Companies and their products and/or services come from a variety of different industries. Industries such as consumer products, utilities, biotechnology, transportation and finance are all quite different in terms of the product and service offerings to their respective customers. In addition, it is likely that these different industries tend to have different types of professionals in their management ranks. For example, it is more likely that some types of transportation or technical companies might employ more engineers in their senior management ranks. On the other hand, some consumer products companies likely include many marketers as part of their senior management team. Naturally, finance and insurance industries are more likely to have accounting and finance professionals in positions of authority. While these industries, and certainly specific companies within the industries, may all be different, they all have the requirement of being financially successful.
Requirement:
Create a memo to a group of students interested in pursuing careers in management accounting. Include in the memo, the role of management accounting and how management accounting may differ based on different types of companies or industries.