Booklet

STUDENTS' NEWSLETTER 

INSTITUTE OF CERTIFIED MANGEMENT ACCOUNTANTS OF SRI LANKA 

STUDENTS' 

Incorporated by 

Parliament Act No. 23 of 2009 

NEWSLETTER 

March 2019 - ISSN 2673-1398 

“ 

THANKS TO CMA, 

MY ENDEAVORS 

BROUGHT 

ME BETTER RESULTS 

WINNER OF CMA GOLD 

MEDAL AWARD AT THE 

FINAL EXAMINATION 

“ 

Dasuni Pandithasekara 

Lecturer Probationary – 

University of 

Sri Jayawardhanapura, Sri Lanka 


1



VISION MISSION VALUES 

CMA, the premier National 

Professional Management 

Accounting Body in 

Sri Lanka 

To train and develop 

Management Accounting 

Professionals who are 

innovative, socially responsible, 

knowledgeable and capable of 

sustainable value creation 

Excellence in everything we 

do, Trust & Integrity, 

Openness, Honesty and 

Transparency, 

Embracement of Diversity, 

Professionalism, 

Adaptability and 

Innovation, supportive and 

Responsive 

2



CONTENTS 

04 

06 

12 

THE GOVERNING 

COUNCIL 

PRESIDENT’S 

MESSAGE 

CMA FACILITATES 

MULTI-QUALIFICATION 

KEY MILESTONES 

INTERVIEW WITH JAYANTHI 

DHARMASENA 

05 

10 

THANKS TO CMA, MY ENDEAVORS 

BROUGHT ME BETTER RESULTS 

DASUNI PANDITHASEKARA 

17 

20 

THE EFFORT AND HARD WORK THAT WAS 

PUT IN WAS IMMENSE. 

BY TARINDA RATWATTE 

ARTICLE FROM 

CMA BRAND AMBASSODOR 

20 

21 

IMPORTANT INFORMATION FROM 

EDUCATION EXAMINATION AND 

STUDENT REGISTRATION 

CMA NEWS 

28 

3




CERTIFIED MANAGEMENT ACCOUNTANTS OF SRI LANKA 

GOVERNING COUNCIL 

Prof. Lakshman R. Watawala FCMA, FCA, FCMA(UK), CGMA, FCPM President 

Mr. H.M. Hennayake Bandara FCMA, FCA, B.Com.(Sp.), Dip. Accy, FMAAT Vice President 

Mr. W.A.A.D Perera FCMA, MBA(Sri. J),FCMA(UK),CGMA, FCCA(UK) Member 

Mr. M.R.A. Perera FCMA, MBA(PIM-USJ), FCMA(UK), CGMA, BSC. (Acc) Member 

Mr. J.M.U.B. Jayasekera FCMA, FCA, FMAAT, FMAAT, BSc. Mgt.(USJ) Member 

Dr. A.H.N. Kariyawasam B.Sc. Management (Public) (Special) Member 

(SJP); M.Com (Kelaniya); PhD (Management) 

(Malaysia); MAAT; Dip.in FM.(India) 

Ms.Kumari Wijewardane ACMA,FCA,B.com.(sp),Masters in Economics and finance Member 

Mr. H.M.A. Jayasinghe FCMA, FCA, FCMA(UK), CGMA Member 

4



PRESIDENT’S 

MESSAGE 

It is with great pleasure that I send this of message of 

felicitation to the 20th Anniversary Annual Students’ 

conference and ‘CMA Walk’ organised by the CMA 

Students’ Guild with the support of the Students and 

Members Welfare Committee, Governing Council and 

the Staff. 

The Institute of Certified Management Accountants 

of Sri Lanka are celebrating the 20th Anniversary and 

was initially established as the Society of certified 

Management Accountants of Sri Lanka in 1999 

and officially launched in June 2000. The technical 

assistance was received from CMA Canada (now CPA 

Canada) a leading global management accounting 

body and financial support from the Canadian 

International Development Agency (CIDA). There 

was a long felt need for a Sri Lankan management 

accounting body to provide an opportunity to local 

students to undertake a professional management 

accounting qualification at an affordable cost and 

to enable students from the rural sector the same 

opportunities as those in the cities. 

The Government realizing the importance of the 

management accounting profession for both the 

government sector and private sector took necessary 

measures under the Ministry of Internal Trade and 

Cooperatives to incorporate the body by Parliament 

Act No.23 of 2009 as the National Professional 

Management Accounting Body in Sri Lanka. Today 

CMA comes under the Ministry of Finance. 

Professionals of a country are an essential and valuable 

element of its economic development. The Certified 

Management Accountants (CMA), Sri Lanka, is 

engaged in producing accounting professionals with 

all embracing knowledge to serve in any sector of the 

economy, as its primary task. 

The CMA, with the recognition as the national 

professional management accountancy body of 

Sri Lanka, is committed to produce management 

accountants at an affordable cost to meet the growing 

aspirations of Sri Lanka youth. Today we are proud to 

state that CMA qualified management accountants 

are of international standards and on par with any 

other local or foreign accounting bodies. 

CMA Sri Lanka are members of the International 

Federation of Accountants (IFAC) which is the global 

body for professional accountants comprised with over 

175 members and associates in 130 countries with a 

membership of 3.0 Million professional accountants.. 

CMA is also a Member of the South Asian Federations 

of Accountants (SAFA) comprising the Chartered and 

Management Accounting bodies of India, Pakistan, 

Sri Lanka, Bangladesh, Nepal and Maldives and the 

Confederation of Asian and Pacific Accountants (CAPA) 

the accounting body for the Asian and Pacific Region. 

This Students Conference will have as the Key Note 

speaker Mr Sarath Jayamanna P.C. Director General 

CIABOC who will speak on the topic Ethics, Integrity 

and Governance followed with an array of eminent 

speakers on topics of current relevance to all students. 

I wish to thank them for accepting our invitation for 

their valuable time contributed to shape the youth of 

Sri Lanka. 

The success of this Conference is due solely to the 

dedication and contributions of the Governing Council, 

Members and Students activities committee headed 

by Mr Ruchira Perera, CMA Students’ Guild and the 

staff of CMA who have worked tirelessly to make this 

event a success. 

I am confident that all students participating will 

benefit from the knowledge gained and take back 

happy memories of the event and before long become 

proud professional management accountants and 

adorn the designation ACMA and upgrade to receive 

the FCMA. 

With best Wishes for a successful Students Conference 

and CMA Walk. 

Prof.Lakshman R Watawala 

5



CMA FACILITATES 

MULTI-QUALIFICATION 

There was a time when a Sri Lankan youth 

come out of school he either went to 

university or went nowhere at all. Times have 

changed and opportunities after school are 

aplenty, now. However, one should make 

an educated decision about the career path 

one takes. It is important to know what your 

future job would involve and how far and how 

high it could and would take you, and also, 

how important your job is going to be. 

What is in a management accounting 

career? 

Many choose accountancy as their career 

path as career prospects in it are very good. 

In addition, almost all accountancy courses 

accept students regardless of the subject 

streams they follow in school. 

Management Accountancy is one of the 

main branches of accountancy. It doesn’t 

confine a person to crunching figures, 

adding, subtraction, multiplication, division 

and so forth. In today’s complex and global 

commercial and industrial world that has come 

to one’s finger tips, management accounting 

is an essential part of management. In 

fact, by using and analyzing the available 

information and reporting the results, it is 

the management accountant who guides and 

advises the management of an organization or 

Company on every administrative aspect such 

as increasing the efficiency of management as 

well as of employees and future plans of the 

company. 

Register with CMA to become a 

Management Accountant 

The Institute of Certified Management 

Accountants (CMA) of Sri Lanka is the only 

Sri Lankan body that grants a recognized 

management accountancy qualification. 

CMA was incorporated by Act No. 23 of 2009 

approved in April 2009 by the Parliament of 

Sri Lanka and therefore gained the reputation 

as the National Management Accountancy 

Qualification. 

As the course syllabus was designed on par 

with international standards with the help of 

CMA Canada and as the quality of education 

satisfies international requirements, CMA 

became a full member of the International 

Federation of Accountants (IFAC), the global 

organization of the accountancy profession 

with 175 members and associates from 130 

countries representing 3 million accountants. 

In addition, CMA was accepted into the 

folds of the International Federation of 

the Confederation of Asian and Pacific 

Accountants (CAPA) and the South Asian 

Federation of Accountants (SAFA). 

CMA exams are held twice a year, in March 

and in September, enabling the students 

to qualify in record time. However, CMA 

never compromises quality for speed as the 

Institute was established with a commitment 

to producing high quality and work ready 

management accountants much needed in 

6



the industry. Registration for the November Examination 

is open now. CMA invites students who have just sat for 

their Advanced Level examination to register with them 

pending results. However, they will need three simple 

passes obtained in the Advanced Level examination 

before they sit for CMA exams. 

Prospect for Multi Qualification 

Appreciating the fact that the current generation prefers 

multi skills that qualify them for better opportunities, 

broadening their horizons leads to better and productive 

performance and employers prefer their employees to 

have a knowledge of multiple fields. Thus, CMA has 

decided to allow candidates who hold several other 

professional qualifications to sit for their examinations. 

Persons who hold a relevant degree from a university in 

Sri Lanka, membership of the Government Accountants’ 

Service in Sri Lanka and the final examination of the 

Institute of Chartered Secretaries & Administrators (U.K), 

Institute of Financial Accountants (U.K), Association of 

the International Accountants (U.K.), Institute of Bankers 

of Sri Lanka or London, Chartered Institute of Marketing 

and Foundation Examination/CAB 1 of the Institute of 

Chartered Accountants of Sri Lanka also would be eligible 

to pursue a management accountancy course with the 

CMA. Part qualification from a professional, university, 

vocational or other institute will be considered on a 

case-by-case basis. 

In addition, middle level accounting qualifications 

such as Level II of AAT and the final examination of 

the International Association of Bookkeepers are 

also accepted in place of the required Advanced Level 

qualification. 

Opportunity for a Quick Degree from Open 

University of Sri Lanka 

The Open University of Sri Lanka offers exemptions for 

CMA students who have passed the Managerial Level to 

study for the Bachelor’s Degree in Management Studies. 

There are many CMA students who have made use of this 

opportunity and completed only two levels and obtained 

the degree. A number of past CMA students have made 

use of this opportunity and completed both academic 

and professional qualifications during the same period. 

Dual Accounting qualification. 

CMA passed finalists/CMA members need to sit only four 

exam papers to complete the ACCA (UK) qualification 

and ACCA will waive off initial registration fees and 

exemption fees for CMA Passed finalists. 

Government Recognition 

The secretary to the Treasury on 21st August 2017 has 

sent the Public Enterprise circular No PED02/2017 to 

implement this cabinet decision of 4th September 2014 to 

recognize the CMA Sri Lanka qualification in the scheme 

of recruitment to the posts of Financial Executives in 

government corporations, statutory boards, state bans 

and government owned enterprises. 

CMA Sri Lanka members approved for 

registration as Company Secretaries 

Members of the Institute of Certified Management 

Accountants of Sri Lanka (CMA Sri Lanka) have been 

accepted for registration as Company Secretaries. This 

amendment based on a decision made by the Cabinet on 

4 September 2014 was approved for granting recognition 

of the CMA qualification for the purpose of functioning 

as a Company Secretary. 

7



Wiia fm< yryd 

l



ud¾;= iy iema;eïn¾ udij, § tu wdh;kh úiska fufyhjkq 

,nk úNd. mj;ajkq ,eîu ksid jir ;=kla jeks flá ld,hl 

§ mQ¾K mdGud,djg wh;a wÈhr 5 u iïmQ¾K lsÍfï wjia:dj 

isiqkag ysñ fõ' flfiafj;;a" wvq ld,hlska iïmQ¾K lsÍfï 

wjia:dj ,nd§u ;=



KEY MILESTONES 

- Launched “Society of 

Certified Management 

Accountants of Sri Lanka” 

on 3rd June 2000 

- E-learning courses 

launched for CMA 

students 

- Received full Membership 

of IFAC -International 

Federation of Accountants 

2000 2008 2014 

1999 

2001 2009 

- Set up with technical 

assistance of CMA 

Canada (now CPA 

Canada), initial funding 

from Canadian International 

Development Agency 

(CIDA) 

- Syllabus & Examination 

standards developed with 

the technical assistance of 

CMA Canada (now CPA 

Canada) 

- Expanded services to all 

regions geographically in 

Sri Lanka 

- Draft Bill to set up CMA was tabled in 

Parliament in March 2009 & passed unanimously 

after half day debate. The Institute of 

Certified Management Accountants of Sri 

Lanka was incorporated by Parliament Act 

No.23 of 2009. 

- Government officially recognized “The 

National Management Accounting body in Sri 

Lanka” and the Management Accounting 

Profession. 

- Received Membership of SAFA (South Asian 

Federation of Accountants) 

10



- Launched CMA CHFMA 

Programme 

- Initiated 100 Scholarship 

Programme 

- Received full membership of 

CAPA 

- Received Government Grant 

Rs.25Mn as part funding for 

purchase of office building 

- President of IFAC Mrs.Rachel 

Grimes, Chief Guest at CMA Global 

Management Accounting conference 

2018 

- Hosted SAFA board meeting in 

Waskaduwa, Sri Lanka 

- Signed MoU with Deakin University, 

Melbourne, Australia 

- Signed MoU with CPA Australia 

2016 2018 

2015 2017 

- Commenced CMA speech craft programme 

- Formed CMA Toastmasters club 

- First CMA Excellence in Integrated Report Award 

competition started & IR Awards presented by The 

President Maithripala Sirisena and President of IFAC 

Ms.Olivia Kirtly 

- Visit of IFAC President Ms. Olivia Kirtley to CMA head 

office 

- H/E Maithripala Sirisena, Chief Guest at CMA Global 

Management Accounting Summit 

- IFAC president delivered key note address at CMA Global 

Management Accounting Summit 

- Hosted SAFA board meeting in Colombo 

- Signed MoU with Pearson 

VUE to commence 

Computer Based Examinations 

- First batch of CHFMA 

classes conducted 

11



Jayanthi Dharmasena is a Fellow of the Chartered 

Institute of Management Accountants, UK. Having completed 

her schooling at Visakha Vidyalaya, Colombo she chose a career 

in accounting. She was an apprentice for four years at Messrs. Ernst & 

Young, Colombo, where she was exposed to management and consultancy 

assignments. Jayanthi joined the Hayleys Group as a Management Accountant in 

1991 and has been in agriculture related businesses throughout her journey with 

the Group spanning 28 years + to date. She has held senior managerial positions 

in the Hayleys Agriculture Sector including two years as Deputy Managing 

Director prior to her appointment as Managing Director of the Sector. With her 

promotion to Managing Director of Hayleys Agriculture Holdings Limited and 

all its subsidiary companies on 1st April 2018 she was also appointed to 

the Hayleys Group Management Committee with responsibility for the 

Hayleys Agriculture Sector. Jayanthi is the first female to be appointed 

as Executive Director to the Hayleys PLC Board in the 140 year 

history of the Group. Jayanthi is happily married and is a proud 

mother to two grown up sons. 

I am indeed pleased to give this interview to CMA 

Sri Lanka the National Professional Management 

Accounting Body in Sri Lanka Incorporated by 

an Act of Parliament. This will provide many 

opportunities to Sri Lankan youth to obtain 

a Sri Lankan professional management 

accounting qualification at an 

affordable cost. 

12



“My 

strength is 

I am very target 

oriented so following 

up on matters is 

key for me” 

Tell me about yourself, What kind of person are you? 

Strong willed. Very positive - hate to say something cannot be done. Always believe there 

is a solution for everything. Will go out of the way to be helpful and fix issues. 

Where did you grow up? 

I grew up in Colombo. Went to Visakha Vidyalaya. 

Tell me about your journey to -and within Hayleys? 

I was first at Ernst and Young audit firm where I had a training for 4 ½ years. I joined 

the Hayleys Group – Quality Seed company Limited as a Management Accountant 

in 1991. Three years down the line in 1994, I moved to their Crop Protection 

and Solutions company; Haychem Limited as their Finance Manager. In 2001 

there was a restructuring of business entities and Haychem Limited was 

regrouped under Hayleys Agro Sector to form the mother company to 

all agriculture related businesses at Hayleys and I was designated as 

Head of Corporate Solutions. The entity came into effect officially 

on the 1st of April 2002. I was made a Director in 2005 and 

Deputy Managing Director in 2016. I took over as MD on 1st 

April 2018. 

How did you end up as an Executive Director? 

That was in 2005. I had been in the Agri Sector 

through-out my stay at Hayleys. Time and 

time again I had proved my leadership skills 

so it was a natural promotion to the Board of 

Hayleys Agriculture. I was appointed to the 

Board of Hayleys PLC on the 1st of April 2018. 

How do you evaluate your success? 

How I complete my tasks. I want them done completely 

and on time. It is important to me to bring new ideas and 

make them work. 

13



After all this success, what do you struggle with 

now? 

I wish I had more time and that days were longer. There 

are ideas I want to action for which I need time to discuss 

with my team. By nature I am impatient. So I find it very 

difficult depend on others and not being able to get 

things done sooner. I would love to travel the world. My 

husband and I love travelling and we are both working so 

to find the time and to sync our schedules is very difficult. 

You’ve been with Hayleys More than 27years. 

What has been your proudest moment? 

This was in 2001 when I put together the Corporate 

Solutions Division for the new company that came into 

being after the restructure and which I am heading 

now. This was done subsequent to the restructure 

of activities of some fifteen import sector companies 

of Hayleys and I as the designated Head of Corporate 

Solutions for the new company had to form a Service 

Arm for the Agriculture Sector to have Finance and 

accounting, Supply Chain and Logistics, Customer Order 

Management, Credit Management and IT under one roof/ 

one division. That day on 1st April 2002 when the new 

company was formally introduced I felt so proud that we 

have all the services functioning efficiently freeing the 

strategic business units to carry on their operations 

without worrying on the services. This division has gone 

through change over the years but I am so proud that the 

foundation on which it was built is allowing flexibility for 

change while being solid in attracting the best in –class 

to perform the work. 

How would you describe the company culture 

here? 

A very obliging and friendly culture. Love the simplicity 

of the place allowing you to find yourself and deliver to 

your potential. 

When you began your career many years ago, did 

you ever imagine that you would be a Director of 

a company? 

I always knew I was capable of giving my best. I knew 

only the best efforts will bring value to the company 

and I always strived for it. So it was not a case of 

choreographing my path to the top it was more of being 

the best in class and those leadership qualities and 

attributes got recognized. 

Describe one of your biggest failures. What 

lessons did you learn and how did it contribute 

to a greater success? 

I have had my share of failures. One of the biggest was 

when I did not read the internal audit failure that was 

so blatantly put by the auditors. I just went with my 

opinion and did not investigate. When the system broke 

down I was quite disappointed because I recall seeing 

this weakness pointed out to me some months before. 

I realized that I should have found out for myself the 

background to the issue than relying on my judgment 

based on face value. This definitely was a turning point. 

I learnt to question and validate information. It could 

have been a very costly learning but once I suffered the 

shock of seeing the consequences of my negligence I 

went all guns blazing to restore normalcy. I guess that 

helped to recoup the loss in its entirety and also made 

me understand my own weaknesses and strengths. 

Tell me about a project or accomplishment that 

you consider to be the most significant in your 

career. 

Taking our landscaping division overseas. It was an idea 

brought to me by my Head of the Section. I gave my full 

attention and set the teams to make this a success. I 

garnered the support of a senior colleague and we very 

successfully did the project. Hayleys Landscaping have 

just completed an assignment in the Maldives at their 

Velana International Airport. This is what I see as an 

accomplishment I and my team can truly cherish. 

What challenges have you faced in your 

professional life as a female leader and how can 

these challenges be managed? 

I don’t see the challenges as they were due to my gender. 

As I said before, to me gender inequality was never 

a question. Challenges are common to all corporate 

leaders, irrespective of gender. To face challenges you 

need to be courageous and expect that some actions 

will be failures but believe in yourself that solutions to 

correct the failures also should be found by you yourself. 

Brace the problem don’t run away. Think through and 

you will work out the problem. That has been my strategy 

through-out my career. I will not wait thinking time will 

solve the issue or someone else will solve it or that it will 

go away. I face the challenge! 

What’s one of the toughest decisions you’ve had to 

make and how did it impact your life. This was when I 

chose a career in Accounting as opposed to being a 

medical doctor. I cannot say it was one of the toughest 

decisions but one that changed my life. I wanted to 

become a doctor so did my Advance Level exam in the 

science stream. When I did not have sufficient marks to 

enter the government medical school I applied to the 

14



private medical college and was waiting to start the 

medical program with them. During this time I sat CIMA 

exams - 1st exam I got through with flying colors and 

the second exam I had sat and was waiting for results 

when it was time to start the medical program. I had 

started to enjoy the CIMA program and felt I definitely 

had it in me to become a finance professional. I knew 

my mother will accept my decision. I thought to myself 

- do I continue CIMA as I already have got a flying 

start or do I chase my childhood dream. I decided 

to go with CIMA as I knew I was connecting 

with the program very well. I enjoyed the 

combination of subjects - 

finance law management 

was so appealing and 

I had grasped the 

fundamentals. I 

have no regrets 

choosing 

this path. 

What is your greatest weakness and greatest 

strength? 

My greatest weakness is my impatience. My strength is 

I am very target oriented so following up on matters is 

key for me. 

Who is your role model and why? 

My mother! I have never met anyone like her. She 

inspired and motivated me to grow without any barriers. 

My mother was a housewife who had had an education 

upto high school. She was married off to a doctor (my 

father) and she had not worked a day in her life for a 

living. I lost my father at a tender age. I have two siblings. 

My mother brought us up to stand-up for what is right to 

believe in ourselves and to never give –up. Within three 

months of my father’s death she learnt to drive because 

one day the driver failed to show up and we could not 

go to school. She managed the income judiciously. She 

guided us when we were young to ensure we did our 

school work but never pushed us to achieve what she 

wanted us to achieve -it was more about encouraging 

us to find for ourselves what we wanted. She was one of 

those people who reminds me that impossible is nothing! 

Which other female leaders do you admire and 

why; 

Our Hayleys Group Head of HR and Legal. How she does 

so much in 24 hours is amazing. She is a mother of four 

with two children below the age of ten. Her role in office 

is mammoth yet you will find her calm and collected and 

ever so ready to help. 

What is your 

management 

style? 

How do you like to 

communicate with your 

team? 

My style is I discuss and I am 

always 

in consultation with the teams. 

I have good written communication skills so I 

use these skills to the maximum. I believe in follow-up 

so my team knows I will be looking for their responses. 

I interact closely with my team through meetings and 

one – to one chats. 

DO you experience resistance when you are 

leading men? 

No not at all. It has never been an issue. My gender is 

not seen as a shortcoming. My fellow officers value the 

contribution I make to the organization. I just carry –on 

as an equal. 

What do you think is the most Challenging barrier 

to female leadership? 

Low self –confidence and low self- esteem. 

What are some strategies that can help 

women achieve a more prominent role in their 

organizations? 

Don’t even stop to think there is gender bias. I never ever 

gave into that. I always believed I am equal. To be very 

honest my approach has always been to be me! 

What advice would you give to young women 

who want to succeed in the workplace 

- Bring your own style to the Corporate World. Don’t try 

to be someone else. You can get inspired by others but 

remember you can have your own unique style. Learn 

and gain knowledge as much as possible so that you can 

bring value to the organization and you yourself will in 

the process develop as a top class professional. 

15



What advice would you give to the next 

generation of female leaders 

Enjoy what you do. No one solution fits all. You need to 

find what drives you and work on it. Never ever do half 

-hearted work. Be passionate about what you do so that 

you keep improving and creativity flows which then 

lead to adding more value to what you do. Be patient 

in building your career. Never look at your 

employment as a job. Look at it as a career 

so that both the organization and you 

flourish. Never lower your standards. 

Integrity and honesty are hard to 

come by and you must always 

and always maintain both. 

How do you achieve 

work life balance? 

It is about having 

a mindset that 

you need 

to enjoy 

your work 

as well 

as your 

personal life. 

Family is very 

important to me. I 

always found time for 

my children’s activities and 

important school events. My 

close friends are part of my family. 

They understand that I cannot spend 

as much time with them as I used to 

when we were younger but yet we do meet 

regularly and we are there for each other. I 

plan ahead so that my family commitments are 

met and do not clash with office demands. I believe 

in team work. I stand-in for my colleagues when 

they need time –off and it is reciprocal. So 

there is no perfect solution to work life 

balance and it is up to the individual to 

decide what is important and make the 

adjustments. 

confidence and knowledge to look and analyze situations 

objectively and in many perspectives. What is important 

is how we use the education. It should give you a 

grounding to carry on the work in the required field. You 

need to then hone the soft skills that are so important to 

make you a top class professional. 

What advantages can one get by being a 

member of a professional organization? 

This is where the extra miles come. Education alone is 

not sufficient. Professional organizations help you to 

keep abreast with latest developments in your field and 

also what is happening across the globe and these are 

important for you to shape your own career. It makes 

you see things holistically. You meet people outside your 

own organization and networking with them allows you 

to exchange ideas and learn from each other. 

There are many Obstacles in doing practical 

experience. What advice can you give candidates 

to encourage them? 

Obstacles should not deter you. It is up to us to work 

around them. Practical experience helps you to better 

understand what you are studying. You look at what you 

are absorbing as knowledge through real life examples. 

What you are learning from books can always be put 

into practice during your training. So you will 

always stand to 

gain from the practical 

experience. 

How would you encourage young people 

to value education? 

Education is absolutely important. It gives you the 

16


INSTITUTE OF OF CERTIFIED MANGEMENT ACCOUNTANTS OF OF SRI SRI LANKA 

Dasuni Pandithasekara 

Lecturer Probationary – 

University of Sri Jayawardhanapura, Sri Lanka 

“ 

THANKS TO CMA, 

MY ENDEAVORS BROUGHT 

ME BETTER RESULTS 

The days of one qualification for one person are long 

gone. As a degree holder, a professional qualification 

adds value as well as helps young people to acquire 

qualification after qualification with the intention of 

better employment. Their efforts are well rewarded 

as employers prefer to recruit people with academic 

knowledge and a professional qualification, branching 

out in many directions. Dasuni Pandithasekara says 

that by choosing CMA she made the correct choice as 

her multiple qualifications were advantageous for her 

employment. 

Dasuni, is presently working as a Lecturer (Probationary) 

in the Faculty of Management Studies and Commerce. 

(FMSC), University of Sri Jayewardenepura, Sri Lanka. 

“ 

She started her primary education at Dharmapala 

Vidayalaya. Kottawa, and and St. Paul’s Girls’ School, 

Milagiriya. She selected the Commerce stream for her 

secondary education and proceeded to the University of 

Sri Jayewardenepura to pursue a B.Com (Special) Degree. 

Exemptions given by CMA 

While she was studying at the University she decided 

to follow the Certified Management Accountants (CMA) 

professional qualification and registered with CMA. Her 

university degree enabled her to get level I exemptions 

from CMA. 

17



CMA, Sri Lanka, offers subject exemptions for many 

other qualifications such as AAT, HNDA, CASL, ACCA, 

CIMA and IBSL. In addition, CMA has signed Memoranda 

of Understanding with several universities in Sri Lanka 

including, Kelaniya, Sri Jayewardenepura, Wayamba, 

Jaffna, South Eastern, Eastern, Sabaragamuwa and 

Uwa Wellassa, enabling undergraduates pursuing 

accounting, business and other degree programs in all 

universities to get exemptions at the CMA examinations. 

Undergraduates can apply for exemptions depending on 

their year of studies at the university. 

offers a perfect combination of subjects, including the 

Integrative Case Study. The syllabus enables CMA 

holders to adapt quickly to any role offered to them by 

employers.” 

Better Professionals 

“I thought a Management Accounting qualification 

together with my B.Com degree will make me a better 

professional. CMA was the best choice for me as it was 

very affordable, provided good study materials, lectures 

conducted by recognized educational institutes, and e 

learning and gave me trust and confidence as it was the 

National Management Accounting Qualification in Sri 

Lanka incorporated by Act of Parliament. Furthermore, 

the practical training requirement was flexible enough 

to provide the option of doing it while studying or after 

completing the exam. I had the choice of doing it while I 

was studying at the university and I think it is extremely 

convenient for University students” 

Training Opportunities provided 

In order to become a member of CMA Sri Lanka, three 

years of practical training with a recognized employer is 

mandatory. Students have the option to undergo practical 

training while reading for exams or after successfully 

completing all examinations. CMA Sri Lanka has 

launched a special program titled “Training Partnership 

Agreements” (TPA) to ensure quality practical training 

for their students. So, far CMA has signed over 100 

TPAs with leading private sector companies as well as 

reputable banks. Training opportunities are provided on 

request by students and such opportunities are available 

under TPA partners. 

“After getting exemptions I managed to complete the 

CMA professional qualification in a period of two years 

while studying at university.” 

“CMA was useful to me in more than one way. The 

knowledge imparted in CMA classes greatly helped me 

in several ways. Another valuable thing was that CMA 

improved my employability skills. As I can see, CMA 

Well rounded Professionals 

The CMA Sri Lanka syllabus focuses on the progress ladder 

in modern day business entities equipping the students 

to advance in their work places as they complete each 

level with added knowledge of management accounting, 

financial accounting, strategic management and business 

management. The syllabus contains a total number of 

13 core units, 3 supportive subjects and 5 skill units 

organized around comprehensive and vital knowledge 

required for nurturing a ready-to- work management 

accountant. Especially, Corporate Law and Taxation, 

unlike foreign management accounting examinations, 

provide the candidate with a thorough knowledge of the 

local scenario marketable in Sri Lanka. 

18



Incorporation by an Act of Parliament and 

Foreign recognition 

The main reason I chose CMA was that CMA was 

incorporated by Act of Parliament and is today the 

National Professional Management Accounting 

Body in Sri Lanka. CMA has also been recognized by 

international bodies in the region as well as globally 

and holds membership of the South Asian Federation 

of Accountants (SAFA), a full member of International 

Federation of Accountants (IFAC), the global body for 

Professional accounting institutes in the world. 

CMA is also a member of the Confederation of Asian 

Pacific Accountants. (CAPA) 

Foreign exemptions 

The Association of Chartered Certified Accountants (UK) 

(ACCA), Chartered Institute of Management Accountants 

(UK) (CIMA) and Institute of Financial Accountants 

(UK) (IFA) offer considerable exemptions for the CMA 

qualification. Other institutions that offer significant 

exemptions for CMA are CMA -British Colombia, Canada, 

CMA- Ontario, Canada and CGA-Canada which bodies 

are now known as CPA Canada. CPA Australia too grants 

exemptions to CMA finalists. Deakin University will 

consider exemptions for its degree programs for CMA 

students at different stages. 

My experience with CMA: 

When Dasuni sat the CMA final level, that is, the 

Integrative Case Study Examination in 2017 May, she 

passed with flying colors. Now she is a passed finalist 

of the management accounting profession. “CMA always 

assisted and guided me in all my achievements. I am very 

glad that I could pay my gratitude to them by performing 

well.” 

Dasuni had her practical training at the National Water 

Supply & Drainage Board as well as the Board of 

Investment to complete the mandatory practical training 

requirement before she became a fully-fledged member 

of CMA, Sri Lanka. This entitles her to become an 

Associate and use the designation “ACMA”. After 5 years 

of senior management accounting experience she can to 

apply for Fellowship and obtain the designation “FCMA”. 

I was the Presidential Award winner for the Best Overall 

Performance of the Institute of Certified Management 

Accoutants of Sri Lanka in 2017. In addition to that, I won 

the Prof. Hema Wijewardhane Gold Medal for achieving 

highest GPA in the Department of Commerce. 

CMA, the National Professional Management 

Accounting body in Sri Lanka, are proud to have been 

able to provide the youth of Sri Lanka a professional 

management accounting qualification with knowledge 

and skills to make Sri Lanka a knowledge hub. 

My Career Plan: 

“My career plan is to advance in the field of commerce 

and accountancy and to become an eminent lecturer 

possessing academic plus professional qualifications. 

Thanks to CMA now I am a professionally qualified 

Management Accountant. I have done my parents proud; 

they encouraged and looked after me. I would like to 

advice all undergraduates and graduates to strengthen 

their career progression by doing the CMA exam. My 

thanks also to the Board of Management of CMA for 

brightening our life and instilling the importance of 

practical work experience.” 

I will work with determination to fulfill my dreams”. 

Wish you all the best! Dasuni 

19



“I always wanted to be a seen as a person 

who not only played rugby but also a person 

who was able to balance both sport and 

academics.” 

Tell us about you and your family? 

I am 23 years old, I hold a degree in Law and currently studying for my Attorney’s 

at Law examination. I am a part of the Sri Lanka 7’s and CR&FC rugby teams. 

My parents, both from Kandy, live and work in Colombo. While my 

sister studied and works abroad as an actuary. 

Where did you school and train? 

I went to Trinity College Kandy from 2006-2014 and from 

the time I started schooling at Trinity I was playing rugby. 

During my life in Trinity our trainings and practices were 

always held at the school premises which consisted of 

Asgiriya Cricket stadium or Pallekelle rugby grounds. 

When did you start playing Rugby and 

would you tell about your childhood Rugby 

memories ? 

Rugby was inculcated into my thought process from a 

tender age by not only my father, paternal grandfather 

and uncles. I was amazed by all the stories that were 

being told about the ‘good old trinity rugby days.’ After 

I made the decision as young 11-year-old to move 

away from my parents and sister, who and move to 

Kandy to attend Trinity, I have been playing rugby. I 

represented Trinity from under 12 up to the 1st XV. My 

childhood memories had many up and downs, but the 

highlight of my junior rugby career was captaining and 

winning the under 14 All Island Championship which 

Trinity won after many years. The tour to Singapore for 

an under 16 Asia schools rugby tournament is a memory 

I will treasure as it exposed us to game plans and styles of 

play outside Sri Lanka, not forgetting the bonding, fun and 

comradery lasting a lifetime. 

20 20



Tell us about your father Mr. Ashan Ratwatte. 

A father is a person who usually teaches us 

to keep our first step. As a father how has he 

inspired you? What do you think about it? 

My father is my greatest influence. He is my role model 

and idol. My father was the Trinity College Rugby 

Captain of 1983 and a Trinity rugby ‘LION’ and went on 

to Captain Kandy SC and play for Sri Lanka. My father’s 

achievements set a high benchmark and inspired me to 

do the best I can and work hard to achieve the same 

if not better heights. He has always been my biggest 

critique and will always tell me how I need to improve my 

game. He spent countless hours with me, even before I 

started school at Trinity, teaching me and showing me 

how the game of rugby works and helping me to develop 

my rugby skills. He has also sent me to places like New 

Zealand to train and learn new things and exposed me 

to many things I didn’t even think of. These small things 

ended up taking me a long way in my rugby career and 

making me the player I am today. Even to date I will 

always come back home after a rugby match and have a 

lengthy discussion with my father about my performance 

on the day. I cant forget my mother who has contributed 

to my success as a rugby player by always reminding 

me to keep my feet on the ground and to always stay 

humble. The love and support I get from my family is all 

the inspiration I needed in order for me to work harder 

and train harder and eventually succeed. 

What inspired you to become a great Rugger 

player? Was it for the reason of your family 

background? How do you consider the support 

given by them to you in becoming a champion? 

As I said the benchmark my father set was very high. 

Which in itself was an inspiration. 

I have been truly blessed to not only have a supporting 

family that set very high standards but to have the love 

and encouragement of huge extended family network 

of grandparents, aunts and uncles who threw positive 

reinforcement and helped build my character and 

confidence. 

Was your childhood dream to become a 

champion? you interested in any other fields? 

I don’t think my dream was to ever be a champion. My 

dream was to be the best I could be, not only as a rugby 

player but as a person. I always wanted to be a seen as 

a person who not only played rugby but also a person 

who was able to balance both sport and academics. That 

should be the ultimate goal for anyone. 

Ive had many interests apart from rugby. I have had a 

passion for photography and wildlife from aver young 

age. Further I had other interests such as swimming and 

cricket but was never able to pursue it because of the 

level of competitiveness that rugby demanded. 

What do you consider as the first achievement 

in your Rugby career? 

I consider my first achievement in rugby I believe is 

getting selected for the under 12 ‘A’ team in the year 

2006. 

I don’t believe I am successful 

yet, as I have a long way to 

go in life. 

We would like to hear about your achievements 

in school level? 

I was the captain of the under 14 team that went on 

to win both the Central province and the All island 

championships. 

I was the Vice-captain of the under 16 team that placed 

Runner up at the all island championship 

I played 4 consecutive Bradby shield encounters from 

2011-2014 winning it all four years. 

I captained Trinity in 2014 and placed Runner up in both 

7’s and the schools rugby league. 

I was awarded the Rugby ‘LION’ in 2014 

I was the captain of the Sri Lanka under 19 schools team 

in 2014 

I was the Senior Prefect of Trinity in the year 2014 

I was awarded the coveted Ryde Gold Medal in 2014. 

Which people have helped you the most to 

progress during your career? How did they 

help you? 

What was the most memorable match in which 

you have played and why it was memorable? 

I have many great matches to remember, however the 

most memorable match I have played in would be the 

match I played against Kingswood College in 2014. 

Kingswood was an unbeaten team up until that match. 

It was tough and we weren’t having the best of days. 

With only 2 minutes to go kingswood scored and took 

the lead. With 1 minute left to play we came back inch 

by inch play by play and ended up winning the game. 

This game is very special to me as it showed how much 

character the team had and how much belief we had in 

each other. 

21



Who was your Hero/Favorite player when 

you were young and why did you admire this 

player? 

My favorite player growing up was Daniel Carter of the 

New Zealand All Blacks. 

I admired him because he played the same position as I 

did and I always wanted to play like him. 

Your Father Ashan Rathwatte received a ‘Lion 

for rugby football in 1983.In 2014 you too 

received a Lion for rugby Football? Tell us 

something about that? 

In the history of Trinity College there very few example 

of Father and Son rugby Lion combinations. I am very 

fortunate and proud to be in that exclusive list. 

The first issue is identifying what kind leader you are. You 

could be a leader who inspires the team by leading by 

example or you could be an inspirational and motivational 

leader or you could be both. 

The main issue that you have to worry about as a captain 

is how can you keep the team focused and motivated 

throughout the rugby season. Also how to manage each 

player as they are motivated in different ways. 

Finally, in todays school rugby arena where old boys 

and fans put in a lot of time and money to support 

the development of the sport, it is upto the captain to 

manage all these expectations and to be able to bear the 

pressures of winning. 

What qualities you should have to lead a team? 

And What do they mean by “Team Spirit” 

He should be able to inspire and motivate the team to 

perform at their best with humility and honesty . Further 

he has to be able to take decisions with a calm and cool 

head. 

I believe true success is when you are able 

to balance your education or work, sport, 

and family life. 

A leader needs to have a good work ethic which will 

inspire others to follow. 

He has to play many roles at a time, he should be the 

listener and mediator, then he has to be a commander 

and leader, and also the inspirer and motivator. 

How do you handle success and popularity? 

I don’t believe I am successful yet, as I have a long way 

to go in life. At the end of the day no matter how popular 

you are one must always stay humble and true to his 

roots. 

22



Describe the effort and hard work that went 

into reality such heights? 

The effort and hard work that was put in was immense. 

All great athletes put in the hard yards before the games 

as preparation is key. 

What do you consider as your greatest 

strengths? 

Besides my family, I think it is my ability to 

compartmentalize and stay focused on my tasks ahead 

to the best of my ability, not take anything for granted. 

Who is your role model in your life and why? 

My parents are my idols and my role models. The way they 

live their lives has always inspired me and motivated me 

to balance my life with rugby, education and family life. 

I believe true success is when you are able to balance all 

three of these aspects to life. 

Are there any drawbacks faced by Sri Lankan 

rugby players when compared to International 

rugby ? 

The main drawback is definitely the size and weight that 

Sri Lankan players lack. This size difference plays a big 

role in the international rugby arena. 

Majority of the Sri Lankan youth pursue higher 

studies in education or commence employment 

and only a few pursue their careers in 

specializing in a sport. What do you think 

about this as a person from that minority and 

do you feel that is the best option compared to 

working at an office? 

I believe true success is when you are able to balance 

your education or work, sport, and family life. 

What other activities are you involved in except 

for rugby? Are you studying while playing? Do 

you have any hobbies? 

I have just received my Bachelors of Laws and currently 

studying for my Attorney’s at Law examinations. 

My hobbies include wildlife and surfing. 

You have achieved so much in your rugby career 

up to now. What’s your next milestone that you 

want to achieve? 

The next step is to complete my Attorneys examinations 

and hopefully be able to play for the Sri Lanka XV a side 

team. 

How do you consider the future of Sri Lankan 

rugby? 

I feel the best chance Sri Lanka has to compete at the 

highest level is in the 7’s format of the game. This format 

allows us to set aside the disadvantage we have with 

other countries in size and weight as we make up for it in 

speed and agility. 

What advices would you like to give the rest 

of the youth (especially CMA Students) of Sri 

Lanka? 

I hope I have set an example that having a professional 

sporting career at a national level whilst studying for 

a professional qualification is possible. I encourage 

everyone to believe in themselves, set ambitious goals 

and strive for excellence. 

23



I, Chathuni Hansani Wasantha 

Wijegunawardana, am 19 years old 

and studied at Visakha Vidyalaya, 

Colombo 5. My parents are Mr. D. 

Wijegunawardana and Mrs. Kumudini 

Wijegunawardana. From my childhood, 

my biggest dream was to be an 

Engineer. With the encouragement 

and support of my family, I chose the 

Physical Science stream for my A/Ls 

and worked immensely hard to fulfill 

my dream. Proving that hard work pays 

off, I became the all-island First in the 

Physical Science stream of the G.C.E. 

Advanced Level Examination in 2018. 

As a duty of my own to this institute, which is making a 

valuable contribution to education in Sri Lanka, I became 

the Brand Ambassador of CMA for the year 2019. With 

the support of the institution. I am doing my best to make 

other students like me aware of the opportunities offered 

by CMA Sri Lanka. 

I would like to thank the President of CMA Sri Lanka, Prof. 

Lakshman R. Watawala, members of the Council and Staff 

members for appointing me a Brand Ambassador of CMA 

and giving me a chance to play my part in the great journey 

of CMA. 

Even though my hope is to shine in 

the Engineering field, I felt that a 

knowledge of management will be 

greatly important for my career. As an 

Engineer, it’s important to know how to 

minimize cost and maximize profit from 

a product that I design and introduce to 

the market. As a person hoping to start 

a business of my own, a knowledge 

of management and finance will be a 

treasure for an entrepreneur. 

For that reason, I was looking for a 

professional programme to study 

management and finance. It was then 

that I heard about CMA from a teacher 

in our school. Among the institutions 

that offer professional programmes of 

the same kind, CMA is the only national 

institute that offers a Professional 

Programme with international 

recognition at a reasonable price. 

Within two and half years, I will be able 

to pass out as a Professional Certified 

Management Accountant. 

24



IMPORTANT INFORMATION FOR MAY 2019 EXAMINATIONS 

Inland Revenue Act, No.24 of 2017 will be tested from the May 2019 Examination onwards under 

following subjects. 

BLT- Business Law & Taxation - Operational Level 

CLT Corporate Law & Advanced Taxation – Managerial Level 

Model Papers for BLT and CLT are available in MYCMA 

EXAMINATION RULES AND REGULATIONS 

Medium 

Foundation Level 

Operational and Managerial 

level 

** Logical sequence to apply 

Subjects in Operational and 

Managerial level 

Information Technology 

Application (ITA) 

Strategic Level 

Integrative Case Study (ICS) 

Computer Based Accounting 

(CBA) 

Passed Finalist (PF) 

Study Text 

Past papers suggested 

Solutions and Examiners 

Comments 

• Foundation (Level I) & Operational Level (Level II) Examination is conducted in all three 

media (Sinhala/ English/ Tamil). 

• Other levels are conducted only in English medium. 

• Only ONE medium in Foundation/Operational Level can be applied for. 

• There will be NO change to the medium applied for. 

• Should apply minimum three subject at first attempt 

• Allowed to apply subject wise in subsequent attempts. 

• All subjects in CMA Foundation Level Examination are conducted on Computer Based 

Environment using Pearson Vue platform 

• Allowed to apply for the Operational & Managerial Level examinations ‘subject wise’. 

• Students can take a maximum of six course units from the first three levels as per the 

logical sequence given below**. 

• Those who wish to apply the subjects in the next level need to apply together with the 

balance subjects in the previous level if any. 

If ONLY MAF passed / exempted can apply for MA 

If ONLY MA passed / exempted can apply for AMA 

If ONLY FAF passed / exempted can apply for AFF 

If ONLY AFF passed / exempted can apply for CRA 

If ONLY BLT passed / exempted can apply for CLT 

If ONLY BEI passed / exempted can apply for BEII 

If ONLY BEII passed / exempted can apply for PC 

• It is required to apply ITA Module separately after completing Foundation Level 

• Application can be downloaded from the CMA website 

• Students shall sit all the subjects in the Strategic Level examination at the first attempt. 

• Allowed to sit ‘subject wise’ in the subsequent attempts. 

• It is mandatory to attend Integrative Case Study lecture series conducted by CMA before 

applying ICS Examinations. 

• Computer Based Accounting module can be applied after completing of Strategic Level. 

• Application can be downloaded from the CMA website 

To become a Passed Finalist, it is mandatory to complete upto Apex Level + Speech Craft 

Programme 

• Recommended to follow CMA Study Texts. 

• 80% of the examination questions will be based on the study texts. 

You can download Past Papers Suggested, Solutions and Examiners Comments. From MYCMA 

25



OPPORTUNITIES FOR CMA STUDENTS AND MEMBERS 

1. Bachelor of Management Studies - (BMS) 

Degree of Department of Management Studies 

of Open University of Sri Lanka 

Passed Finalists of CMA Sri Lanka can register for the 

BMS Degree programme at Level 5. 

BMS Degree is of four years duration – structured as Level 

3, Level 4, Level 5 and Level 6. Students can specialize in 

Marketing or Human Resource Management in Level 6. 

A student who has successfully completed Managerial 

Level can register and offer the courses at Level 5. (He 

/ She has to complete up to Apex Level prior to sitting 

for Level 6 examination). CMA students have to satisfy 

Open University criteria regarding Continuing Education 

Courses in “Computer Literacy” and continuing Education 

Courses on “English for Academic Purposes”. 

At the period of the applications calling for registration 

of BMS Degree CMA will inform to the eligible students. 

Copies of the following are required with the application. 

• CMA Registration Card 

• National Identity Card 

• Detailed Results Sheets of CMA 

• G.C.E. O/L, A/L 

• Any other qualification and 

• Work Experience 

The Application and documents need to be submitted to 

the Open University through CMA institute to get the 

exemptions from the BMS Degree. 

2. B. Com Degree Program- Deakin University 

Australia 

Those who have completed the CMA Operational Level 

can obtain exemptions from the first year of the M300: 

Bachelor of Commerce Degree and only 2 years of the 

program need to be completed. Options are available to 

complete the Degree in Sri Lanka or Australia. 

3. Master of Business Administration- Credit 

transfer from Deakin Business School 

CMA Members are eligible to apply for the MBA 

programme conducted by the Deakin Business School. 

You will be getting 6 subjects’ exemptions and another 

6 subjects to be completed. The study program will be 

conducted online and facilitate students to complete the 

program from Sri Lanka or by going to Australia. 

4. Postgraduate opportunities in Sri Lanka 

CMA Passed Finalists and Members are eligible to apply 

for MBA from Postgraduate Institute of Management, 

University of Sri Jayewardenepura, University of Colombo 

and all other State Universities under the prescribed 

terms and conditions of the Senate of the University. 

5. Become a Certified Professional Accountant 

(CPA) in Australia 

CMA Passed Finalists are recognized for the Associate 

status of CPA Australia and need to complete three core 

subjects and two electives to obtain CPA status. 

6. Become a double qualified accountant with 

CMA Sri Lanka and ACCA-UK qualification. 

ACCA offer exemptions for 9 subjects in their program 

and CMA Passed Finalists need to do only the Professional 

level of ACCA. 

7. The following institutions give exemptions and 

offer facilities for CMA qualifications. 

• Chartered Institute of Management Accountants – 

CIMA (UK) 

• Institute of Chartered Accountants of Sri Lanka - 

(ICASL) 

• Chartered Professional Accountants (CPA) - Canada 

• Institute of Cost & Works Accountants of India 

(ICWA-India) 

• Institute of Cost & Management Accountants of 

Pakistan (ICMA-Pakistan) 

• Institute of Cost & Management Accountants of 

Bangladesh (ICMAB) 

• Sri Lanka Institute of Advanced Technology 

Education (SLIATE) 

• National Institute of Business management (NIBM) 

• Sri Lanka Institute of Marketing (SLIM) 

• Sri Lanka Institute of Information Technology (SLIIT) 

• Malaysian Institute of Accountants 

26



IMPORTANT DATES 

For New Students 

Foundation Level Examination 

Operational -Strategic Levels 

Exam Intake March June September December May November 

Registration 

application 

closing date 

31st December 

in the previous 

year 

31st March in 

the respective 

year 

30thJune in 


year 

30th 

September in 


year 

31st January in 


year 

31st July in the 

respective year 

Exemptions 

requests & 

payments 

closing date 

31st December 

previous year 

31st March in 


year 

30th June in 


year 

30th 

September in 


year 

31st January in 


year 

31st July in the 


Examination 

application 

closing date 

31th January 

30th April 

30th July 

30th October 

2nd March 

2nd September 

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 

requests 

under special 

schemes 

30th 

November 

previous year 

28th February 

in the 

respective 

year 

31st May in 


year 

31st August in 


year 

31st December 

in the respective 

year 

30th June in the 


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. 

Table 01: List of Institutes CMA offers exemptions 

27



Table 02: List of Exemptions Scheme 

28



STUDENT REGISTRATION AND 

RENEWAL 

Do you wish to update your student details? 

• All students whose mailing addresses have been 

changed should inform the CMA Sri Lanka the 

change in writing with immediate effect. (stu. 

reg@cma-srilanka.org) 

• Change / new inclusion of other details such 

as NIC number / additional names / contact 

numbers/e mail address /home address etc 

should be notified in writing along with the 

Student ID where necessary if the changes 

have any impact on details appearing on the ID. 

Proof documents of such changes should also be 

provided (especially when name/N.I.C. changes). 

Renewal of studentship 

Every student should renew their studentship annually 

for the succeeding year before CMA Examination. 

Only Active Students, 

• Can apply for CMA Sri Lanka Examinations. 

• Receive correspondence from CMA Sri Lanka. 

• are entitled to the privileges granted by CMA Sri 

Lanka. 

Special Notice 

All students are kindly advised to update themselves 

with the current fee structure and other information 

relevant to student renewals, exemptions etc. from 

time to time. 

Contact us For any 

clarification regarding 

Student Registration, Renewal 

or Exemption, please feel free 

to contact the Registration 

Division of CMA Sri Lanka on 

011-2596696 

0114671701-3 

29



INSTITUTE OF CERTIFIED MANAGEMENT ACOUNTANTS OF SRI LANKA 

Students 

2019 

FEES Rs. 

Students 

New- Reg ( incl 1st yr subs) 3,750 

Annual Subscriptions 2,250 

Registration fee- CBA course 10,000 

Examination - CMA 

Foundation Level 

3,500 Per subject 

Operational Level 


Managerial Level 


Strategic Level 


Case study 9,000 

CBA( Computer Based Accounting) 8,000 

Same rate will be applicable 

to Exemption fee 

IT Practical exam 3,500 

Speech craft prog 7,500 

Price revision of Study Text & 

Publications -2019 

Foundation Level 900 600 

Operational Level 1,200 650 

Managerial Level 1,300 750 

Strategic Level 1,500 750 

Case study book 1,500 

CBA book 1,000 

Student Guide 200 

Code of Ethics 300 

Transcript Letter 1,000 

New ID 250 

CMA PER KIT (Log book + Guide) 350 

- LOG Book 250 

- Guide 100 

30 

Price 

per book 

Rs. 

Price 

per CD 

Rs.



CMA SRI LANKA TEAM 

Mr. D.S.W. Narangoda Chief Executive Officer ceo@cma-srilanka.org 

Ext: 112 

Mrs. Sumudu Pagoda Senior Director Operations directoroperations@cma-srilanka.org 

Ext: 113 

Mrs. S. Maheswaran Director Members Affairs registations@cma-srilanka.org 

Ext: 120 

Mrs. M.P Ginigaddarage Director Examinations director.examinations@cma-srilanka.org 

Ext: 131 

Mrs. L.J.R Chandraratne Senior Asst. Director Education, jinandi.chandraratne@cma-sril anka.org 

Training & Research Ext: 154 

Mr. Pradeep Jayatissa Asst. Director- Examinations examinations@cma-srilanka.org 

Ext : 137 

Mr. Bhanuka Harishchandra Manager- Students Affairs info@cma-srilanka.org 

Ext: 127 

Ms. Madushi Hapuarachchi Manager-Education, exeedu.training@cma-srilanka.org 

Training & Research Ext: 139 

Ms. Sandeepika Jayatilaka Manager- Computer Centre computercenter@cma-srilanka.org 

Ext : 117 

Mr.Nalinda Thilakarathne Manager Marketing and marketing@cma-srilanka.org 

Promotions 

Ex:143 

31



SIGNING A 

MOU WITH SLIIT 

32



CMA STUDENTS’ 

GUILD ORGANIZED 

A CAR WASH 

33



CMA SRI LANKA 15TH 

GRADUATION CEREMONY 2018 

The Institute of certified Management Accountants of Sri Lanka (CMA) held its 15th Graduation 

ceremony under the distinguished patronage of the Australian High Commissioner in Sri Lanka 

H/E Bryce Hutchesson on 11th December 2018 at The Kingsbury Balmoral Ballroom. The Key Note 

speaker was Prof. Peter Carey, Head of Accounting of Deakin University Australia, Mr. Leslie Leow – 

Regional Manager- MESA from CPA Australia representing the President and Chair Mr. Peter Wilson 

was the Guest of Honor and Mr. Sunil Hettiarachchi, The Secretary of Ministry of Skills Development 

and Vocational Training was the Special Guest of Honor at the Graduation ceremony. 

34 

At the Graduation Ceremony 2018, 128 

CMA members were inducted into the 

Management Accounting Profession with the 

designation ACMA and ceremonially awarded 

membership certificates. In addition, 89 CMA 

Passed Finalists, 44 Prize winners, Strategic 

Professional Certificate, Advanced Diploma in 

Accounting and Business Studies, Diploma in 

Accounting and Business Studies , Certificate 

in Accounting & Business Studies and 

Certified Hospitality Finance and Accounting 

students who had completed the different 

levels of CMA Examinations held in November 

2017 and May 2018 received certificates and 

the most outstanding students were awarded 

prizes.



LAUNCH OF COST & 

MANAGEMENT ACCOUNTING 

STANDARDS BOARD 

35



SIGNING OF MOU 

WITH NIBM 

36



LAUNCH OF CMA 

MANAGEMENT 

ACCOUNTANT JOUNAL 

37



CMA BUDGET SEMINAR 

38



CMA SCHOLORSHIP 

AWARDING 

CEREMONY 2019 

39



40



CMA SRI LANKA STUDENTS WIN 1ST 

PLACE IN SOUTH ASIA AT SAFA QUIZ 

COMPETITION HELD IN PUNE, INDIA 

The third South Asian Federation of 

Accountants (SAFA) Quiz and Elocution 

Contest was organized amongst the students 

of SAFA member bodies on 22nd January 2019 

in Pune, India hosted by the Institute of Cost 

Accountants India with the objective to motive 

students towards the focused study of financial 

reporting standards and to develop the future 

speakers for the profession. 

CMA Sri Lanka Students Fathima Muneefa 

and Reshan Ponnamperuma bagged the first 

prize in the SAFA Quiz Contestbased on IFRS 

12, IFRS 13 and Arm’s Length Price and Transfer 

pricing defeating SAFA Member Body students 

from Chartered and Management Accounting 

Bodies of SAFA. 

Muneefa and Reshan qualified after several 

preliminary contests at the CMA Sri Lanka 

Quiz & Elocution contest after rigorous training 

conducted by CMA Council Member Mr. 

Ruchira Perera and Consultant Trainer Mr. 

Dian Abeyewardene. 

The high quality of CMA Sri Lanka students 

brought honour to Sri Lanka at the contest 

among students of South Asian Accounting 

Bodies. 

The local competition was conducted under 

the leadership and guidance of CMA President 

Prof. Lakshman R. Watawala. At the SAFA 

Board Meeting, Committee Meetings and 

SAFA Elocution and Quiz Contest Vice President 

Mr. H.M. Hennayake Bandara and Council 

Member Mr. Ruchira Perera represented CMA 

Sri Lanka. 

41



ISLAND FIRST 

A/L Commerce 2017 

ISLAND FIRST 

A/L Bio Science 2017 

AAT EXAM 

Island First 

Dilini Sandunika Palihaakkara 

CMA Promotional Ambassador 

W.V. Kanchana Nadeeshani 

Hanwella Rajasinghe Central College 

Dulani Rasanthika 

Sujatha Balika Vidyalaya - Matara 

42



ISLA ND 1ST 

GCE A/L Best Results – Arts 

Promotional ambassadors 

A/L BEST RESULTS 

Maths 

Brand ambassador 

A/L RESULTS - ENGINEERING TECH. 

Promotional ambassadors 

Chathuni 

Wjegunawardena 

Visakha vidyalaya, 

Colombo, 

Senadi Alwis 

Lyceum School, 

Panadura 

Yasas Pathirathne 

Ananda College Colombo 

(island 1st ) 

Tharindu Heshan 

Ananda College, Colombo 

(island 2nd ) 

43



Working in an accounting and finance environment is 

intellectually demanding and interesting. My CMA study 

equipped me with the knowledge and skills sets 

necessary for my work. It puts me at the centre, making 

a difference to the organization I work at. 

When I started CMA, I had only secondary education 

qualification but today I have Business Management 

Studies Degree from Open University of Sri Lanka of 

which acquired due to CMA which has wider 

recognition and acceptability as institution" 

Densi Ratnayake 

Director (Finance) – Sri Lanka Sustainable Energy Authority 

Ministry of Power and Renewable Energy 

I chose CMA because of its local as well as global 

recognition, prestige and most importantly, the career 

opportunities such a qualification opens. I found the subjects 

in the CMA curriculum were interesting and very helpful for 

executing my job at a high standard in challenging 

environment. 

Today I am indeed proud to introduce myself as a professional 

accountant in business, who graduated from CMA Sri Lanka, 

a member of the International Federation of Accountants 

(IFAC). 

I confidently recommend the CMA qualification to those who 

aspire to becoming a Professional Accountant in Business. 

Isuru Kalhara 

(ACMA – Gold Medal Winner) 

Accountant - Phoenix O&M (Pvt) Ltd 

Ogilvy & Mather Worldwide 

44



45



46



47

After A/L 



New 

CMA FAST TRACK 

to Graduation 

CMA foundation level and 

Operational level full time classes 

(Mon to Friday) will be conducted by 

eminent university lecture panel. 

Incorporated by 

Parliament Act No. 23 of 2009 

Students who successfully complete the 

CMA Sri Lanka Foundation and Operational 

Level will be eligible for one year exemption 

and directly enter the 2nd year of the 

Bachelor of Commerce Degree at Deakin 

University, Melbourne, Australia. 

Center of Excellence which generates 

Professionals 

design concept by US ART AGENCY - 0711 48 00 66 

International Recognition Call: Chamodh-0778837221 / Bhanuka 0778833363 

Institute of Certified Management Accountants of Sri Lanka 

29/24, Vishaka Private Road, Colombo 04, Sri Lanka. 

0112 596 696 info@cma-srilanka.org 

48

Booklet

Create successful ePaper yourself

Delete template?

Save as template?