CMA Professional Qualification with UGC Approved University Degree
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Canadian High Commissioner in Sri Lanka His Excellency David Mackinnon address the gathering at 16th Graduation ceremony on 10th December 2019 at BMICH.
A few hundred thousand of Sri Lankan youths may be looking for a path that would lead them to study for a professional management accountancy qualification, to develop their skills through practical training and obtain a better job with a good salary. This is the fast track route for A/L students to lay a solid foundation for their career success.
Significance of CMA
Institute of Certified Management Accountants of Sri Lanka (CMA) offers a qualification that would open many doors of opportunities along the road to its membership.
The course is designed to create well rounded management accountants while enabling Sri Lankan youths to pursue management accountancy at a very reasonable cost.
Obtaining a recognized qualification such as CMA which is a combination of cost and management accounting, financial accounting and strategic management will empower a student to reach higher professional echelons such as Management Accountants, Chief Financial Officers, Financial Directors, Financial Controllers and Cost Accountants etc.
In the interim period, opportunities to work as assistant accountants and accounts executives would be open for students.
National and International Recognition
CMA was incorporated by Act Number 23 of 2009 that was approved in April 2009 by Parliament of Sri Lanka and therefore, achieved the reputation as the National Management Accountancy Qualification.
The secretary to the Treasury on 21st August 2017 has sent the Public Enterprise circular No PED02/2017 to implement this cabinet decision of 4th September 2014 to recognize the CMA Sri Lanka qualification in the scheme of recruitment to the posts of Financial Executives in government corporations, statutory boards, state banks and government owned enterprises.
Members of the Institute of Certified Management Accountants of Sri Lanka (CMA Sri Lanka) have been approved to register as Company Secretaries. This amendment is based on a decision made by the Cabinet on 4 September 2014 when approval was granted for the recognition of the CMA qualification for the purpose of functioning as a Company Secretary.
As the course syllabus was designed on par with international standards with the help of CMA Canada (Now CPA Canada) and the quality of education satisfies international requirements, CMA could become a full member of the International Federation of Accountants (IFAC), the global organization for the accountancy profession with 175 members and associates from 130 countries representing 3 million accountants. In addition, CMA was accepted into the folds of International Federation of the confederation of Asian and Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA).
Recipients of the Fellow Membership at the 16th Graduation ceremony which was held in December 2019 at BMICH
Easy to register
The best news is that a student can join the CMA course pending Advanced Level results, meaning right now, and avoid any waste of valuable time. However, the basic requirement for enrolment is three simple passes obtained at GCE (A/L) in any subject stream. Appreciating linguistic limitations of students, who have studied in their mother tongues up to the Advanced Level, CMA allows students to follow the first two levels of the course in a language of their choice, i.e. Sinhala, Tamil or English.
The Course Structure
The CMA examination has 4 levels of examinations and a compulsory Integrative Case study, computer-based accounting and speech craft programme at the 5th level. At the completion Levels 1, 2 and 3 students are awarded with Certificate, Diploma and Advanced Diploma respectively. For those who complete the Level 4 and the Apex level (Level 5), the award will be the Passed Finalists Certificate.
Modes of Study
Student can study for CMA while working, attending university or following other professional courses of their choice. CMA of Sri Lanka has accredited tuition providers around the country who conduct classes mainly during the weekends. However, CMA understands that there could be students who cannot fit the classes into their schedules or cannot attend due to the remoteness of their residencies. As CMA Sri Lanka operates with the motive of providing opportunity for all Sri Lankan youths who aspire to pursue a career in management accountancy, the Institute has devised two remedies to this problem. One is the self-study packs that enable students to study by themselves. The other is more technology based on-line study mode, which is called e-learning. Both these modes permit students to study according to their own schedules.
Exceptionally Economical
There is no question that the cost of the professional education is very high. It is more so when it comes to obtaining foreign qualification due to every increasing exchange rate. In keeping with its objective of contributing to provide level playing field for all interested Sri Lankan youth, CMA Sri Lanka ensures that the examination and other costs remain at reasonable and affordable level. To be precise, the cost of obtaining the CMA qualification is approximately 1/10 of what must be paid to obtain similar foreign qualification.
Designations:
On obtaining membership they could use ACMA for associate members and FCMA for fellows who are those with senior experience. This provide and identification for the members for obtaining a job locally or overseas.
Opportunity for a Quick Degree from Open University of Sri Lanka
The Open University of Sri Lanka offers exemptions for CMA students who have passed the Managerial Level to study for Bachelor’s in Management Studies. There are many CMA students who have made use of this opportunity and completed only two levels and obtained the degree. Several past CMA students have made use of this opportunity and finished with academic and professional qualifications during the same period.
Career Progression by adding a Post graduate qualification (MBA)
CMA members and passed finalists are eligible to follow MBA at the Post Graduate Institute of Management (University of Sri J’ Pura), University of Colombo and University of Kelaniya. CMA members are eligible for 6 subject exemption out of 12 subjects of MBA at Deakin University, Australia.
Furthermore, ACCA offer exemptions to CMA Passed finalist for 9 subjects in their program and CMA passed finalists need to do only the Professional level of ACCA. (4 subjects). Moreover, ACCA has waived off registration and exemption fee for CMA passed finalists.
Further information can be obtained from CMA Sri Lanka Secretariat, 29/24, Vishaka Road, Colombo 4. Call Bhanuka on 0778833363 Indika 0777593562, Malik 0766375456 or hot line no 0112596696