A Financial Consultant

2. What kind of background and knowledge would an accountant need to be an potent internal consultant?

Management accountants already possess the required straightforward skills to allow them to turn out to be internal consultants for a company. In addition to these simple skills, however, management accountants need to (a) broaden their knowledge of the business of the company and (b) improve their orientation from that of a cost accountant to a single of a strategic thinker.

With respect to broadening their knowledge of the business of the company, management accountants must explore both the internal functioning of the business to embrace concepts beyond debits, credits, and ratios, and they must develop a comprehensive understanding of the external environments inside which the business does business.


Information gathered by management accountants in the past has had only limited relevance outside of the company. In part, this limited relevance was as a result of tight control on proprietary accounting data, and in part the limited relevance was due to the structure of management accounting details that was virtually meaningless outside of the cost accounting context.

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