• The Institute of Certified Management Accountants - Australia

  

  The Institute was incorporated in 1996 under the patronage of Mr. William Dix (former Chairman of Ford and Qantas) and Professor John Miller (former Director of Consumer Affairs, Chairman of Pannell, Kerr, Foster and holder of numerous senior academic positions). Its objectives are to provide a professional organization for management accountants, and to encourage, disseminate and promote the specialisation in organizations in Australia.

  The Institute offers a number of education programs that have received accreditation from Australian universities. Being a CMA means a commitment to a continuous professional development, and the Institute offers seminars, training and other development activities to assist members achieve this objective. For the industry and employer perspective, the Management Accounting 2020 program offers industry-based certification for best practice in decision information and control systems.

  The Institute is also an examining body, and members are required to pass examinations and have relevant work experience prior to describing themselves as ‘Certified Management Accountants’. Business organizations are also accredited by the Institute as providing suitable training and experience programs for prospective members to obtain their experience requirements for membership.

  Objectives Role of CMAs

• The Objectives

  ICMA (Australia) is established with a vision to attain the status of a premier body of professionals practicing the science of management accounting. The Institute thus aims:

  

  To promote and develop the science of Management Accountancy and to foster and maintain investigations and research into the best means and methods of developing and applying such science and to encourage, increase, disseminate and promote knowledge, education and training and the exchange of information and ideas in respect of all questions relating thereto or connected therewith;

  • To provide a professional organization for Management Accountants and by means of examination and other methods of assessment to test the skill and knowledge of persons desiring to enter the profession;
  • To further the development of management accounting education in these disciplines in the universities and schools in Australia and Asia; To encourage research into the application of management accounting theory in practice;
  • To hold conferences and publish a journal as a means for disseminating ideas and information in the discipline of management accounting, and for promoting their discussion.

  Go Back

• Role of CMAs

  

  A management accountant applies his or her professional knowledge and skill in the preparation and presentation of financial and other decision oriented information in such a way as to assist management in the formulation of policies and in the planning and control of the operation of the undertaking.

  Certified Management Accountants therefore are seen as the “value-creators” amongst the accountants. They are much more interested in forward looking and taking decisions that will affect the future of the organization, than in the historical recording and compliance (scorekeeping) aspects of the profession. Management accounting knowledge and experience can therefore be obtained from varied fields and functions within an organization, such as information management, treasury, efficiency auditing, marketing, valuation, pricing, logistics, etc.

  Go Back

The Program Structure

The philosophy of the Institute of Certified Management Accountants (ICMA) is predicated on the idea that an active commitment toward excellence is fundamental to the process of education.

The educational objectives of the Institute of Certified Management Accountants (ICMA) are to further the development of management accounting education in the universities and schools of Australia and internationally, to encourage research into the application of management accounting theory and practice, and to provide continuing professional development for its members.

In order to achieve the above objectives, the following educational programme has been implemented by the Institute. The programme covers both the requirements to obtain “Graduate” and “Associate” status in the Institute, and also the advanced programme for certification as a “Certified Management Accountant”.

In Sri Lanka there are no institutes providing the first three stages of study. However,holders of university degrees and professional qualifications in disciplines other than accounting could undertake a Graduate Conversion Program of 4 subjects to satisfy the requirements of Graduate membership (GMA status).

All Graduate and Associate members must satisfactorily complete the CMA programme of the Institute prior to being certified as a Certified Management Accountant.

Stage 1

Certified Accounting Technician

• Organizational Management
• Accounting Principles & Practice
• Accounting Control Systems
• Financial Information Systems

This course is not avaialable in Sri Lanka

Stage 2

Registered Cost Accountant

• Financial Economics
• International Business Law & Governance
• Business Analysis & Audit
• International Business Taxation

This course is not available in Sri Lanka

Stage 3

Registered Business Accountant

• Financial Accounting
• Marketing Management
• Information Management
• Strategic Management

This course is not available in Sri Lanka

Stage 4

Workshop

Certified Management Accountant

• Strategic Cost Management
• Strategic Business Analysis

This course is available in Sri Lanka through Academy of Finance. More info

• Membership Levels and Designatory Letters

  Student members are not entitled to use any designatory letters, while Management Accounting Affiliate (MAA) is an open entry for those interested in the field of Management Accountancy

  CMA – Certified Management Accountant

  Certified Management Accountant (CMA) is the pinnacle of the qualification structure which is awarded to a professional completing all the academic requirements of GMA level , participated in the seven day qualifying workshop and the relevant assessments and gained a minimum of five years of acceptable professional experience.

  Honorary CMA membership is awarded to distinguished professionals who have contributed significantly to the field of management accounting or related disciplines at national level based on the recommendations of Branch Council and decided by the expert panel of the Executive Committee.

  AMA – Associate Management Accountant

  Associate Management Accountant (AMA) membership is the intermediate level professional membership awarded to a GMA eligible who has gained three years of relevant experience.

  GMA – Graduate Management Accountant

  Graduate Management Accountant (GMA) membership is the starting level of professional membership awarded to a professional completing the graduate programme, graduate conversion programme, academic degree or professional qualification in accounting acceptable to ICMA.

  RBA – Registered Business Accountant

  Degree (Bachelors) in any discipline other than Accounting from a recognised University or 3 Stages of a Professional Qualification in Accounting or completion of Stages 1,2 & 3 of the ICMA’s Graduate program is required to become a RBA.

  RCA – Registered Cost Accountant

  Diploma in Accounting from a recognised Technical College (TAFE) or 2 Stages of a Professional Qualification in Accounting or completion of Stages 1 & 2 of the ICMA’s Graduate program will be the eligibility criteria.

  CAT – Certified Accounting Technician

  Certificate in Accounting from a recognised Technical College(TAFE) or Stage 1 of a Professional Qualification in Accounting or completion of Stage 1 of the ICMA’s Graduate program will make one eligible for membership.

  Relevant experience in management accounting is broadly defined to include the gaining of experience in the provision of information in a wide range of managerial functions including costing, pricing, marketing, strategy, financial analysis, logistics, information systems, etc.

  View Membership Services

• Membership Services

  ICMA members will be provided with the following services:

  • Membership Certificate recognizing qualifications and experience in the specialist field of management accounting
  • The use of post-nominals in the CMA, AMA, GMA, RBA, RCA, CAT and MAA membership categories
  • Up to 4 credit exemptions in many Australian and overseas MBA programs for those successfully completing the Institute’s Education Program
  • Eleven issues per year of the world-class “CFO Magazine” , published by the Australian Financial Review
  • Free access to the Standard Subscription of the CEO Institute online website and data base of management articles
  • Full access to the CMAWebline.org with links to all associated management accounting web pages around the world
  • Institute’s newsletter On Target
  • Access to the Institute’s commissioned research publications in JAMAR
  • Participation in branch and center activities
  • Access to a range of Continuing Professional Development opportunities in the leading edge topics of management accounting
  • Access to membership in special interest groups
  • Networking opportunities with management accounting academics and professionals around the world

  Go Back

Entry Paths in Sri Lanka

• Education Partner is Sri Lanka:
  The Academy of Finance

  

  “Literature was formerly an art and finance a trade; today it is the reverse”

  Academy of Finance, “The Gurus of Financial wisdom”, became the pinnacle of/at creating an engine to share financial knowledge from the expert to the apprentice after years of self mastery, global application and imparting of knowledge.

  The Academy of Finance (Private) Limited was established with a vision of training and enriching non-finance business professionals to become finance savvy and appropriately qualified in finance, whilst providing development opportunities and higher qualifications for finance professionals.

  The company works with international professional bodies, specializing in the areas of accounting and finance, management accounting, investment management, and internal auditing on an exclusive basis.

  • GMA: Graduate Management Accountant
  • AMA: Associate Management Accountant
  • CMA: Certified Management Accountant

• Graduate Conversion Program

  The Institute’s own Graduate Conversion Programme, consists ur subjects of Stage 4, taught at a University 4th Year (Honours/Graduate Diploma) level or at a CMA recognized provider.

  Entry Qualifications

  Entry Qualifications- General

  The candidate with one of the below qualifications will be exempted from the first three stages and will be required to sit all four papers at GMA level.

  • Degree from a Sri Lankan University
  • Degree from a recognized foreign University
  • Chartered Institute of Marketing (CIM)
  • British Computer Society (BCS)
  • Association of Business Executives (ABE)
  • CPM- Asia Pacific Institute of Marketing
  • Institute of Personnel Management – Sri Lanka (IPM)
  • Institute of Bankers – Sri Lanka (IBSL)
  • The Law College of Sri Lanka
  • Sri Lanka Institute of Marketing (SLIM)
  • Executive Diploma & Post Graduate Diploma in Accounting and Finance Institute of Chartered Accountants – Sri Lanka
  • Institute of Engineers – Sri Lanka (IESL)
  • Australian Computer Society (ACS)
  • Institute of Chartered Accountants – Sri Lanka (75% completion)
  • Chartered Institute of Management Accountants (75% completion)

  Entry Qualifications- MBA Holders

  The candidate will be exempted from the first three stages and the first two subjects at GMA Level and will be required to sit only the last two papers at GMA level.

  The exemptions offered will be based on the subjects taken indicated in the transcript and the subject outline
  issued by the university.

  • Postgraduate Institute of Management MBA – University of Sri Jayewardenepura
  • University of Colombo MBA
  • University of Wales MBA – Imperial Institute of Higher Education
  • University of Southern Queensland MBA –Institute of Chartered Accountants Sri Lanka
  • Edith Coven University MBA–ACBT–(FM/FSA-Complete unit 2 exempted)
  • Leister University MBA
  • ICFAI University MBA
  • Sikkim Manipal University MBA –( FM – One subject in unit 2 exempted)
  • Other MBA Programmes – Subject to the approval of Academic Board

  Curriculum Details

  Subject 1: Financial Management

  Objective

  On completion of this subject students should be able to apply capital budgeting principles and techniques to investment proposals in order to facilitate optimum decision-making, understand the risk/return trade-off inherent in portfolio analysis and selection; understand how to apply techniques suitable for valuing various debt and equity securities; examine and evaluate empirical research relating to the optimum financial structure of the firm; understand the nature, purpose and limitations of financial ratios and other data to evaluate performance and credit risks; examine and understand empirical research relating to the concept of market efficiency; examine and evaluate empirical research relating to the optimum dividend policy of the firm.

  Synopsis

  • Find, use, and manage funds in different organisations
  • Select and evaluate techniques used in treasury management and investment decision making
  • Analyse the changing, competitive business environment in order to formulate financial strategy.

  Download

  Subject 2: Financial Statement Analysis

  Objective

  This subject seeks to describe and explain the properties of financial statement numbers, the key aspects of decisions that use financial statement information, and the features of the environment in which these decisions are made.

  Synopsis

  • Understand the demand and supply forces of corporate financial disclosure
  • Apply analytical techniques such as common-sized statements and ratio analysis
  • Consider accounting method choice on accounting numbers
  • Undertake correlational and cross-sectional analysis of Financial Statements
  • Consider the impact of times series properties of financial statement numbers.

  Download

  Subject 3: Financial Modeling

  Objective

  On completion of this subject students should be able to appreciate the role of computers in analysing the financial activities of a business and in decision support; appreciate the problems involved in the implementation of computerised financial models and spreadsheets; recognise the ways in which computer-based financial models may be used by management and evaluate commercially available financial modeling software.

  Synopsis

  • Apply cost accounting principles and techniques to model in all kinds of organisations
  • Analyse and critically evaluate information for cost ascertainment, planning, control and decision making
  • Model and interpret cost accounting and other financial statements.

  Download

  Subject 4: Managerial Accounting

  Objective

  On completion of this subject students should be able to understand the decision making requirements and the information needs of management; apply management accounting principles and techniques to a wide range of situations in both service and manufacturing industries; appreciate recent developments in the theory and practice of management accounting, control systems; and appreciate the developments information technology in relation to the provision of management accounting information.

  Synopsis

  • Select and utilise control systems which provide management control of the organisation
  • Provide management with appropriate information for control, assessing and reporting on performance, monitoring efficiency, effectiveness and value for money
  • Evaluate and audit the relevance of management information systems (including information technology systems)
  • Advise management on the use of these systems, and on issues of personal or corporate conduct.

  Download

  Go Back

• Associate Management Accountant

  Fully qualified accountants with three years of relevant work experience will be exempted from all four stages and can apply for direct AMA membership.

  Graduate Management Accountant – CMA Australia, with the relevant work experience will proceed to this level.

  Entry Qualifications

  • Graduate Management Accountant – CMA Australia
  • Chartered Institute of Management Accountants – CIMA
  • Association of Chartered Certified Accountants – ACCA
  • Institute of Chartered Accountants (Sri Lanka) – ICASL
  • University Degree in Finance / Accounting acceptable to the Institute
  • Masters Degree in Finance / Accounting acceptable to the Institute
  • Other fully completed professional accountancy or finance qualification subject to the approval of CMA academic Board

  The exemptions offered will be based on the subjects taken indicated in the transcript and the subject outline issued by the university.

  AMA status will be considered based on the Service Letter/s issued by the relevant employer/s covering the required three year period.

  Go Back

• CMA Study Program

  This programme can only be taken by a Student member who has met the pre-requisite entry requirements of the program or a Graduate or Associate member of the Institute. The aim of this programme is to further develop skills of analysis, evaluation and synthesis in the areas of cost and management accounting for associate members and, in the process, create an awareness of some current developments in the profession.

  Entry Qualifications

  Entry Qualifications

  Fully qualified Accountants and Finance professionals with the relevant five year work experience will be exempted from all four stages and can apply for direct CMA membership after participating in the CMA Seminar.

  Graduate Management Accountant – CMA Australia, with the relevant work experience will proceed to this level. The exemptions offered will be based on the Certificates issued by the relevant Academic / Professional bodies.CMA status will be considered based on the Service Letter/s issued by the relevant employer/s covering the required three year period

  • Graduate Management Accountant – CMA Australia
  • Chartered Institute of Management Accountants – CIMA
  • Association of Chartered Certified Accountants – ACCA
  • Institute of Chartered Accountants (Sri Lanka) – ICASL
  • University Degree in Finance / Accounting acceptable to the Institute
  • Masters Degree in Finance / Accounting acceptable to the Institute
  • Other fully completed professional accountancy or finance qualification subject to the approval of CMA academic Board

  Curriculum Details

  The programme is not designed as one in which highly structured methods and rules are applied to various topics in order to find one “correct” solution or answer for problems or issues. Rather, it is more a possibilities quest, in which various controversial conceptual and practical issues will be reviewed and analysed, with due recognition to the reality of alternative value judgements. Given the history of recent developments in the profession and business practices, this approach to the study of the subject of management accounting is considered feasible and warranted.

  Part 1: Strategic Cost Management

  • Identify the basic conventions and doctrines of managerial and cost accounting and other generally accepted principles which may be applied in the contemporary cost management models.
  • Identify major contemporary issues that have emerged in managerial accounting.
  • Discuss a number of issues relating to the design and implementation of cost management models in modern firms

  Part 2: Strategic Business Analysis

  • identify the basic conventions and doctrines of managerial and cost accounting and other generally accepted principles which may be strategically applied across the various functions of a business organisation.
  • Identify major contemporary issues that have emerged in strategic management accounting.
  • Discuss a number of cost and management accounting issues relating to the design and implementation of strategic, marketing, strategic value and other management models in modern firms.
  • To appreciate the management accountant’s role in the implementation of cost management systems for marketing decision making.

  The stated aim of the Institute is to obtain university recognition of its education programmes in terms of quality of content and of delivery. The CMA programme is therefore designed to be equivalent to 4 subjects at the graduate level of most Universities in Australia.

  Go Back

Resource Panel

Class Schedule

Graduate Conversion Program - Time Table

Classes are held only on Saturdays

CMA Qualifying workshop - Time table

The next program is scheduled to be held in July 2012

Examination Dates

Examination Dates for the June 2011 Session

Session Plan-January 2012

Session Plan-June 2011

Downloads