Professional accounting qualifications :Local institutes on a par
with foreign bodies
Professional qualifications of local financial and management
accounting institutes are equally recognised and accepted as similar
foreign qualifications, the cost of which is much higher, said the
Chairman of the Institute of Certified Management Accountants (CMA)
Prof. Lakshman R. Watawala at the signing of an MoU between the Sri
Lanka Institute of Advanced Technological Education (SLIATE) and CMA in
Colombo last week.
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At the signing of the MoU. Pic: Vipula Amarasinghe |
He said that there is a misconception that the accounting
qualifications of foreign professional institutions are far better than
qualifications of the equivalent local bodies. A local professional
management accounting institution was a long felt-need in Sri Lanka but
we started this institute very recently.
Although Asian countries such as India and Pakistan started their
management accounting institutions just after Independence, Sri Lanka
set up CMA in 2009.
Management Accountants play an important role in the private and
public sectors.
Foreign management accounting courses are very costly and students
cannot afford it. Today, there are over 15,000 CMA students and CMA
qualified professionals and they get highest recognition locally and
internationally, he said.
Prof. Watawala said that with this MoU the Higher National Diploma (HND)
students of SLIATE get the opportunity to gain professional management
accounting qualification from CMA. Today academic qualifications and
professional qualifications are needed to get a job and it is the global
trend.
Under the MoU, SLIATE students can complete CMA examinations with the
grant of subject exemptions from CMA. SLIATE students can register with
CMA at any stage of the HND program and depending on the year of the HND
program students will be eligible to get subject exemptions approved by
the council of the CMA.
This will enable HND students to obtain certificates after the
completion of each level of CMA. The CMA program will be available to
students through the facilities at Advanced Technical Institutes (ATIs)
of SLIATE that are spread islandwide.
The CMA will provide facilities for e-learning, CMA study material
such as books and CDs at all ATIs of SLIATE for self-study.
The CMA will also grant scholarships for HND students with
outstanding performance and needy students at the discretion of the
governing council of CMA and on the recommendation of SLIATE.
The SLIATE will grant exemptions to CMA passed finalists to follow
only the final year of the degree program of accountancy and management
which will be launched shortly.
GW
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