(The Sunday Times - 3rd Sunday February 2008 )

Kapila Dodamgoda is the Finance Director of MAS Investments and also the Course Director for CMA (Australia).

Kapila is qualified in Engineering, Accountancy and Marketing and serves on the Board of Study of Imperial College of Business Studies.

Is finance literacy blocking you ascend to the Board Room?  The answer could be with CMA (Australia).
If you want to achieve the highest possible in your career, nothing is more important than a sound knowledge of finance. This is probably one principle that every business big shot and every business guru would agree on. Everything we do in business has some effect on the ‘numbers’ – whether they're sales, costs, profits, return on investment, gearing or overall solvency. So if you don't have a basic grasp of the financial implications of your actions, it's very difficult to manage effectively and you're most unlikely to make it to the top. 
It's true there may have been a time when financial literacy was not quite so essential. In the highly functionalized and hierarchical organizations common in the past, perhaps some successful managers could proceed through their entire careers with only a limited knowledge of finance. But not now in the flatter organizations of the modern world, where responsibility is typically devolved to business units, managers need a far broader range of expertise and the ability to qualify virtually all their decisions in financial terms. In this environment of business, to be taken seriously by the CEOs Board Members , FDs and other accountancy-trained colleagues one should be able to talk the language of finance
 So here is exactly what exactly do you need to know. First, there are the three main financial statements of company life: the profit and loss account, the balance sheet and the cashflow statement. Most managers are familiar with the first of these and its relatively straightforward formula that profits equals sales minus direct costs and expenses. Fewer people however understand the balance sheet, which indicates the real health of the business, how much it owes and how much it is owed. And fewer still grasp the vital importance of cashflow, how much money is coming in and out of the business. From these three statements come the key ratios that can be used to manage the business. These include gearing, return on investment and gross and net profit margins.
At a more local level, financial literacy demands the ability to create a departmental budget – to lay out your plans for the coming year in terms of projected sales, production costs, selling and distribution costs, and expenses.It also demands the ability to make a case for new projects through the process of investment appraisal. To get the resources to implement your latest great idea, you must be able to analyze the costs and benefits of the project, its future path of profit and cashflow, and its risks.Most importantly, you need to understand the time value of money, that because of uncertainty, money expected in the future is worth less than money in the bank today.
But how could one go about improving the knowledge of finance?, Most of the well established financial courses take years of hard work to complete and therefore not the best option for a mid career professional. The Institute of Certified Management Accountants of Australia now provides a solution to this problem with a unique opportunity for non financial managers to gain the essence of strategic financial literacy without spending years learning. The Graduate Management Accountancy  program of CMA (Australia) is designed in such a way that a University Graduate or some one with a Professional Qualification such as Marketing, Banking, Engineering, HR, IT or Law can obtain up to 12 subject exemptions from the 16 subject course to obtain graduate membership.  
The Institute of Certified Management Accountants in Australia has three levels of membership. They are Graduate Member, Associate Member and Full Member of ICMA. Holders of recognized non-accounting professional qualifications are entitled to certain exemptions at the graduate GMA level. For example a member of the Chartered Institute of Marketing(UK) or a Member of Asia Pacific Marketing Federation (APMF) can sit for only the final stage of GMA due to the 12 subject exemptions.  This is an ideal opportunity for a university graduate or a non accounting professional such as a marketer, an engineer, a banker, an architect or a lawyer to gain a financial qualification. After completing the four compulsory subjects to become a graduate member you need to take two more strategic level subjects later to become a full member of ICMA(Australia),”
The Institute of Certified Management Accountants in Australia was incorporated in 1996 with the objective of promoting the management accounting applications in Australasia. Over the last 10 years, the institute has grown rapidly to become a truly global organization offering its qualification in a number of countries spanning East Asia, South Asia, Europe, Middle East and Africa. The CMA(Australia) is  the program is fast gaining popularity  in Sri Lanka and within a short period of 2 years since introduction 3 batches of students comprising a mix of university graduates and professionals have enrolled for the program. The 4th batch once again targeting University Graduates and professionals from non financial disciplines will commence in January 2008 and those interested could get the details from Imperial College of Business Studies by calling 4515253 or by visiting the institute at No 3, St Kilda’s Lane, Colombo 3.  

The institute wants to ensure the highest standards of quality when offering this program overseas and as a result they have so for approved only two accredited institute in Sri Lanka. The only provider institutes in Sri Lanka with exclusive rights to represent ICMA Australia are the Institute of Chartered Accountants of Sri Lanka(ICASL) and the ‘Imperial College of Business Studies (ICBS). The Imperial College of Business Studies is the exclusive provider institute for the GMA programs whereas the post graduate CMA programs are conducted by both ICBS and ICASL. More information about CMA(Austalia) can be obtained by visiting www.cmawebline.org or www.icbsgroup.com

( Daily News 18th July 2006)

ICMA Australia to promote accounting qualifications amongst business managers in Sri Lanka

The Institute of Certified Management Accountants of Australia has appointed Imperial College of Business Studies (ICBS) as the Accredited Learning Institute to promote the CMA(Australia) qualification in Sri Lanka.  Mr Leon Duval, the  President of the Institute of Certified Management  Accountants  of Australia, signed the contracts  with Nalaka Godahewa the Course Director for CMA in Sri Lanka . 

“CMA( Australia) is an increasingly popular professional qualification amongst business managers who want to enhance their knowledge on management accountancy and presentation of decision information” said Mr Duval at the signing ceremony. “We are already offering the course in several countries including Australia, Europe , Africa, Hong Kong, Philippines, Middle East and  India . The provider institutes are selected very carefully to ensure the quality of delivery. In Sri Lanka only ICBS and the Institute of Chartered Accountants are accredited by us to conduct the program”

“The Institute of Certified Management Accountants in Australia has three levels of membership” explains Nalaka Godahewa the course director for CMA. “ They are Graduate Member, Associate Member and  Full Member of ICMA.” he added.

Mr Nalaka Godahewa said that ICBS will start conducting CMA courses in August. “If you are a member of a recognized non accounting professional body you get exemptions for 12 subjects and you need to study only for the four subjects at the final stage to become a Graduate Member of ICMA” he added.   

( Daily mirror  12th July 2006)

Website launched by ICMA chief to promote Australian Accounting Qualifications in Sri Lanka

“CMA Australia qualification is becoming increasingly popular in a number of European and Asian countries the Asian Region and will soon be one of the most sought after qualification in management accountancy” said Leon Duval, the president of the institute of certified management accountants of Australia addressing a ceremony at Hotel Trans Asia to launch the new cmasrilanka.com website.  Mr Duval was on a short visit to Sri Lanka to conduct a 3 day workshop for group  of senior accountants who are seeking CMA qualifications.

“CMA(Australia)  qualification is already available in a number of countries including Australia, Indonesia, Singapore, Philippines, Thailand, Papua New guinea,   Europe , Africa, Hong Kong, Philippines, Middle East and  India.  We usually appoint maximum two provider institutes per country to promote the qualification. In Sri Lanka the CMA( Australia ) qualification is offered only by Imperial College of Business Studies (ICBS ) and the Sri Lanka Institute of Chartered Accountants”  he further added.

“The Institute of Certified Management Accountants in Australia has three levels of membership” explains course director for CMA Nalaka Godahewa “ They are Graduate Member, Associate Member and  Full Member of ICMA. A recognize non accounting professional qualifications are entitled for certain exemptions at the graduate GMA level. For example members of the Chartered Institute of Marketing , Institute of Bankers, Institute of Personal Managers or Sri Lanka Institute of Engineers can sit for only the final stage of GMA and there after apply for associate membership of the institute. You need to take two more strategic level subjects later to become a CMA. You can get more information by visiting our website cmasrilanka.com ” he added. 

ICBS will be commencing GMA classes in mid August.  According to Kapila Dodamgoda a Senior Lecturer for CMA program,  preference will be given to non accounting professionals as the numbers of seats in the batch are limited.   “There are lot of marketers and bankers and HR professionals who are enrolling for the new batch. It is a sign that financial qualifications are sought after by other professional as well” Kapila explained.

( Sunday times  9th July 2006)

Sri Lanka Insurance promotes global standards, best practices

Sri Lanka insurance the countries pioneering insurance corporation last week reiterated its commitment to promote global standards and best practices amongst Sri Lankan companies by sponsoring a seminar on triple bottom line reporting. At an event held at the Trance Asia Hotel Colombo, organised by ICBS one of Sri Lankas leading business schools, Leon Duval the president of the Certified Management Accountants in Australia addressed a group of Sri Lankan corporate leaders on TBL reporting for socially responsible Sri lankan companies.

Isuru Tilakewardane, chief operating officer personal lines of Sri Lanka Insurance said “globally TBL reporting has emerged as a new corporate ‘MANTHRA’ in response to the demand from stakeholders for greater accountability for the social and environmental impact of corporate operations. Already many national and multinational corporations worldwide have demonstrated a clear commitment to TBL reporting and with more and more international best practices like IFRS, corporate governance and money laundering provisions being imposed on Sri Lankan companies. There will be pressure also to publish reports of their social and ethical practices”

The presentation was followed by a panel discussion headed by Leon Duval ( President ICMA Australia), Ravi Fernando (Director Corporate Branding and Strategic CSR -MAS Holdings ) , Channa de Silva (Director General SEC), Sujeeva Mudalige ( Senior Partner PWC) and Trevine Jayasekara ( Group Finance Director Brandix)

( The island  6th July 2006)

 ICMA Australia Chief Talks to Business Leaders on  Triple Bottom-line Reporting and Sustainable Development

“Sustainable development is meeting the needs of the current generation without compromising on the ability of future generations to meet their own needs. There is a growing need for a policy of sustainable development that will preserve the precious global resources for our future generations” said Leon Duval, the president of the institute of certified management accountants of Australia addressing a gathering of business leaders on the 27th June 2006 at Hotel Trans Asia.  Mr Duval who is on a short visit to conduct a 3 day workshop for group  senior accountants who are seeking CMA qualifications was taking time away to address a public seminar on Triple bottom-line reporting organised by the Imperial College of Business Studies (ICBS) with the assistance of Sri Lanka Insurance.

“The business community can contribute towards the sustainable development of a country by adopting a three dimensional score card measuring economic returns, ‘environmental impact and corporate social responsibility” he further explained introducing the concept of triple bottom-line reporting to a highly participative audience.

Leon Duval also participated in a ceremony to the launch of the ‘cmasrilanka.com’  website which is linked to the global ICMA network but managed by ICBS the recognised provider institute for CMA(Australia)  qualification in Sri Lanka. CMA(Australia)  qualification is already available in a number of countries including Australia, Indonesia, Singapore, Philippines, Thailand, Papua New guinea,  Europe , Africa, Hong Kong, Philippines, Middle East and  India. In Sri Lanka the CMA( Australia) qualification is offered only by ICBS and the Sri Lanka Institute of Chartered Accountants.

( Daily News 24th June 2006)

CIMA Australia to promote programmes in Sri Lanka
By : Hiran Seneviratne 

 The Institute of Certified Management Accountants (CMA) - Australia is a perfect qualification to enter the accountancy field for non-accountancy professionals/ graduates in the country, Course Director Nalaka Godahewa said.
 
The CMA (Australia) is an increasingly popular professional qualification amongst business managers who want to enhance their knowledge on management accountancy and presentation of decision information in Australia will be launched before the end of this year.

'We already have a large number of non-accounting professionals wanting to join the programme. On the request of the Chartered Institute of Marketing we have decided to give preference in the next batch to Chartered Marketers who are seeking multi-qualifications, as we can accommodate only a limited number per batch, Godahewa, said.

It has three levels of membership namely Graduate Member, Associate Member and Full Member of ICMA.

Recognised non-accounting professional qualifications are entitled for certain exemptions at the graduate GMA level, he said.
Certified Management Accounting (CMA) status which requires evidence of having passed both the Institute's Advanced Management Accounting and Advanced Strategic Management Accounting subjects at the post-graduate level (or equivalent) and evidence of five years work experience in management accounting.
 
Alternatively, qualified accountants with 10 years' experience in management accounting can also apply direct for CMA membership without examination.
Associate member (AMA) status, requires only three years' work experience in management accounting and does not require the two advanced subjects. Graduate member (GMA) status is available to those with a recognised accounting degree (or equivalent) but without any management accounting experience.

Non-accountancy professionals including CIM, Banking qualification and other business management graduates will obtain 12 exemptions out of 16 subjects, which could be completed in nine to ten months, he said.
'You need to take two more strategic level subjects/modules later to become a CMA, Godahewa added. Several reputed Universities recognise the CMA Australia qualification.
 
For example a CMA can apply for exemptions from four modules if they want to pursue an MBA at Monash University.
It is a saving of almost Rs 1 million. The local branch has linked up with the HSBC Bank to offer students loans for prospective students, he said.
The total cost for four subjects will be Rs. 120,000 with 12 exemption subjects built into this price structure, Godahewa said.
 
For a batch it accommodates 40 students and all lecturers are multi-qualified professionals who could share industry exposure with students.
The Imperial College of Business Studies (ICBS) will conduct classes for CMA students in August. There is a big demand for a reputed Australian Management Accountancy qualification in Sri Lanka especially for career prospects and migratory options, Godahewa said.

He said that Professor Janek Ratnatunge of the Monash University who is a Member of the Executive Committee of CMA Australia, was in Sri Lanka to conduct a three day Strategic Level Module for 35 candidates who are sitting for the CMA finals.

The Institute of Chartered Accountants of Sri Lanka organised the programme, which was conducted for the 11th time in Sri Lanka.
During his visit Professor Ratnatunge also made a presentation on 'Budgeting for Integrated Marketing Communication' at the Chartered Institute of Marketing for more than 100 senior marketers recently.
CIMA graduates could obtain the qualification by completing two strategic level modules.

CMA- Australia is offering the course in several countries including Australia, Europe, Africa, Hongkong, Philippines, Middle East and India.
The provider institutes are selected carefully to ensure the quality of delivery.
In Sri Lanka only the ICBS is accredited to conduct the programme.
CMA (Australia) is currently sharing research and knowledge work with USA accounting body and it is now in the process of negotiating for a merge, if that is transpired it would be the world's largest accounting body.
http://www.dailynews.lk/2006/06/24/fin01.asp

( The Island19th June 2006)

Aussie professional exams to be held here

The Institute of Certified Management Accountants in Australia  signed an MOU with Imperial College of Business Studies last week to promote the CMA( Australia) qualification in Sri Lanka .  The MOU was signed by Professor Janek Ratnatunge representing ICMA Australia  with Nalaka Godahewa and Kapila Dodamgoda representing ICBS. According to the MOU Imperial College of Business Studies will have the exclusive right  conduct courses for all ICMA qualifications in Sri Lanka as the recognized provider institute.

Professor Janek Ratnatunge of Monash University who is a Member of the Executive Committee of ICMA Australia , was in Sri Lanka to conduct a 3 day Strategic Level Module for 35 candidates who are sitting for CMA finals. The program which was conducted for the 11th time in Sri Lanka was organized by the Institute of Chartered Accountants of Sri Lanka. During his visit Professor Ratnatunge also made a presentation on ‘Budgeting for Integrated Marketing Communication’ at the Chartered Institute of Marketing on the 8th June and it was attended by more than 100 senior marketers.