Government green light for CMA incorporation

Charmaine Fernando

History was created in the accounting world when after 50 years since the incorporation of the Institute of Chartered Accountants of Sri Lanka, Government recognition was granted to incorporate the Institute of Certified Management Accountants of Sri Lanka (CMA) on April 20, 2009. CMA Sri Lanka was set up with the technical support of CMA Canada and under the financial sponsorship of the Canadian International Development Agency (CIDA).

Professional leadership

The President of CMA is Professor Lakshman R. Watawala, a past President of the CASL, Founder President of AAT Sri Lanka Founder signatory to the setting up of South Asian Federation of Accountants, a Past President of SAFA, a Past President of the OPA of Sri Lanka and the Founder of CMA Sri Lanka. He has contributed immensely for the development of the Accounting Profession in Sri Lanka and is now bent on moulding high-end strategic management accountants to drive the Sri Lankan economy.

Moulding business leaders

The CMA specialises in Management Accounting, Financial Accounting and Strategic Management to create sound Business Professionals to drive Strategic Management Accounting in any industry unlike other accounting bodies that equip members to pursue careers as Auditors, Accountants or Financial Specialists.

The examination will consist of 4 stages of Technician stage, Intermediate stage, Professional 1 and on completion of Professional 2, Case Study will follow. Sunject passes will be given up to Professional 2 stage. Exams are due to be held every March and September each year conducted by the Department of Examinations.

Eligibility criteria

School leavers after Advanced Level, those awaiting university entrance, those having part qualifications in professional examinations such as ICASL, CIMA, ACCA, AAT, Banking, Marketing, HNDA, HNDC or those with part qualifications in accounting, commerce or degree program an graduates in any decipline are eligible to apply.

Those with full or part qualifications in professional examinations may apply for exemptions.

Those in employment in the public or private sector will find CMA flexible in that they could follow lectures at registered institutes or do the exams by using study texts. Mature entry is applicable for students who have a two year accounting experience.

Affordability is key

CMA is made affordable and costs one tenth of foreign examinations while scholarships are also provided for those who seek assistance. From Registration, annual subscription to exam fees and study material costs are fixed at reasonable rates it was announced.

Enhanced opportunity

Those who complete the Intermediate examination in CMA are eligible to register for Bachelor of Management Science (BMS) degree program.

This will open enhanced possibilities for obtaining a Bachelors Degree for CMA students in addition to their professional qualification on Management accounting moulding the nation's requirement of business managers.

Credentials on completion of study

On successful completion of all four stages a student could apply for Associate membership after completing 3 years of recognized practical training and use the designation ACMA. On completion of 5 years of experience at senior management, applications will be entertained for Fellowships and on secondment the designation applicable will be FCMA.

Professional recognition

Following the incorporation of CMA on April 24, 2009, the membership stood at 1668 comprising 532 Fellows and 1136 Associates. The CMA qualification will also enable passed finalists and members to get exemptions in CMA Canada, CGA Canada, ACCA, ICASL, CIMA, CPA Australia and provides opportunities to go overseas.

Accessibility

Society of Management Accountants of Sri Lanka can be reached at No. 1, Bethesda Place, Lester James Peries Mawatha (Dickman's Rd), Colombo 5 and in order to gather more detail, Anne or Kapila may be contacted on 011 2506391, 011 2501062 and 011 2507087. You may access the website: www.cma-srilanka.org to get more information and have access also through email on [email protected]