CMA-SLIATE partner to promote management Accounting Profession in Sri Lanka
An agreement was signed between CMA Sri Lanka and the Sri Lanka Institute of Advanced Technical Education at the University Grants Commission for closer cooperation between the two institutes in the development of management accounting professionals for the private and public sector. Sri Lanka’s fast track to achieve 4000 dollar per capita by 2016 has spanned a plethora of new development projects not only the western province but throughout the island. The speed with which infrastructure such as road rail, air travel and shipping is changing the development phase of the country has created the need to have competent Management Accountants who are ready to serve Sri Lanka and play a major role in these new development projects as well as the new industries and businesses that are established. Realising the current demand for Management Accountants in the private and public sector, CMA and SLIATE signed a Memorandum of Understanding on 6 May 2014 at University Grants Commission, Colombo in order to expedite the training of much needed Management Accountants who are currently in short supply and are essential for management and financial accounting and cost control as highlighted in the COPE Report submitted to Parliament. Two National Institutes, The Institute of Certified Management Accountants of Sri Lanka (CMA) established under Parliament act No. 23 of 2009 under the Ministry of Cooperatives and Internal Trade, the National Professional Management Accounting Body in Sri Lanka and The Sri Lanka Institute of Advanced Technological Education (SLIATE) established under Parliament act No. 29 of 1995 under the Ministry of Higher Education which is the National Advanced Institute of Technical Education in Sri Lanka have paved the way for Advanced Technical Education Accounting and Business Higher National Diplomats to obtain exemptions from the CMA examinations and obtain a Professional Management Accounting qualification which will enhance their job opportunities in the private and public sectors. The SLIATE Higher National Diplomats will also be able to obtain practical experience in over 100 training institutes registered with CMA and upgrade their practical skills which are an essential requisite to get a good job. As a National body CMA provides its courses at 1/10th the cost of foreign courses and makes it affordable to the vast majority of school leavers and university undergraduates. The MoU will bring further enhancement to the SLIATE students who are spread over 17 Advanced technical Institutes and undergoing a broad range of multidisciplinary studies in Accountancy, Management, Business Administration, IT, Agriculture, Business English and Engineering. The new MOU will provide opportunities to the SLIATE students to follow a fast track career development at an affordable cost with many exemptions granted by CMA leading to become a Professional Management Accountant in demand both in the private and public Sector. Both organisations were of the opinion that local higher educational and Professional bodies have a major role to produce professionals of high quality to meet the needs both in the cities and the outstations with the spread of economic development to the provinces and to provide cost control and efficient management and financial accounting both in the private and public sector.