INSTITUTE OF CERTIFIED MANAGEMENT ACCOUNTANTS OF SRI … · Institute of Certified Management Accountants of ... The Society of Certified Management Accountants of Sri Lanka inaugurated

Institute of Certified Management Accountants of Sri Lanka

INSTITUTE OF CERTIFIED MANAGEMENT ACCOUNTANTS OF SRI LANKA Incorporated by Parliament Act No, 23 of 2009

PATRONS 1. Hon. BandulaGunawardena - Minister of Education

2. Hon.Prof. G.L.Peiris - Minister of External Affairs

3. Hon Ravi Karunanayake - Member of Parliament

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. TECHNICAL ASSISTANCE PROVIDED BY - CMA Canada INITIAL FUNDING BY - Canadian International Development Agency (CIDA)

MANAGEMENT

Director Operations Sumudu Pagoda

MBA, PGD, Dip HRM, Dip LL, PQHRM

Director - Education & Examination Dr. K.D.M.E.S. De Livera

FCMA, FCMA(UK), MBA, LICA, DIPFM

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Contents

Page

Introduction 3

CMA Professional Qualification 5

Examination Structure 6

Library Facility

Student Registration

6

7

Mode of Learning 8

Examinations 9

Exemptions 10

Associate Management Accountant(AMA)

14

CMA IT & Computerized Accounting Traning Center 14

Recognition For CMA Qualification 15

CMA Practical Experience Requirement 16

Scholarships

Prizes

Price List of Study Texts

16

16

17

The Secretariat

Application

17

18


1. INTRODUCTION

1.1 Background of the Institute

The Society of Certified Management Accountants of Sri Lanka inaugurated on 3rd June 2000 is based on the guidelines of international accounting bodies such as the Society of Management Accountants of Canada, the Institute of Management Accounta nts of USA, the International Federation of Accountants which is the World Body for Accountants and the Regional Management Accounting Bodies.

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 18th March 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 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 Governing Council

The Governing Council of the Institute consists of 08 members The Governing Council will appoint committees to undertake various activities of the Institute.

The committees are listed below.

Education and Training Committee

Examinations Committee

Journal and Publication Committee

Taxation Committee

Ethics &Disciplinary Committee

Conference and Seminars Committee

Finance and Administration Committee

Public Sector Accounting and Standards Committee

Business Forum Committee

Corporate Governance and Integrated Reporting Committee

CPD Committee

Accounting Standards Committee

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.

1.2. Objectives of the Institute

The principal objectives of the Institute are:

1. To provide membership to those accountants engaged in the profession of management accountancy.

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.

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6. To maintain high standards of professional conduct and ethics by all its members.

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.

1.3 Membership of International Accounting Bodies

- Member of the South Asian Federation of Accountants (SAFA).The other members are the Chartered and Management Accounting Bodies of India, Pakistan, Bangladesh, Sri Lanka and Nepal.

- 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.

1.4 Memorandum Of Understandings signed with Institutions & Universities

University of Sri Jayewardenepura

University of Kelaniya

University of Wayamba

Univesity of Jaffna

Open University of Sri Lanka

Sri Lanka Institute of Advance Technological Education (SLIATE)

Young Entrepreneurs of Sri Lanka

CMA Canada

ICWA India

ICMA Pakistan

ICMA Bangladesh

CPA Australia

ACCA UK

1.5 Current Membership The Institute was able to build up a membership exceeding 2000 Fellows and Associates. This indicates the degree of confidence the

members of the accounting profession have placed in the Institute justifying the need for a professional management accounting body

in Sri Lanka.

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

Those seeking membership should contact the secretariat.


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.

The qualification is recommended to the following:

1. Full time or part time students after A/L.

2. University undergraduates.

3. Students awaiting entry into universities.

4. Graduates and other professionals who wish to progress in their career both in the private and public sector.

5. As a continuing professional development and career advancement programme for those in employment.

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.

2.1. Examination Syllabus

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.

2.2. Structure of the syllabus and medium of instructions -English/Sinhala/Tamil

CMA course of study consists of Level 1 (Foundation), Level 2 (Operational), Level 3 (Managerial), and Level 4 (Strategic). On

completion of each of the four Levels, students have to take the Integrative Case Study Subject at Level 5.

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.

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3. EXAMINATION STRUCTURE

Course Title/Subject Title Subject

Code Hours of

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

Level 2 (Operational Level)

Operational Management Accounting (OMA) OL 1 3

Financial Accounting & Reporting (FAR) OL 2 3

Operations &Info. Systems Management (OIM) OL 3 3

Business Law & Taxation (BLT) OL 4 4

Skill Course Units

Business English II (BE II) SK 2 3

Information Technology Applications (ITA) SK 3 3

Level 3 (Managerial Level)

Integrative Management Accounting (IMA) ML 1 3

Corporate Reporting & Analysis (CRA) ML 2 3

Marketing & People Management (MPM) ML 3 3

Corporate Law & Advanced Taxation (CLT) ML 4 4

Skill Course Units

Professional Communication (PC) SK 4 3

Level 4 (Strategic Level)

Strategic Management Accounting (SMA) SL 1 3

Business Strategy & Policy (BSP) SL 2 3

Financial Strategy & Policy (FSP) Risk and Control Strategy & Policy (RSP)

SL 3 SL 4

3 3

Integrative Case Study ICS 3 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.


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.

5.1 Entry Requirements

A candidate who has one of the following qualifications could register as a Student. 1. For English Medium (a) Two passes at the G. C. E. Advanced Level examination together with a Credit Pass in English Language and a Pass in

Mathematics at the G.C.E. O/L Examination –

For Sinhala / Tamil Medium (b) Two passes at the G. C. E. Advanced Level examination together with a Pass in English Language and Mathematics at the

G.C.E. O/L Examination 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.

5.2 Documents to be attached to the Application for Student Registration

1. Certified photo copies of the educational / professional qualifications.

2. Certified photocopy of the Birth Certificate.

3. Two stamp - size (3.0 cm x 2.5 cm) colour photographs. Paste one photograph to the application form. The other

photograph should be certified by an authorized person. Your name and the signature should appear on the reverse of the

certified photograph. Photographs exceeding the stipulated size will not be accepted.

4. The photocopies of certificates and the photograph, which is not pasted to the application, should be certified by the attester of

the "Application for Student Registration".

The photocopies of certificates should be certified by the attester under his/her official stamp which indicates his/her name

and other relevant particulars.

The name used, in all the applications should be strictly in accordance with the Birth Certificate.

Where documents indicate the name different from the Birth Certificate, an Affidavit attested by a Justice of Peace (JP)

should be submitted.

The photograph (other than the one which is pasted to the application) and the photocopies of certificates which are NOT

DULY CERTIFIED WILL NOT BE ACCEPTED.

Photocopies of "Application for Student Registration" Forms should not be used for registration.

Completed "Application for Student Registration" forms are not accepted via fax or E-mail.

5. The duplicate of the PAYING -IN -SLIP for the Registration Fee and the Annual Subscription Fee, together with the student's

copy of the SPECIAL PAYMENT VOUCHER obtained, upon depositing the money, from a branch of the People's Bank. The list of

branches at which these deposits could be made, is given on the reverse of the Student's copy of the SPECIAL PAYMENT

VOUCHER. (The Special Payment Voucher should bear the date stamp of bank branch and the signature of an authorized

officer). This Special Payment Voucher should be used to pay only the Registration Fee. Neither the Exemptions Fee nor the

Examination Fee should be paid at the time of submitting the “ApplicationFor Student Registration"

"Applications for Student Registration" together with the necessary documents should be sent under Registered Cover to the

Secretariat. The top left hand corner of the envelope should bear the words "Application for Student Registration"

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5.3 Registration fees & Annual Subscription - (Subject to Change)

Registration Fees Rs.1,200

Annual Subscription Rs.1,400

Total Payment at Registration Rs.2,600

Students who pay subscription fees for two years at once will be offered a 10% discount as follows.

Registration Fees Rs.1,200

Annual Subscription Rs.2,520

Total Payment at Registration Rs.3,720

Annual subscription fee is due on 1st January each year. Registration fee is non-refundable.

Every registered student will be issued with a Student Identity Card bearing the Registration Number.

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

Ideal opportunity for Full time / Part time employed Undergraduates / Graduates

Part / Full Professional Qualification Holders Students after G.C.E. Advance Level Examination

The updated study content has been presented in an

Interactive, user friendly manner and has been analyzed by experts to maintain standards.

How can I clarify subject related doubts while studying Online?

Mentors are available for each subject and can be contacted online.

Students will also be given the opportunity to attend a face to face Q&A session with Subject Matter Experts at the end of each session.

Get to know the people who follow CMA with you and share knowledge.

Our online course community will play an important role in providing learner support.

Visit our website for more details-http://www.cma-

srilanka.org/registration/onlinelearning.html

For additional Technical / Support contact CMA Help Desk +94 (0) 11 2507087, 2506391 ext : 0114

6.2 Lectures and Self Study Student may follow lectures at Institutes accredited by CMA. A list of Accredited Institutions could be obtained from the CMA secretariat.

Also students could do self-study with eLearning facility of CMA study texts.

6.3 CMA Study Materials

CMA study texts for each subject are available for sale at CMA.Study Texts are prepared by the Institute for all levels in English and first

two levels in Sinhalese and Tamil. The Price list is in the last page of this guide.

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.

Comprehensive study text material

Interactive learning facility

Additional reading material

Revision Cards

Self Assessment Q&As

One to one tutor support

Access available on YOUR schedule 24/7

Past papers with suggested answers

Syllabus completion 1 month prior to exam

Self paced learning

Develop IT skills

Knowledge sharing with peers

Access anywhere anytime

http://www.cma-srilanka.org/registration/onlinelearning.html

http://www.cma-srilanka.org/registration/onlinelearning.html


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.

7.1 Evaluation of Core Courses Units and Skill Course Units

Scheme of evaluation of each course unit is given with the respective course syllabus. While the pass mark for any individual core course unit is 50, grades of evaluation in detail are given as follows. For skill course unit’s grades of evaluation are either pass or fail, and candidates are required to obtain a pass grade for each skill course unit.

A – Distinction, B – Good Pass, C – Pass Standard, D – Failure, E – Bad Failure.

7.2 Progression to Levels

(a) Candidates are required to successfully complete the core course units of Level 1, Level 2 and Level 3 and the four skill

course units prior to progressing to Strategic level.

(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.

7.3 Organization of the Examination Syllabus

Under the Syllabus Structure the main topics in the course unit together with their relative importance (weight) are specified. Thereafter each topic is elaborated under the terms Focus and Content. Focus specifies the learning outcomes for the students. It will also serve as a teaching guide to the instructors. Content specifies the sub-topics covered under a topic.

Please note that “Application for Examinations” will not be processed unless this mandatory requirement is satisfied.

Subject referrals for one subject in Strategic Level may be granted.

7.4 Examination Dates

Examinations are conducted by the Examinations Department and will be written examinations.

Examinations are held twice a year in May and November.

Closing dates for examination applications are

May Examination - 1stMarch

November Examination - 1stSeptember

Results will be released within 8 - 10 weeks of the date of conclusion of examinations.

Detailed results will be notified to all candidates by post.

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7.5 Examination Fees (subject to change)

7.6 Pre Examination Seminars

Pre examination seminars for candidates will be held for Strategic Level.

May Examination will be in April. Seminars for

November Examination will be in October.

7.7 Examination Certificates

Students who complete each Level will be issued with a Certificate in addition to the Results Sheet as follows.

Level 1 (Foundation Level Award: CMA Certificate in Accounting& Business Studies Level 2 (Operational Level) Award: CMA Diploma Certificate in Accounting & Business Studies

Level 3 (Managerial Level) Award: CMA Advanced Diploma in Management Accounting and Business Studies. Level 4 (Strategic Level) & Level 5 (Integrative Case Study) Award: CMA Final Examination Certificate

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.

Level Per Subject

Level 1 Foundation Level Rs. 1,200.00

Level 2 Operational Level Rs. 1,600.00

ITA Rs.2,600.00

Level 3 Managerial Level Rs. 2,600.00

Level 4 Strategic Level Rs. 3,600.00

Level 5 Integrative Case Study Rs.5,500.00


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.

Follow these steps to apply for exemptions:

1. Read our ‘Exemption Policy’ and Exemptions Database to understand important information relating to exemptions.

2. Initially, mandatory to register as a student with CMA.

3. Request for Exemptions Send in the following documents to request for 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. The documents should be submitted

Before 7th February pertaining to the May Examination and Before 7st Auguest pertaining to the November Examination.

4. Informing the student of eligible exemptions If you are eligible for exemptions we would post a letter providing your details of the subjects you are eligible to apply exemptions for. You should allow a minimum of 3 weeks for this process.

5. Pay and obtain exemptions You may pay for exemptions once you receive the letter detailing your eligibility to apply for exemptions. You are required to

a. Complete the ‘Payment Applications for Exemptions Form’. The form can be downloaded from our website http://www.cma-srilanka.org/cma-payments-exemption.pdf

b. Certified copy of ‘Exemptions Eligibility Letter’ c. Student copy of Special Payment Voucher (SPV) after the relevant exemption payment is made.

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.

8.3 Exemptions Fees (Subject to change)

Stage Per Subject

Foundation Level

Rs. 1,200.00

Operational Level ITA

Rs. 1,600.00

Rs. 2,600.00

Managerial Level

Rs. 2,600.00

Strategic Level Rs. 3,600.00

Integrative Case Study Rs. 5,500.00

http://www.cma-srilanka.org/cma-excemption-request.pdf

http://www.cma-srilanka.org/cma-payments-exemption.pdf

Qualification Foundation Level Operational Level Managerial Level Strategic Level ICS

AAT (Sri Lanka) MAF FAF BMS MGE BEF BE

I OMA FAR OIM BLT

BE II

ITA IMA CRA MPM CLT PC SMA BSP FSP RSP

Passed finalist with a Pass to BC II Ex Ex Ex Ex Ex Ex Ex

Without BC II Ex Ex Ex Ex Ex Ex

ICASL - Effective From 2010

Strategic Level II Completed Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Strategic Level I Completed Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

CAB II (Certificate in Acct. & Bus. II) Ex Ex Ex Ex Ex Ex Ex Ex Ex

CAB I (Certificate in Acct. & Bus. I) Ex Ex Ex Ex

ICASL - 2005-2009 Syllabus

Final Level II Completed Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Final Level I Completed Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Intermediate Level Completed Ex Ex Ex Ex Ex Ex Ex Ex Ex

Foundation Level Completed Ex Ex Ex Ex

ICASL- Executive Dip in Accounting and Finance

Executive Diploma in Accounting & Finance Completed

Ex Ex Ex Ex Ex Ex

Institute of Bankers of Sri Lanka

Certificate in Banking and Finance (CBF) Completed

Consider subject for subject Basis

Diploma in Banking & Finance (DBF) - English Medium

Ex Ex Ex Ex Ex Ex

Diploma in Banking & Finance (DBF) - Sinhala /Tamil

Ex Ex Ex Ex Ex

CIMA(UK) – Effective From 2010

Foundation Level- Completed Ex Ex Ex Ex Ex Ex

Operational Level- Completed Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Managerial Level- Completed Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex EX EX EX EX

Strategic Level Completed Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

CIMA Passed Finalist Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex EX

CIM – UK

CIM-Completed Ex Ex Ex Ex Ex Ex Ex Ex Ex

ACCA – UK

Fundamental Level

Knowledge Exam Ex Ex Ex Ex Ex

Skills Exam Ex Ex Ex Ex Ex Ex Ex Ex Ex Professional Level Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

SLIM

Sri Lanka Institute of Marketing (SLIM) Completed

Ex Ex Ex Ex Ex Ex Ex Ex Ex

PG DipM in Business and Finance Admn, Mgt

Ex Ex Ex Ex Ex Ex

Degree -Four Years (English Medium)

• Accountancy

Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Consider subject for subject

Basis

• Financial Management

• Finance

• Business Administration

Qualification Foundation Level Operational Level Managerial Level Strategic Level ICS

Degree -Four Years (English Medium) MAF FAF BMS MGE BEF BE I OM

A FAR OIM BLT

BE II

ITA IMA CRA MPM CLT PC SMA BSP FSP RSP

• B.Com (Special)

Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Consider subject for subject

Basis

• Business Management

• Public Administration

Degree -Four Years (Sinhala/Tamil Medium)

Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Bachelor of Arts/Science/Engineering/Law/Agriculture

Ex Ex Ex Ex Ex Ex

Bachelor of Information Technology Ex Ex Ex Ex Ex Ex Ex Ex

Bachelor Degree in marketing etc. Ex Ex Ex Ex Ex Ex Consider subject for subject Basis Consider subject for subject

Basis

MBA, /MSc etc... Master degrees Ex Ex Ex Ex Ex Ex Consider subject for subject Basis Consider subject for subject

Basis

For the univesities sign Mou’s with CMA Sri Lanka, exemptions for the dgree will be acording to the approved Exemption Policies.

If a master degree holder possesses a first degree he is eligible for exemption under the first degree and any other additional subjects for his master degree based on the subjects he has completed for his

master degree.

No differentiation between internal and external degrees if the duration of the degree is four years. If the duration of the degree is three years, then CMA Foundation Level is exempted and if the degree

is English medium Business English II is exempted.

Degrees fully completed in Sinhala/Tamil medium will be considered for exemption from the first two levels only. If the documents submitted do not provide the medium, qualification will be considered

for exemption from the first two levels only.

Undergraduates – exemptions will be awarded on a subject by subject basis for the years completed. Students should submit documents as proof that all modules for the given year have been successfully

completed.

A student who has completed only 1styear of a degree is not eligible to get exemptions in operational Level even If the student has done related subjects in year 1.

CMA will only assess degrees awarded by a University approved by the University Grants Commission (UGC).

Degrees obtained prior to 2002 will be separately evaluated and suitable exemptions will be given.

Qualification Foundation Operational Managerial Strategic ICS HNDA (effective from January 2007) - Higher

National Diploma in Accountancy MAF FAF BMS MGE BEF BE I OMA FAR OIM BLT BE II ITA IMA CRA MPM CLT PC SMA BSP FSP RSP

Complete - 4 years - English Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 4 years - Sinhala/ Tamil Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 3rd year - English Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 3rd year - Sinhala/ Tamil Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 2nd year Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 1st year Ex Ex Ex Ex

HNDA (effective from January 2002 - December 2006)- Higher National Diploma in Accountancy

Complete - 4 years - English Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 4 years - Sinhala/ Tamil Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 3rd year Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 2nd year Ex Ex Ex Ex Ex Ex Ex Ex


HNDM (effective from 2010) - Higher National Diploma in Management

Complete - 3rd year - English Ex Ex Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 3rd year - Sinhala/ Tamil Ex Ex Ex Ex Ex Ex Ex Ex

Complete - 2nd year Ex Ex Ex Ex Ex Ex Ex


HNDBA (effective from 2010) - Higher National Diploma in Business Administration

Complete - 2 years Ex Ex Ex Ex Ex Ex

Complete - 1st year Ex Ex Ex Ex Ex

HNDBF (effective from 2010) - Higher National Diploma in Business Finance

Complete - 2 years Ex Ex Ex Ex Ex Ex Ex


HNDE (effective from 2010)- Higher National Diploma in English

Complete - 2 years Ex Ex

Complete - 1st year Ex

HNDCE (effective from 2010) - Higher National Diploma in Civil Engineering

Complete - 3 years Ex Ex Ex Ex


Complete - 1 years Ex Ex Ex

HNDEE (effective from 2010) - Higher National Diploma in Electrical and Electronic Engineering




HNDIT (effective from 2007) - Higher National Diploma in Information Technology



HNDTA (effective from 2010) - Higher National Diploma in Agriculture




HNDME (effective from 2010) - Higher National Diploma in Mechanical Engineering




14 | P a g e

9. ASSOCIATE MANAGEMENT ACCOUNTANT (AMA)

THE CRITERIA FOR APPLYING FOR AMA DESIGNATION ARE AS FOLLOWS: Completion of CMA Managerial Level with two years practical training. Completion of CMA Managerial Level partly by passing the examination and partly getting exemptions with two years practical training.

9.1 The Records and Documents to be submitted. The following documents are to be submitted at the time of application for AMA designation

1. Application form with the fees.

2. Detailed curriculum vitae which should include the description of

Other academic and professional qualification

History of progress through CMA /ACCA/CIMA/CA/Degree/HNDA examination and date s of completion of CMA

managerial level.

Summary of employment in chronological order.

Detailed history of employment in chronological order including names of organization, designation and duties.

Practical experience record book/summary record of training signed by a member of CMA/CA/CIMA.

3. A certified copy of the detailed result sheet/certificate issued by the respective institute/university.

FEES (Subject to be change)

Registration fee Rs. 4000.00

Annual Subscription Rs. 3000.00

Rs. 7000.00

The above prices are subject to change.

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 returned.

10. CMA IT & COMPUTERISED ACCOUNTING TRANING CENTER

10.1 Certificate in Computerized Accounting (CCA)

The Certificate in Computerized Accounting was launched as a career path leading to the professional management accounting qualification. 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.

10.2 Course Objectives

To impart a sound knowledge and skills in Computerized Accounting. To provide hands on experience in the use of an Accounting software packages (SAGE).

- SAGE Line 50, SAGE Accpac, SAGE Peachtree, QuickBook, Tally etc. By using the latest MS Office Software Package. To provide hands on experience in the use of word processing, spreadsheet, presentation & database software packages.

Medium of Instructions and Examinations will be in English Registration is the first step to become a student of the Computerized Accounting Course. Registration is open throughout the year.

10.3 CCA Examination Dates

Examinations are held in April, August and December in a year.

Closing dates for New Registrations.

April Examination - 15th January

August Examination - 15th May

December Examination - 15th September

10.4 Information Technology Application Course (ITA Course)

ITA course offers at a rasonable & affordable cost at the CMA IT & Computerised traning center as a benefits for the students with

practical training, it will be counducting in batches wise commencing every month.

ITA Examination dates

Examintion will be counduct in last week of every month during the year. Examination dates publish in the web site.


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 30th November the

previous year. Application forms will be available at the CMA secretariat by 1st November.

Copies of the following are required with the application.

CMA Registration Card

National Identity Card

Detailed Results Sheets of CMA

G.C.E. O/L, A/L

Any other qualification and

Work Experience

Applications and documents will be submitted to the Open University by CMA

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

[email protected],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,

[email protected]

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.

http://www.cga-ontario.org/

mailto:[email protected],www.cpaaustralia.com.au

mailto:[email protected]

16 | P a g e

Memorandum of Understanding – Between CMA & ICWA India.

Recognize the professional qualifications and permit any member of one Institute admitted

as a member of the other Institute.

Memorandum of Understanding – Between CMA & ICMA Pakistan.


as a member of the other Institute

Memorandum of Understanding – Between CMA & ICMA Bangladesh.


as a member of the other Institute.

Memorandum of Understanding – Between CMA & SLIATE.

Grant exemptions for SLIATE students who qualified as HNDA or HNDM and also scholarships to students recommended

by SLIATE.

Memorandum of Understanding - between CMA and Wayamba University.

12. CMA PRACTICAL EXPERIENCE REQUIREMENT

12.1 Objectives

Objectives of the practical experience requirement is to ensure that CMA members are competent in the application of management and financial accounting principles, possess a working knowledge of the management, financial, legal and regulator y framework and can contribute to the strategic management of prospective employers.

12.2 Practical Experience Requirement

A student must gain a minimum of three (3) years practical training as specified below in addition to securing passes at CMA examinations to gain associate membership (ACMA) and hereafter completion of relevant 5 years working experience and CPD requirements can gain Fellowship(FCMA) of the Institute. 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.

The scholarship will include the following:

1. Registration fee and annual subscription for a period of 3 years.

2. Study Texts for all levels.

3. Lecture fees for each level at first attempt.

4. Examination fees at first attempt.

5. Assistance to find a firm for practical training.

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”.


15. Price List of Study Texts and Other Publications (subject to change)

Course / Subject Title Subject Code Medium

English Sinhala Tamil

Level 1 Foundation Level

Rs. Rs. Rs.

FL 1 Management Accounting Fundamentals MAF 700/- 700/- 700/-

FL 2 Financial Accounting Fundamentals FAF 700/- 700/- 700/-

FL 3 Business Mathematics & Statistics BMS 700/- 700/- 700/-

FL 4 Mgt., Corporate Governance & Ethics MGE 700/- 700/- 700/-

FL 5 Bus. Econ. & Bus. Finance Fundamentals BEF 700/- 700/- 700/-

SK 1 Business English 1 BE 1 700/- 700/- 700/-

Total 4200/- 4200/- 4200/-

Level 2 Operational Level

OL 1 Operational Management Accounting OMA 800/- 800/- 800/-

OL 2 Financial Accounting& Reporting FAR 800/- 800/- 800/-

OL 3 Operations and Information Systems Mgt. OIM 800/- 800/- 800/-

OL 4 Business Law &Taxation BLT 800/- 800/- 800/-

SK 2 Business English 11 BE 11 800/- 800/- 800/-

SK 3 Information Technology Applications ITA 500/- 500/- 500/-

Total 4500/- 4500/- 4500/-

Level 3 Managerial Level

ML 1 Integrative Management Accounting IMA 900/-

ML 2 Corporate Reporting & Analysis CRA 900/-

ML 3 Marketing& People Management MPM 900/-

ML 4 Corporate Law & Advanced Taxation CLT 900/-

SK 4 Professional Communication PC 900/-

Total 4500/-

Level 4 Strategic Level

SL 1 Strategic Management Accounting SMA 1000/-

SL 2 Business Strategy & Policy BSP 1000/-

SL 3 Financial Strategy & Policy FSP 1000/-

SL 4 Risk & Control Strategy & Policy RSP 1000/-

Total 4000/-

Student Guide – Rs.100/- Syllabus – Hard Copy Rs.200.00 , Soft Copy Rs. 100.00

Code of Ethics – Rs. 300/- Transcript Letter – Rs. 500/- CMA Practical Traning Guide – Rs. 300/- The above prices are 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: [email protected] , [email protected] Web: www.cma-srilanka.org

http://cma-srilanka.org/

mailto:[email protected]