STUDENT GUIDE

[Pages:30]STUDENT GUIDE

Ins tute of Cer fied Management Accountants of Sri Lanka

Incorporated by Parliament Act No, 23 of 2009

Patrons

Hon. Ravi Karunanayake - Member of Parliament

Hon. Prof. GL Peiris - Former Cabinet Minister and Vice Chancellor University of Colombo

Hon. Bandula Gunawardena - Member of Parliament and Former Cabinet Minister

His Excellency David McKinnon ? Canadian High Commissioner in Sri Lanka

Prof. Lakshman R. Watawala Mr. H.M. Hennayake Bandara Mr. W.A.A.D Perera Mr. M.R.A. Perera Mr. J.M.U.B. Jayasekera Dr. A.H.N. Kariyawasam

Mr. P.V.L. Nandasiri Mr. H.M.A. Jayasinghe

Governing Council FCMA, FCA, FCMA(UK), CGMA, FCPM FCMA, FCA, .(Sp.), Dip. Accy, FMAAT FCMA, MBA(Sri. J),FCMA(UK),CGMA, FCCA(UK) FCMA, MBA(PIM-USJ), FCMA(UK), CGMA, BSC. (Acc) FCMA, FCA, FMAAT, FMAAT, BSc. Mgt.(USJ) B.Sc. Management (Public) (Special) (SJP); (Kelaniya); PhD (Management) (Malaysia); MAAT; Dip.in FM.(India) ACMA, BSc (Pub. Adm.), FCA, FIB, FTII (SL) FCMA, FCA, FCMA(UK), CGMA

President Vice President Member Member Member Member

Member Member

Advisory Council Mr. HDS Amarasuriya FCMA, FCA, FCMA (UK) Chairman Sri Lanka Insurance Corpora on, Former Chairman Singer Sri Lanka Joy Thomas, MBA, FCMA, C.Dir. President & CEO of CMA Canada Prof. John O Miller AO, BA, , PhD, FCPA, FAICD, FCMA Former Head, Graduate School of Management, Swinburne University of Technology, Australia; Former Prof. Monash University; Past President, Confedera on of Asian and Pacific Accountants (CAPA) Prof. David Hunt MSc., FCA, FCIPD, CPFA, FFA, FMAAT, FCMA, FRSA Former President, Ins tute of Financial Accountants, Former PKF Interna onal Partner (Pannell Kerr Forster); Past UK representa ve on IFAC Educa on Commi ee; Past Chairman of Bri sh Isles Accountancy Profession's Educa on Commi ee; Past President AAT (UK) Mr. AN Raman FCMA, FCA, FICWA, . Management Consultant; Former Central Council Member, ICWA India; and Former Member Financial and Management Accoun ng Commi ee (FMAC) of the Interna onal Federa on of Accountants (IFAC) Prof. PR Mather MA, PhD, FCA (E&W), FCPA Head, School of Accoun ng La Trobe University, Australia; Former Assoc. Dean (Higher Research Degrees), Faculty of Business and Economics, Monash University, Australia Mr. SE Satharasinghe FCMA, FCA, BSc. Financial Advisor, Former Chairman Brooke Bond Mr. FH Puvimanasinghe FCA, FCMA Former Senior Partner Puvimanasinge and Company Prof. Ho Yew Kee PhD, FCA (S'pore), FCPA (Aust), CFA Associate Provost (SkillsFuture & Staff Development), Singapore Ins tute of Technology, Former Head, Department of Accoun ng and Vice-Dean, NUS Business School, Na onal University of Singapore. Mr. Rob Thomson BA, MBA, FAHRI, FAIM, GAICD Execu ve General Manager, Educa on,-CPA Australia, Former Director, Execu ve Educa on- Melbourne Business School, senior directorships at the United States-based Interna onal University Consor um for Execu ve Educa on, Australian Financial Services training organiza on. Former Director-Fairfax Media

Technical assistance provided by CMA Canada (now CPA Canada) Ini al funding by - Canadian Interna onal Development Agency (CIDA)

Mr Kanishka Jayasinghe

-

Mr. L.B. Wattegedara

-

Dr. K.D.M.E.S. De Livera

-

Mrs. Sumudu Pagoda

-

Mrs. Shanthi Maheswaran -

Mrs. J.A.G.Dilhani Jayasinghe - -

Management

Chief Executive Officer- MCIM (UK), Chartered Marketer Consultant-BA (Hons), FCPM, JP (A.I.) Senior Director - Education & Examinations FCMA, FCMA(UK),CGMA, MBA, LICA, DIPEM Senior Director Operations -MBA, PGD, Dip HRM, Dip LL, PQHRM Director - Member Affairs Head of Finance ?MBA (Col), sp.(Kel), AMA, MCPM,LICA

1. INTRODUCTION

1.1 Background of the Ins tute

The Ins tute set up as the Society of Management Accountants in the year 1999 with the technical assistance of CMA Canada (now CPA Canada) was launched in June 2000. The Ins tute of Cer fied Management Accountants of Sri Lanka (CMA) was incorporated by the Act of Parliament No.23 of 2009 as the Na onal Professional Management Accoun ng Ins tu on in Sri Lanka coming under the Ministry of Industry & Commerce. Since its incep on in June 2000, CMA has progressed to become a body with over 16,000 students and 2,400 members. The ins tute promotes the study and applica on of Management Accoun ng, Financial Accoun ng & Finance and Business Management through its Cer fied Management Accoun ng Study Programme leading to a Professional Management Accoun ng qualifica on.

CMA is a Member of the Interna onal Federa on of Accountants (IFAC). This is of importance as IFAC is the apex organiza on of world-wide professional accoun ng bodies numbering 175 spread across 130 countries with a total membership of more than 3 million accountants covering public prac ce, government, industry, service, commerce and educa on. It is a member of the South Asian Federa on of Accountants (SAFA), an Apex body of SAARC, thereby joining the fraternity of professional accoun ng bodies in India, Pakistan, Bangladesh, Nepal and Sri Lanka. CMA is represented on the SAFA Board. CMA is also a Member of the Confedera on of Asian and Pacific Accountants (CAPA) consis ng of Professional Accoun ng Bodies in the Asia & Pacific Region.

1.2 The Governing Council

The Governing Council of the Ins tute consists of 08 members. The Ins tute has invited four eminent persons to serve as patrons of the Ins tute. An Advisory Council consis ng of Eminent Professionals from Universi es, Public Prac ce, Management Consultancy, Industry, Commerce and Government has consented to provide guidance and direc on to the Ins tute.

Commi ees of the Ins tute

1. Examina on Commi ee 2. Educa on and Training Commi ee 3. Conference and Seminars Commi ee 4. Con nuing Professional Development Commi ee 5. Ethics and disciplinary Commi ee 6. Finance and Administra on Commi ee 7. Journal Commi ee 8. Accoun ng and Cost Accoun ng Standards Commi ee 9. Public Sector Accoun ng and Audi ng Standards Commi ee 10. Professional Accountants in Business and Small and Medium Enterprises Commi ee 11. Corporate Governance and Integrated Repor ng Commi ee 12. Members and Students Affairs Commi ee 13. Banking and Insurance Commi ee 14. Taxa on and Law Commi ee

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1.3 The principal objec ves of the Ins tute are:

1. To provide membership to those accountants engaged in the profession of management accountancy. 2. To promote the study of the theory and prac ce of management accountancy in all its aspects. 3. To register, educate and train any person who is contempla ng to become a member of the Ins tute. 4. To conduct examina ons and to grant membership to those who have passed all the examina ons and

complied with the prac cal training requirements. To provide for the use of designatory le ers for those who sa sfy these criteria. 5. To preserve at all mes the professional independence of the membership in whatever capaci es they will be serving. 6. To maintain high standards of professional conduct by all its members. 7. To pursue the advancement of the profession of management accountancy in rela on to industry, commerce, educa on, finance, public service and informa on technology. 8. To maintain a library or libraries for the use of the members and students. 9. To publish or distribute books, pamphlets and journals rela ng to the affairs of the Ins tute and promo ng and furthering the interests, usefulness and efficiency of members and others or of the accountancy profession generally. 10. To establish scholarships, grants for research and give prizes with a view to promo ng or furthering the interests of prospec ve members and members. 11. To provide a post Management Accoun ng qualifica on for the professional development of members at both Masters & Doctorate levels.

1.4 Current Membership

The Ins tute was able to build up a membership exceeding 2400 Fellows and Associates. This indicates the degree of confidence the members of the accoun ng profession have placed in the Ins tute jus fying the need for a professional management accoun ng body in Sri Lanka. There are two categories of members who are en tled to use the designa ons as follows

Associate members of the Cer fied Management Accountant of Sri Lanka, ACMA

Fellow Members of the Cer fied Management Accountant of Sri Lanka, FCMA

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2. CMA PROFESSIONAL QUALIFICATION

CMA Professional Programme is a course specialized in Management accoun ng leading to produce competent management accountants with a global-local outlook needed to meet organiza onal goals in today's complex, dynamic and compe ve environment. CMA accountants will be able to demonstrate the integra on and applica on of technical knowledge professional skills, and professional values, ethics, and a tudes in their places of work to a defined standard. Those who aspire to CMA membership are required to successfully complete the CMA Professional Programme. On comple on of all the relevant examina ons, prescribed prac cal 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 competence1 which enables them to perform with dis nc on in the world of work, 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 qualifica on for advanced level qualified students, undergraduates, graduates as well as those in employment. This qualifica on is recommended to the following categories

Full me or part me students a er A/L University undergraduates Students awai ng entry into universi es Graduates and other professionals who wish to progress in their career both in their career both in the

public & private sector As a career advancement program for those in employment

2.1 Examina ons Syllabus

The structure of the first syllabus was originally developed with technical assistance with CMA Canada (now CPA Canada). The current structure of the syllabus has been developed by the panel of consultants led by Prof. Mangala Fonseka, considering Interna onal Educa on Standards (IESs) prescribed by the Interna onal Accountancy Standards Board (IAESB) of IFAC. The members of the Ins tute have to prepare themselves in a manner that will enable them to assume du es not only as Management Accountants but also as members of a Senior ManAgement team.

2.2 Structure of the syllabus

In order to receive the CMA Professional Qualifica on a candidate has to (a) Complete the study programme, (b) Fulfill the workshop series and (c) Gain prac cal experience specified by the Ins tute

The Study programme consists of five levels: Level (Founda on), Level 2 (Opera onal), (Level 3 (Managerial), Level 4 (Strategic) and Level 5 (Apex), all of which comprise twenty two course units. The Workshop series requirement has to be fulfilled a er comple ng the Apex Level but before applying for membership. The Prac cal experience requirement is of three years' dura on and has to be gained while comple ng or a er comple ng the study programme.

With effect from March 2018 Founda on Level all examina ons will be on Computer based assessment & each subject contained Mul ple Choice Ques ons (MCQs). In other levels core courses & suppor ve courses will be paper based assessments where the skill course contained paper based & prac cal assessments both. ITA Examina on is conducted at the CMA Computer Centre.

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2.3 Examina ons Structure

CODE Course Title/Subject Title

Level 1 ? Founda on Level Core FL 1 Management Accoun ng Fundamentals FL 2 Financial Accoun ng & Finance Fundamentals FL 3 Fundamentals of Management & Economics Suppor ve FL 4 Quan ta ve Methods for Business Skill FL 5 Business English I Level 2 ? Opera onal Level Core OL 1 Management Accoun ng OL 2 Advanced Financial Accoun ng & Finance OL 3 Managing Business Opera ons Suppor ve OL 4 Commercial Law & Taxa on Skill OL 5 Business English II OL 6 Informa on Technology Applica ons

ML 1 ML 2 ML 3

ML 4

ML 5

SL 1 SL 2 SL 3 SL 4

AL 1

AL 2

Level 3 ? Managerial Level Core Advanced Management Accoun ng Corporate Repor ng & Analysis Managing Project & Informa on Systems Suppor ve Corporate Law & Advanced Taxa on Skill Professional Communica on Level 4 - Strategic Core Strategic Management Accoun ng Financial Strategy & Valua on Business Strategy & Risk Management Corporate Governance, Control Strategy & Ethics Level 5 - Apex Integra ve Case Study Skill Computer Based Accoun ng

? CBA ? Computer Based Assessment

Hours Assessment of Exam Method

2

CBA

2

CBA

2

CBA

2

CBA

2

CBA

3

Paper based

3

Paper based

3

Paper based

4

Paper based

2

Paper based

2

Paper based

& prac cal

3

Paper based

3

Paper based

3

Paper based

4

Paper based

2

Paper based

3

Paper based

3

Paper based

3

Paper based

3

Paper based

3

Paper based

3

Paper based

& Prac cal

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3. STUDENT REGISTRATION

Registra on is the first step to become a student of the Ins tute of Cer fied Management Accountants of Sri Lanka. ONLY REGISTERED STUDENTS may take an examina on of the Ins tute. Registra on is open throughout the year. However those who wish to take the Founda on level exam should register accordingly.

Examina on March June September December

Closing Date 15th December previous year 15th March in the respec ve year 15th June the respec ve year 15th September in the respec ve year

Those who are eligible for exemp ons in Founda on level fully should register as below (please refer the exemp ons scheme in page 18 For clarifica ons)

Examina on May November

Closing Date 31st January in the respec ve year 31st July in the respec ve year

3.1 ENTRY REQUIREMENTS A candidate who has one of the following qualifica ons could register as a Student.

1. Three passes at the G. C. E. Advanced Level examina on together with a Simple Pass in English Language and Mathema cs at the G.C.E. O/L Examina on

2. A relevant Degree program approved by UGC. 3. A Professional Qualifica ons approved by the council of the Ins tute. 4. Membership of the Sri Lanka Government Accountants Service. 5. Final Examina on of the Ins tute of Chartered Secretaries & Administrators, U.K. 6. Final Examina ons of the Ins tute of Financial Accountants, U. K. 7. Final Examina on of the Associa on of the Interna onal Accountants, U. K. 8. Final Examina on of the Ins tute of Bankers of Sri Lanka or London. 9. Final Examina on of the Chartered Ins tute of Marke ng. 10. Execu ve level of the Ins tute of Chartered Accountants. 11. AATSL Stage 2. 12. A candidate who has passed any of the examina ons indicated in the "Exemp on Policy" is

eligible to register as a Student. 13. Mature Entry

Those in employment and over 18 years of age with a minimum of 2 years experience in an Accoun ng environment, together with a recommenda on from the employer will be considered for registra on under Mature Entry. 14. Any other qualifica on

3.2 DOCUMENTS TO BE ATTACHED TO THE APPLICATION FOR STUDENT REGISTRATION

1. Cer fied photocopies of the educa onal / professional qualifica ons.

2. Cer fied photocopy of the Birth Cer ficate, Na onal Iden ty Card.

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3 Two stamp - size (3.0 cm x 2.5 cm) color photographs. Paste one photograph to the applica on form. The other photograph should be cer fied. Your name and the signature should appear on the reverse of the cer fied photograph. Photographs exceeding the s pulated size will not be accepted.

4 The photocopies of cer ficates and the photograph, which is not pasted to the applica on, should be cer fied by the a ester of the "Applica on for Student Registra on". The photocopies of cer ficates should be cer fied by the a ester under his/her official stamp which indicates his/her name and other relevant par culars. The name used, in all the applica ons should be strictly in accordance with the Birth Cer ficate. Where documents indicate the name different from the Birth Cer ficate, an Affidavit a ested by a Jus ce of Peace (JP) should be submi ed. The photograph (other than the one which is pasted to the applica on) and the photocopies of cer ficates which are NOT DULY CERTIFIED WILL NOT BE ACCEPTED. Photocopies of "Applica on for Student Registra on" Forms should not be used for registra on. Completed "Applica on for Student Registra on" forms are not accepted via fax or E-mail.

5 Ins tute copy of the SPECIAL PAYMENT VOUCHER obtained, upon deposi ng the money, from a branch of the People's Bank. For Student registra on should be sent along with the Registra on applica on. This Special Payment Voucher should be used to pay only the Registra on Fee. Neither the Exemp ons Fee nor the Examina on Fee should be paid at the me of submi ng the "Applica on for Student Registra on"

6 "Applica ons for Student Registra on" together with the necessary documents should be sent under Registered Cover to the Secretariat. The Top le hand corner of the envelop should bear the words "Applica on for Student Registra on"

3.4 Registra on fee & Annual Subscrip on

Registra on Fee Annual Subscrip on Total Payment at Registra on

Rs. 1500 Rs. 2000 Rs. 3500

4. MODE OF LEARNING

4.1 CMA Study Materials

CMA Study Texts for each subject are available for sale at CMA Study Texts are prepared by the Ins tute for all levels in English and first two levels in Sinhala & Tamil. The price list is in the last page of this guide. The Governing Council of CMA has decided that the purchases of Study texts are mandatory for every student in the form of books/CDs or register for e-learning from November 2013 Examina on.

4.2 Accredited Educa on Providers (AEP) Students may follow lectures at Ins tutes accredited by CMA. A list of accredited ins tutes could be obtained from the CMA website.

4.3 E-learning E-learning is gaining popularity amongst CMA students as it provides the flexibility to pace their study schedule according to their me convenience and learning style. The highlight of the new and improved CMA eStudy portal is that whilst it retains the features that were popular from the earlier version, features such as an "easy to read & understand complete study text" and video lectures have included.

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