CMA Sri Lanka Exemption Policy

Exemption is given for recognition of other professional or academic qualification.
Exemptions are only awarded if the qualification provides the required level of knowledge, skills and
competencies gained through the respective qualification and awarded by the discretion of CMA Sri
Lanka.
There is no automatic eligibility for exemptions.

CMA Sri Lanka does not award exemptions for exemptions.

Where exemptions are awarded, a fee for that exemption will be charged. Information on current fees
can be found in the CMA Sri Lanka website and in the Student Guide for particular session.

As a general rule, exemptions are granted only when a qualification has been obtained in full.

Exemptions on subject for subject basis are not considered except under special circumstances.

A candidate who has completed only a few parts of an academic or professional examination may be
considered for exemptions on a case by case basis.

Once a Student applies for an exemption, a second application for exemptions will not be entertained
unless he /she obtains full qualifications, subsequently.

Exemptions will not be granted for subjects, when a student has unsuccessfully attempted at CMA
examinations.
1
Exemptions under 2012 Syllabus
Institution
AAT(Sri Lanka)
ICASL-Effective from
2010
Qualification
Passed finalist with a Pass to
BC II
(Without BC II Business
English II will not exempted.)
Exemptions for New Syllabus
Foundation Level – Full
Strategic Level II Completed
Foundation Level – Full
Operational Level – Full
Managerial Level – Full
Strategic Level I Completed
Operational Level
 Business English II
Strategic Level
 Business Strategy & Policy
 Financial Strategy & Policy
 Risk and Control Strategy & Policy
Strategic Level
 Strategic Management Accounting
Foundation Level – Full
Operational Level – Full
Managerial Level
 Corporate Reporting and Analysis
 Marketing and People Management
 Professional Communication
Managerial Level
 Integrative Management Accounting
 Corporate Law and Advanced Taxation
CAB II (Certificate in
Accounting and Business II)
Completed
Levels/Subjects to Complete
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level – Full
Operational Level
 Financial Accounting and Reporting
 Business English II
 Information Technology Applications
Integrative Case Study
Strategic Level
Integrative Case Study
Operational Level
 Operational Management Accounting
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
Strategic Level
Integrative Case Study
2
Institution
ICASL-Effective from
2010
ICASL
2005-2009 Syllabus
Qualification
CAB I (Certificate in
Accounting and Business I)
Completed
Final Level II- Completed
Exemptions for New Syllabus
Foundation Level
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business
Finance Fundamentals
 Business English I
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level – Full
Operational Level – Full
Managerial Level – Full
Strategic Level
 Business Strategy & Policy
 Financial Strategy & Policy
 Risk and Control Strategy & Policy
Final Level I- Completed
Levels/Subjects to Complete
Foundation Level
 Management Accounting Fundamentals
 Management, Corporate Governance and
Ethics
Strategic Level
 Strategic Management Accounting
Integrative Case Study
Foundation Level – Full
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Business Law and Taxation
 Business English II
Operational Level
 Operations and Information Systems
Management
 Information Technology Applications
Managerial Level
 Integrative Management Accounting
 Corporate Reporting and Analysis
Managerial Level
 Marketing and People Management
 Corporate Law and Advanced Taxation
 Professional Communication
Strategic Level
Integrative Case Study
3
Institution
ICASL
2005-2009 Syllabus
Qualification
Intermediate Level Completed
Exemptions for New Syllabus
Foundation Level – Full
Operational Level
 Financial Accounting and Reporting
 Business Law and Taxation
 Business English II
Foundation LevelCompleted
ICASL- Executive
Diploma in
Accounting and
Finance
Institute of Bankers of
Sri Lanka
Foundation Level
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Executive Diploma in
Accounting and FinanceCompleted
Foundation Level – Full
Diploma in Banking &
Finance (DBF)
-English Medium
Foundation Level – Full
Diploma in Banking &
Finance (DBF)
(Sinhala /Tamil medium)Completed
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Management, Corporate Governance and Ethics
 Business Economics and Business Finance
Fundamentals
Consider Subject for Subject in Foundation Level
Certificate in Banking and
Finance (CBF)
-Completed
4
Levels/Subjects to Complete
Operational Level
 Operational Management Accounting
 Operations and Information Systems
Management
 Information Technology Applications
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level
 Management Accounting Fundamentals
 Management, Corporate Governance and
Ethics
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level
 Business English I
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level- Balance Subjects
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Institution
CIMA(UK) – Effective
from 2010
Qualification
CIMA Passed Finalist/Strategic
Level-Completed
Exemptions for New Syllabus
Foundation Level – Full
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business English II
 Information Technology Applications
Managerial Level
 Integrative Management Accounting
 Corporate Reporting and Analysis
 Marketing and People Management
 Professional Communication
Strategic Level – Full
Management Level- Completed
Levels/Subjects to Complete
Operational Level
 Business Law and Taxation
Managerial Level
 Corporate Law and Advanced Taxation
Integrative Case Study
Foundation Level – Full
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business English II
 Information Technology Applications
Managerial Level
 Integrative Management Accounting
 Corporate Reporting and Analysis
 Marketing and People Management
 Professional Communication
5
Operational Level
 Business Law and Taxation
Managerial Level
 Corporate Law and Advanced Taxation
Strategic Level
Integrative Case Study
Institution
CIMA(UK) – Effective
from 2010
CIM – UK
Qualification
Operational Level- Completed
Exemptions for New Syllabus
Foundation Level – Full
Levels/Subjects to Complete
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business English II
 Information Technology Applications
Operational Level
 Business Law and Taxation
Foundation Level- Completed
Foundation Level – Full
CIM-Completed
Foundation Level – Full
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business Law and Taxation
 Information Technology Applications
Operational Level
 Business English II
Managerial Level
 Marketing and People Management
 Professional Communication
Managerial Level
Strategic Level
Integrative Case Study
Managerial Level
 Integrative Management Accounting
 Corporate Reporting and Analysis
 Corporate Law and Advanced Taxation
ACCA – UK
Knowledge Level Completed
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business
Finance Fundamentals
 Business English I
6
Strategic Level
Integrative Case Study
Foundation Level
 Management, Corporate Governance and
Ethics
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Institution
ACCA – UK
Qualification
Fundamentals Level
(Knowledge & Skills)
Completed
Exemptions for New Syllabus
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Business English II
 Information Technology Applications
Passed Finalists /
Professional Level
Completed
Levels/Subjects to Complete
Foundation Level
 Management, Corporate Governance and
Ethics
Operational Level
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level – Full
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business English II
 Information Technology Applications
Operational Level
 Business Law and Taxation
Managerial Level
 Corporate Reporting and Analysis
 Integrative Management Accounting
 Marketing and People Management
 Professional Communication
Managerial Level
 Corporate Law and Advanced Taxation
Strategic Level
 Business Strategy & Policy
 Financial Strategy & Policy
 Risk and Control Strategy & Policy
Strategic Level
 Strategic Management Accounting
7
Integrative Case Study
Institution
SLIATE
Qualification
Higher National Diploma in
Accounting (HNDA)Completed
English Medium
(Effective from 2007)
Exemptions for New Syllabus
Foundation Level – Full
Operational Level – Full
Levels/Subjects to Complete
Managerial Level
 Integrative Management Accounting
Managerial Level
 Corporate Reporting and Analysis
 Marketing and People Management
 Corporate Law and Advanced Taxation
 Professional Communication
Strategic Level
Integrative Case Study
Higher National Diploma in
Accounting(HNDA)Completed
Sinhala/Tamil Medium
(Effective from 2007)
Foundation Level – Full
Operational Level – Full
Managerial Level
Strategic Level
Integrative Case Study
Higher National Diploma in
Accounting(HNDA)- 1,2,3
years Completed
English Medium
(Effective from 2007)
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Foundation Level
 Management, Corporate Governance and
Ethics
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Business Law and Taxation
 Business English II
 Information Technology Applications
Managerial Level
 Integrative Management Accounting
 Corporate Reporting and Analysis
 Corporate Law and Advanced Taxation
 Professional Communication
Managerial Level
 Marketing and People Management
Strategic Level
8
Operational Level
 Operations and Information Systems
Management
Integrative Case Study
Institution
SLIATE
Qualification
Higher National Diploma in
Accounting(HNDA)- 1,2,3
years Completed
Sinhala/Tamil Medium
(Effective from 2007)
Higher National Diploma in
Accounting(HNDA)- 1,2
years Completed
(Effective from 2007)
Exemptions for New Syllabus
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Levels/Subjects to Complete
Foundation Level
 Management, Corporate Governance and
Ethics
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Business Law and Taxation
 Business English II
 Information Technology Applications
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Managerial Level
Strategic Level
Integrative Case Study
Operational Level
 Financial Accounting and Reporting
 Business English II
 Information Technology Applications
Higher National Diploma in
Accounting(HNDA)- 1year
Completed
(Effective from 2007)
Foundation Level
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
9
Operational Level
 Operations and Information Systems
Management
Foundation Level
 Management, Corporate Governance and
Ethics
Operational Level
 Operational Management Accounting
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level
 Management, Corporate Governance and
Ethics
 Management Accounting Fundamentals
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Institution
SLIATE
Qualification
Higher National Diploma in
Accounting(HNDA)
Completed(From 2002 – 2006)
English Medium
Exemptions for New Syllabus
Foundation Level – Full
Operational Level
 Financial Accounting and Reporting
 Business Law and Taxation
 Business English II
Completed in Sinhala/Tamil  Information Technology Applications
medium Managerial
subjects will not exempted. Managerial Level
 Corporate Law and Advanced Taxation
Levels/Subjects to Complete
Operational Level
 Operational Management Accounting
 Operations and Information Systems
Management
Managerial Level
 Integrative Management Accounting
 Corporate Reporting and Analysis
 Marketing and People Management
 Professional Communication
Strategic Level
Integrative Case Study
Higher National Diploma in
Accounting(HNDA)- 1,2,3
years Completed
(From 2002 – 2006)
Higher National Diploma in
Accounting(HNDA)- 1,2
years Completed
(From 2002 – 2006)
Foundation Level – Full
Operational Level
 Financial Accounting and Reporting
 Business English II
 Information Technology Applications
 Business Law and Taxation
Foundation Level
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Operational Level
 Financial Accounting and Reporting
 Business Law and Taxation
 Business English II
 Information Technology Applications
10
Operational Level
 Operational Management Accounting
 Operations and Information Systems
Management
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level
 Management Accounting Fundamentals
 Management, Corporate Governance and
Ethics
Operational Level
 Operational Management Accounting
 Operations and Information Systems
Management
Managerial Level
Strategic Level
Integrative Case Study
Institution
SLIATE
Qualification
Higher National Diploma in
Accounting(HNDA)- 1 year
Completed
(From 2002 – 2006)
Higher National Diploma in
Management(HNDM) Completed
English Medium
Exemptions for New Syllabus
Foundation Level
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Foundation Level – Full
Operational Level
 Business English II
 Information Technology Applications
Managerial Level
 Marketing and People Management
 Professional Communication
Higher National Diploma in
Management(HNDM)Completed
Sinhala/Tamil Medium
Foundation Level – Full
Operational Level
 Business English II
 Information Technology Applications
Levels/Subjects to Complete
Foundation Level
 Management Accounting Fundamentals
 Management, Corporate Governance and
Ethics
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
 Integrative Management Accounting
 Corporate Reporting and Analysis
 Corporate Law and Advanced Taxation
Strategic Level
Integrative Case Study
Foundation Level
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
Strategic Level
Integrative Case Study
11
Institution
SLIATE
Qualification
Higher National Diploma
in
Management(HNDM)- 1,2
years Completed
Exemptions for New Syllabus
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Operational Level
 Business English II
 Information Technology Applications
Higher National Diploma
in Management (HNDM)1year Completed
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business English I
Higher National Diploma
in Business Administration
(HNDBA)-Completed
Foundation Level
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Operational Level
 Business English II
 Information Technology Applications
Levels/Subjects to Complete
Foundation Level
 Management, Corporate Governance
and Ethics
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level
 Management, Corporate Governance
and Ethics
 Business Economics and Business
Finance Fundamentals
Foundation Level
 Management Accounting Fundamentals
 Management, Corporate Governance
and Ethics
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
Strategic Level
Integrative Case Study
12
Institution
SLIATE
Qualification
Higher National Diploma in
Business Administration
(HNDBA)1 year Completed
Exemptions for New Syllabus
Foundation Level
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business English I
Operational Level
 Business English II
 Information Technology Applications
SLIATE
Higher National Diploma in
Business Finance (HNDBF)Completed
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business Economics and Business Finance
Fundamentals
 Business English I
Operational Level
 Business English II
 Information Technology Applications
SLIATE
Higher National Diploma in
Business Finance (HNDBF)
-1 year Completed
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Business English I
Levels/Subjects to Complete
Foundation Level
 Management Accounting Fundamentals
 Management, Corporate Governance and
Ethics
 Business Economics and Business
Finance Fundamentals
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level
 Management, Corporate Governance and
Ethics
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
Strategic Level
Integrative Case Study
Foundation Level
 Management, Corporate Governance and
Ethics
 Business Economics and Business
Finance Fundamentals
Operational Level
Managerial Level
Strategic Level
Integrative Case Study
13
Institution
SLIATE
Qualification
Higher National Diploma
in English(HNDE)
- 1,2 years Completed
Exemptions for New Syllabus
Foundation Level
 Business English I
Operational Level
 Business English II
 Information Technology Applications
Levels/Subjects to Complete
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Management, Corporate Governance
and Ethics
 Business Economics and Business
Finance Fundamentals
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business Law and Taxation
Managerial Level
Strategic Level
Integrative Case Study
SLIATE
Higher National Diploma
in English(HNDE)
- 1 year Completed
Foundation Level
 Business English I
14
Foundation Level
 Management Accounting Fundamentals
 Financial Accounting Fundamentals
 Business Mathematics and Statistics
 Management, Corporate Governance
and Ethics
 Business Economics and Business
Finance Fundamentals
Institution
SLIM
Qualification
Sri Lanka Institute of
Marketing (SLIM)Completed
Exemptions for New Syllabus
Foundation Level – Full
Operational Level
 Business English II
Managerial Level
 Marketing and People Management
 Professional Communication
Levels/Subjects to Complete
Operational Level
 Operational Management Accounting
 Financial Accounting and Reporting
 Operations and Information Systems
Management
 Business Law and Taxation
 Information Technology Applications
Managerial Level
 Integrative Management Accounting
 Corporate Reporting and Analysis
 Corporate Law and Advanced Taxation
Strategic Level
Integrative Case Study
Post Graduate Diploma in Business and Finance
Administration, Management
Foundation Level – Full
Managerial Level
Strategic Level
Integrative Case Study
15
University Degrees
Detail
Degree -Four Years (English Medium)
 Accountancy
 Financial Management
 Finance
 Business Administration
 B.Com (Special)
 Business Management
 Public Administration
Degree -Four Years (Sinhala/Tamil Medium): only
Foundation Level & Operational Level are
exempted.
Bachelor of Arts/Science/Engineering
/Law/Agriculture
Bachelor of Information Technology
Bachelor Degree in marketing etc.
MBA/MSc etc... Master degrees







Foundation Level
Operational Level
Managerial Level
Complete
Complete
Subject for Subject basis
Complete
None
None
Complete
Information Technology
Applications, Business English II
None
Complete
Complete
Subject for subject basis
Subject for subject basis
Subject for subject basis
Subject for subject basis
If a master degree holder possesses a first degree he is eligible for exemption under the first degree and any other additional subjects for
his master degree based on the subjects he has completed for his master degree.
No differentiation between internal and external degrees if the duration of the degree is four years. If the duration of the degree is three
years, then CMA Foundation Level is exempted and if the degree is English medium Business English II is exempted.
Degrees fully completed in Sinhala/Tamil medium will be considered for exemption from the first two levels only. If the documents
submitted do not provide the medium, qualification will be considered for exemption from the first two levels only.
Undergraduates – exemptions will be awarded on a subject by subject basis for the years completed. Students should submit documents as
proof that all modules for the given year have been successfully completed.
A student who has completed only 1styear of a degree is not eligible to get exemptions in operational Level even If the student has done
related subjects in year 1.
CMA will only assess degrees awarded by a University approved by the University Grants Commission (UGC).
Degrees obtained prior to 2002 will be separately evaluated and suitable exemptions will be given.
16