Nelson Mandela once said that education is "the most powerful weapon which you can use to change the world" - words which are all the more relevant in today's context, with the global recession taking centre stage. As a result, the recognition for management accountants presently rates high all over the world. It's time for change and the need for qualified management accountants has suddenly become a top priority.
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Meeting all-round expectations of students and the business world today, with its recent incorporation by Act of Parliament the Institute of Certified Management Accountants of Sri Lanka (ICMA) offers a globally recognised qualification that is viewed by many as a door that opens to the professional world. To supply the nation's need and international demand for management accountants, CMA recently announced its four-level fast track to acquire a full management accountant qualification in just two years, at an affordable cost.
Affordability and Government recognition being key strengths of CMA, Student registration costs only Rs. 1,900 and 20 scholarships are awarded in the form of free registration, annual subscription for a period of three years, study packs, lecture fees, examination fees and assistance in finding placement in firms for practical training. Study course books are reasonably priced and available at the CMA Secretariat. Examinations are conducted by the Government Examinations Department, in March and September each year and students have the option of sitting one or more subjects at a time.
The CMA accreditation process is rigorous but richly rewarding and leads to the most respected and highly sought after designation in business - that of certified management accountant. The course specialises in strategic management accounting and produces certified management accountants who use financial, management and other information to direct strategic and operational decision making, targeted at helping organisations move forward. Exemptions are available to students who have acquired full or part qualifications from universities and recognised vocational institutions and CMA students also enjoy many exemption possibilities at local and foreign universities.
Certified Management Accountants provide an integrating perspective to business decision making, applying best management practices in strategic planning, finance, operations, sales and marketing, information technology, and human resources to identify new market opportunities, ensure corporate accountability, and help organisations maintain a long-term competitive advantage. They have unique competencies in cost management, strategic performance measurement, process management, risk management and assurance services, and stakeholder reporting, coupled with the ability to connect strategy with operations and anticipate customer and supplier needs.
Certified Management Accountants also have a holistic view of business, are able to identify issues, envision and chart solutions, and engage the appropriate measures and people within the organization to achieve the desired results. Unlike other accounting and business professionals - who specialise in financial reporting, auditing, theoretical applications or after-the-fact verification - Certified Management Accountants are equipped to look to the future to provide real-world strategic direction, business management and leadership.
CMA students earn their professional designation through a rigorous and highly specialised accreditation process, which includes a four stage examination structure and a two year practical training requirement. The flexibility of the course ensures convenience and students have the option of following CMA on a full time or part time basis upon sitting the Advanced Level examination, while awaiting entry into a university, post-graduation or even as professionals who wish to continue with their professional development through a career advancement programme while in employment.
CMA, which was inaugurated in Sri Lanka in June 2000, is based on the guidelines of leading international accounting bodies. It is the only management accounting body in Sri Lanka to be incorporated by an Act of Parliament (No.23 of 2009), endorsing recognition both locally and globally. CMA has also obtained the technical assistance of CMA Canada, one of the leading international management accounting bodies in the world and has also signed memoranda of understanding with the Institute of Cost and Management Accountants of Pakistan, Institute of Cost and Management Accountants of Bangladesh, Institute of Cost and Works Accountants of India (ICWAI) and CPA Australia. |
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