Professional Documents
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CM A Students Guide 2013
CM A Students Guide 2013
CM A Students Guide 2013
GOVERNING COUNCIL
Prof. Lakshman R Watawala FCA, FCMA(UK), FCMA President
Mr.M.B.Ismail FCA, FCMA Vice President
Prof. K.B.M. Fonseka BSc.(Col.), MBA(Col.), Ph.D(PIM-USJ), FCMA(UK), CGMA, FCMA Member
Mr. Sujeewa Rajapaksha MBA FCA, FCMA Member
Mr. H.M. Hennayaka Bandara FMAAT, B.Com(sp), Dip.in. Accy. FCA, FCMA Member
Mr. N.W.G.R.D. Nanayakkara BSc(Bus. Admin),MSC(Finance), CFSA,ACA,FCMA Member
Mr. W.A.A.D. Perera MBA(Sri.J), FCCA(UK), FCMA (UK), FCMA, Member
Mr. M.R.A. Perera B.Sc(Acc.), MBA (PIM), ACMA(UK),CGMA, FCMA Member
ADVISORY COUNCIL
Mr. H.D.S. Amarasuriya FCA, FCMA, FCMA (UK)
Chairman, Singer Sri Lanka
Ms. Joy Thomas MBA, FCMA, C.Dir
President & CEO of CMA Canada
Prof. John O MillerAO, BA, B.Com, PhD, FCPA, FAICD, FCMA
Former Head, Graduate School of Management, Swinburne University of Technology, Australia; Former
Prof. Monash University; Past President, Confederation of Asian and Pacific Accountants (CAPA).
Prof David Hunt MSc, FCA, FCIPD, CPFA, FFA, FMAAT, FCMA, FRSA
President, Institute of Financial Accountants, Former PKF International Partner (Pannell Kerr Forster);
Past UK representative on IFAC Education Committee; Past Chairman of British Isles Accountancy
Profession's Education Committee; Past President AAT (UK)
Mr. A. N. Raman B. Com, FCA, FICWA, FCMA
Management Consultant; Former Central Council Member, ICWA India; Past President SAFA;and Former
Member Financial and Management Accounting Committee (FMAC) and currently PAIB Committee of the
International Federation of Accountants (IFAC)
Prof. P.R. Mather MA, PhD, FCA (E&W), FCPA
Head, School of Accounting La Trobe University, Australia; Former Assoc. Dean (Higher Research
Degrees), Faculty of Business and Economics, Monash University, Australia
Mr. S.E. Satharasinghe BSc, FCA, FCMA
Financial Advisor, Former Chairmen Brook Bond.
Mr. F.H. Puvimanasinghe FCA, FCMA
Former Senior Partner Puvimanasinghe and Company.
MANAGEMENT
Director Operations
Sumudu Pagoda
MBA, PGD, Dip HRM, Dip LL, PQHRM
Introduction 3
Examination Structure 6
Library Facility 6
Student Registration 7
Mode of Learning 8
Examinations 9
Exemptions 10
Scholarships 16
Prizes 16
The Secretariat 17
Application 18
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1. INTRODUCTION
South Asian countries of India, Pakistan and Bangladesh have their National Management Accounting bodies which play a lead ro le
in the Management Accounting Profession both in the private and public sectors. In fact, Sri Lanka was the only Founder Member in
the South Asian Federation of Accountants, which comprises the Accounting bodies of India, Bangladesh, Pakistan, Sri Lanka an d
Nepal that did not have its own National Management Accounting body.
Incorporation
The Hon. Minister of Trade, Commerce, and Consumer Affairs & Marketing Development tabled in Parliament on the 18 th March 2009
the Bill for the Incorporation of the Institute of Certified Management Accountants of Sri La nka. 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 20 th
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.
With the main role of economic development thrust on the private sector, the nu mber of Management Accountants required mainly
in industry, commerce, finance, education and the service sectors have greatly increased. The need for Management Accountants is
not only in the capital of Colombo but also in the provinces with the government's thrust to take industry and commerce to the
outstations. Further a Sri Lankan Management Institution will afford the many advanced level qualified students and universit y
graduates, opportunities to advance in their careers by being trained in a recognized course in management accountancy and obtain
a professional qualification which will enhance their job opportunities especially in the private sector.
As a Sri Lankan body the Institute provides opportunities for students to undertake a professional course in management accountancy
at affordable rates.
The Institute has invited four eminent persons to serve as Patrons of the Institute.
An Advisory Council consisting of Eminent Professionals from Universities, Public Practice, ManagementConsultancy, Industry,
Commerce and Government has consented to provide guidance and direction tothe Institute.
2. To promote the study of the theory and practice of management accountancy in all its aspects.
3. To register, educate and train any person who is contemplating to become a member of the Institute.
4. To conduct examinations and to grant membership to those who have passed all the examinations and complied with the
practical training requirements. To provide for the use of designatory letters for those who satisfy these criteria.
5. To preserve at all times the professional independence of the membership in whatever capacities they will be serving.
7. To pursue the advancement of the profession of management accountancy in relation to industry, commerce, education,
finance, public service and information technology.
8. To maintain a library or libraries for the use of the members and students.
9. To publish or distribute books, pamphlets and journals relating to the affairs of the Institute and promoting and furthering
the interests, usefulness and efficiency of members and others or of the accountancy profession generally.
10. To establish scholarships, grants for research and give prizes with a view to promoting or furthering the interests of
prospective members and members.
11. To provide for a post management accounting qualification for the professional development of members at both Mas ters and
Doctorate levels.
- Associate Member of the International Federation of Accountants (IFAC). IFAC is a global organization for the accountancy
profession with 164 members and associates from 125 countries representing 2.5 million accountants in Public Practice,
Education, Government Service, Industry and Commerce.
There are two categories of members who are entitled to use the designations as follows.
Associate Members of the Certified Management Accountant of Sri Lanka, ACMA.
Fellow Members of the Certified Management Accountant of Sri Lanka, FCMA, and
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2. CMA PROFESSIONAL QUALIFICATION
The CMA Professional Qualification is a course specializing in Management Accounting leading to produce professional CERTIFIED
MANAGEMENT ACCOUNTANTS. CMAs are generally focused on the future of a business and not the past. They use financial,
management and other information to direct operational, managerial and strategic decision making targeted at helping organizations
move forward. There after lifelong learning through continuing professional development (CPD).
CMA's earn their professional designation through a rigorous and highly specialized accreditation process. This will include a Four
Level examination structure, Integrative Case Study and a three year practical training requirement.
One of the special features of the qualification is the flexibility in the scheme in that examination could be taken first and thereafter
practical training or both could be combined together depending on one's convenience.
The structure of the first syllabus was originally developed with Technical Assistance of CMA Canada. The current Structure of the
Syllabus has been developed by the panel of consultants attached to the University of Sri Jayawardenapura led by Prof. Mangal a
Fonseka, considering International Educational Standards (IESs)set out by IFAC. The members of the Institute have to prepare
themselves in a manner that will enable them to assume duties not only as Management Accountants but also as Members of a Senior
Management Team.
With effect from May 2013 Foundation Level all examination question papers will be in multiple choice questions (MCQs).
ITA paper structure consist of 2 hour practical paper and 30 minutes of theory paper with MCQs. ITA examination is conducted at
CMA IT and Computerised Accounting Traning Center.
The medium of instruction and examination for Managerial Level, Strategic Level, and the Integrative Case Study will be only in the
English Medium. Thus, the CMA Sri Lanka Professional Qualification will offer employment not only in our own country, but also
provide opportunities for overseas employment. The conduct of the lectures and examinations in English is in keeping with the
language used by the business sector locally and globally. There will be three Skill Course Units to develop communication skills in
English and one Skill Course Unit to develop computer application.
Medium of instruction and examinations for Foundation and Operational Levels will be in English and Sinhala.
Subject Hours of
Course Title/Subject Title
Code Exam.
Level 1 (Foundation Level)
Management Accounting Fundamentals (MAF) FL 1 2
Financial Accounting Fundamentals (FAF) FL 2 2
Business Mathematics & Statistics (BMS) FL 3 2
Mgt., Corporate Governance & Ethics (MGE) FL 4 2
Busi.Econ. &Bus. Fin. Fundamentals (BEF) FL 5 2
Skill Course Units
Business English (BE I) SK 1 2
The Case Study is allowed to be taken only after completion of all stages.
4. LIBRARY FACILITIES
Reference library facilities are available for Members and Students at the Institute.
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5. STUDENT REGISTRATION
Registration is the first step to become a student of the Institute of Certified Management Accountants of Sri Lanka. ONLY A
REGISTERED STUDENT may sit an examination of the Institute. Registration is open throughout the year.
However those who wish to take the:
May examination should register on or before 31st January in that year,
November examination, by 31st July in that year.
2. A relevant Degree of a University of Sri Lanka or any other University approved by the council of the Institute.
3. Membership of the Sri Lanka Government Accountants Service.
4. Final Examination of the Institute of Chartered Secretaries &Administrators, U.K.
5. Final Examinations of the Institute of Financial Accountants, U.K.
6. Final Examination of the Association of the International Accountants, U.K.
7. Final Examination of the Institute of Bankers of Sri Lanka or London.
8. Final Examination of the Chartered Institute of Marketing.
9. Foundation Examination /CAB 1 of the Institute of Chartered Accountants of Sri Lanka.
10. Part qualification of professional, university, vocational and other qualifications will be considered on a case by case basis.
11. AAT Stage 2.
12. Final examination of the International Association of Bookkeepers (IAB).
13. A candidate who has passed any of the examinations indicated in the "Exemption Policy" is eligible to register as a Student.
14. Candidates who do not have credit passes in English and Mathematics at the G. C. E. O/L but have secured subject passes in
Business Communication and Business Mathematics in another Professional or University examination will be eligible to
register as a student provided other entry requirements are met.
15. Mature Entry
Those in employment and over 18 years of age with a minimum of 2 years’ experience in an Accounting environment,
together with a recommendation from the employer will be considered for registration under Mature Entry.
Students who pay subscription fees for two years at once will be offered a 10% discount as follows.
Registration Fees Rs.1,200
6. MODE OF LEARNING
6.1 eLearning
eLearning is gaining popularity amongst CMA students as it provides the flexibility to pace their study schedule according to their
time convenience and learning style.
The highlight of the new and improved CMA eStudy portal is that whilst it retains the features that were popular from the earlier
version, features such as an ‘easy to read and understand complete study text’ and video lectures have been included.
Why eStudy
For additional Technical / Support contact CMA Help Desk +94 (0) 11 2507087, 2506391 ext : 0114
The Governing Council of CMA has decided that the purchases of Study Texts are mandatory for every student in the form of
books/CDs or register for E-learning from November 2013 Examination.
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7. EXAMINATIONS
Levels are designed to test the candidates' level of knowledge, comprehension, application, analysis, synthesis and evaluation
pertaining to each subject. The number of hours of examination in respect of each course unit / paper is given in the schedule
"Examination Structure" in page no.7. There are total of 17 core course units, 4 skill course units and an Integrative Case Study which
will be tested in 62 hours.
(i) Students can take a maximum of six course units (core and skill) from the first three levels at a time, subject to
requirements (i), (ii) and (iii).
(ii) Course units in the Management Accounting stream (FL1, OL1, ML1 and SL1) and the Financial Accounting
stream (FL 2, OL 2, ML 2 and SL 3) and Law and Tax (OL 4 and ML 4) follow a logical sequence. In order to follow
a higher level course unit the corresponding lower level course unit has to be successfully completed.
(iii) Candidates may take SK1 and SK 2 concurrently. However, SK4 can be taken only on successful completion of
SK1 and SK 2.
(iv) All four core course units of Level 4 must be attempted together for the first sitting. Course unit-wise passes will
be given. Individual course units can be attempted after the first sitting.
(b) The Integrative Case Study can be attempted only on successful completion of all four levels prior to it.
(c) On completion of each level, candidates are eligible to receive the certificate assigned for that level. Further, they act as
exit points to those who wish to leave the study programme intermittently.
Please note that “Application for Examinations” will not be processed unless this mandatory requirement is satisfied.
ITA Rs.2,600.00
Pre examination seminars for candidates will be held for Strategic Level.
Students who complete each Level will be issued with a Certificate in addition to the Results Sheet as follows.
8. EXEMPTIONS
8.1 Exemption Policy
Please note the following important rules for CMA exemptions:
Exemptions are a concession and are only awarded at the discretion of CMA; there is no automatic entitlement to
exemptions. Where CMA determines that a qualification does not contain sufficient relevant coverage, no exemptions will
be awarded.
As a general rule, exemptions are granted only where a qualification has been obtained in full. Part qualifications will be
considered for professional qualifications only.
CMA does not award exemptions for exemptions; if you have been given credit for prior learning/exemptions, CMA
requires certified copies of the educational documents relating to your previous qualification(s) to assess eligibility
Exemptions will not be granted for subjects, a student has unsuccessfully attempted at CMA examinations.
Once a student applies for exemptions, a second request for exemptions will not be entertained unless he/she obtains full
qualifications subsequently. In this case it is mandatory that the student attaches a certified copy of the previous letter
with the new application.
Exemption requests/documents sent via email/fax will not be entertained.
CMA does not award exemptions for professional experience.
Online print outs of academic transcripts are not acceptable for the purposes of claiming exemptions. Only copies of
official documentation signed and stamped by the awarding body, can be accepted.
CMA has provided a list of qualifications for which it awards exemptions. Please note that CMA reserves the right to alter
the exemptions at any given time, if required.
Any application which does not conform to the requirements will not be entertained.
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8.2 Application for Exemptions
You may check the given list of qualifications to find out if you are eligible for any exemptions. Please note that you may be
entitled to some exemptions even if your qualification is not listed.
1. Read our ‘Exemption Policy’ and Exemptions Database to understand important information relating to exemptions.
a. Completed ‘Requisition for Exemptions form’ – the form can be downloaded from our website
http://www.cma-srilanka.org/cma-excemption-request.pdf
b. Certified copies of detailed results sheet with gradings.
c. Certified copies of any previous letters received by the student regarding exemptions from CMA.
Please note that you have to be a CMA registered student to pay and obtain exemptions.
The Application should be submitted,
Before 28th February pertaining to the May Examination and
Before 30th Auguest pertaining to the November Examination
6. The exemptions will be considered as valid only after the payment process is complete.
Those who obtain AMA designation will have to pay annual renewals subscription fee applicable for that year. If they sit for CMA
Examination subscription is not payable provided the annual renewal fee is paid.
If the subscription is not paid for renewal the AMA designation is automatically withdrawn and the certificate has to be retu rned.
The programme offers students a solid foundation in computerized accounting practical skills to produce middle level certified
accounting technologists to meet the growing demand in the private and public sectors.
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11. RECOGNITION FOR CMA QUALIFICATION
Open University of Sri Lanka – Bachelor of Management Studies - (BMS) of the department of
Management Studies
BMS degree is of four years duration – structured as level 3, level 4, level 5 and level 6. Students can specialize in Marketing or
Human Resource Management in Level 6.
This is an excellent opportunity for CMA students to complement the CMA professional qualification with a degree.
Passed finalists of CMA Sri Lanka can register for the BMS degree programme at level 5.
Students completed operational level or level above also could register for the BMS Degree programme at level 5. However they
could obtain the degree certificate only after completion of CMA.
CMA students have to satisfy Open University criteria regarding Continuing Education Courses in “Computer Literacy” and
continuing Education Courses on “English for Academic Purposes”.
The Open University commences their BMS degree programme in February each year. Applications close on 30 th November the
previous year. Application forms will be available at the CMA secretariat by 1 st November.
Copies of the following are required with the application.
The following institutions give exemptions and offer facilities for CMA qualifications.
Association of Chartered Certified Accountants - ACCA (UK), awards maximum of 9 exemptions out of 14 exams in
total.
Chartered Institute of Management Accountants – CIMA (UK)
Exemptions are awarded by CIMA (UK) at papers atFoundation Level and Operational Level, on completion of CMA.
Institute of Financial Accountants – IFA(UK)
IFA (UK) awards their Technician Stage qualification on completion of CMA Level 1 Foundation and Level2 Operational /
Technician and Intermediate Stages. Exemptions are offered for CMA subjects for subjects by IFA Technician, Associate
and Fellow level papers.
Certified Management Accountants – CMA British Colombia, Canada
Certified Management Accountants – CMA Ontario , Canada
Certified General Accountants of Ontario – CGA Canada
Passed finalists and members are offered exemptions from 12 subjects of the CGA Ontario. The subjects can be found at
www.cga-ontario.org .
Institute of Chartered Accountants of Sri Lanka - (ICASL)
CPA – Australia
Passed finalists and members who qualified taking the CMA syllabus which came into effect in 2007and or 2012 completed
a Degree are eligible to get an assessment from CPA Australia. CPA Australia Ltd, CPA Centre-Level 28,385 Bourke Street,
Melbourne VIC 3000 Australia
vic@cpaaustralia.com.au,www.cpaaustralia.com.au
Deakin University – Melbourne, Australia
Passed finalists and members are offered exemptions from 10 credit points, an equivalent of two and a half semesters of
the Deakin University, Melbourne Australia. Web site deakin.edu.au/international. Contact: Glen Ross Meehan,
glen.meehan@deakin.edu.au
Memorandum of Understanding – Between CMA &University of Sri Jayewardenepura
The Institute of Certified Management Accountants of Sri Lanka (CMASL) and the Department of Accounting (DA) of the
Faculty of Management Studies and Commerce, University of Sri Jayewardenepura made and entered into a MOU offering
facilities of mutual benefits to members and students of the two institutes.
Memorandum of Understanding – Between CMA & AIMA, India
The Institute of Certified Management Accountants of Sri Lanka (CMASL) entered into a Memorandum of understanding
(MOU) with All India Management Association (AIMA) for the conduct of Business Management Programmes by the CMA
Business Management School.
The required experience may be obtained whilst taking or after completion of CMA examinations. Experience gained prior to tak ing
CMA examinations will be considered on a case- by- case basis.
For more details please refer CMA Practical Experience Requirement Guide.
13. SCHOLARSHIPS
Scholarships are awarded to most outstanding school leavers, students of universities and SLIATE and governments and private
sector employees by CMA.
All selections for scholarships will be done by the relevant organizations and the decision after approval by the Governing Council of
CMA will be final.
The number of scholarships granted will depend on the eligible applicants meeting the required criteria laid down by the Governing
Council of CMA.
Those who wish to apply for a scholarship under any of the above schemes, should register as a student and complete the scholarship
application form obtainable from the Executive Director, and submit same on or before the specified closing date.
14. PRIZES
Prizes are offered for each level. Students who obtain the highest marks at their first attempt and reach a distinction level will be
awarded subject prizes. Students who obtain the first and second total marks, at their first attempt at distinction level will be awarded
the order of merit prizes.
Certificate of merit will be awarded to the student who obtained the highest marks of the level 5(IntegrativeCase Study - ICS) paper
without considering the number of attempts. The decision will be taken by the Governing Council of CMA and it is subject to change.
Gold Medal will be awarded to the most outstanding student at each level who has completed the Final (Integrative Case Study)
Examination, as “Founder President Award”.
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15. Price List of Study Texts and Other Publications (subject to change)
THE SECRETARIAT
All Communication should be addressed to:
Executive Director
Institute of Certified Management Accountants of Sri Lanka
29/24, VIshaka Road,
Colombo-04
Tel: 2506391, 2507087, 4641701, 4641702, 4641703,
Mob: 0714705537
Fax: From any No -ext. 118
E-mail: info@cma-srilanka.org , secretariat@cma-srilanka.org
Web: www.cma-srilanka.org