Many people (including you) are interested in knowing what it takes to become a successful chartered accountant in Nigeria. Having the quest for accurate information is the perfect initial step into becoming chartered! Guess what? You are on the right page!
In today’s blog post, we will dish out all the information you need to kickstart your journey to become a successful chartered accountant in Nigeria. However, we need to briefly introduce ICAN to you. Do you know what ICAN means? Do you know what ICAN stands for?
What is ICAN?
The term “ICAN” stands for the Institute for Chartered Accountants of Nigeria. The Institute of Chartered Accountants of Nigeria is one of the two professional bodies that regulate accountancy practice in Nigeria.
In 1965, ICAN was established by the Act of Parliament No. 15. Ever Since then, the body has waxed stronger to be Africa’s Largest Professional Accounting Body as it represents more than forty-six thousand (46,000) Chartered Accountants.
Besides, the Institute of Chartered Accountants of Nigeria is a founding member of the International Federation of Accountants (IFAC). IFAC is solely responsible for the regulation of Accountancy practice worldwide.
What are the Requirements For ICAN?
Firstly, to become a successful chartered accountant in Nigeria, there are certain requirements you have to meet.
The requirements for ICAN include the following:
- A Degree from an accredited Nigerian University or HND from a recognized Nigerian Polytechnic.
- A minimum of Five Credits in your O Level Results
- 2 recent passport photographs
- Certified Photocopies of your credentials including your Academic Transcripts & NYSC discharge certificate
What Are The Pathways To ICAN?
Importantly, to become a Chartered Accountant in Nigeria, you have to go through either of the two pathways available.
- The ATS Route: This route is for those who are yet to attend any tertiary institution. With your O Level results in one or two sittings, you can apply for ICAN through the ATS route.
- The Professional Route: This pathway is in two dimensions:
(i) You can apply for ICAN as an Accounting Graduate with your BSC or HND results. You will be expected to start from Stage 2 of ICAN- The Skills Level.
(ii) If you are a graduate but did not study Accounting as a first degree, you can also apply for ICAN. However, You will have to begin from the foundation level.
What Are The Stages Involved?
The Institute of Chartered Accountants of Nigeria provides 3 Stages for the professional examination.
The Stages of ICAN examination are- Foundation, Skills, and Professional Levels.
This level is for Non-Accounting graduates who are interested in becoming chartered accountants. The courses involved are:
- A1 Business, Management and Finance BMF
- A2 Financial Accounting FA
- A3 Management Information MI
- A4 Business Law BL
This is the first stage for Accounting graduates and second for Non-accounting graduates. The Courses involved are:
- B1 Financial Reporting
- B2 Audit and Assurance AA
- B3 Taxation
- B4 Corporate Strategic Management & Ethics CSME
- B5 Performance Management PM
- B6 Public Sector Accounting and Finance PSAF
This is the final stage to become a successful chartered accountant in Nigeria! It involves the following courses:
- C1 Corporate Reporting CR
- C2 Advanced Audit and Assurance AAA
- C3 Strategic Financial Management SFM
- C4 Advanced Taxation ATAX
- C5 Case Study CS
How Much Does It Cost to Register For ICAN?
The standard charge for the registration of ICAN is Seven Thousands Naira (N7,000). However, ICAN Online Tutors can take the hassle of registration off you for a token.
How To Register For ICAN Through ICAN Online Tutors
Why go through the hassle of registration when you can get it done for a token? To outsource the registration process to ICAN Online Tutors, simply follow the steps below:
(1) Get your documents ready, scan the original documents, and save them on your Google Drive.
(2) Ensure you have your original O’level result (WAEC, GCE, NECO, etc.).
(3) Make a payment of Four Thousands Naira to 0007129667 JAIZ BANK, 0016502562 STANBIC IBTC BANK or 0613042690 GTBANK (RID-ONE INNOVATIONS)
(4) Then Send the following details to WhatsApp
- Proof of Payment
- Your Full Names
- Email Address
- Phone Number
As easy as A,B,C…. Right?
How To Study For ICAN
To become a successful chartered accountant in Nigeria, it is important that you study appropriately. There are study groups you can join to learn with other promising Accountants like you.
Also, various Study packs are available for you to study at your own pace.
To find out more about our ICAN online study classes and Study packs, click here
Conclusively, becoming a chartered accountant in Nigeria is a smooth ride, provided you have access to helpful study materials and/or groups. This is why ICAN Online Tutors was established. Hence, you need to Gain access to our exclusive ICAN study group. Get Started NOW!