CMA links up with Young Entrepreneurs

The Certified Management Accountants of Sri Lanka (CMA), the national professional management accounting institution in Sri Lanka signed a MoU recently with the Young Entrepreneurs of Sri Lanka (YESL) to encourage entrepreneurship in schools and all national universities in the country.

CMA Sri Lanka President Prof. Lakshman R. Watawala (right) and President YESL Patrick Amarasinghe signing the MoU

Although the relationship with CMA and YESL dates back many years, it was formalised only recently.

CMA and YESL began approximately 10 years ago and are founded by two well-known visionaries determined to contribute professionally to the youth of Sri Lanka. CMA was founded by the Founder President of AAT and Past President of the Institute of Chartered Accountants of Sri Lanka and the South Asian Federation of Accountants Professor Lakshman R. Watawala, whilst YESL was founded by Deshabandu Patrick Amarasinghe, a personality who started his business career as a micro entrepreneur, leading exporter of furniture and wooden products, leader of several chambers of commerce and industry, now a social entrepreneur.

AAT founded by Watawala 30 years ago now has a student intake of over 30,000 spread throughout the country.  CMA within such a short period of time has over 12,000 students following the Management Accounting Study Programme.  It is proud to acknowledge that the membership is over 2,000.

YESL is a not for profit company by guarantee, member/franchise holder of Junior Achievement (JA) Worldwide (commenced in 1919 in USA, operates in 125 countries) conducting practical business, economics and entrepreneur education programmes in schools since 1998 and presently in universities for young people between the ages of five to 25.

JA Worldwide is the world’s largest and fastest growing programme dedicated to educating students about financial literacy, workforce readiness, entrepreneurship through practical programmes.

These programmes: Inspire and prepare youth to be workforce ready and entrepreneurial to succeed in the global economy with social responsibility; educational materials are continuously researched, upgraded, tested and proven globally by Junior Achievement Worldwide; customised by YESL to meet local requirements; approved by the Ministry of Education of Sri Lanka. (Circular Numbers 1999/32, 2001/12, 2007/23 and Ministry of Higher Education cover all 17 universities in the country and are offered free to students with the sponsorship of the business community, donor agencies and individuals.)

YESL programmes are oriented to students in primary, middle school and high school levels. Specialised programmes are available in different business areas which add value to students by assisting them identify their strengths and future careers.

The CMA-YESL collaboration will focus on adding value to its human capital with the CMA-YESL Enterprise Examination which will be held at elementary, middle, high school and the university students in the YESL programme. The exams will be practical oriented and will consist of a case study. CMA will conduct the examinations with the assistance of YESL and the respective schools. CMA representatives will visit schools to support JA-YESL Entrepreneurship Training Programme.

YESL will encourage students to sit for the CMA examinations and CMA will provide a fast track route for the students to progress in their careers and become professional management accountants. CMA will be partners in conducting YESL evaluations for annual regional and national awards.

All students completing the joint CMA/YESL Examinations will be eligible to apply for CMA scholarships through YESL. School teachers and YESL staff will also be eligible for scholarships.

The JA YESL company programme, which is very popular among students, forms a mini true to life company under the guidance of YESL/CMA. Normally around 30 shareholders appoint a board of directors, president, director marketing , director production, director  human resource, director IT, director finance, director CSR, director public relations,  sell shares, prepare business plans, produce and market products or services, conduct regular meetings operate bank accounts, do a CSR project, prepare annual reports and liquidate (usually returning profits to share holder).

The children acknowledged that the practical knowledge that they obtained were extremely useful to their studies as well for their future. This was endorsed by the principals and the teachers in charge of these students.

President YESL Patrick Amarasinghe stated that the association with CMA was most relevant for students following YESL programmes in schools and universities to sit for the CMA examinations and get a professional qualification to get employment in business organisations or with their entrepreneurial skills to start a business on their own.

IMA USA, CMA Sri Lanka sign MoU for advancing the management accountancy profession

A Memorandum of Understanding was signed between the Institute of Management Accountants of USA (IMA) with the Institute of Certified Management Accountants of Sri Lanka (CMA) at the IMA Middle East Conference held in Dubai from 10 to 11 June 2011.

The MoU between IMA USA and CMA Sri Lanka has established a mutual cooperation between the two institutes for advancing the management accounting profession with special reference to education, training, examinations and Continuing Professional Development (CPD).

This also includes the grant of exemptions on a mutual recognition basis to encourage membership in each other’s institutes. Exchange of journals, syllabuses, exam papers, model answers, study material, CPD programmes, etc. will also take place for the benefit of the members and students.

Here the exchange of the MoU between Senior Vice President IMA USA Dennis Whitney and President CMA Sri Lanka Prof. Lakshman R. Watawala. Vice President International IMA Jim Gurowka and IMA Chair Elect 2010-2011 Dr. Brian L. McGuire are also present.