Careers that change lives start here. Medtronic is a global leader in healthcare technology with a Mission to alleviate pain, restore health, and extend life. Our 95,000 employees work across more than 150 countries to put patients first — developing innovative medical technologies that improve the lives of 72+ million patients each year. Your unique talents will help shape the future of healthcare while building a career grounded in purpose, growth, and impact.

A Day in the Life

The Principal Cost Accountant is responsible for overseeing end-to-end product costing activities and delivering strategic analysis of product, process, and operational costs. This role ensures the accuracy of costing methodologies, inventory valuation, variance analysis, and financial reporting. It partners closely with operations, supply chain, and executive leadership to drive improved profitability and operational efficiency across manufacturing facilities, distribution centers, and contract manufacturing partners.

This position is an exciting opportunity to work with Medtronic's Diabetes business. Medtronic has announced its intention to separate the Diabetes division to promote future growth and innovation within the business and reallocate investments and resources across Medtronic. This separation provides our team with a bold opportunity to unleash our potential, enabling us to operate with greater speed and agility. As a separate entity, we anticipate leveraging increased investments to drive meaningful innovation and enhance our impact on patient care.

Responsibilities may include the following and other duties may be assigned.

• Manage and optimize the standard costing system across manufacturing sites, distribution centers (DCs), and contract manufacturing partners, ensuring accurate cost allocation, tracking, and financial reporting.
• Perform comprehensive cost analysis for products, processes, and operations, including labor, material, and overhead components.
• Develop, enhance, and maintain cost models supporting commercial products and process changes.
• Conduct Labor, Burden, and Material (LBM) analysis, including actual vs. standard variance reporting and YoY changes
• Oversee Cost of Goods Produced (COGP) and Cost of Goods Sold (COGS) reporting, ensuring accuracy, compliance, and timely execution.
• Lead daily costing activities for distribution centers, contract manufacturing operations, and the Chengdu site.
• Manage and coordinate with cross-functional teams, the annual cost roll-up process, standard rate updates, and allocation methodologies for material, labor, and overhead to ensure accurate product costing and reporting integrity.
• Support strategic decision-making through financial modeling, scenario analysis, and margin impact assessments.
• Calculate and maintain weighted average LBM for Value Streams products
• Develop and execute the global annual revaluation plan.
• Oversee cost roll reconciliation processes, summarize the impact of cost changes, and collaborate with cross-functional teams to validate results.
• Support gross margin reporting and allocation by value stream.
• Perform Standard Margin analysis, including volume, price, and mix variance.
• Collaborate closely with cross-functional and regional stakeholders to support product costing, financial transparency, and cost of goods sold (COGS) reporting.
•  Support ERP & Systems implementations.
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SPECIALIST CAREER STREAM: Typically an individual contributor with responsibility in a professional discipline or specialty. Delivers and/or manages projects assigned and works with other stakeholders to achieve desired results. May act as a mentor to colleagues or may direct the work of other lower level professionals. The majority of time is spent delivering and overseeing the projects – from design to implementation - while and adhering to policies, using specialized knowledge and skills normally acquired through advanced education.

DIFFERENTIATING FACTORS

Autonomy: Recognized expert, managing large projects or processes . Exercises considerable latitude in determining deliverables of assignments, with limited oversight from manager . Coaches, reviews and delegates work to lower level specialists.

Organizational Impact: Contributes to defining the direction for new products, processes, standards, or operational plans based on business strategy with a significant impact on work group results . May manage large projects or processes that span outside of immediate job area.

Innovation and Complexity: Problems and issues faced are difficult, moderately complex and undefined, and require detailed information gathering, analysis and investigation . Develops solutions to moderately complex problems, and/or makes moderate to significant improvements of processes, systems or products independently to enhance performance of job area. Implements solutions to problems.

Communication and Influence: Represents organization as a primary contact for specific projects and initiatives; communicates with internal and external customers and vendors at various levels . May negotiate with others to reach understanding or agreement, and influence decision-making.

Leadership and Talent Management: Typically provides guidance, coaching and training to other employees within job area. Typically manages major / moderately complex projects, involving delegation of work and review of work products, at times acting as a team leader.

Required Knowledge and Experience: 

• Bachelor’s degree in accounting, Finance, or related field required.
• Minimum of 8 years of relevant experience, or an advanced degree with a minimum of 5 years of relevant experience.
• Strong experience in cost accounting within a manufacturing environment.
• Proven experience with standard costing, cost roll processes, and variance analysis .
• Experience working with ERP systems (e.g., SAP) and financial reporting tools.
• Strong analytical and problem-solving skills with the ability to translate data into actionable business insights.
• Demonstrated ability to partner with cross-functional teams (e.g., Operations, Supply Chain) and influence decision-making.
• Solid understanding of internal controls, financial compliance, and data integrity principles.
• Effective communication skills with the ability to present financial information to various levels of the organization.
• Advanced English

 

Physical Job Requirements

The above statements are intended to describe the general nature and level of work being performed by employees assigned to this position, but they are not an exhaustive list of all the required responsibilities and skills of this position. 

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Recruitment Fraud Alert 

We are aware of phishing scams targeting job seekers. Please keep the following in mind: 

Apply only through official Medtronic channels. All legitimate Medtronic recruiting communications come from approved Medtronic platforms and official @medtronic.com email addresses. 

Medtronic will never ask for payment or sensitive personal information (such as bank account or Social Security details) during early stages of the hiring process. Any such requests are not legitimate. 

If you receive a suspicious message claiming to be from Medtronic, do not respond, click links, or open attachments. 

If you have any questions, concerns regarding the authenticity of a communication alleged to have been made by or on behalf of Medtronic, please contact us immediately at AskHR@medtronic.com. 

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Benefits & Compensation

Medtronic offers a competitive Salary and flexible Benefits Package
A commitment to our employees lives at the core of our values. We recognize their contributions. They share in the success they help to create.  We offer a wide range of benefits, resources, and competitive compensation plans designed to support you at every career and life stage.
 

 

 

This position is eligible for a short-term incentive called the Medtronic Incentive Plan (MIP).