Foreign exchange flowing out for education

By Charmaine Fernando

"It was bad investment that messed up the lives of investors that turned into a global downturn. Still, Sri Lankan parents spend millions of hard earned money on foreign education for their children. They spend a few lakhs for registrations alone where only a few qualify to get the degree.

From left: Guest of Honour,. Secretary, Ministry of Trade, Commerce, Consumer Affairs & Marketing Development, Lalith R. De Silva, President, CMA Sri Lanka Prof. Lakshman R. Watawala,, Chief Guest, , Minister of Trade, Commerce, Consumer Affairs & Marketing Development Bandula Gunawardena, Guest of Honour, Vice Chancellor, Open University of Sri Lanka Prof. Upali Vidanapathirana, Guest of Honour, President, ICMA Bangladesh. A. B. M. Shamsuddin.

Valuable foreign exchange is continuously flowing out of Sri Lanka", said Professor Upali Vidanapathirana, Vice Chancellor, Open University of Sri Lanka, who was the guest of honour at the graduation ceremony of the Institute of Certified Management Accountants (CMA), at BMICH, recently.

Many countries benefit by the lack of proper educational - investment awareness. One benefitting lucratively, is Australia, where education is the third highest earner of foreign exchange for the country. Australia is popular among Sri Lankan parents and students, as an 'education destination' with prospects of gaining citizenship at a later date. Whether the qualification acquired by most of these unsuspecting students finally gets them the aspired recognition as a globally qualified professional and a management job, is in doubt.

The President of CMA, 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, is now bent on moulding high-end strategic management accountants to drive the Sri Lankan economy to align with the emergence of Asia as the next biggest economic power in the world.

The CMA specializes 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, he said.

School leavers after their 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 and graduates in any discipline 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.

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

This will open enhanced possibilities of achieving a Bachelor Degree for CMA students in addition to their professional qualification on Management accounting moulding the nations requirement of business managers.

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.

Following the incorporation of CMA on 24th April 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, Deakin University Australia and provides opportunities to go overseas.

Society of Management Accountants of Sri Lanka can be reached at No. 1, Bethesda Place, Lester James Peiris Mawatha (Dickman's Rd), Colombo 5 and in order to gather more details: You may access the website: www.cmasrilanka.org to get more information and have access also through email on [email protected]