Strategic Accounting Management Programs in Toronto

Strategic management accounting is a specialized branch of accounting that involves preparation of decision-oriented financial information, developing plans to manage financial performance of the organization, assisting management in formulation and implementation of an organization’s strategy.

The management accounting information is typically forward-looking and helps in planning and devising strategies for future, in order to manage and enhance the financial standing of the organization in the years to come. The information is used by the management, in order to make decisions.

As strategic management accounting is a specialized field, individuals considering a career in this discipline need to have undergone a specialized education program. This will help them in gaining advanced accounting, financial management and strategic management expertise required to become successful in today’s complex business environment.

Program Goals

Graduate certification strategic management programs aim at helping graduates in:

• Gaining a perspective on the organizational techniques required for the effective execution of strategic decisions
• Understanding the critical role that managerial leadership plays in the growth of the business
• Deepen their understanding in financial accounting, management accounting, auditing and taxation
• Preparing for advanced career opportunities in accounting in just one year
• Learning of leading edge managerial and leadership practices of the best companies in the world
• Gaining hands-on exposure to the latest technology applications in the area of MIS, including ERP systems

Program Structure

Centennial College’s program in strategic management in accounting is a short yet intensive program that provides graduates with the knowledge and skills to work in all sectors of business and industry. During the program tenure, students study a wide range of subjects, including advanced managerial accounting, accounting theory and policy, advanced taxation, information systems for business management, operations management for products and services, advanced auditing, advanced financial management, contemporary organizational behaviour, crafting and executing strategy, and ethics and stakeholder management.

Program Highlights

A large number of colleges in Toronto offer postgraduate programs in strategic management accounting. However, Centennial College offers extra benefits to its students.

• The program is delivered by professors who have strong academic and industry backgrounds.
• It is a short program that helps students quickly get to the world of work.
• The teaching methodology includes extensive use of case studies and simulations.
• The program offers comprehensive coverage of all the key areas of management.
• It provides program graduates with CGA transfer credit.

The strategic management – accounting program offers excellent employment prospects. The graduates can find employment as business analysts, account managers, accounting supervisors or assistant controllers in a wide variety of industries, including government offices, financial institutions, small businesses, service industries, public accounting firms and manufacturing industries. Many students also choose to be self-employed

Apart from this, students who wish to avail more advanced career opportunities can consider applying their academic credits towards further study with selected universities, institutes and professional associations.

Program Eligibility

In order to apply for this program, students will need:

• Three-year college diploma or university degree in accounting
• A proof of English proficiency

Students with partial post-secondary education or a two-year college diploma can also apply for this program. However, they must also have a minimum of two years work experience relevant to this program.

Strategic Management Accounting Program Offers Comprehensive Coverage of Key Field Areas

While the duties of accounting supervisors, accounting managers, assistant controllers, controllers and business analysts all vary there are some commonalities. All of these professionals must have the know-how to perform accounting duties, benefits administration, and audit, manage processes, report research results, develop budgets, track budget expenses, navigate financial software, analyze information, and more. These professionals may launch careers in financial institutions, government offices, public accounting firms, manufacturing industries, service industries, small business and through self-employment.

Centennial College offers a two-semester Strategic Management in Accounting program that is open to anyone who has completed a three-year college diploma or university degree in accounting as well as anyone who has a two-year college diploma or a partial university degree (75 per cent complete) in accounting, and who has a minimum of two years work experience relevant to this program. Applicants may be required to provide proof of English proficiency.

The offering is facilitated out of Centennial College’s Progress Campus, which is centrally located and houses other programs from the School of Business. This is important, as students are able to network with peers from offerings that are similar to theirs. Additionally, Progress campus houses modern computer labs that feature software that is relevant to this field. As such, students gain hands-on exposure to the latest technology applications in the area of management information systems, including ERP systems. Hands-on training is also presented to students through extensive use of case studies, simulations as well as leading-edge managerial and leadership practices of the best companies in the world. Students are guided through their learning by a team of professors with strong academic backgrounds, extensive business and management experience.

While other strategic management programs may focus on business or accounting, this program balances both perfectly. The program provides rigorous study of financial accounting, managerial accounting, taxation and auditing, and includes comprehensive coverage of all the key areas of management.

Specific courses in this offering include: Accounting Theory and Policy (standards such as reserve recognition, management discussion and analysis, employee stock options, post employment benefits, financial instruments, ceiling tests, hedge accounting and comprehensive income are critically evaluated); Advanced Taxation (focuses on compliance with the requirements of the Income Tax Act for Canadian resident corporations with specific emphasis placed on the decisions to be made by the owner/manager of a Canadian controlled private corporation); Advanced Managerial Accounting (covers relevant costing, capital budgeting, transfer pricing, balanced scorecard, inventory management, variance and profitability analysis, performance measurement and compensation, and the application of management accounting concepts and techniques to support business decision making); and others such as Operations Management for Products & Services, Information Systems for Business Management, Crafting and Executing Strategy and Contemporary Organizational Behavior.

Strategic Management Accounting Program Offers Range of Post-Graduate Options

It is important that the post-secondary program you attend offers you options. This doesn’t just mean career options but also ways for you to easily pursue further education should you have an interest in learning more.

Centennial College’s Strategic Management in Accounting (officially known as Strategic Management – Accounting), not only prepares students for careers that include accounting supervisor, accounting manager, assistant controller, controller and business analyst. It also allows grads to apply to CGA-Ontario and, depending on their academic background, receive level four CGA transfer credits. Additionally qualified grads seeking further education may do so through a partnership between Centennial College and Davenport University. This partnership allows graduates to apply academic credit towards further study.

As one of Toronto’s respected strategic management programs, this offering ensures students are prepared for whatever option they choose through comprehensive coverage of all the key areas of management that uses case studies and simulations; hands-on exposure to the latest technology applications in the area of management information systems including ERP systems; and more. It is worth noting that a team of professors with strong academic backgrounds, extensive business and management experience delivers courses within this offering.

Among the specific courses within this offering are:

Advanced Managerial Accounting: The role of management accounting is examined through topics such as relevant costing, capital budgeting, transfer pricing, balanced scorecard, inventory management, variance and profitability analysis, performance measurement and compensation, and the application of management accounting concepts and techniques to support business decision making.

Accounting Theory and Policy: Standards such as reserve recognition, management discussion and analysis, employee stock options, post employment benefits, financial instruments, ceiling tests, hedge accounting and comprehensive income are critically evaluated. Practical and theoretical problems of the present value model, foreign exchange accounting, the process and issues related to standard setting, agency theory and other topics relevant to current events are also discussed.

Advanced Taxation: Highlighted in this course are the requirements of the Income Tax Act for Canadian Resident Corporations with a focus on the decisions to be made by the owner/manager of a Canadian controlled private corporation.

Advanced Financial Management: Consolidations, foreign currency transactions and operations, and not-for-profit and government organizations are covered in this course. As a lead up to the study of consolidations, students partake in discussion of investments in equity securities and business combinations. Standard settings, both domestically and internationally, are presented within each topic leading to the adoption of the International Financial Accounting Standards, which were adopted in 2011 for Canadian public companies.

Contemporary Organizational Behaviour: This course studies human behaviour in organizational settings by following the traditional (social science) approach. As such, it begins with an examination of individual sources of behaviour, progresses through collective and interpersonal interaction, and ends with consideration of organization-wide variables and issues.

Building a Career in Strategic Management - Accounting

Strategic management accounting is a field of accounting that is concerned with developing and implementing strategies to increase the profitability of a business. This is an advanced field that combines advanced accounting, financial management and strategic management expertise. It is different from other areas of accounting as it focuses mainly on studying external business situations and non-financial information and analyzing how it can improve a company’s operations.

Strategic management in accounting is a specialized subject and goes far beyond routine accounting functions, such as cost allocation, breakeven analysis or budgeting. It includes implementation of total quality management, six sigma and other tools and techniques to improve a company’s profitability. This is why companies prefer to employ professionals who are qualified and experienced in strategic management accounting and cost leadership strategies.

Competencies Required for Working as a Strategic Management Accounting Professional

Strategic management accounting professionals must be competent in

• Developing appropriate strategies to improve a company’s profitability
• Executing strategic decisions effectively
• Working on the latest technology applications in the areas of management information systems, such as ERP
• Accomplishing the three strategic objectives of cost, time and quality
• Analyzing the financial implications of business strategies
• Making use of non-financial information which is crucial for company’s profitability
• Assisting top management in entering new markets
• Determining the need to drop specific business lines to improve profitability
• Identifying and cutting wasteful business operations

In addition, they must be able to challenge the traditional mindset of a company and assist them in developing new processes for their accounting function.

Becoming Strategic Management Accounting Professional

Becoming a strategic management accounting professional requires much more than just basic accounting understanding. It is a highly specialized field; and thus, professionals are expected to have undergone an advanced course in strategic accounting and possess relevant work experience.

Numerous colleges in Canada offer graduate-level strategic management programs in accounting. However, students need to be very careful while choosing their college.  A program is worth considering if it

• Covers all key areas of management and accounting
• Focuses on developing managerial and leadership skills
• Offers hands-on the latest technology applications
• Is delivered by a faculty with solid academic and professional backgrounds
• Provides graduates with CGA transfer (level 4)
• Offers good employment prospects

Centennial College’s strategic management program fulfills all these criteria and prepares graduates for successful careers in today’s complex business environment.

Program Content

The one-year program runs through two semesters and covers a wide range of subjects, including Advanced Managerial Accounting, Accounting Theory and Policy, Advanced Taxation, Information Systems for Business Management, Operations Management for Products and Services, Advanced Auditing, Advanced Financial Management, Crafting and Executing Strategy, Ethics and Stakeholder Management and Contemporary Organizational Behavior.

Who Can Apply for this Program?

This program is open for all the candidates who have completed a three-year college diploma or university degree in any discipline. Individuals with two-year college diploma or a partial university degree may also be eligible to apply. However, they must have a minimum two years of work experience relevant to this program. All applicants are required to submit a proof of English proficiency.

Building Careers in Strategic Management in Accounting in Canada

Strategic management accounting is more than just accounting and involves making strategic financial decisions and executing them successfully, in order to manage risks, increase returns on investments, improve current financial standing of the organization and explore additional revenue sources. This type of accounting not only focuses on the internal factors but also considers external factors that can affect company’s financial standing. Its ultimate aim is to increase the profitability of a business while creating and maintaining its image among shareholders, stockholders and general public.

Strategic Management in Accounting is a dedicated field that focuses on

• Managerial accounting
• Financial policies of a company
• Financial decision making
• Financial management
• Strategy development and execution
• Financial risk management
• Stakeholder management
• Auditing
• Value building
• Corporate Governance

It is a comprehensive field that covers all key areas of management and emphasizes more on managerial and leadership practices than general administration. Accounting managers engaged in strategic decision making play a critical role in the viability and growth of business.

Studying Strategic Management Accounting in Canada

Those who are looking to seek more advanced career opportunities in the field of accounting or want to build careers in financial management may consider enrolling in a graduate certificate strategic management – accounting program. It helps them gain knowledge and skills required to build rewarding careers in this field.

The program graduates can seek employment in a large number of business settings, including government offices, financial institutions, corporate houses, public accounting firms, service industries, manufacturing firms and small businesses as business analysts, financial analysts, assistant controllers, accounting supervisors, accounting managers or controllers. They can also choose to be self-employed.

Program Content

The strategic management programs in accounting offer an in-depth understanding in the areas of management accounting, financial accounting, strategy development, taxation and auditing. The students study a wide range of finance and management related subjects, including accounting theory and policy, information systems for business management, accounting for managerial decision making, operations management for products and services, contemporary organizational behaviour, values and ethics, stakeholder management, and crafting and executing strategy.

Centennial College’s one-year postgraduate program in strategic management – accounting makes extensive use of case studies and simulations, offers hands-on technology applications and places strong focus on leading-edge management and leadership practices. It is delivered by professors who possess strong business and management experience.

The program graduates can choose to either pursue their careers upon course completion or apply their credit rewards towards further study. They can enroll in a degree program at the university. This will prepare them for more advanced career opportunities in this field.

How to Apply for This Program?

Graduates in any discipline are eligible to apply for this program. They can send their applications to the college along with a copy of three-year college diploma or four year university degree certificate and proof of English proficiency. Candidates with partial post-secondary education can also be considered for this program. But they need to have a college diploma or partial university degree in accounting and must possess minimum two years of relevant experience.

Born to be a leader in the accounting profession

In many professions, a strategic and managerial perspective in your field of expertise is a sought-out skill by many employers. One focus of such advanced discipline is targeted in the accounting profession. A postgraduate program in strategic management in accounting can help any college and university graduate pursue a career in business and accounting.

The School of Business at Centennial College offers a graduate certificate program called Strategic Management – Accounting (2844). Its 12-course curriculum explores in-depth management operations in accounting, finance, and business. Further specialization in the field lets students choose two different course streams for each semester:

Semester 1

Students either take Marketing or Accounting for Managerial Decision Making for their sixth course. The first option will give students more knowledge outside of their field, while connecting it with the needs in accounting; meanwhile, the latter strengthens the student’s accounting management expertise by discussing the top decisions that executives undergo.

Semester 2

The choices for the second and final semester are either the Management & Leadership course or the Financial Management course. Both will broaden a student’s managerial perspective, but the first one emphasizes on business as a whole while the latter focuses strongly on the financial side of the business.

“The strategic management program has a comprehensive coverage of all key areas of management. It is delivered by top professors, with extensive business and executive management experience. We encourage lots of debates, research, and most of all, team collaboration,” says Centennial professor Joe Bajjani.

Of all the strategic management programs across Canada’s colleges, Centennial offers a distinct curriculum. Bajjani adds, “this program can be differentiated in terms of focus, content, target market, and flexibility.” Here are some of the program highlights:

• The programs stays current, with the help of its advisory committee, and each student learns about the managerial and leadership practices, along with the current trends in the industry.
• Each course involves a practical application component, where students engage in case studies and simulations to comprehend the complexity of their studies.
• As a managerial course, students learn and gain hands-on experience with ERP systems (Enterprise resource planning systems), which is used to integrate all business functions.
• Students pursuing their CGA (Certified General Accountants) designation will obtain a level four standing upon graduation.
• Centennial graduates entered various work environments in the accounting profession, including those in government offices, public accounting firms, financial institutions, service industries, and in self-employment.

The Strategic Management – Accounting program and its extensive curriculum ensures that graduates are knowledgeable and confident that they can make strategic decisions for their future employers. Graduates not only advance in their CGA designation levels, but also advance in their field, acquiring higher job positions such as Accounting Managers, Business Analysts, and Assistant Controllers.