On ICAN VS ACCA, which should you take first & why?
We observed that many people are having difficulty deciding whether to take the ICAN or ACCA exam. I’d go over the benefits and drawbacks of each qualification, and you should make your final decision.
Examination Fees & Registration: The ACCA examinations have always cost more than the ICAN exams, but now that the value of the pound relative to the naira has increased, the price would be more than before.
Currently, the average cost per course is £80, roughly N64,000 per course at the official rate which is currently at N800 per pound, and if you want to finish on time, you might need to write up to 3 courses per diet which would cost approximately N180,000. However, If you’re writing ICAN, 3 courses per diet would cost N52,000.
Existence of Resources: Your available materials for the ACCA tests are somewhat constrained. First off, only a selected few tutoring centers are authorized to help students study for tests. The study materials must also be purchased online in pounds, which is an additional expense. The resources required for ICAN, however, are easily accessible both online and offline. Additionally, a lot of books are available for purchase to make studying simpler.
Statutory Approval: ICAN members currently have the authority to audit financial statements in Nigeria while ACCA members do not have such authority. Therefore, even though you hold an ACCA certification, you cannot sign or approve financial statements unless you are a member of ICAN, which requires that you take some ICAN courses. However, ICAN is recognized in both the public sector & private sector in Nigeria while ACCA is only recognized in the private sector.
Simpler to Pass: ICAN is typically simpler to take and pass. People who take the ICAN tests and pass all of them in one sitting are rather common. In actuality, ICAN follows the standards given by ACCA. Therefore, you should write ICAN rather than ACCA if your goal is to become a chartered accountant as quickly as feasible with less stress.
Patriotism: We frequently lament the state of our nation and the lack of progress while eschewing domestic products in favor of imports. The functions of these two organizations are identical. Therefore, there is no reason to abandon our motherland in favor of a foreign entity. Being patriotic and advancing the interests of our nation pays well.
In conclusion, we encourage you to opt-in for ICAN and you can take your ACCA exams after qualifying as an ICAN member. By possessing the ICAN certificate, you would be writing only 4 papers to become an ACCA member.
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