CMA PROFESSIONAL PROGRAMME - STUDENT GUIDE 2021 - (CMA) of Sri Lanka
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CMA PROFESSIONAL PROGRAMME STUDENT GUIDE - 2021 INSTITUTE OF CERTIFIED MANAGEMENT ACCOUNTANTS OF SRI LANKA THE NATIONAL PROFESSIONAL MANAGEMENT ACCOUNTING INSTITUTION IN SRI LANKA
CMA SRI LANKA - STUDENT GUIDE 2021 Contents Introduction to CMA Sri Lanka 04 - 06 CMA Professional Qualification 07 Student Registration 08 - 09 Modes of Learning 10 Exemptions 10 - 12 Examinations 13 - 17 Opportunities for CMA Students & Members 18 - 19 Practical Experience Requirement (PER) & Memberships 19 - 20 Scholarship Programmes 20 Prizes 21 Important Dates 21 Other Courses: Certified Hospitality Finance & Management Accountant (CHFMA) 22 CMA Team 23 Registration Application 24 - 29 3 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 1. INTRODUCTION 1.1 Background of the Institute The institute was initially established as the “Society of Management Accountants of Sri Lanka” in the year 1999 with the technical assistance from CMA Canada (now CPA Canada) and financial assistance from the Canadian International Development Agency (CIDA) by its Founder Prof. Lakshman R. Watawala and was launched in June 2000. The institute of Certified Management Accountants of Sri Lanka (CMA) was incorporated by the Act of Parliament No. 23 of 2009 as the National Professional Management Accounting Institution in Sri Lanka. Since its inception in June 2000, CMA has progressed to become a body with over 16,000 students and 2,500 members. The institute promotes the study and application of Management Accounting, Financial Accounting & Finance and Business Management through its Processional Management Accounting Study Programme leading to a Professional Management Accounting qualification. CMA is a Member of the International Federation of Accountants (IFAC) which is the apex organization of world-wide professional accounting bodies comprising 175 members spread across 130 countries with a total membership of more than 3 million accountants covering public practice, government, industry, service, commerce and education. It is a member of the South Asian Federation of Accountants (SAFA), an apex body of SAARC, thereby joining the fraternity of professional accounting bodies in India, Pakistan, Bangladesh, Nepal and Sri Lanka. CMA is represented on the SAFA Board. CMA is also a Member of the Confederation of Asian and Pacific Accountants (CAPA) consisting of Professional Accounting Bodies in the Asia & Pacific Region. 1.2 Principal Objectives of the Institute 1. To provide membership to those accountants 7. To pursue the advancement of the profession of engaged in the profession of management management accountancy in relation to industry, accountancy. commerce, education, finance, public service and information technology. 2. To promote the study of the theory and practice of management accountancy in all its aspects. 8. To maintain a library or libraries for the use of the members and students. 3. To register, educate, and train any person who is aspiring to become a member of the Institute. 9. To publish or distribute books, pamphlets and journals relating to the affairs of the institute and promoting and 4. To conduct examinations and to grant membership furthering the interests, usefulness and efficiency of the to those who have passed all the examinations and members and others or of the accountancy profession complied with the practical training requirement. generally. To provide for the use of designatory letter for those who satisfy these criteria. 10. To establish scholarships, grants for research and give prizes with a view to promoting or furthering the interest 5. To preserve at all time the professional independence of prospective members. of the membership in whatever capacities they will be serving. 11. To provide a post Management Accounting qualification for the professional development of members at both 6. To maintain high standards of professional conduct Masters & Doctorate levels. by all its members. 4 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 1.3 The Governing Council Prof. Lakshman R Watawala FCMA, FCA, FCMA (UK), CGMA President Mr. M.H. HennayakaBandara FCMA,FCA, B.Com (Sp), Dip.Accy, FMAAT Vice President Mr.W.A.A.D. Perera FCMA, FCMA(UK), CGMA, FCCA (UK),MBA (Sri. J ) Member Mr.M.R.A. Perera FCMA, FCMA(UK), CGMA, MBA (PIM-USJ), B.Sc.(Acc.) Member Mr. J.M.U.B. Jayasekera FCMA, FCA, FMAAT, FMAAT, BSc. Mgt.(USJ) Member Prof. A. H. N. Kariyawasam B.Sc. Management (Public) (Special) (SJP); M.Com (Kelaniya); Member PhD (Management) (Malaysia); MAAT; Dip.in FM.(India) Mr. H.M.A. Jayasinghe FCMA, FCA, FCMA (UK), CGMA Member Mrs.W.A.N.K. Wijewardena ACMA, FCA, B.Com Sp. (Hon), MBA Member Committees of the Institute 1. Accounting Standards, Financial Reporting Standards, Coordinating with Sri Lankan IFAC Member Bodies, Universities, Education Quality Control, and Education Institutes’ Quality Control Committee 2. Conference and Seminars, IR Awards, Computer Centre, Business School Committee 3. Women’s Development Committee 4. Education, Training, Recognition, Brand Building and CPD Monitoring Committee 5. Corporate Governance, Ethics and Disciplinary Committee 6. Finance and Administration Committee 7. Journal, IT, Banking, Finance, Insurance, Taxation and Law Committee 8. Members, Students, Professional Accountants in Business (PAIB), SME, CPD Seminars Committee 9. Public Sector Education, Accounting Standards, Monitoring of Government and State Corporations and Newsletter Committee Patrons of the Institute Hon. Prof. G.L. Peiris - Minister of Education Hon. (Dr.) Bandula Gunawardena - Minister of Trade His Excellency David McKinnon - Canadian High Commissioner in Sri Lanka 5 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 Advisory Council Mr.H.D.S. Amarasuriya - FCMA, FCA, FCMA (UK) Mr.S.E. Satharasinghe - FCMA, B.Sc, FCA Former Chairman, Singer Sri Lanka Financial Advisor, Former Chairman Brook Bond. Ms. Joy Thomas - MBA, FCPA, FCMA, C.Dir. Mr.F.H. Puvimanasinghe - FCA, FCMA President & CEO of CPA Canada Former Senior Partner Puvimanasinge and Company. Prof. John O Miller - AO, BA, B.Com, PhD, FCPA, FAICD, Prof. Ho Yew Kee - PhD, FCA (S’pore), FCPA (Aust), CFA FCMA Associate Provost (Skills Future & Staff Development), Former Head, Graduate School of Management, Singapore Institute of Technology, Former Head, Swinburne University of Technology, Australia; Department of Accounting and Vice-Dean, NUS Former Prof. Monash University; Past President, Business School, National University of Singapore. Confederation of Asian and Pacific Accountants (CAPA). Mr. Mark Chau - Bachelor of Business in Business Administration (RMIT) Mr. A. N. Raman - FCMA, FCA, FICWA, B. Com. Regional General Manager, Business Development – Management Consultant, Former Central Council International for CPA Australia Member, ICWA India, and Former Member Financial and Management Accounting Committee (FMAC) of Technical assistance provided by CMA Canada (now the International Federation of Accountants (IFAC). CPA Canada) Initial funding by - Canadian International Development Prof. P.R. Mather - MA, PhD, FCA (E&W), FCPA. Agency (CIDA) Head, School of Accounting La Trobe University, Australia; Former Assoc. Dean (Higher Research Degrees), Faculty of Business and Economics, Monash University, Australia. Establishment of CMA Sri Lanka Founder - Prof. Lakshman R. Watawala Technical assistance: Provided by CMA Canada (Now CPA Canada) Initial funding: Provided by Canadian International Development Agency (CIDA) 6 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 2. CMA PROFESSIONAL QUALIFICATION The objective of the CMA Professional Programme is to produce competent management accountants with a global-local outlook needed to meet organizational goals in today’s complex, dynamic and competitive environment. CMA accountants will be able to demonstrate the integration and application of (a) technical knowledge (b) professional skills, and (c) professional values, ethics, and attitudes in their places of work to a defined standard. 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 organization to move forward. Those who aspire to obtain CMA membership are required to successfully complete the CMA Professional Programme. On completion of all the relevant examinations, prescribed practical experience, and other requirements they could apply for Associate Membership (ACMA) and those with work experience at senior level for Fellow Membership (FCMA) of CMA. Through the Professional Programme they acquire a high level of competence which enables them to perform with distinction at work places irrespective of whether in industry, service or commerce, both in the private and state sectors, local and foreign. CMA offers an affordable, flexible and easily achievable route to a professional qualification for GCE Advanced Level qualified students, undergraduates, graduates as well as those in employment. CMA qualification is recommended to the following categories: Full time or part time students after GCE A/L. University undergraduates. Students awaiting entry into universities. Graduates and other professionals who wish to progress in their career both in the public & private sector. As a career advancement programme for those in employment. 7 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 3. STUDENT REGISTRATION Registration is the first step to become a student of the Institute of Certified Management Accountants of Sri Lanka. ONLY REGISTERED STUDENTS may take an examination of the Institute. 3.1 Entry Requirements Candidates who have one of the following qualifications could register as students. 1. Three passes at the G. C. E. Advanced Level 3. Mature Entry Examination together with a Simple Pass in English Those in employment and over 18 years of age with Language and Mathematics at the G.C.E. O/L a minimum of 2 years experience in an Accounting Examination. environment, together with a recommendation from the employer will be considered for registration 2. A relevant UGC approved Degree or Professional under Mature Entry. Qualifications approved by the Council of the Institute (fully / part qualifications listed under 4. Any other qualification accepted by the Council of exemptions scheme). CMA Sri Lanka. 8 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 3.2 Documents to be Submitted with the Application for Student Registration 1. Duly completed student registration application. certificates which are NOT DULY CERTIFIED WILL NOT BE ACCEPTED. 2. Certified photocopy of the Birth Certificate, National Identity Card. • Photocopies of "Application for Student Registration" Forms or the applications sent via 3. Two stamp - size (3.0 cm x 2.5 cm) colour fax or e-mail are not accepted. photographs. Paste one photograph on the application form. The other photograph should 6. The “Institute copy” of the Special Payment be certified. Your name and the signature should Voucher for Registration fee & Annual Subscription appear on the reverse of the certified photograph. fee which bear the round stamp of bank branch and Photographs exceeding the stipulated size will not the signature of an authorized officer should be be accepted. submitted along with the Registration Application. One Special Payment Voucher should be used to 4. Certified photocopies of the educational / pay only one category of payment. Eg: Registration professional qualifications. Fee. 5. The photocopies of certificates and the photograph 7. Those who wish to obtain exemptions from should be certified by the attester of the "Application CMA Study programme should fill the “Part B” for Student Registration". (The photocopies of of the Registration application according to the certificates should be certified by the attester instructions given. You should submit the results under his/her official stamp which indicates his/ confirmation letter or the certified copies of the her name and other relevant particulars) transcripts of the qualifications to prove the • The name used in all the applications should be successful completion of the qualification you are strictly in accordance with the Birth Certificate. holding. • Where documents indicate a name different from 8. "Applications for Student Registration" together the Birth Certificate, an Affidavit attested by a with the necessary documents should be sent Justice of Peace (JP) should be submitted. under Registered Cover to the Secretariat. The Top • The photograph (other than the one which is left-hand corner of the envelop should bear the pasted to the application) and the photocopies of words “Application for Student Registration” Fees (*subject to change) Exemptions Fee Registration fee & Annual Subscription Level Per Subject Registration Fee Rs. 1,750 Foundation Level Rs. 3,750 Operational Level Rs. 4,000 Annual Subscription Rs. 2,250 Managerial Level Rs. 4,500 Total Payment at Registration Rs. 4,000 Apex Level - CBA Rs. 12,000 Examinations Fee Level Per Subject Foundation Level Rs. 3,750 Operational Level Rs. 4,000 Managerial Level Rs. 4,500 Strategic level Rs. 5,500 Apex Level - Integrative Case Study Rs. 9,000 - CBA Module Rs. 8,000 Advanced Professional Rs. 10,000 Communication (Speech Craft Programme & Workshop Series) Other Publications & Documents Details Price per book (Rs.) Student Guide 250 PER Log Book & Guide Book 350 Transcript Letter 1,000 Student ID 250 9 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 4. MODES OF LEARNING 4.3. E-learning E-learning is gaining popularity amongst CMA students as it provides flexibility to pace their study 4.1. CMA Study Materials schedule according to their time convenience and learning style. CMA Study Texts for each subject are available for sale at CMA Head Office. Study Texts are prepared CMA Sri Lanka launched the Virtual Learning by the Institute for all levels in English and first two Platform on 19th April 2020 to facilitate the levels in Sinhala & Tamil media. students during the lockdown period in order to face the May 2020 examination. The Governing Council of CMA has decided that the purchase of study texts is mandatory for every Following facilities are provided under the Virtual student in the form of books / CDs or register for Learning Platform: e-learning from November 2013 Examination. Foundation Level - recorded full lecture series Prices of Study Packs for all the subjects in English and Sinhala media. Level Price per book Price per CD Operational to Strategic Levels - Past paper (Rs.) (Rs.) discussion programmes prior to relevant exam Foundation 900 600 dates. Operational 1,200 650 Apex Level - pre-examination seminar Managerial 1,300 750 conducted for Integrative Case Study after the Strategic 1,500 750 release of Scenario - I. Apex: - Case study book 1,500 750 Details of these programmes will uploaded in CMA - CBA book 1,000 750 Sri Lanka website from time to time and also can be obtained from the Education & Training Division. 4.2. Accredited Education Providers 4.4. Self-Study (AEP) Students are facilitated to do self-study through Students may follow lectures at Institutes Virtual Learning Platform and CMA study packs. accredited by CMA. A list of accredited institutes could be obtained from the CMA website. 5. EXEMPTIONS Exemptions Guidelines Exemptions on subject for subject basis are not considered except under special circumstances. Exemptions are given for recognition of other professional or academic qualifications. Once a student applies for an exemption, a second application for exemptions will not be entertained Exemptions are only awarded if the qualification unless he /she obtains full qualifications, provides the required level of knowledge, skills subsequently. and competencies gained through the respective qualification and awarded by the discretion of CMA Exemptions will not be granted for subjects when Sri Lanka. a student has unsuccessfully attempted at CMA CMA Sri Lanka does not award exemptions for examinations. exemptions. Exemptions for Masters qualifications are given separately. If a particular programme is not All the students who are eligible for subject included in the policy given, a separate evaluation exemptions need to pay a fee for the exempted will be carried out and relevant exemptions will be subjects. Information on current fees are given notified to students. under 5.2 (table - 02). No differentiation between internal and external If a qualification does not contain sufficient degrees if the duration of the degree is four years. and relevant coverage of the CMA syllabus, no If the duration of the degree is three years, then exemptions will be awarded. CMA Foundation Level and Business English II in As a general rule, exemptions are granted based on Operational Level are exempted. the completion of a qualification where the student For Undergraduates exemptions will be awarded has to complete the particular level/stage/year in on a subject by subject basis for the years particular qualification to obtain the exemptions completed. Students should submit documents as under the applicable scheme. proof that all modules for the given year have been 10 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 successfully completed. copy of Special Payment Voucher for Exemptions A student who has completed only 1st year of a fees paid (Applicable only for new registrations). degree is not eligible to get Exemptions in core subjects in Operational Level, even If the student Refer the Exemptions Awarding Scheme 5.2 to find has done related subjects in year 1. your qualifications & the applicable exemptions fee. CMA will only assess degrees awarded by Universities approved by the University Grants 2. Those who have already registered and wish to Commission (UGC). apply for exemptions should fill the Exemptions Degrees obtained prior to 2007 will be separately Application which can be downloaded from evaluated and suitable Exemptions will be given. CMA website and submit along with the results confirmation of University/Institute (in given (For more details on exemptions, please refer the format) or certified photocopies of the results "Handbook on Exemptions Policy" on CMA website). sheets/certificates and the Institute copy of Special Payment Voucher for exemptions fee paid. 5.1 Applying for Exemptions 3. If your qualification is not listed in the Exemptions Awarding Scheme, you need to have a separate Read our “Exemptions Policy” & Exemptions assessment for your qualification. Please send the database to understand important information scanned copies of your transcript to exemptions@ relating to exemptions. cma-srilanka.org or send your inquiry through online via CMA website. You may check the Exemptions Awarding Scheme Upon your registration confirmation you will be (5.2) to find out whether your University / Institute notified the exemptions granted within 20 working is accepted for CMA exemptions & eligible for days and you are allowed to proceed with the subject exemptions from CMA Program. examinations for the remaining subjects. 1. If you are a new registrant and wish to obtain Exemptions granted to you will appear in your exemptions at the registration, please fill the ‘My CMA’ account with the results of the earliest Part B of the Registration Application and submit examination which you attempted after getting the along with the results confirmation of University/ Exemptions. Institute (in given format) or Certified Photocopies of the results sheets/certificates and the Institute 5.2 Exemptions awarding scheme for qualifications and applicable fees Table 01: List of Universities & Institutes recognized for CMA exemptions * Foreign degrees & qualifications which are not listed above will be evaluated separately. 11 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 Table: 02: List of Exemptions Schemes applicable for Qualifications & Degree Specializations offered by the Institutes listed in Table 01. 60750 Accounting Sp. 56250 B.Com Sp. 47250 Finance/Fin: Mgt. Sp. 39250 HRM/Marketing 39250 Business Mgt. 39750 BBA Economics Sp. 47250 Business Admin Sp. Operations Mgt/Estate Mgt. 39750 Val./Public Mgt/ Inter: Bus: 35750 Busi: Info Sys Sp./business tech Banking/Entreprenurship/ 31250 Tourism & Hospitality/EBM/ Entre: Development 43750 ENM Degree 15250 1st year completed *All students are required to sit the Strategic Level & Apex Level after completing the Managerial Level. 26750 2nd year completed 30750 AATSL 2015 PF 18750 AAT SL 2010 PF 18750 CA SL-Executive 51750 CASL- Business 60750 CASL- Corporate/ACA 11250 CIMA -UK Foundation 38750 CIMA -UK Operational 52250 CIMA -UK Managerial 65250 CIMA -UK PF 18750 ACCA- F1-F3 34750 ACCA- F1-F9 65250 ACCA affliate/Member 11250 HNDA-1st year completed - SLIATE HNDA-2nd year completed - 27000 SLIATE HNDA-3rd, 4th year/ completed 56250 SLIATE 18750 IBSL-DABF 12 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 6. EXAMINATIONS 6.1 Examinations Syllabus all of which comprise twenty-two course units. The Advanced Professional Communication (Speech The structure of the first syllabus was originally Craft Programme & Workshop Series) requirement developed with the technical assistance from CMA must be fulfilled to become a Passed Finalist. The Canada (now CPA Canada). The current structure Practical experience requirement is of three years of the syllabus has been developed by a panel of duration and must be gained while completing or consultants considering International Education after completing the study programme to receive Standards (IESs) prescribed by the International the membership of CMA. Accountancy Standards Board (IAESB) of IFAC. The members of the Institute have to prepare themselves With effect from March 2018, Foundation Level in a manner that will enable them to assume duties all examinations are computer based and each not only as Management Accountants but also as subject contains Multiple Choice Questions members of a Senior Management team. (MCQs). 6.2 Structure of the syllabus With effect from May 2021 examination session onwards Operational and Managerial Level In order to receive the CMA Professional Qualification examinations will be computer based. a candidate has to; Strategic Level examinations will be paper based. (a) Complete the study programme Apex Level will be assessed as follows: (b) Advanced Professional Communication (Speech Craft Programme & Workshop Series) - AL 1: Integrative Case Study (ICS) - Paper based. (c) Gain practical experience specified by the Institute - AL 2: Computer Based Applications (CBA) - Computer based. The Study programme consists of five levels: - AL 3: Advanced Professional Communications Level 1 (Foundation), Level 2 (Operational), Level 3 (Speech Craft & Workshop Series - Oral (Managerial), Level 4 (Strategic) and Level 5 (Apex), assessments. CMA Sri Lanka Professional Programme 2018 - 2022 FOUNDATION OPERATIONAL MANAGERIAL STRATEGIC APEX LEVEL LEVEL LEVEL LEVEL LEVEL SKILL DEVELOPMENT STREAM OL 5: BE II FL 5: BE I ML 5: PC AL 2: CBA OL 6: ITA MA STREAM FL 1: MAF OL 1: MA ML 1: AMA SL 1: SMA FA & FINANCE STREAM PASSED PRACTICAL FL 2: FAF OL 2: AFF ML 2: CRA SL 2: FSV AL 1: ICS FINALIST EXPERIENCE MEMBERSHIP BM STREAM SL 3: BSR FL 3: FME OL 3: MBO ML 3: MPI SL 4: GCE SUPPORTIVE STREAM FL 4: QMB OL 4: BLT ML 4: CLT AL 3: ADVANCED PROFESSIONAL COMMUNICATION (SPEECH CRAFT PROGRAMME & WORKSHOP SERIES) 13 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 6.3 Subjects in CMA Professional Programme: 2018 – 2022 & Examination Structure Code Subject Duration Assessment of the Exam Method Foundation Level Core: FL 1 Management Accounting Fundamentals 02 CBE FL 2 Financial Accounting (70%) & Finance Fundamentals (30%) 02 CBE FL 3 Fundamentals of Management (60%) & Economics (40%) 02 CBE Supportive: FL 4 Quantitative Methods for Business 02 CBE Skill: FL 5 Business English I 02 CBE Operational Level Core: OL 1 Management Accounting 03 CBE OL 2 Advanced Financial Accounting (70%) & Finance (30%) 03 CBE OL 3 Managing Business Operations (Operations Management 40%, 03 CBE People Management 30% & Marketing 30%) Supportive: OL 4 Business Law (50%) & Taxation (50%) 04 CBE Skill: OL 5 Business English II 02 CBE OL 6 Information Technology Applications 02 CBE Managerial Level Core: ML 1 Advanced Management Accounting 03 CBE ML 2 Corporate Reporting & Analysis 03 CBE ML 3 Managing Projects (50%) & Information Systems (50%) 03 CBE Supportive: ML 4 Corporate Law (50%) & Advanced Taxation (50%) 04 CBE Skill: Ml 5 Professional Communication 02 CBE Strategic Level Core: SL 1 Strategic Management Accounting 03 PBE SL 2 Financial Strategy & Valuation 03 PBE SL 3 Business Strategy (70%) & Risk Management (30%) 03 PBE SL 4 Corporate Governance (40%), Control Strategy (40%) & 03 PBE Ethics (20%) Apex Level Skill: AL 1 Integrative Case Study 03 PBE AL 2 Computer Based Accounting 03 CBE AL 3 Advanced Professional Communication 12 sessions Oral assessments (Speech Craft Programme & Workshop Series) (03 hours per session) CBE – Computer Based Examination PBE – Paper Based Examination 14 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 6.4 Evaluation Students have the option of selecting one medium from Sinhala, Tamil or English to take Modes of assessment of course units in the study exams in this level. programme comprises of computer based, written, practical and oral examinations. Composition of the Examinations in this level are computer based. question paper and the scheme of assessment of each course unit are given in the relevant course syllabus. Operational Level The pass mark for any core or supportive course unit is 50 and the grading scheme is given below. For skill Students are allowed to sit for all the subjects course units grades of evaluation are either a Pass or in one sitting or course unit wise subject to the Fail, where the pass mark is 50. requirements stated in (a) & (b) above. Students have the option of selecting one A 'Certificate of Participation' is issued for AL 3: medium from Sinhala, Tamil or English to Advanced Professional Communications (Speech Craft take exams in this level & examinations are Programme & Workshop Series). computer based with effect from May 2021 exam session on wards. 6.5 Grading Scheme A workshop is conducted at the CMA IT A Distinction Centre for ITA module and the course fee is B Good Pass Rs. 3,500.00. C Pass Standard D Marginal Managerial Level E Failure F Bad failure Students are allowed to sit for all the subjects in one sitting or course unit wise subject to the 6.6 Progression to the Levels requirements stated in (a) & (b) above. The scheme of progression from one level to the next All exams are conducted in English medium in is as follows: this level & examinations are computer based with effect from May 2021 exam session on (a) Students can take a maximum of six (06) course wards. units (Core, Supportive and Skill) from the first three levels at a time, subject to requirements Strategic Level given below: Students are required to successfully complete Course units in: the core, supportive and skill course units Management Accounting stream (FL1, OL1, ML of Foundation, Operational and Managerial 1 & SL1) and; Levels prior to progressing to Strategic Level. Financial Accounting stream (FL2, OL2, ML2 & SL2) and; Students need to sit for all subjects at first Law & Taxation (OL 4 & ML 4) and; sitting in Strategic Level. Individual course Business English stream (FL5, OL5, & ML 5); units can be attempted after the first sitting. follow a logical sequence. All exams are conducted in English medium in In order to follow a higher level course unit, the this level & examinations are paper based. corresponding lower level course unit has to be successfully completed. Apex Level (b) Students who wish to apply for the subjects in the All exams are conducted in English medium in next level need to apply together with the balance this level. subjects in the previous level if there’s any. AL 1: Integrative Case Study (ICS) can be attempted only on successful completion of all Foundation Level four previous levels (Foundation, Operational & Students are required to sit for minimum of Managerial Levels). three subjects at the first sitting in Foundation And; Level and balance subjects at the next Student must have either completed AL 2: immediate sitting. Computer Based Accounting (CBA) and AL Students who sit for all subjects at first sitting 3: Advanced Professional Communication can repeat failed course units at the next (Speech Craft Programme & Workshop Series) immediate sittings. prior to applying for the AL 1 course unit OR registered for AL 2 and AL 3 course units at the Students who sit for three or four subjects at time of applying for the AL 1 course unit. first sitting shall attempt the balance subjects in the next immediate sitting together with any (This amendment will be effective from May repeat course units. 2021 Examination on wards). 15 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 AL 1: ICS examination is paper based. 6) Meeting procedure, leadership role play and planning meetings AL 2: Computer Based Accounting (CBA) 7) Body language adding value to speech is a specialized skill course which provides 8) Language, grammar and pronunciation a comprehensive theoretical and practical 9) Effective use & impact of humor in speeches knowledge in the application of a selected impromptu speech making / free association accounting software (E.g. SAGE 50) in business Speech Craft Programme will develop communication, data processing with a view to producing leadership and organizing skills of the participants in financial statements for both internal and a friendly and conducive atmosphere. Speech Craft external users of accounting information and Trainers will ensure that each participant becomes generating reports that will be of value for an effective, confident presenter through a series of managers in the decision making process. activities where everyone has to play varying roles every The main topics covered in the syllabus are week. blended with theory and practice together. Module 02 – Life Skills Lectures are conducted for this course unit at CMA IT Centre and the course fee is Rs.10,000.00. 10) IT impact and advancement impacting Accounting profession and affective use of This examination can be taken after completing Power Point in speeches the Managerial Level. This will be comprised of two parts. 11) Team work and time management • Part I – scenario-based compulsory question. 12) Positive thinking & career path road map • Part II – All questions should be answered. Participation of at least 80% of sessions in Module AL 2: CBA examination is computer based. 1 & 2 is mandatory and a scheme of Continuous oral assessments will be carried out during the workshops. AL 3: Advanced Professional Communication (Speech Craft Programme & Workshop Series) Course fee is Rs. 10,000.00. Students are required to successfully complete the Advanced Professional Communication (Speech Craft 6.7 Organization of the Examination Programme & Workshop Series) in order to become a Syllabus CMA Passed Finalist. Under the Syllabus structure, the main topics in the course Students who have completed the Managerial Level unit together with their relative importance (weight) are are eligible to follow this programme. specified. Thereafter each topic is elaborated under the terms focus and content. Workshop Series consists of 36 hours (12 sessions of three hours each) conducted in two modules; Focus specifies the learning outcomes for students. Advanced Professional Communication Skills (Speech It also serves as a teaching guide to the instructors. Craft Programme) and Life Skills. Content specifies the subtopics covered under the topics. Module 01 - Advanced Professional 6.8 Examination Results Communication Skills (Speech Craft Programme) Results of the Computer Based Exams will be released 1) Fellowship and networking development within two (02) weeks of the exam and results of the 2) Overcoming Fear - becoming a competent Paper Based Exams will be released within 50 days of the speaker conclusion of exams. Student can view their results by 3) Structuring the speech effectively login to MY CMA Account just after releasing the results 4) Evaluate to motivate and detailed results sheets will be sent to all candidates 5) Impact of voice in speeches by post. 16 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 6.9 Calculator Usage Guidelines for Pre-approved list of calculators CMA Professional Programme Casio fx models except graphing / graphic models. 2018 – 2022 E.g. Following calculator usage guidelines are applicable fx – 100 MS for the CMA Professional Programme 2018 – 2022. fx – 991 ES PLUS fx – 991 MS Types of calculators allowed fx – 82 MS fx – 82 ES PLUS Students are allowed to use scientific, non- Important note to students programmable calculators for subjects in the CMA Professional Programme 2018 – 2022 Students are responsible for getting acquainted with where the use of a calculator is applicable the usage of a permitted type of a calculator and including the Integrative Case Study. ensuring the performance of the calculator on the day of the examination. For the Foundation Level on-line examinations, a computer-based scientific calculator will be E.g. performance of the battery, solar power, etc. available at the examination. 6.10 Award of Certificates Types of calculators not allowed Students who complete each level will be issued with a certificate in addition to the results sheet as follows. Any programmable calculators which are capable of storing text or alphanumeric data. Level Certificate awarded Any programmable calculators which are Foundation Level Certificate in Accounting & capable of performing operations such Business Studies as differentiation, integration, algebraic expressions, solutions to a system of Operational Level Diploma in Accounting & Business Studies equations, etc. Managerial Level Advanced Diploma in Calculators with external communication Accounting & Business Studies features or internet connectivity. Strategic Level Award: Strategic Professional Certificate Calculators on mobile phones. Apex Level Passed Finalist’s Certificate 17 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 7. OPPORTUNITIES FOR CMA STUDENTS AND MEMBERS 7.1. Bachelor of Management Studies 7.4 Degree pathway with Human - (BMS) Degree of Department of Resource Management Institute Management Studies of Open (HRMI) University of Sri Lanka Students who have completed the CMA Operational Passed Finalists of CMA Sri Lanka can register for the Level qualification could pursue the following BMS Degree programme at Level 5. Bachelor's (Hons.) Degrees offered by University of BMS Degree is of four years duration – structured Northampton, UK delivered at HRMI. as Level 3, Level 4, Level 5 and Level 6. Students B.Sc. (Hons.) International Accounting can specialize in Marketing or Human Resource B.Sc. (Hons.) Business & Management Management in Level 6. A student who has successfully completed Managerial Level can register and take the B.Sc. (Hons.) International Logistics & Trade courses at Level 5. (He / She has to complete up to Finance Apex Level prior to sitting for Level 6 examination). CMA students have to satisfy Open University criteria 7.5. Postgraduate opportunities in regarding Continuing Education Courses in “Computer Literacy” and continuing Education Courses on “English Sri Lanka for Academic Purposes”. CMA Passed Finalists and Members are eligible to apply for MBA programmes offered by the Postgraduate At the period of the applications calling for registration Institute of Management (PIM), University of Sri of BMS Degree CMA will inform to the eligible students. Jayewardenepura, University of Colombo and all other State Universities under the prescribed terms and Copies of the following are required with the application. conditions of the Senate of the relevant University. CMA Registration Card National Identity Card 7.6. Become a Certified Professional Detailed Results Sheets of CMA Accountant (CPA) in Australia G.C.E. O/L, A/L certificates CMA Passed Finalists are recognized for the Associate Any other qualifications status of CPA Australia and need to complete three Work Experience core subjects and two electives to obtain CPA status. Application and documents need to be submitted to the 7.7. Become a double qualified Open University through CMA institute (Examination accountant with CMA Sri Lanka and Division) to get the exemptions from the BMS Degree. ACCA-UK qualification ACCA offers exemptions for 7 subjects in their 7.2. B. Com Degree Programme - Deakin programme and CMA Passed Finalists need to do F6 - University Australia Taxation and F8 - Audit & Assurance in Skills Level and Those who have completed the CMA Operational Level all subjects in Professional Level of ACCA. can obtain exemptions from the first year of the M300: Bachelor of Commerce Degree and only 2 years of the 7.8. The following institutions give programme need to be completed. Options are available exemptions and offer facilities for to complete the Degree in Sri Lanka or Australia. CMA qualifications. 7.3. Master of Business Administration - Institute of Chartered Accountants of Sri Lanka - (ICASL) Credit transfer from Deakin Chartered Institute of Management Accountants – Business School CMA Members are eligible to apply for the MBA CIMA (UK) programme conducted by the Deakin Business School. Chartered Professional Accountants (CPA) - You will be getting 6 subjects exemptions and another Canada 6 subjects to be completed. The study programme Institute of Cost & Works Accountants of India will be conducted online and facilitates students to (ICWA-India) complete the programme from Sri Lanka or by going to Australia. 18 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 Institute of Cost & Management Accountants of Memoranda of Understanding (MoU) between CMA & Pakistan (ICMA-Pakistan) Universities Institute of Cost & Management Accountants of University of Sri Jayewardenepura Bangladesh (ICMAB) University of Colombo Sri Lanka Institute of Advanced Technological University of Kelaniya Education (SLIATE) University of Jaffna National Institute of Business management (NIBM) Uva Wellassa University Sri Lanka Institute of Marketing (SLIM) Sabaragamuwa University of Sri Lanka Sri Lanka Institute of Information Technology Rajarata University of Sri Lanka (SLIIT) University of Wayamba Malaysian Institute of Accountants South Eastern University of Sri Lanka Human Resource Management Institute (HRMI) Eastern University, Sri Lanka 8. PRACTICAL EXPERIENCE & MEMBERSHIP 8.1 Practical Experience Requirement (PER) In order to apply for CMA membership, candidates should fulfill a Practical Experience Requirement (PER) of three years which can be acquired while completing or after completion of the study programme. The three year practical training framework has been designed to develop and demonstrate competent professionalism in accounting, finance and business management. Fulfillment of PER will enable candidates to develop the required knowledge, skills, professional values, ethics, and attitudes under the supervision of a competent mentor/training supervisor. Further, PER focuses on enhancing technical, business, interpersonal communication, and personal skills of candidates. Documentation of PER is done via the Logbook. Candidates must record their training/work experience in the Logbook on a continuous basis which will be assessed by the mentor/ training supervisor. It is recommended that the work record is certified at least on a quarterly basis. The extent and quality of the practical experience gained will be intensively assessed by the Institute. (Refer CMA Practical Experience Requirement Guide for details). 19 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 8.2 Applying for Membership Fees Applicable: Associate Membership (ACMA) Upgrading fee – Rs. 15,000/- Annual subscription (for 2021) – Rs. 10,500.00 Candidates who have fulfilled the requirements of the study programme, including the Advanced Professional 8.3 AMA Designation Communication (Speech Craft Programme & Workshop Series) and Practical Experience will be considered Students who have completed all the levels in the CMA for award of the Institute’s membership after an oral Professional Programme but not gained the three (03) examination (Viva-voce) convened for the purpose. years Practical Experience are required to apply for AMA Designation. They are required to submit the following when applying for membership: Further, students are required to upgrade the AMA designation to Associate Membership (ACMA) within Duly completed Membership Application three (03) years of receiving the AMA designation by Brief company profile fulfilling the Practical Experience Requirement of three Detailed CV (03) years as per the PER Guide. Service letters from employers Duly completed PER Log Book certified with the official Fees Applicable seal by the Mentor / Training Supervisor on each page Certified copy of the final examination results sheet/ Initial registration fee – Rs. 12,000.00 certificate. (including first year subscription) At the end of each month there will be an oral examination Annual subscription (for 2021) – Rs. 4,500.00 (Viva-voce) held. Those who wish to face the oral interview must submit their application on or before 15th 8.4 Certified Accounting & Business day of the relevant month. Manager - CABM Designation Fees Applicable: Eligibility criteria Initial registration fee (including first year subscription) – Rs. 14,500.00 - Students should have completed the Diploma Annual subscription (for 2021) – Rs. 9,000.00 stage / Intermediate stage / Operational Level exam in the CMA Professional Programme. Fellow Membership (FCMA) - Students should have sat for minimum 03 After admission to Associate Membership (ACMA), subjects in Operational Level and completed minimum of 5 years Managerial Level Experience is Operational Level. required to apply for Fellowship. - This qualification and Designation will not be A minimum of 50% of CPD (Continuing Professional applicable to those who obtain full exemptions Development) hours should be covered from CMA from CMA exams activities. - Students should have minimum of 02 years recognized practical training or work experience. Minimum CPD Requirement (Academics, IT and those working in Management All CMA members are requested to comply with both areas will also be considered for the purpose of annual allocation and the 3 year requirement. practical or work experience) Fees applicable CPD hours Annual Allocation 3 year Requirement Verifiable 10 90 - Registration fee for new applicants - Rs.7500.00 Non Verifiable 10 30 - Annual subscription fee Rs.3000.00 payable on or before 31st December for the ensuing year. Total 20 120 20 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 9. SCHOLARSHIPS The following scholarships are available to CMA decision after approval by the Governing Council will be students. final. The number of scholarships granted will depend on the eligible applicants meeting the required criteria laid 1. Hon. Prof. G.L. Peiris Scholarship for Undergraduates. down by the Governing Council. 2. Hon. Kingsley T. Wickramaratne Memorial Scholarship for Public / Private Sector Employees. The scholarship will include the following: 3. The Canadian High Commission Scholarship for School 1. Registration fee and annual subscription for a period of 3 Leavers. years. 4. Hon Bandula Gunawardhana Scholarship. 2. Study packs for all stages. 5. Prof. Lakshman R. Watawala Founder President’s 3. Examination fees at first attempt. Scholarship for e-Learning. 4. Assistance to find a firm for practical training. All selections for scholarships will be done by a Note: committee appointed by the Governing Council and Those who wish to apply for a scholarship under any the decision of the selection committee after approval of the above schemes, should register as a student and by the Governing Council will be final. The number complete the scholarship application form which can be of scholarships granted will depend on the eligible downloaded from the CMA website, and submit the to applicants meeting the required criteria laid down by the Student Services Division on or before the specified the Governing Council. All selections for scholarships closing date. will be done by the relevant organizations and the 10. PRIZES Prizes are offered for each level. Students who obtain considering the number of attempts. The decision the highest marks while completing the whole level at will be taken by the Governing Council of CMA & it is their first attempt and reach a distinction level will be subject to change. awarded subject prizes. Students who obtain the first and second highest total marks at their first attempt Founder President Gold Medal will be awarded to the at distinction level will be awarded the order of merit most outstanding student who has completed all prizes. exams including the Apex Level. Certificate of Merit will be awarded to the students who obtain the highest marks at the Apex Level without 21 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 11. IMPORTANT DATES For New Students Foundation Level Examination Operational -Strategic Levels Exam Intake March June September December May November Registration 31st December 31st March in 30thJune in 30th 31st January in 31st July in the application in the previous the respective the respective September in the respective respective year closing date year year year the respective year year Exemptions 25th February 10th May 2021 10th August 10th November 25th April 2021 30th September requests & 2021 2021 2021 2021 payments closing date Examination 27th February 13th May 2021 13th August 13th November 29th April 2021 4th October application 2021 2021 2021 2021 closing date Qualifications which are not listed under the Exemptions Scheme need to be submitted for special evaluation. Please follow the below deadlines based on the examination session you wish to sit. Exemptions 25th January 10th April 10th July 2021 10th October 31st March 31st August requests 2021 2021 2021 2021 2021 under special schemes Annual Subscription fee is due in 31st December each year and all students should renew their studentship on or before this date to maintain active studentship of CMA. 12. OTHER COURSES Certified Hospitality Finance& Management Accountant (CHFMA) Through the conduct of this professional qualification CHFMA, all those currently employed in the hospitality industry at different levels in the financial, accounting and management accounting sector will be provided the opportunity to obtain a professional qualification specializing in the Hospitality Industry where they will be able to develop the knowledge and skills of those in the accounting and allied fields. This will help the Hospitality industry in its rapid growth and development to build a sustainable pool of qualified accountants, audit staff and finance staff required for the industry. The ultimate aim of this programme will be to produce specialized accounting professionals for the hospitality industry. In addition to the educational programme, all those registered for the course should undergo a practical training of a minimum of 3 years in the Hospitality Industry as per the laid down Practical Experience Guidelines under a Mentor. Entry criteria for the course Those who have passed 6 subjects in G.C.E. Ordinary Level including English & Mathematics; or Those who have one year working experience in Hospitality Industry; or Those who have one year working experience in Accounting or Finance field in any industry; can register for the CHFMA course. 22 www.cma-srilanka.org
CMA SRI LANKA - STUDENT GUIDE 2021 13. CMA SRI LANKA MANAGEMENT TEAM Mr. D W S Narangoda Chief Executive Officer ceo@cma-srilanka.org Ext. 112 Mr. L.B.Wattegedara Consultant - Examinations lwattegedara_cma@yahoo.com Ext. 130 Mr. Kosala Dissanayake Consultant kosala_d@sltnet.lk Mrs. Sumudu Pagoda Senior Director – directoroperations@cma-srilanka.org Administration and Operations Ext. 113 Mrs. Shanthi Maheswaran Director - Members Affairs registrations@cma-srilanka.org Ext.120 071 4705536 Mrs. Madumi Perera Director - Examinations director.examinations@cma-srilanka.org Ginigaddarage Ext.131 077 0584753 Mrs. Jinandi Chandraratne Director – Education, Training & Research director.education@cma-srilanka.org Ext. 154 077 1709688 Senior Manager – Education, Miss. Kaushalya Hapuarachchi exeedu.training@cma-srilanka.org Training & Research Ext. 139 077 0497949 Mr. Bhanuka Harischandra Senior Manager - Students Affairs info@cma-srilanka.org Ext. 127 077 8833363 Mr. Prabath Nalinda Thilakarathne Manager Marketing & Promotions marketing@cma-srilanka.org Ext : 143 Mrs. Dhushianthy Nallathamby Manager - Finance headoffinance@cma-srilanka.org Ext. 119 Miss. Sandeepika Jayatilaka Manager – Computer Centre computercenter@cma-srilanka.org Ext. 117 Mrs. Ramyani Wickramasinghe Manager - Administration / Secretary secretariat@cma-srilanka.org Ext. 116 23 www.cma-srilanka.org
1. Please find the relevant code for your University/Institute from Table 01. 2. Please find the relevant code for degree Specialization/the level completed in Professional Exam from Table 02. 3. Please mark the level/stage/year completed with results. 4. Please find the exemption eligible subjects and fee applicable to your qualification from table 02. 5. You may pay the registration fee and exemptions fee using separate SPVs. Duly paid Special Payment Voucher applicable for the exemption fee should be submitted with application. Students need to pay the total amount applicable to the exempted subjects. 6. Also, students can make all of their payments via CMA On-line Payment Gateway at https://www.cma-srilanka.org/mycma/payments/
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All Communication should be addressed to: The Secretariat, Institute of Certified Management Accountants of Sri Lanka, No: 29/24, Visakha Private Road, Colombo 04. Tel: 011 2506391, 2507087, 4641701-3 Fax: From any number above Ext : 118 E-mail: secretariat@cma-srilanka.org Web: www.cma-srilanka.org
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