CIMA converts national ability to global capability

Given the critical role that the Chartered Institute of Management Accountants (CIMA) plays in preparing Sri Lanka for the demands of the global economy, it is no surprise that the nation’s unprecedented 2010 was paralleled by a historic year for the institute.

With belief in the economy at an all-time high, the need for a truly international professional qualification becomes ever more pressing. As Sri Lankans assess their readiness to engage in the workforce, they are turning to CIMA in record numbers.

Indeed, with over 3,600 student registrations in 2010, the highest ever such figure for CIMA, and , 16,000 Sri Lankan CIMA students and members, the institute looks certain to continue propelling Sri Lankans into the global business arena with the skills and competencies required to thrive.

The 35% year-on-year growth in student registrations in 2010 was phenomenal, but this statistic becomes even more impressive with the realisation that Sri Lanka is actually a mature market for CIMA. With CIMA embarking on an strategic outreach initiative in 2010, Sri Lankan youth benefitted from a 35% growth in learning channels, with seven new colleges, including two in Kandy as well as institutions in Kegalle, Jaffna, Kurunegala, Negombo, and Ratnapura, qualifying to commence CIMA tuition.

This outreach included the premiere of CIMA Spellmaster, recognised as Asia’s best mass media educational programme, with 7,000 candidates registering for the competition in 2010 and making the CIMA a household name all across the island.

It is also necessary to note that peace dividends have paid off all Sri Lankans, including those outside Colombo, with 32% of registrations coming from areas like Jaffna, the Eastern Province, the Central Province and Matara, with the latter two regions experiencing 100% growth in registrations.

Situating these figures in a global context gives credence to the claim that Sri Lanka has gained a key foothold in the global marketplace, with CIMA-qualified Sri Lankans representing 28% of the non-UK market in CIMA qualifications.

Although markets like Pakistan and China experienced 100% growth in the last year, Sri Lanka continues to have the largest number of CIMA-qualified members and students outside of the UK, a testament to the Institute’s commitment to the nation.

As the world’s largest professional body of management accountants, CIMA is the most relevant qualification for tomorrow’s business leaders, meaning that CIMA-qualified members are best prepared to adapt to the needs of the global market in the next five years.

One key component in Sri Lanka’s economic growth will be the continued expansion of the BPO industry. With the government targeting an income from BPO activities of US$ 1 billion by 2016, the Sri Lankan industry will require 20,000 qualified professionals to demand the finance and knowledge out-sourcing demand.

Given that every BPO seat creates, on average, four additional jobs, in transport, maintenance, telecommunication, and food service, the success of the Sri Lankan economy will be driven by its preparedness for the BPO boom.

With 183,000 members and students in 168 countries around the world, CIMA is a truly global professional qualification. Given the 98% employability rate of its graduates in Sri Lanka, prudent parents and students will note that it has evolved into a basic qualification for employment.

As the nation leverages its uniquely useful geographical position in the eastward shift in the global economy, CIMA remains dedicated to giving Sri Lankans the skills and knowledge they need to adapt and thrive in a fluid, ever-changing world.