CMA PROFESSIONAL PROGRAMME - STUDENT GUIDE 2021 - (CMA) of Sri Lanka
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CMA PROFESSIONAL
PROGRAMME
STUDENT GUIDE - 2021
INSTITUTE OF CERTIFIED MANAGEMENT
ACCOUNTANTS OF SRI LANKA
THE NATIONAL PROFESSIONAL MANAGEMENT ACCOUNTING
INSTITUTION IN SRI LANKA
CMA SRI LANKA - STUDENT GUIDE 2021
Contents
Introduction to CMA Sri Lanka 04 - 06
CMA Professional Qualification 07
Student Registration 08 - 09
Modes of Learning 10
Exemptions 10 - 12
Examinations 13 - 17
Opportunities for CMA Students & Members 18 - 19
Practical Experience Requirement (PER) & Memberships 19 - 20
Scholarship Programmes 20
Prizes 21
Important Dates 21
Other Courses:
Certified Hospitality Finance & Management Accountant (CHFMA) 22
CMA Team 23
Registration Application 24 - 29
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1. INTRODUCTION
1.1 Background of the Institute
The institute was initially established as the “Society of Management
Accountants of Sri Lanka” in the year 1999 with the technical
assistance from CMA Canada (now CPA Canada) and financial
assistance from the Canadian International Development Agency
(CIDA) by its Founder Prof. Lakshman R. Watawala and was launched
in June 2000. The institute of Certified Management Accountants
of Sri Lanka (CMA) was incorporated by the Act of Parliament No.
23 of 2009 as the National Professional Management Accounting
Institution in Sri Lanka. Since its inception in June 2000, CMA
has progressed to become a body with over 16,000 students and
2,500 members. The institute promotes the study and application
of Management Accounting, Financial Accounting & Finance and
Business Management through its Processional Management
Accounting Study Programme leading to a Professional Management
Accounting qualification.
CMA is a Member of the International Federation of Accountants
(IFAC) which is the apex organization of world-wide professional
accounting bodies comprising 175 members spread across 130
countries with a total membership of more than 3 million accountants
covering public practice, government, industry, service, commerce
and education. It is a member of the South Asian Federation of
Accountants (SAFA), an apex body of SAARC, thereby joining the
fraternity of professional accounting bodies in India, Pakistan,
Bangladesh, Nepal and Sri Lanka. CMA is represented on the SAFA
Board. CMA is also a Member of the Confederation of Asian and
Pacific Accountants (CAPA) consisting of Professional Accounting
Bodies in the Asia & Pacific Region.
1.2 Principal Objectives of the Institute
1. To provide membership to those accountants 7. To pursue the advancement of the profession of
engaged in the profession of management management accountancy in relation to industry,
accountancy. commerce, education, finance, public service and
information technology.
2. To promote the study of the theory and practice of
management accountancy in all its aspects. 8. To maintain a library or libraries for the use of the
members and students.
3. To register, educate, and train any person who is
aspiring to become a member of the Institute. 9. To publish or distribute books, pamphlets and journals
relating to the affairs of the institute and promoting and
4. To conduct examinations and to grant membership furthering the interests, usefulness and efficiency of the
to those who have passed all the examinations and members and others or of the accountancy profession
complied with the practical training requirement. generally.
To provide for the use of designatory letter for those
who satisfy these criteria. 10. To establish scholarships, grants for research and give
prizes with a view to promoting or furthering the interest
5. To preserve at all time the professional independence of prospective members.
of the membership in whatever capacities they will
be serving. 11. To provide a post Management Accounting qualification
for the professional development of members at both
6. To maintain high standards of professional conduct Masters & Doctorate levels.
by all its members.
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1.3 The Governing Council
Prof. Lakshman R Watawala FCMA, FCA, FCMA (UK), CGMA President
Mr. M.H. HennayakaBandara FCMA,FCA, B.Com (Sp), Dip.Accy, FMAAT Vice President
Mr.W.A.A.D. Perera FCMA, FCMA(UK), CGMA, FCCA (UK),MBA (Sri. J ) Member
Mr.M.R.A. Perera FCMA, FCMA(UK), CGMA, MBA (PIM-USJ), B.Sc.(Acc.) Member
Mr. J.M.U.B. Jayasekera FCMA, FCA, FMAAT, FMAAT, BSc. Mgt.(USJ) Member
Prof. A. H. N. Kariyawasam B.Sc. Management (Public) (Special) (SJP); M.Com (Kelaniya); Member
PhD (Management) (Malaysia); MAAT; Dip.in FM.(India)
Mr. H.M.A. Jayasinghe FCMA, FCA, FCMA (UK), CGMA Member
Mrs.W.A.N.K. Wijewardena ACMA, FCA, B.Com Sp. (Hon), MBA Member
Committees of the Institute
1. Accounting Standards, Financial Reporting Standards, Coordinating with Sri Lankan IFAC Member Bodies,
Universities, Education Quality Control, and Education Institutes’ Quality Control Committee
2. Conference and Seminars, IR Awards, Computer Centre, Business School Committee
3. Women’s Development Committee
4. Education, Training, Recognition, Brand Building and CPD Monitoring Committee
5. Corporate Governance, Ethics and Disciplinary Committee
6. Finance and Administration Committee
7. Journal, IT, Banking, Finance, Insurance, Taxation and Law Committee
8. Members, Students, Professional Accountants in Business (PAIB), SME, CPD Seminars Committee
9. Public Sector Education, Accounting Standards, Monitoring of Government and State Corporations and
Newsletter Committee
Patrons of the Institute
Hon. Prof. G.L. Peiris - Minister of Education
Hon. (Dr.) Bandula Gunawardena - Minister of Trade
His Excellency David McKinnon - Canadian High Commissioner in Sri Lanka
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Advisory Council
Mr.H.D.S. Amarasuriya - FCMA, FCA, FCMA (UK) Mr.S.E. Satharasinghe - FCMA, B.Sc, FCA
Former Chairman, Singer Sri Lanka Financial Advisor, Former Chairman Brook Bond.
Ms. Joy Thomas - MBA, FCPA, FCMA, C.Dir. Mr.F.H. Puvimanasinghe - FCA, FCMA
President & CEO of CPA Canada Former Senior Partner Puvimanasinge and Company.
Prof. John O Miller - AO, BA, B.Com, PhD, FCPA, FAICD, Prof. Ho Yew Kee - PhD, FCA (S’pore), FCPA (Aust), CFA
FCMA Associate Provost (Skills Future & Staff Development),
Former Head, Graduate School of Management, Singapore Institute of Technology, Former Head,
Swinburne University of Technology, Australia; Department of Accounting and Vice-Dean, NUS
Former Prof. Monash University; Past President, Business School, National University of Singapore.
Confederation of Asian and Pacific Accountants
(CAPA). Mr. Mark Chau - Bachelor of Business in Business
Administration (RMIT)
Mr. A. N. Raman - FCMA, FCA, FICWA, B. Com. Regional General Manager, Business Development –
Management Consultant, Former Central Council International for CPA Australia
Member, ICWA India, and Former Member Financial
and Management Accounting Committee (FMAC) of Technical assistance provided by CMA Canada (now
the International Federation of Accountants (IFAC). CPA Canada)
Initial funding by - Canadian International Development
Prof. P.R. Mather - MA, PhD, FCA (E&W), FCPA. Agency (CIDA)
Head, School of Accounting La Trobe University,
Australia; Former Assoc. Dean (Higher Research
Degrees), Faculty of Business and Economics,
Monash University, Australia.
Establishment of CMA Sri Lanka
Founder - Prof. Lakshman R. Watawala
Technical assistance: Provided by CMA Canada
(Now CPA Canada)
Initial funding: Provided by Canadian International Development Agency (CIDA)
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2. CMA PROFESSIONAL QUALIFICATION
The objective of the CMA Professional
Programme is to produce competent
management accountants with a global-local
outlook needed to meet organizational goals
in today’s complex, dynamic and competitive
environment. CMA accountants will be able to
demonstrate the integration and application of
(a) technical knowledge (b) professional skills,
and (c) professional values, ethics, and attitudes
in their places of work to a defined standard.
CMAs are generally focused on the future of a
business and not the past. They use financial,
management and other information to direct
operational, managerial and strategic decision
making targeted at helping organization to move
forward.
Those who aspire to obtain CMA membership
are required to successfully complete the CMA
Professional Programme. On completion of all
the relevant examinations, prescribed practical
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 competence which enables them to perform
with distinction at work places irrespective of
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 qualification
for GCE Advanced Level qualified students,
undergraduates, graduates as well as those in
employment.
CMA qualification is recommended to the following categories:
Full time or part time students after GCE A/L.
University undergraduates.
Students awaiting entry into universities.
Graduates and other professionals who wish to progress in their career both in the public & private sector.
As a career advancement programme for those in employment.
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3. STUDENT REGISTRATION
Registration is the first step to
become a student of the Institute of
Certified Management Accountants
of Sri Lanka. ONLY REGISTERED
STUDENTS may take an examination
of the Institute.
3.1 Entry Requirements
Candidates who have one of the following qualifications
could register as students.
1. Three passes at the G. C. E. Advanced Level 3. Mature Entry
Examination together with a Simple Pass in English Those in employment and over 18 years of age with
Language and Mathematics at the G.C.E. O/L a minimum of 2 years experience in an Accounting
Examination. environment, together with a recommendation from
the employer will be considered for registration
2. A relevant UGC approved Degree or Professional under Mature Entry.
Qualifications approved by the Council of the
Institute (fully / part qualifications listed under 4. Any other qualification accepted by the Council of
exemptions scheme). CMA Sri Lanka.
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3.2 Documents to be Submitted with the Application for Student Registration
1. Duly completed student registration application. certificates which are NOT DULY CERTIFIED WILL
NOT BE ACCEPTED.
2. Certified photocopy of the Birth Certificate,
National Identity Card. • Photocopies of "Application for Student
Registration" Forms or the applications sent via
3. Two stamp - size (3.0 cm x 2.5 cm) colour fax or e-mail are not accepted.
photographs. Paste one photograph on the
application form. The other photograph should 6. The “Institute copy” of the Special Payment
be certified. Your name and the signature should Voucher for Registration fee & Annual Subscription
appear on the reverse of the certified photograph. fee which bear the round stamp of bank branch and
Photographs exceeding the stipulated size will not the signature of an authorized officer should be
be accepted. submitted along with the Registration Application.
One Special Payment Voucher should be used to
4. Certified photocopies of the educational / pay only one category of payment. Eg: Registration
professional qualifications. Fee.
5. The photocopies of certificates and the photograph 7. Those who wish to obtain exemptions from
should be certified by the attester of the "Application CMA Study programme should fill the “Part B”
for Student Registration". (The photocopies of of the Registration application according to the
certificates should be certified by the attester instructions given. You should submit the results
under his/her official stamp which indicates his/ confirmation letter or the certified copies of the
her name and other relevant particulars) transcripts of the qualifications to prove the
• The name used in all the applications should be successful completion of the qualification you are
strictly in accordance with the Birth Certificate. holding.
• Where documents indicate a name different from 8. "Applications for Student Registration" together
the Birth Certificate, an Affidavit attested by a with the necessary documents should be sent
Justice of Peace (JP) should be submitted. under Registered Cover to the Secretariat. The Top
• The photograph (other than the one which is left-hand corner of the envelop should bear the
pasted to the application) and the photocopies of words “Application for Student Registration”
Fees (*subject to change) Exemptions Fee
Registration fee & Annual Subscription Level Per Subject
Registration Fee Rs. 1,750 Foundation Level Rs. 3,750
Operational Level Rs. 4,000
Annual Subscription Rs. 2,250
Managerial Level Rs. 4,500
Total Payment at Registration Rs. 4,000 Apex Level - CBA Rs. 12,000
Examinations Fee
Level Per Subject
Foundation Level Rs. 3,750
Operational Level Rs. 4,000
Managerial Level Rs. 4,500
Strategic level Rs. 5,500
Apex Level
- Integrative Case Study Rs. 9,000
- CBA Module Rs. 8,000
Advanced Professional Rs. 10,000
Communication (Speech Craft
Programme & Workshop Series)
Other Publications & Documents
Details Price per book
(Rs.)
Student Guide 250
PER Log Book & Guide Book 350
Transcript Letter 1,000
Student ID 250
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CMA SRI LANKA - STUDENT GUIDE 2021
4. MODES OF LEARNING 4.3. E-learning
E-learning is gaining popularity amongst CMA
students as it provides flexibility to pace their study
4.1. CMA Study Materials schedule according to their time convenience and
learning style.
CMA Study Texts for each subject are available for
sale at CMA Head Office. Study Texts are prepared CMA Sri Lanka launched the Virtual Learning
by the Institute for all levels in English and first two Platform on 19th April 2020 to facilitate the
levels in Sinhala & Tamil media. students during the lockdown period in order to
face the May 2020 examination.
The Governing Council of CMA has decided that
the purchase of study texts is mandatory for every Following facilities are provided under the Virtual
student in the form of books / CDs or register for Learning Platform:
e-learning from November 2013 Examination. Foundation Level - recorded full lecture series
Prices of Study Packs for all the subjects in English and Sinhala
media.
Level Price per book Price per CD
Operational to Strategic Levels - Past paper
(Rs.) (Rs.)
discussion programmes prior to relevant exam
Foundation 900 600
dates.
Operational 1,200 650
Apex Level - pre-examination seminar
Managerial 1,300 750
conducted for Integrative Case Study after the
Strategic 1,500 750
release of Scenario - I.
Apex:
- Case study book 1,500 750 Details of these programmes will uploaded in CMA
- CBA book 1,000 750 Sri Lanka website from time to time and also can
be obtained from the Education & Training Division.
4.2. Accredited Education Providers 4.4. Self-Study
(AEP) Students are facilitated to do self-study through
Students may follow lectures at Institutes Virtual Learning Platform and CMA study packs.
accredited by CMA. A list of accredited
institutes could be obtained from the CMA
website.
5. EXEMPTIONS
Exemptions Guidelines Exemptions on subject for subject basis are not
considered except under special circumstances.
Exemptions are given for recognition of other
professional or academic qualifications. Once a student applies for an exemption, a second
application for exemptions will not be entertained
Exemptions are only awarded if the qualification unless he /she obtains full qualifications,
provides the required level of knowledge, skills subsequently.
and competencies gained through the respective
qualification and awarded by the discretion of CMA Exemptions will not be granted for subjects when
Sri Lanka. a student has unsuccessfully attempted at CMA
CMA Sri Lanka does not award exemptions for examinations.
exemptions. Exemptions for Masters qualifications are given
separately. If a particular programme is not
All the students who are eligible for subject
included in the policy given, a separate evaluation
exemptions need to pay a fee for the exempted
will be carried out and relevant exemptions will be
subjects. Information on current fees are given
notified to students.
under 5.2 (table - 02).
No differentiation between internal and external
If a qualification does not contain sufficient degrees if the duration of the degree is four years.
and relevant coverage of the CMA syllabus, no If the duration of the degree is three years, then
exemptions will be awarded. CMA Foundation Level and Business English II in
As a general rule, exemptions are granted based on Operational Level are exempted.
the completion of a qualification where the student For Undergraduates exemptions will be awarded
has to complete the particular level/stage/year in on a subject by subject basis for the years
particular qualification to obtain the exemptions completed. Students should submit documents as
under the applicable scheme. proof that all modules for the given year have been
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successfully completed. copy of Special Payment Voucher for Exemptions
A student who has completed only 1st year of a fees paid (Applicable only for new registrations).
degree is not eligible to get Exemptions in core
subjects in Operational Level, even If the student Refer the Exemptions Awarding Scheme 5.2 to find
has done related subjects in year 1. your qualifications & the applicable exemptions
fee.
CMA will only assess degrees awarded by
Universities approved by the University Grants 2. Those who have already registered and wish to
Commission (UGC). apply for exemptions should fill the Exemptions
Degrees obtained prior to 2007 will be separately Application which can be downloaded from
evaluated and suitable Exemptions will be given. CMA website and submit along with the results
confirmation of University/Institute (in given
(For more details on exemptions, please refer the format) or certified photocopies of the results
"Handbook on Exemptions Policy" on CMA website). sheets/certificates and the Institute copy of
Special Payment Voucher for exemptions fee paid.
5.1 Applying for Exemptions 3. If your qualification is not listed in the Exemptions
Awarding Scheme, you need to have a separate
Read our “Exemptions Policy” & Exemptions
assessment for your qualification. Please send the
database to understand important information
scanned copies of your transcript to exemptions@
relating to exemptions.
cma-srilanka.org or send your inquiry through
online via CMA website.
You may check the Exemptions Awarding Scheme
Upon your registration confirmation you will be
(5.2) to find out whether your University / Institute
notified the exemptions granted within 20 working
is accepted for CMA exemptions & eligible for
days and you are allowed to proceed with the
subject exemptions from CMA Program.
examinations for the remaining subjects.
1. If you are a new registrant and wish to obtain
Exemptions granted to you will appear in your
exemptions at the registration, please fill the
‘My CMA’ account with the results of the earliest
Part B of the Registration Application and submit
examination which you attempted after getting the
along with the results confirmation of University/
Exemptions.
Institute (in given format) or Certified Photocopies
of the results sheets/certificates and the Institute
5.2 Exemptions awarding scheme for qualifications and applicable fees
Table 01: List of Universities & Institutes recognized for CMA exemptions
* Foreign degrees & qualifications which are not listed above will be evaluated separately.
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Table: 02: List of Exemptions Schemes applicable for Qualifications & Degree Specializations offered by the
Institutes listed in Table 01.
60750 Accounting Sp.
56250 B.Com Sp.
47250 Finance/Fin: Mgt. Sp.
39250 HRM/Marketing
39250 Business Mgt.
39750 BBA Economics Sp.
47250 Business Admin Sp.
Operations Mgt/Estate Mgt.
39750 Val./Public Mgt/ Inter: Bus:
35750 Busi: Info Sys Sp./business tech
Banking/Entreprenurship/
31250 Tourism & Hospitality/EBM/
Entre: Development
43750 ENM Degree
15250 1st year completed
*All students are required to sit the Strategic Level & Apex Level after completing the Managerial Level.
26750 2nd year completed
30750 AATSL 2015 PF
18750 AAT SL 2010 PF
18750 CA SL-Executive
51750 CASL- Business
60750 CASL- Corporate/ACA
11250 CIMA -UK Foundation
38750 CIMA -UK Operational
52250 CIMA -UK Managerial
65250 CIMA -UK PF
18750 ACCA- F1-F3
34750 ACCA- F1-F9
65250 ACCA affliate/Member
11250 HNDA-1st year completed -
SLIATE
HNDA-2nd year completed -
27000 SLIATE
HNDA-3rd, 4th year/ completed
56250 SLIATE
18750 IBSL-DABF
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6. EXAMINATIONS
6.1 Examinations Syllabus all of which comprise twenty-two course units. The
Advanced Professional Communication (Speech
The structure of the first syllabus was originally Craft Programme & Workshop Series) requirement
developed with the technical assistance from CMA must be fulfilled to become a Passed Finalist. The
Canada (now CPA Canada). The current structure Practical experience requirement is of three years
of the syllabus has been developed by a panel of duration and must be gained while completing or
consultants considering International Education after completing the study programme to receive
Standards (IESs) prescribed by the International the membership of CMA.
Accountancy Standards Board (IAESB) of IFAC. The
members of the Institute have to prepare themselves With effect from March 2018, Foundation Level
in a manner that will enable them to assume duties all examinations are computer based and each
not only as Management Accountants but also as subject contains Multiple Choice Questions
members of a Senior Management team. (MCQs).
6.2 Structure of the syllabus With effect from May 2021 examination session
onwards Operational and Managerial Level
In order to receive the CMA Professional Qualification examinations will be computer based.
a candidate has to; Strategic Level examinations will be paper based.
(a) Complete the study programme
Apex Level will be assessed as follows:
(b) Advanced Professional Communication
(Speech Craft Programme & Workshop Series) - AL 1: Integrative Case Study (ICS) - Paper
based.
(c) Gain practical experience specified by the
Institute - AL 2: Computer Based Applications (CBA) -
Computer based.
The Study programme consists of five levels: - AL 3: Advanced Professional Communications
Level 1 (Foundation), Level 2 (Operational), Level 3 (Speech Craft & Workshop Series - Oral
(Managerial), Level 4 (Strategic) and Level 5 (Apex), assessments.
CMA Sri Lanka Professional Programme 2018 - 2022
FOUNDATION OPERATIONAL MANAGERIAL STRATEGIC APEX LEVEL
LEVEL LEVEL LEVEL LEVEL
SKILL
DEVELOPMENT
STREAM OL 5: BE II
FL 5: BE I ML 5: PC AL 2: CBA
OL 6: ITA
MA
STREAM
FL 1: MAF OL 1: MA ML 1: AMA SL 1: SMA
FA
& FINANCE
STREAM
PASSED PRACTICAL
FL 2: FAF OL 2: AFF ML 2: CRA SL 2: FSV AL 1: ICS FINALIST EXPERIENCE MEMBERSHIP
BM
STREAM SL 3: BSR
FL 3: FME OL 3: MBO ML 3: MPI
SL 4: GCE
SUPPORTIVE
STREAM
FL 4: QMB OL 4: BLT ML 4: CLT AL 3: ADVANCED PROFESSIONAL
COMMUNICATION
(SPEECH CRAFT PROGRAMME
& WORKSHOP SERIES)
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6.3 Subjects in CMA Professional Programme: 2018 – 2022 & Examination Structure
Code Subject Duration Assessment
of the Exam Method
Foundation Level
Core:
FL 1 Management Accounting Fundamentals 02 CBE
FL 2 Financial Accounting (70%) & Finance Fundamentals (30%) 02 CBE
FL 3 Fundamentals of Management (60%) & Economics (40%) 02 CBE
Supportive:
FL 4 Quantitative Methods for Business 02 CBE
Skill:
FL 5 Business English I 02 CBE
Operational Level
Core:
OL 1 Management Accounting 03 CBE
OL 2 Advanced Financial Accounting (70%) & Finance (30%) 03 CBE
OL 3 Managing Business Operations (Operations Management 40%, 03 CBE
People Management 30% & Marketing 30%)
Supportive:
OL 4 Business Law (50%) & Taxation (50%) 04 CBE
Skill:
OL 5 Business English II 02 CBE
OL 6 Information Technology Applications 02 CBE
Managerial Level
Core:
ML 1 Advanced Management Accounting 03 CBE
ML 2 Corporate Reporting & Analysis 03 CBE
ML 3 Managing Projects (50%) & Information Systems (50%) 03 CBE
Supportive:
ML 4 Corporate Law (50%) & Advanced Taxation (50%) 04 CBE
Skill:
Ml 5 Professional Communication 02 CBE
Strategic Level
Core:
SL 1 Strategic Management Accounting 03 PBE
SL 2 Financial Strategy & Valuation 03 PBE
SL 3 Business Strategy (70%) & Risk Management (30%) 03 PBE
SL 4 Corporate Governance (40%), Control Strategy (40%) & 03 PBE
Ethics (20%)
Apex Level
Skill:
AL 1 Integrative Case Study 03 PBE
AL 2 Computer Based Accounting 03 CBE
AL 3 Advanced Professional Communication 12 sessions Oral assessments
(Speech Craft Programme & Workshop Series) (03 hours per session)
CBE – Computer Based Examination
PBE – Paper Based Examination
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6.4 Evaluation Students have the option of selecting one
medium from Sinhala, Tamil or English to take
Modes of assessment of course units in the study exams in this level.
programme comprises of computer based, written,
practical and oral examinations. Composition of the Examinations in this level are computer based.
question paper and the scheme of assessment of each
course unit are given in the relevant course syllabus. Operational Level
The pass mark for any core or supportive course unit
is 50 and the grading scheme is given below. For skill Students are allowed to sit for all the subjects
course units grades of evaluation are either a Pass or in one sitting or course unit wise subject to the
Fail, where the pass mark is 50. requirements stated in (a) & (b) above.
Students have the option of selecting one
A 'Certificate of Participation' is issued for AL 3: medium from Sinhala, Tamil or English to
Advanced Professional Communications (Speech Craft take exams in this level & examinations are
Programme & Workshop Series). computer based with effect from May 2021
exam session on wards.
6.5 Grading Scheme
A workshop is conducted at the CMA IT
A Distinction
Centre for ITA module and the course fee is
B Good Pass Rs. 3,500.00.
C Pass Standard
D Marginal Managerial Level
E Failure
F Bad failure Students are allowed to sit for all the subjects
in one sitting or course unit wise subject to the
6.6 Progression to the Levels requirements stated in (a) & (b) above.
The scheme of progression from one level to the next All exams are conducted in English medium in
is as follows: this level & examinations are computer based
with effect from May 2021 exam session on
(a) Students can take a maximum of six (06) course wards.
units (Core, Supportive and Skill) from the first
three levels at a time, subject to requirements Strategic Level
given below:
Students are required to successfully complete
Course units in: the core, supportive and skill course units
Management Accounting stream (FL1, OL1, ML of Foundation, Operational and Managerial
1 & SL1) and; Levels prior to progressing to Strategic Level.
Financial Accounting stream (FL2, OL2, ML2 &
SL2) and; Students need to sit for all subjects at first
Law & Taxation (OL 4 & ML 4) and; sitting in Strategic Level. Individual course
Business English stream (FL5, OL5, & ML 5); units can be attempted after the first sitting.
follow a logical sequence. All exams are conducted in English medium in
In order to follow a higher level course unit, the this level & examinations are paper based.
corresponding lower level course unit has to be
successfully completed. Apex Level
(b) Students who wish to apply for the subjects in the All exams are conducted in English medium in
next level need to apply together with the balance this level.
subjects in the previous level if there’s any.
AL 1: Integrative Case Study (ICS) can be
attempted only on successful completion of all
Foundation Level
four previous levels (Foundation, Operational &
Students are required to sit for minimum of Managerial Levels).
three subjects at the first sitting in Foundation And;
Level and balance subjects at the next Student must have either completed AL 2:
immediate sitting. Computer Based Accounting (CBA) and AL
Students who sit for all subjects at first sitting 3: Advanced Professional Communication
can repeat failed course units at the next (Speech Craft Programme & Workshop Series)
immediate sittings. prior to applying for the AL 1 course unit OR
registered for AL 2 and AL 3 course units at the
Students who sit for three or four subjects at time of applying for the AL 1 course unit.
first sitting shall attempt the balance subjects
in the next immediate sitting together with any (This amendment will be effective from May
repeat course units. 2021 Examination on wards).
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AL 1: ICS examination is paper based. 6) Meeting procedure, leadership role play and
planning meetings
AL 2: Computer Based Accounting (CBA)
7) Body language adding value to speech
is a specialized skill course which provides
8) Language, grammar and pronunciation
a comprehensive theoretical and practical
9) Effective use & impact of humor in speeches
knowledge in the application of a selected
impromptu speech making / free association
accounting software (E.g. SAGE 50) in business
Speech Craft Programme will develop communication,
data processing with a view to producing
leadership and organizing skills of the participants in
financial statements for both internal and
a friendly and conducive atmosphere. Speech Craft
external users of accounting information and
Trainers will ensure that each participant becomes
generating reports that will be of value for
an effective, confident presenter through a series of
managers in the decision making process.
activities where everyone has to play varying roles every
The main topics covered in the syllabus are
week.
blended with theory and practice together.
Module 02 – Life Skills
Lectures are conducted for this course unit at
CMA IT Centre and the course fee is Rs.10,000.00.
10) IT impact and advancement impacting
Accounting profession and affective use of
This examination can be taken after completing
Power Point in speeches
the Managerial Level. This will be comprised of
two parts.
11) Team work and time management
• Part I – scenario-based compulsory question.
12) Positive thinking & career path road map
• Part II – All questions should be answered.
Participation of at least 80% of sessions in Module
AL 2: CBA examination is computer based.
1 & 2 is mandatory and a scheme of Continuous oral
assessments will be carried out during the workshops.
AL 3: Advanced Professional Communication
(Speech Craft Programme & Workshop Series)
Course fee is Rs. 10,000.00.
Students are required to successfully complete the
Advanced Professional Communication (Speech Craft 6.7 Organization of the Examination
Programme & Workshop Series) in order to become a Syllabus
CMA Passed Finalist.
Under the Syllabus structure, the main topics in the course
Students who have completed the Managerial Level unit together with their relative importance (weight) are
are eligible to follow this programme. specified. Thereafter each topic is elaborated under the
terms focus and content.
Workshop Series consists of 36 hours (12 sessions
of three hours each) conducted in two modules; Focus specifies the learning outcomes for students.
Advanced Professional Communication Skills (Speech It also serves as a teaching guide to the instructors.
Craft Programme) and Life Skills. Content specifies the subtopics covered under the topics.
Module 01 - Advanced Professional 6.8 Examination Results
Communication Skills (Speech Craft Programme)
Results of the Computer Based Exams will be released
1) Fellowship and networking development within two (02) weeks of the exam and results of the
2) Overcoming Fear - becoming a competent Paper Based Exams will be released within 50 days of the
speaker conclusion of exams. Student can view their results by
3) Structuring the speech effectively login to MY CMA Account just after releasing the results
4) Evaluate to motivate and detailed results sheets will be sent to all candidates
5) Impact of voice in speeches by post.
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6.9 Calculator Usage Guidelines for Pre-approved list of calculators
CMA Professional Programme
Casio fx models except graphing / graphic models.
2018 – 2022 E.g.
Following calculator usage guidelines are applicable fx – 100 MS
for the CMA Professional Programme 2018 – 2022. fx – 991 ES PLUS
fx – 991 MS
Types of calculators allowed fx – 82 MS
fx – 82 ES PLUS
Students are allowed to use scientific, non- Important note to students
programmable calculators for subjects in the
CMA Professional Programme 2018 – 2022 Students are responsible for getting acquainted with
where the use of a calculator is applicable the usage of a permitted type of a calculator and
including the Integrative Case Study. ensuring the performance of the calculator on the day
of the examination.
For the Foundation Level on-line examinations,
a computer-based scientific calculator will be E.g. performance of the battery, solar power, etc.
available at the examination.
6.10 Award of Certificates
Types of calculators not allowed
Students who complete each level will be issued with
a certificate in addition to the results sheet as follows.
Any programmable calculators which are
capable of storing text or alphanumeric data.
Level Certificate awarded
Any programmable calculators which are Foundation Level Certificate in Accounting &
capable of performing operations such Business Studies
as differentiation, integration, algebraic
expressions, solutions to a system of Operational Level Diploma in Accounting &
Business Studies
equations, etc.
Managerial Level Advanced Diploma in
Calculators with external communication Accounting & Business Studies
features or internet connectivity. Strategic Level Award: Strategic Professional
Certificate
Calculators on mobile phones. Apex Level Passed Finalist’s Certificate
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7. OPPORTUNITIES FOR CMA STUDENTS AND MEMBERS
7.1. Bachelor of Management Studies 7.4 Degree pathway with Human
- (BMS) Degree of Department of Resource Management Institute
Management Studies of Open (HRMI)
University of Sri Lanka Students who have completed the CMA Operational
Passed Finalists of CMA Sri Lanka can register for the Level qualification could pursue the following
BMS Degree programme at Level 5. Bachelor's (Hons.) Degrees offered by University of
BMS Degree is of four years duration – structured Northampton, UK delivered at HRMI.
as Level 3, Level 4, Level 5 and Level 6. Students B.Sc. (Hons.) International Accounting
can specialize in Marketing or Human Resource
B.Sc. (Hons.) Business & Management
Management in Level 6. A student who has successfully
completed Managerial Level can register and take the B.Sc. (Hons.) International Logistics & Trade
courses at Level 5. (He / She has to complete up to Finance
Apex Level prior to sitting for Level 6 examination).
CMA students have to satisfy Open University criteria
7.5. Postgraduate opportunities in
regarding Continuing Education Courses in “Computer
Literacy” and continuing Education Courses on “English Sri Lanka
for Academic Purposes”. CMA Passed Finalists and Members are eligible to apply
for MBA programmes offered by the Postgraduate
At the period of the applications calling for registration Institute of Management (PIM), University of Sri
of BMS Degree CMA will inform to the eligible students. Jayewardenepura, University of Colombo and all other
State Universities under the prescribed terms and
Copies of the following are required with the application. conditions of the Senate of the relevant University.
CMA Registration Card
National Identity Card 7.6. Become a Certified Professional
Detailed Results Sheets of CMA Accountant (CPA) in Australia
G.C.E. O/L, A/L certificates CMA Passed Finalists are recognized for the Associate
Any other qualifications status of CPA Australia and need to complete three
Work Experience core subjects and two electives to obtain CPA status.
Application and documents need to be submitted to the 7.7. Become a double qualified
Open University through CMA institute (Examination accountant with CMA Sri Lanka and
Division) to get the exemptions from the BMS Degree.
ACCA-UK qualification
ACCA offers exemptions for 7 subjects in their
7.2. B. Com Degree Programme - Deakin programme and CMA Passed Finalists need to do F6 -
University Australia Taxation and F8 - Audit & Assurance in Skills Level and
Those who have completed the CMA Operational Level all subjects in Professional Level of ACCA.
can obtain exemptions from the first year of the M300:
Bachelor of Commerce Degree and only 2 years of the 7.8. The following institutions give
programme need to be completed. Options are available exemptions and offer facilities for
to complete the Degree in Sri Lanka or Australia.
CMA qualifications.
7.3. Master of Business Administration - Institute of Chartered Accountants of Sri Lanka -
(ICASL)
Credit transfer from Deakin
Chartered Institute of Management Accountants –
Business School
CMA Members are eligible to apply for the MBA CIMA (UK)
programme conducted by the Deakin Business School. Chartered Professional Accountants (CPA) -
You will be getting 6 subjects exemptions and another Canada
6 subjects to be completed. The study programme Institute of Cost & Works Accountants of India
will be conducted online and facilitates students to (ICWA-India)
complete the programme from Sri Lanka or by going
to Australia.
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Institute of Cost & Management Accountants of Memoranda of Understanding (MoU) between CMA &
Pakistan (ICMA-Pakistan) Universities
Institute of Cost & Management Accountants of University of Sri Jayewardenepura
Bangladesh (ICMAB) University of Colombo
Sri Lanka Institute of Advanced Technological University of Kelaniya
Education (SLIATE) University of Jaffna
National Institute of Business management (NIBM) Uva Wellassa University
Sri Lanka Institute of Marketing (SLIM) Sabaragamuwa University of Sri Lanka
Sri Lanka Institute of Information Technology Rajarata University of Sri Lanka
(SLIIT) University of Wayamba
Malaysian Institute of Accountants South Eastern University of Sri Lanka
Human Resource Management Institute (HRMI) Eastern University, Sri Lanka
8. PRACTICAL EXPERIENCE & MEMBERSHIP
8.1 Practical Experience Requirement
(PER)
In order to apply for CMA membership, candidates
should fulfill a Practical Experience Requirement (PER)
of three years which can be acquired while completing
or after completion of the study programme.
The three year practical training framework has been
designed to develop and demonstrate competent
professionalism in accounting, finance and business
management. Fulfillment of PER will enable candidates
to develop the required knowledge, skills, professional
values, ethics, and attitudes under the supervision
of a competent mentor/training supervisor. Further,
PER focuses on enhancing technical, business,
interpersonal communication, and personal skills of
candidates.
Documentation of PER is done via the Logbook.
Candidates must record their training/work experience
in the Logbook on a continuous basis which will be
assessed by the mentor/ training supervisor. It is
recommended that the work record is certified at
least on a quarterly basis. The extent and quality of
the practical experience gained will be intensively
assessed by the Institute. (Refer CMA Practical
Experience Requirement Guide for details).
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8.2 Applying for Membership Fees Applicable:
Associate Membership (ACMA) Upgrading fee – Rs. 15,000/-
Annual subscription (for 2021) – Rs. 10,500.00
Candidates who have fulfilled the requirements of the
study programme, including the Advanced Professional 8.3 AMA Designation
Communication (Speech Craft Programme & Workshop
Series) and Practical Experience will be considered Students who have completed all the levels in the CMA
for award of the Institute’s membership after an oral Professional Programme but not gained the three (03)
examination (Viva-voce) convened for the purpose. years Practical Experience are required to apply for
AMA Designation.
They are required to submit the following when applying
for membership: Further, students are required to upgrade the AMA
designation to Associate Membership (ACMA) within
Duly completed Membership Application three (03) years of receiving the AMA designation by
Brief company profile fulfilling the Practical Experience Requirement of three
Detailed CV (03) years as per the PER Guide.
Service letters from employers
Duly completed PER Log Book certified with the official
Fees Applicable
seal by the Mentor / Training Supervisor on each page
Certified copy of the final examination results sheet/ Initial registration fee – Rs. 12,000.00
certificate. (including first year subscription)
At the end of each month there will be an oral examination Annual subscription (for 2021) – Rs. 4,500.00
(Viva-voce) held. Those who wish to face the oral
interview must submit their application on or before 15th 8.4 Certified Accounting & Business
day of the relevant month. Manager - CABM Designation
Fees Applicable:
Eligibility criteria
Initial registration fee (including first year subscription)
– Rs. 14,500.00 - Students should have completed the Diploma
Annual subscription (for 2021) – Rs. 9,000.00 stage / Intermediate stage / Operational Level
exam in the CMA Professional Programme.
Fellow Membership (FCMA)
- Students should have sat for minimum 03
After admission to Associate Membership (ACMA),
subjects in Operational Level and completed
minimum of 5 years Managerial Level Experience is
Operational Level.
required to apply for Fellowship.
- This qualification and Designation will not be
A minimum of 50% of CPD (Continuing Professional applicable to those who obtain full exemptions
Development) hours should be covered from CMA from CMA exams
activities. - Students should have minimum of 02 years
recognized practical training or work experience.
Minimum CPD Requirement (Academics, IT and those working in Management
All CMA members are requested to comply with both areas will also be considered for the purpose of
annual allocation and the 3 year requirement. practical or work experience)
Fees applicable
CPD hours Annual Allocation 3 year Requirement
Verifiable 10 90 - Registration fee for new applicants - Rs.7500.00
Non Verifiable 10 30 - Annual subscription fee Rs.3000.00 payable on or
before 31st December for the ensuing year.
Total 20 120
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9. SCHOLARSHIPS
The following scholarships are available to CMA decision after approval by the Governing Council will be
students. final. The number of scholarships granted will depend on
the eligible applicants meeting the required criteria laid
1. Hon. Prof. G.L. Peiris Scholarship for Undergraduates.
down by the Governing Council.
2. Hon. Kingsley T. Wickramaratne Memorial Scholarship
for Public / Private Sector Employees. The scholarship will include the following:
3. The Canadian High Commission Scholarship for School
1. Registration fee and annual subscription for a period of 3
Leavers.
years.
4. Hon Bandula Gunawardhana Scholarship. 2. Study packs for all stages.
5. Prof. Lakshman R. Watawala Founder President’s 3. Examination fees at first attempt.
Scholarship for e-Learning. 4. Assistance to find a firm for practical training.
All selections for scholarships will be done by a Note:
committee appointed by the Governing Council and Those who wish to apply for a scholarship under any
the decision of the selection committee after approval of the above schemes, should register as a student and
by the Governing Council will be final. The number complete the scholarship application form which can be
of scholarships granted will depend on the eligible downloaded from the CMA website, and submit the to
applicants meeting the required criteria laid down by the Student Services Division on or before the specified
the Governing Council. All selections for scholarships closing date.
will be done by the relevant organizations and the
10. PRIZES
Prizes are offered for each level. Students who obtain considering the number of attempts. The decision
the highest marks while completing the whole level at will be taken by the Governing Council of CMA & it is
their first attempt and reach a distinction level will be subject to change.
awarded subject prizes. Students who obtain the first
and second highest total marks at their first attempt Founder President Gold Medal will be awarded to the
at distinction level will be awarded the order of merit most outstanding student who has completed all
prizes. exams including the Apex Level.
Certificate of Merit will be awarded to the students who
obtain the highest marks at the Apex Level without
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11. IMPORTANT DATES
For New Students
Foundation Level Examination Operational -Strategic Levels
Exam Intake March June September December May November
Registration 31st December 31st March in 30thJune in 30th 31st January in 31st July in the
application in the previous the respective the respective September in the respective respective year
closing date year year year the respective year
year
Exemptions 25th February 10th May 2021 10th August 10th November 25th April 2021 30th September
requests & 2021 2021 2021 2021
payments
closing date
Examination 27th February 13th May 2021 13th August 13th November 29th April 2021 4th October
application 2021 2021 2021 2021
closing date
Qualifications which are not listed under the Exemptions Scheme need to be submitted for special evaluation.
Please follow the below deadlines based on the examination session you wish to sit.
Exemptions 25th January 10th April 10th July 2021 10th October 31st March 31st August
requests 2021 2021 2021 2021 2021
under special
schemes
Annual Subscription fee is due in 31st December each year and all students should renew their studentship on or before
this date to maintain active studentship of CMA.
12. OTHER COURSES
Certified Hospitality Finance& Management Accountant (CHFMA)
Through the conduct of this professional qualification CHFMA, all those currently employed in the hospitality
industry at different levels in the financial, accounting and management accounting sector will be provided the
opportunity to obtain a professional qualification specializing in the Hospitality Industry where they will be able to
develop the knowledge and skills of those in the accounting and allied fields. This will help the Hospitality industry
in its rapid growth and development to build a sustainable pool of qualified accountants, audit staff and finance
staff required for the industry.
The ultimate aim of this programme will be to produce specialized accounting professionals for the hospitality
industry. In addition to the educational programme, all those registered for the course should undergo a practical
training of a minimum of 3 years in the Hospitality Industry as per the laid down Practical Experience Guidelines
under a Mentor.
Entry criteria for the course
Those who have passed 6 subjects in G.C.E. Ordinary Level including English & Mathematics; or
Those who have one year working experience in Hospitality Industry; or
Those who have one year working experience in Accounting or Finance field in any industry; can register for the CHFMA
course.
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13. CMA SRI LANKA MANAGEMENT TEAM
Mr. D W S Narangoda Chief Executive Officer ceo@cma-srilanka.org
Ext. 112
Mr. L.B.Wattegedara Consultant - Examinations lwattegedara_cma@yahoo.com
Ext. 130
Mr. Kosala Dissanayake Consultant kosala_d@sltnet.lk
Mrs. Sumudu Pagoda Senior Director – directoroperations@cma-srilanka.org
Administration and Operations Ext. 113
Mrs. Shanthi Maheswaran Director - Members Affairs registrations@cma-srilanka.org
Ext.120
071 4705536
Mrs. Madumi Perera Director - Examinations director.examinations@cma-srilanka.org
Ginigaddarage Ext.131
077 0584753
Mrs. Jinandi Chandraratne Director – Education, Training & Research director.education@cma-srilanka.org
Ext. 154
077 1709688
Senior Manager – Education,
Miss. Kaushalya Hapuarachchi exeedu.training@cma-srilanka.org
Training & Research Ext. 139
077 0497949
Mr. Bhanuka Harischandra Senior Manager - Students Affairs info@cma-srilanka.org
Ext. 127
077 8833363
Mr. Prabath Nalinda Thilakarathne Manager Marketing & Promotions marketing@cma-srilanka.org
Ext : 143
Mrs. Dhushianthy Nallathamby Manager - Finance headoffinance@cma-srilanka.org
Ext. 119
Miss. Sandeepika Jayatilaka Manager – Computer Centre computercenter@cma-srilanka.org
Ext. 117
Mrs. Ramyani Wickramasinghe Manager - Administration / Secretary secretariat@cma-srilanka.org
Ext. 116
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www.cma-srilanka.org1. Please find the relevant code for your University/Institute from Table 01. 2. Please find the relevant code for degree Specialization/the level completed in Professional Exam from Table 02. 3. Please mark the level/stage/year completed with results. 4. Please find the exemption eligible subjects and fee applicable to your qualification from table 02. 5. You may pay the registration fee and exemptions fee using separate SPVs. Duly paid Special Payment Voucher applicable for the exemption fee should be submitted with application. Students need to pay the total amount applicable to the exempted subjects. 6. Also, students can make all of their payments via CMA On-line Payment Gateway at https://www.cma-srilanka.org/mycma/payments/
CMA SRI LANKA - STUDENT GUIDE 2021
Notes:
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www.cma-srilanka.orgNotes:
All Communication should be addressed to:
The Secretariat,
Institute of Certified Management Accountants of Sri Lanka,
No: 29/24, Visakha Private Road, Colombo 04.
Tel: 011 2506391, 2507087, 4641701-3
Fax: From any number above Ext : 118
E-mail: secretariat@cma-srilanka.org
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