Jersey City, NJ Oct 01, 2015 $84,365
Cost Manager Gardiner & Theobald, Inc. New York, NY Sep 19, 2013 $81,078 -
$95,000
Cost Accounting Manager Tramontina USA, Inc. Sugar Land, TX Oct 01, 2012 $80,600
Cost Accounting Manager Life Technologies Corporation Carlsbad, CA Jul 29, 2016 $80,200 -
$148,900
Cost Accounting Manager Life Technologies Corporation NY Jul 29, 2016 $80,200 -
$148,900
Cost Manager Turner & Townsend Ferzan Robbins Jersey City, NJ Jul 20, 2015 $80,000
Manager, Cost Analysis Life Technologies Corporation Carlsbad, CA Apr 02, 2013 $78,400 -
$145,600
Cost Manager Gardiner & Theobald, Inc. Beverly Hills, CA Sep 15, 2015 $67,122 -
$102,500
Cost Manager Rider Levett Bucknall, Ltd. Tucson, AZ Feb 01, 2011 $67,000
Cost Manager Gardiner & Theobald, Inc. New York, NY Nov 18, 2013 $65,270 -
$95,000
Cost Accounting Manager Jabil Circuit, Inc. Memphis, TN Oct 01, 2011 $65,000
Cost Manager Cumming Construction Management Inc. San Diego, CA Sep 10, 2015 $65,000
Cost Manager Cumming Construction Management Inc. San Francisco, CA Sep 04, 2014 $65,000 -
$85,000
Cost Manager Cumming Corporation Aliso Viejo, CA Feb 01, 2011 $65,000
Cost Manager Rider Levett Bucknall Ltd Urban Honolulu, HI Sep 03, 2013 $65,000

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Top Skills for A Cost Accounting Manager

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  1. Financial Statements
  2. Variance Analysis
  3. Annual Physical Inventory
You can check out examples of real life uses of top skills on resumes here:
  • Reviewed financial statements, operating income and expense accounts, and loan documentation to confirm institution assets and liabilities.
  • Implemented annual standard setting process which immediately improved budgeting and forecasting capabilities while enhancing variance analysis.
  • Coordinated annual physical inventory including training of users and coordination of data entry personnel.
  • Prepare audit documentation and work closely with external auditors to support inventory balances, inventory reserves and warranty balances.
  • Administered Fixed Assets including Capital Expenditures and prepared the monthly Manufacturing Statement.

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Top 10 Best States for Cost Accounting Managers

  1. New York
  2. Delaware
  3. Connecticut
  4. District of Columbia
  5. New Jersey
  6. Colorado
  7. North Carolina
  8. Virginia
  9. Rhode Island
  10. Georgia
  • (1,071 jobs)
  • (65 jobs)
  • (303 jobs)
  • (167 jobs)
  • (529 jobs)
  • (439 jobs)
  • (634 jobs)
  • (658 jobs)
  • (70 jobs)
  • (658 jobs)

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