53 CMA Management Accountants pass out at May 2016 Examination

The President of the International Federation of Accountants (IFAC) Ms. Olivia Kirtley awarding the CMA Final Certificate to Ms. A.A.D.I.G. Kumari who qualified at the May 2015 Examination. In the picture are Mr. Russell Guthrie Chief Financial Officer – IFAC and President – CMA Sri Lanka Prof. Lakshman R. Watawala.

The institute of Certified Management Accountants of Sri Lanka (CMA) the National Management Accounting Body in Sri Lanka incorporated by an Act of Parliament No 23 of 2009 congratulate the success of 53 Management Accountants passing the May 2016 examinations. The pass rates at the final level were 74%, Strategic Level 54%, Managerial Level 57%, Operational Level 64% and Foundation level 89%. 

One of the main achievements of the CMA Passed Finalists are that they have all obtained jobs and are now ready to apply for membership where they can use the credentials ACMA. 

CMA students have shown a remarkable performance at the May 2016 examination. Conducting of lectures by Accredited Educational Institutes, Pre-Examination Seminars, revision classes, workshops, E-learning programmes, Video Lectures and Revision programmes, study materials had enabled the students to achieve success at the examinations.

The CMA Sri Lanka Study Programme consists of four levels and at the apex the integrative case study. The core course units are clustered into three main streams Management Accounting, Financial Accounting and Business Management. Also CMA conducts the examinations in English, Sinhala and Tamil Medium upto Level 2 - Operational Level and at the Managerial and Strategic Level in the English Medium. Students are free to select the medium of instruction and it has been found that many of the students select the English Medium while others convert at the Managerial Level which will assist them to obtain international recognition and preference when applying for jobs. 

CMA will also assist registered students to obtain their practical training from over 100 approved practical training institutions and be ready to be employed by the Private and Public Sector.

Those who become CMA Professional Management Accountants are amply equipped with skills, integrity, high values and standards in ethics and corporate governance and ready to serve both the Private  & Public Sectors.

The importance of the Management Accounting Profession is that they specialize in Management Accounting, Financial Accounting and Strategic Management to become Business Professionals suitable to fit-in to any industry or Corporate Sector.

Internationally CMA are highly recognized and are members of the foremost accounting bodies in the world and are Full Members of the International Federation of Accountants (IFAC) ,  South Asian Federation of Accountants (SAFA) and serves on the Board of Directors of SAFA and member of Confederation of Asian & Pacific Accountants (CAPA). 

Locally the Cabinet of Minister in 2014 approved the recognition of the CMA qualification on par with the Chartered Accounting qualification and the foreign accounting qualifications CIMA (UK) and ACCA (UK) for recruitment to the Government and State Corporation sector. This will also enable the Government and State Corporation Sector to employ CMA Management Accountants to solve the shortage of accountants in these organizations and to bring financial discipline. Greater recognition is given to the CMA qualification with its incorporation by an Act of Parliament in 2009 similar to Chartered Accountants.          

CMA Sri Lanka offers a professional qualification at an affordable cost at 1/10th the cost of foreign qualifications, flexible and easily achievable route for G.C.E. Advanced Level qualified students and those awaiting results, undergraduates and graduates as well as those in employment. The CMA Management Accounting Programme is available via accredited tuition colleges and e-learning conducted by CMA as well as by self-study and video lectures.

CMA Council consists of senior Chartered Accountants including Past Presidents of CA Sri Lanka and SAFA, CIMA and ACCA accountants and nominated members from the Central Bank, Department of Accounting University of Sri Jayewardenepura and CA Sri Lanka.