Incorporation - The Hon. Minister of Trade, Commerce, Consumer Affairs & Marketing Development tabled in Parliament on March 18, 2009 the Bill for the Incorporation of the Institute of Certified Management Accountants of Sri Lanka. The bill was approved by Parliament and the Institute of Certified Management Accountants Act No. 23 of 2009 was given assent by the Hon. Speaker on the 20th April 2009. This created history in the accounting world where Sri Lanka after 50 years since the incorporation of the Institute of Chartered Accountants of Sri Lanka a new Professional Management Accounting was incorporated and given the government recognition.

Background -
The Society of Certified Management Accountants of Sri Lanka was set up with the technical support of CMA (Canada), and Financial Sponsorship of the Canadian International Development Agency (CIDA). Approval was granted by the Ministry of Trade in the year 1999 to set up the Society of Certified Management Accountants of Sri Lanka and this was by Gazette Notification. The CMA has signed Memorandum of Understandings with all the Professional South Asian Management Accounting Bodies the Institute of Cost & Management Accountants of India, Institute of Management Accountants of Pakistan and The Institute of Management Accountants of Bangladesh.
An MOU was also signed with the Department of Accounting of the University of Sri Jayawardenapura
and the Open University of Sri Lanka.

Governing Council -
The Governing Council of the existing body will continue for a period of four years before elections are held. The Governing Council of 8 Members all of whom are Senior Chartered Accountants and also some of them are members of the Chartered Institute of Management Accountants of UK.. The President of the CMA is Professor Lakshman R Watawala a Past President of the Institute of Chartered Accountants of Sri Lanka, Founder President of AAT Sri Lanka, Founder signatory to the setting up of the South Asian Federation of Accountants and a Past President of SAFA, a Past President of the Organisation of Professional Associations of Sri Lanka and was also the Founder of CMA Sri Lanka and has contributed immensely for the development of the Accounting Profession in Sri Lanka.

The new Governing Council after 4 years will consist of a President, Vice President and three members elected by the membership. The Minister of Trade, Commerce, Consumer Affairs & Marketing Development will appoint three members from the following.

(a) The President of the Institute of Chartered Accountants of Sri Lanka or his nominee who is a member of the Council

(b) The Governor of the Central Bank or his nominee

(c) The Dean of the Faculty of Accounting of the University of Sri Jayawardenapura or his nominee.

CMA Professional Qualification -
Those sitting for the CMA exam specialize in Management Accounting, Financial Accounting and Strategic Management to become Business Professionals suitable to fit any industry, commerce or service organisation. CMA's as Strategic Management Accounting Professionals catering to the Business Sector are different from other professional bodies who equip their members to pursue careers as Auditors, Accountants or other Financial Specialists.

The exam is of 4 stages and consist of a Technician, Intermediate, Professional 1, Professional 2 and Case Study. The Case Study can be taken only after completion of Professional 2. In the examination if a student obtains the minimum pass marks in a subject then a pass is given for that subject and subject passes will be given upto Professional 2 stage.
Exams are held in March and September each year. The exams are conducted with the assistance of the Department of Examinations.

Meant for -

1.School Leavers after A/L and those awaiting entrance to universities
2.Those having part qualifications of professional exams ICASL/CIMA/ACCA/AAT/Bankers/Marketing/
3. Part qualifications of HNDA/HNDC
4.Part qualifications in Degrees/Accounting/Commerce
5.Graduates, HNDA/HNDC

Those who have full/part qualifications in other professional exams and degrees are entitled to apply for exemptions.

Recognition -
The CMA qualification will 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.

For further details:
Contact :- Kapila/Anne
011l 2506391, Oil 2501062,2 507087
Address :-Society of Certified Management Accountants of Sri Lanka,
No. 01, Bethesda Place.
Lester James Peiris Mawatha, (Dickmans Road)
Colombo 05.
Web :- www.cma-srilanka.ore
E-mail:- info@cma-srilanka.org