Becoming a Chartered Accountant is a challenge that it worth daring. It is a distinguished status and the pinnacle that one could reach in the field of accountancy and finance. Chartered Accountancy is a qualification that is recognized globally.
The Institute of Chartered Accountants of Sri Lanka has been offering this qualification for over 50 years. It is the national body of accountants, established under Act No. 23 of 1959. The Institute has been the sole authority in setting accounting and auditing standards in the country. There are over 4300 qualified Chartered Accountants and over 36000 students who are currently following the qualification.
The Institute of Chartered Accountants of Sri Lanka is also working is conjunction with other global accounting bodies toward enhancing the mobility of its members across the boarders.
ICA Sri Lanka is a full member of South Asian Federation of Accountants (SAFA), Confederation of Asian and Pacific Accountants (CAPA); and the International Federation of Accountants (IFAC) that adorns the recognition for ICA qualification both regionally and internationally.
The newly introduced syllabus has been developed in line with the International Education Standards set by International Federation of Accountants (IFAC) and has also been endorsed by the Institute of Chartered Accountants England and Wales(ICAEW). Hence obtaining the CA qualification will assure you of a qualification that is globally accepted and will open a world of opportunities not only in Sri Lanka but anywhere in the world.
The Institute recently signed a landmark memorandum of understanding with ICAEW that has opened a world of opportunities to members of both the accounting bodies. The MOU enables qualified members of either Institute to join the other and to obtain non-auditing practicing rights.
Presently there are over 1000 members who are employed aboard including UK, Australia, USA, Canada and Middle Eastern countries. This is a testimony to the recognition for the CA qualification internationally.
The solid theoretical knowledge and practical exposure offered by the CA qualification is unparallel and give ICA students a definite edge over their peers in the job market. The compulsory internship is an integral part of the qualification. It helps students obtain the relevant practical exposure that is as important as the theoretical knowledge that they gain in classrooms. This has been complemented with the professional ethics harnessed by the Institute, making Chartered Accountants highly sought after in both public and corporate sectors. Organizations today seek individuals with a sound financial background, particularly at higher levels in the organizational hierarchy. This is due to the increased top-down pressure to increase shareholder wealth of organizations. This has been a reason why Chartered Accountants are represented widely at board level.
Considering the needs in today's job market a substantial quantum of business and management content have been brought into the syllabi. This has enhanced the worth of ICA students in the job market, widening the career opportunities available to them.
Yet, it is an affordable qualification where you will only spend a fraction of the cost of acquiring a similar foreign professional qualification.
Progression paths up to Masters
Becoming a Chartered Accountant opens array of opportunities for career progression. Those who have completed the Chartered Accountancy qualification are entitled for exemptions at other accountancy qualifications such as CPA (Australia), ACCA, CIMA etc. The CA qualification is also accepted widely as an entry qualification for Masters Degrees.
ICA Sri Lanka in collaboration with the University Of Southern Queensland (USQ), Australia is also offering an internationally acclaimed MBA programme since 2002. This association has taken ICA Sri Lanka to another level allowing it to enhance value created towards its stakeholders. USQ serves a diverse student population in over 100 countries worldwide and is recognized as one of Australia's top-tier MBAs.
The University of Southern Queensland (USQ) has forged a reputation as one of leading providers of distance education programmes in Australia. With more than 75 per cent of students studying via distance or online, USQ is at the cutting edge of flexible delivery of resources and technology. USQ is a young dynamic university located in three thriving regional locations across Southern Queensland Australia, i.e. Toowoomba campus, Fraser Coast campus and Springfield campus.
The University is also home to a number of leading Australian research centers including the Australian Centre for Sustainable Catchments (ACSC), the National Centre for Engineering in Agriculture (NCEA) and The Centre of Excellence in Engineered Fibre Composites (CEEFC).
The USQ MBA has gained wide acceptance within Sri Lanka during a short span of time. ICA member are entitled up to 5 subjects of this MBA programme which amounts to a substantial financial benefit to the students.
There are various exit routes available for students who follow the ICA qualification apart from the Associate Chartered Accountant status.
Those who have completed the Certificate in Business and Finance II (CAB -II) or Licentiate Examination or Intermediate Examination with a minimum of three years of relevant experience can apply for the Certified Business Accountant (CBA) status. The Executive Diploma in Accounting and Finance and Postgraduate Diploma in Business and Financial Administration programmed are two ancillary qualifications offered by ICA Sri Lanka. One of the several objectives of introducing these two qualifications is to assist part qualified students of ICA and other main stream professional qualifications to move forward in their careers. Students have the opportunity of reaching up to the MBA level by following these two courses.
Incorporated in 1959, The Institute of Chartered Accountants of Sri Lanka has played a pivotal role in shaping the financial landscape over its 50 year continuum spread fast. Being the National Body of Accountants ICASL has discharged its professional responsibilities in an exemplary manner consolidating the confidence reposed in it by the stakeholders.