ICMA to take Management Accounting to the masses

By Nizla Naizer

The Institute of Certified Management Accountants of Sri Lanka (ICMA), established by an Act of Parliament was launched amidst ceremoniously last week.
The institute was established on April 20 by the Institute of Certified Management Accountants Act No. 23 of 2009 after a Bill to incorporate the Society of Certified Management Accountants of Sri Lanka was tabled in Parliament on March 18, 2009 by Trade and Consumer Affairs Minister, Bandula Gunawardena.
“A new era has dawned for the Management Accounting Profession in Sri Lanka with the incorporation of ICMA,” ICMA Founder President Prof. Lakshman R. Watawala informed. “Till now, we were dependent on foreign management accounting qualifications with no due recognition by the government. This Institute will take the profession of Management Accounting to the entire country.”
Chief Guest at the launch, Prime Minister Ratnasiri Wickramanayake said that not only will the newly established Institute prevent valuable Foreign Exchange from leaving the country; it will take affordable professional education to the rural areas at one tenth of the costs of foreign exams. “Management Accounting will be accessible now even for youth who do not speak English too well, because the courses will be conducted in Sinhala and Tamil. Providing equal opportunities to the masses is the only way separatism can be wiped out completely.”
Guest of Honour, Speaker W. J. M. Lokubandara added that he was very pleased to see both the Government and the Opposition support the Bill and put the education of the country at a high priority. “Sinhalese is our official language but there aren’t many professional qualifications in Sinhala. We are very pleased that the ICMA will fill that gap.”
The CMA Professional Qualification will enable students to specialise in Management Accounting, Financial Accounting and Strategic Management with exams carried out in four stages. The exams will be held every March and September each year and exemptions available for those who have full/part qualifications in other professional exams and degrees.
Those who have completed all four stages could apply for membership after three years of recognised practical training as an Associate while those with a minimum of five years of senior experience are eligible to be Fellows. By end April, the Institute had a membership of 1,668 comprising of 532 Fellows and 1,136 Associates.
The CMA Qualification will also enable passed finalists and members to obtain exemptions for various international qualifications including ACCA, CMA Canada, CIMA and CPA Australia.