A New Era for Aspiring Accountants: Equipping Students with Skills for the Future
View(s):As Sri Lanka’s accounting landscape evolves, the Institute of Certified Management Accountants of Sri Lanka (CMA) is spearheading efforts to groom future-ready professionals. With a legacy of 25 years and a brand-new syllabus started in 2023, CMA is positioned to cater to students fresh out of the Advanced Level (A/L) examination. In an exclusive interview, Professor Lakshman R. Watawala, Founder President of CMA, elaborates on what makes this program a transformative opportunity for students and their parents alike.
Q : Professor Watawala, could you start by sharing the key milestones of CMA’s journey over the past 25 years?
A: Certainly! CMA was founded in 1999 and started with the technical assistance of CMA Canada currently CPA Canada. It was formally recognised by the government by an Act of Parliament in 2009. Over the years, it has become a vital institution in Sri Lanka, equipping professionals with both academic and practical skills. Today, we have a growing student base of over 15,000 and a robust network of more than 2,300 members. Importantly, our recognition extends beyond Sri Lanka through affiliations with the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA),Confederation of Asian & Pacific Accountants (CAPA).
A: The new syllabus, themed “Equipping Future Accountants”, focuses on three critical areas:
Digital Proficiency:
It incorporates cutting-edge technologies like artificial intelligence, data analytics, and digital business practices. Students will gain hands-on experience with accounting packages and digital tools, making them proficient in today’s tech-driven workplace.
Value Creation:
Beyond technical skills, the syllabus emphasises strategic thinking and the ability to add tangible value to organisations.
Problem-Solving Expertise:
Management accountants must be adept at analysing situations and offering actionable solutions, bridging the gap between numbers and strategy.
Q : How does CMA prepare students for today’s competitive job market?
A: CMA is more than just an academic qualification—it’s a career-oriented programme. Students gain practical experience while studying, ensuring they are job-ready upon completion. Employers recognise our members as valuable assets, capable of contributing from day one.
Additionally, our partnerships with universitieslocal and foreign provide a degree alongside their professional qualifications. This dual pathway enables them to enter the workforce earlier and with enhanced credentials.
Q : How does CMA differ from other accounting programmes?
A: Unlike degree-focused programmes, CMA offers a blend of academic rigor and practical exposure. By the age of 21, students can complete the CMA programme and secure employment—years ahead of traditional university graduates. Moreover, the programme is conducted in multiple languages (English, Sinhala, and Tamil) at the certificate and operational levels, ensuring accessibility for all.
Q : Could you elaborate on the global recognition of CMA qualifications?
A: CMA qualifications are aligned with IFAC education standards, ensuring they meet global benchmarks. This opens pathways for students to pursue further studies or careers abroad. For instance, members and passed finalists can top up their qualifications with CPA Australia or ACCA (UK) to go up in the corporate ladder.
A: Practical training is at the core of CMA. Our students need to complete three years of practical experience while studying or after studies or midway before qualifying as members. We also incorporate skill-building programmes like our speech craft initiative, which enhances communication confidence and leadership skills and IT modules focused on digital analytics.
Students benefit from computer-based testing (CBT), which allows them to take exams flexibly, four times a year. This innovation, in collaboration with global leaders like PearsonVUE, demonstrates our commitment to student success.
A: Inclusivity is a cornerstone of CMA. Students from any background, including rural areas, can begin their journey in Sinhala or Tamil. These students can still achieve middle-level qualifications, such as the Certified Accounting & Business Manager (CABM), and secure meaningful employment.
A: We recently introduced a Certified Accounting Technologist programme for O-Level students. This nine-month course provides a strong foundation in accounting, economics, and information technology. This qualification will provide a fast track to join the CMA professional programme.
Q : What support does CMA provide for continuous learning and specialisation?
A: Continuing Professional Development (CPD) is mandatory for all our members, ensuring they stay updated. Additionally, we offer specialized programmes like the Certified Hospitality Finance and Management Accountant qualification, which caters to the growing tourism sector.
Our training emphasises ethical practices, governance, and social responsibility. These are critical for creating accountants who not only excel professionally but also contribute positively to the society.
Q : What advice do you have for A-Level students considering their next step?
A: Choose a programme that balances academic depth with practical readiness. CMA ensures students are equipped with globally recognised qualifications, digital expertise, and the ability to create value in any organization. For parents, investing in CMA means investing in a bright future for your child—one where they can achieve career success at a young age.Also combining the academic qualification with practical experience will make them job ready and much in demand in the private and public sectors.
CMA continues to shape the future of the management accounting professionin Sri Lanka. With its pioneering approach, new syllabus, and unwavering focus on practicality, it offers A-Level students a pathway to success in today’s dynamic world.
Naleef Kitchil
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