Certified Hospitality Finance and Management Accountants Professional Qualification
The Institute of Certified Management Accountants of Sri Lanka (CMA) a body Incorporated by Act of Parliament No. 23 of 2009 and Sri Lanka Institute of Tourism and Hotel Management (SLITHM), and a Government Body coming under the Ministry of Tourism has recognized the need for a Professional Programme in Financial and Management Accounting for the Hospitality industry. And to that end, both parties intend to collaborate in the conduct of a Joint Certification Programme termed “Certified Hospitality Finance and Management Accountant” qualification(CHFMA). Conducting of this professional programme, Continuing Professional Development (CPD) Programmes and other courses relevant to the Hospitality Industry will be undertaken jointly by CMA and SLITHM.
CMA was set up in 1999 with the technical assistance of CMA Canada (now CPA Canada) and launched in June 2000. CMA comes under the Ministry of Industry and Commerce. It is a member of the South Asian Federation of Accountants (SAFA), which includes the Chartered and Management Accounting bodies of India, Pakistan, Sri Lanka, Bangladesh and Nepal. International Federation of Accountants (IFAC) the global body for accountants and confederation of Asian and Pacific Accountants (CAPA)
CMA is a full member of the International Federation of Accountants (IFAC). IFAC has membership of 175 countries comprising 164 member bodies with a total membership of more than 3 million accountants in public practice, education, government service, industry and commerce.
Sri Lanka Institute of Tourism & Hotel Management (SLITHM) is the premiere Government Training Institute Incorporated by Act of Parliament no 10 of 1966 to train young men and women in the complex field of Hospitality, Travel and Tourism industry, coming under the Ministry of Tourism Development & Christian Religious Affairs.
At present, the field of Hospitality, Travel and Tourism is experiencing unprecedented levels of growth all over the country. This increasing growth and competition affects not only hospitality operators, but also the potential customers they seek to serve. Hospitality Industry consists of operational & non-operational sectors and both sectors need Professional Financial & Management Accounting managers with specialized skills in the hospitality industry for its growth and development. In such a context although Sri Lankan hospitality industry has well-designed study courses for its operational sector, there is a lack of courses relevant to non- operational sector especially in the field of Accounting & Finance. In order to move forward in the Field of Hospitality Accounting and Finance, opportunities will now be provided to all accounting and finance related staff employed in the hospitality industry to obtain professional credentials at different levels.
With this joint collaboration of SLITHM with CMA, we are confident that the necessary skills in the Finance and Accounting field will be professionalized and expanded in the hospitality industry.
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 Training Guidelines under a Mentor.
Structure and course contents
CHFMA membership requires completion of CHFMA examinations and a three-year practical experience requirement as per the Practical Training guide, in the hospitality industry, Viva Voce and any other criteria laid down by the Management Committee of CHFMA. Those successful will be identified as members who are qualified Professional Accountants in the Hospitality Industry with the designation “ACHFMA” for Associates. Those with a minimum of 5 years senior executive experience after obtaining ACHFMA will be designated “FCHFMA” for “Fellow”, showing their commitment to high ethical standards, professional values, and lifelong learning and continuing professional development.
Awarding of certificates at each level
Level Program Duration (Months) Name of Certificate 1 Foundation 6 Foundation Certificate in Accounting 2 Certificate 6 Certificate in Hospitality Finance and Management Accounting 3 Diploma 12 Diploma in Hospitality Finance and Management Accounting 4 Professional 12 Certified Hospitality Finance and Management Accountant (CHFMA) With 3 years work experience in the Hospitality industry as per Practical Training Guide Associate of CHFMA ACHFMA Designation With minimum 5 Years Senior Executive experience Fellow of CHFMA FCHFMA Designation
The CHFMA programme will be conducted at the SLITHM premises in Colombo. The examinations will also be conducted in these premises.
Lectures will be conducted on Sundays.
- Foundation Program
- GCE O/L together with 2 years’ work experience in the hospitality industry in any capacity.
- 2 passes at GCE A/L
- Certificate Program
- Part professional qualification from a recognized professional body (CMA, CA, CIMA, ACCA at intermediate level) together with 1Year work experience in the finance field in the hospitality industry.
- AAT final with 2 Years’ work experience in the finance field in the hospitality industry
- Completion of Foundation program
- Diploma Level
- Those with full professional qualification (CMA, CA, CIMA, ACCA) and minimum of one year work experience in the finance field in the hospitality industry will have to sit a qualifying exam for direct entry to diploma level
- Completion of Certificate level
- Professional level
- Completion of Diploma level
Commencement of the Foundation and Certificate courses and Examinations dates.
|Course Commencement||Examination Dates|
|Program||Full Course Fees (Rs)||Monthly Installment Payable at the beginning of the month (Rs)|
The fees will be subjected to annual revision . Date of commencement of the professional level will be informed later. The CHFMA qualification conducted jointly by CMA and SLITHM will be the official certification programme for all finance and accounting staff employed in the hospitality industry.