Institute of Certified Management Accountants of Sri Lanka


The Institute of Certified Management Accountants of Sri Lanka, is a professional body offering qualification in management accountancy in Sri Lanka.
It mainly focuses of development and promoting the study of Management Accountancy, establishing management accountancy standards, and promote the profession of management accountancy in Sri Lanka.

History.

The institute was initially established as "Society of Certified Management Accountants of Sri Lanka", on 3 June 2000 in Colombo Sri Lanka with the help technical assistance and the guidelines of Certified of Management Accountants of Canada, now CPA Canada and the Institute of Management Accountants of USA and International Federation of Accountants which is the global organization for the accountancy profession.
Initially, the Canadian International Development Agency was funded the formulating of the new educational syllabus, preparation of study material, and other related inauguration works. The CMA Sri Lanka received the help of CMA Canada in the preparation of its first educational syllabus, study material and examination works in order to comply with the international standards.

International Associations Recognition.

CMA Sri Lanka now a full member of the International Federation of Accountants since 2014. The IFAC is a global organization for the accountancy profession.
The institute, received the membership of other regional accountancy bodies such as the confederation of Asian and Pacific Accountants. Member of the South Asian Federation of Accountants. and Toastmasters International.

Examination Structure

The institution has 4 levels of examination and an integrative case study. The examination levels are respectively Foundation Level, Operational Level, Managerial Level, Strategic Level.
The examination syllabus change in every 5 years to meet the industry standards. The first two levels available in English, Sinhala, and Tamil languages, and the final two levels only available in English medium. All the levels can be completed in a 2.5 year period of time. Examination held every year May and November.
The current examination syllabus consists 17 core course units, 4 skill course units, and a final integrative Case Study. After completing all the 17 core courses and 4 skills course candidates can sit for the final case study. The minimum pass mark per subject is 50.
The current examination covers the Management Accounting, Financial Accounting, Financial Management, Strategic Management Accounting, Personal and Corporate Taxation, Business law and Corporate law, Auditing, Information Technology, Marketing & Human Resource Management, Strategic Management, Business English, etc.

Global Partnerships.

Through partnerships with the international professional institutions, CMA Sri Lanka passed finalist and members who followed without getting exemptions for the CMA examination subjects can obtain other related professional qualifications.
The CMA Sri Lanka passed finalist can obtain the benefits of the following qualification.,
The qualified members have been approved to register as Company Secretaries under the Companies act no 7 of 2017 of Sri Lanka.
Moreover, the CMA Sri Lanka's qualifications now use in recruitment to the Sri Lankan government services including the Sri Lanka Accounting Service, Sri Lanka Audit Service, Government corporations, state-owned businesses, semi-state own companies, and state banks.
The students who have completed up to the Managerial Level with 10 years proven accounting experience can apply for Tax Authorized Representative qualifications under the Inland Revenue Act, No. 10 of 2006 of Sri Lanka. .

Membership

CMA Sri Lanka has two grades of full membership and a part qualification designations. For full membership:
To become an ACMA every passed finalist student should cover the 3 years compulsory practical training requirement, case study examination, and a viva voice examination. The every trainee should maintain a training document and certify it by the CMA Sri Lanka approved witness. After gaining the ACMA qualifications and completing the 5 years working professional experience including 3 years of senior managerial level with the 120 hours of the continuing professional development requirement can obtain the FCMA designation.
For Part Qualification membership:
The institute offers AMA part qualifications for the students who have completed up to the Managerial Level examinations and cover the two years of practical training requirement.

Strategic Alliances

The Institute of Certified Management of Sri Lanka enjoys MOU agreements with the
And several other leading international accountancy bodies and universities.