Management accountant in the twentieth centuries is no longer a traditional bean counting, but now has to become a hybrid accountant' within an organization. They are now facing intense challenges and are expected to adapt with rapid changes in business environment. Companies demand for more proactive management accountants, who are now expecting to become part of management and ready to accept exciting challenges ahead In 3000 words prepare a Research paper" on the Challenges Facing Management Accountants in the 21st Century and changes in the role of Management Accountant in the organizations