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ICAN: Answers to Students’ Questions on Institute of Chartered Accountants of Nigeria

ICAN PROSPECTIVE STUDENTS MOST ASKED QUESTIONS AND ANSWERS

As ICAN continually gains recognition among students and organizations, you may want to find quick answers to your heart-troubling questions.

Read the post below as a quick guide to ICAN exams and as a body.

1. What is ICAN?

The Institute of Chartered Accountants of Nigeria (ICAN) is a professional accountancy body in Nigeria. It was established in 1965 and is authorized by the Companies and Allied Matters Act (CAMA) of 1990 to regulate the practice of accounting in Nigeria.

ICAN is a member of the International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA). It sets accounting and auditing standards for its members and provides training, education, and certification for aspiring chartered accountants in Nigeria.

ICAN's mission is to produce world-class chartered accountants, regulate and continuously enhance their professional standards and ethical practices, and contribute to the development of the Nigerian economy.

2. What Are the Examinations Conducted by ICAN?

ICAN conducts a series of professional examinations that candidates must pass to become chartered accountants in Nigeria. These examinations are as follows:

  1. Professional Examinations: These are the foundational examinations that consist of four levels- Foundation, Skills, Professional, and Case Study.
  2. Professional Skills Competence Exam (PSCE): This is a computer-based examination that tests the practical skills and competencies of candidates.
  3. Mandatory Continuing Professional Education (MCPE): ICAN conducts MCPE programs to ensure that its members keep abreast of the latest developments in the accounting profession.
  4. Accreditation and Conversion Examination: This is a special examination designed for members of other professional accounting bodies who wish to become members of ICAN.

ICAN's examinations are known to be rigorous and require a lot of hard work and dedication to pass. However, the certification is highly respected and recognized both within Nigeria and internationally.

3. What are the Possible Memberships of ICAN I Can Apply For?

ICAN offers several types of memberships that individuals can apply for. Here are the possible memberships:

  1. Student Membership: This membership category is open to individuals who are pursuing the professional qualification of ICAN. To qualify for this category, applicants must have at least five credits in the West African School Certificate Examination, including Mathematics and English Language.
  2. Associate Membership: This category is for individuals who have completed the ICAN professional examinations and have met the practical experience requirement. Associate members can use the designation ACA (Associate Chartered Accountant).
  3. Fellow Membership: This category is for individuals who have been associate members of ICAN for at least five years and have made significant contributions to the accounting profession or their community. Fellow members can use the designation FCA (Fellow Chartered Accountant).
  4. International Affiliate Membership: This category is for individuals who are members of recognized professional accounting bodies outside Nigeria and wish to become part of ICAN. International affiliate members can use the designation AICA (Associate International Chartered Accountant).
  5. Reciprocal Membership: This category is for individuals who are members of recognized professional accounting bodies in countries that have reciprocal agreements with ICAN. Reciprocal members can use the designation ACA (Associate Chartered Accountant) or FCA (Fellow Chartered Accountant), depending on their qualifications and experience.

It's important to note that the requirements for each membership category may vary and interested individuals should visit the ICAN website for more information.

4. Why do I Need ICAN?

The reasons to do ICAN are not far-fetched. ICAN, especially if you are interested in pursuing a career in accounting or finance. Here are some of the reasons:

  1. Professional Qualification: ICAN is one of the leading professional accounting bodies in Nigeria, and becoming a member of ICAN demonstrates that you have met the rigorous academic and professional requirements to be a chartered accountant. This can open up career opportunities in various industries, including public practice, industry, and government.
  2. Professional Development: As a member of ICAN, you will have access to a wide range of professional development opportunities, including training, seminars, and conferences. These events can help you stay up-to-date with the latest accounting and financial reporting standards, as well as network with other professionals in the field.
  3. Ethical Standards: ICAN is committed to promoting ethical standards in the accounting profession. By becoming a member of ICAN, you will be required to adhere to a strict code of ethics, which can enhance your professional credibility and reputation.
  4. Recognition: ICAN is recognized both nationally and internationally as a leading professional accounting body. Becoming a member of ICAN can enhance your professional standing and help you gain recognition for your knowledge and skills in the field.

In summary, ICAN membership can provide you with the knowledge, skills, and credibility you need to succeed in the accounting and finance profession.

5. What are the Academic Requirements to Become an ICAN Student or Member?

To become an ICAN student or member, there are specific academic requirements that must be met. These requirements vary depending on the category of membership or registration.

Here are the academic requirements to become an ICAN student or member:

1. Entry Requirements for Studentship

  1. Minimum of five (5) O’level credits, including Mathematics and English Language, obtained at not more than two (2) sittings.
  2. University degree or Higher National Diploma (HND) in any field from a recognized institution.
  3. ND (National Diploma) or its equivalent in any field from a recognized institution.

2. Entry Requirements for Associateship

  1. A Bachelor's degree in Accounting or related field from a recognized institution.
  2. A Professional qualification in Accounting from a recognized Accounting body (ACCA, CIMA, etc.)
  3. A minimum of three (3) years of relevant work experience in Accounting.

3. Entry Requirements for Fellowship

  1. Must be an Associate member of ICAN in good standing.
  2. A minimum of 10 years of relevant work experience in Accounting.
  3. Completion of the ICAN Professional Examinations at the Final Level.

In short, to become an ICAN student, you need a minimum of five O’level credits, a university degree or HND, or ND (National Diploma) or its equivalent. To become an Associate, you need a Bachelor's degree in Accounting or related field, a Professional qualification in Accounting, and a minimum of three years of relevant work experience. To become a Fellow, you need to be an Associate member in good standing, have at least 10 years of relevant work experience, and complete the ICAN Professional Examinations at the Final Level.

6. What Do I Need To Register For ICAN ATS?

ICAN ATS stands for the Institute of Chartered Accountants of Nigeria (ICAN) Accounting Technicians Scheme. The requirements to register for ICAN ATS include:

  1. Educational Qualifications: You must have at least five credits at the Ordinary Level (O’Level) including Mathematics and English Language in not more than two sittings.
  2. Age: You must be at least 16 years of age.
  3. Registration Fee: You need to pay the prescribed registration fee which can be obtained from the ICAN website or office.
  4. Passport Photograph: You need to provide a recent passport photograph.
  5. Valid Email Address: You need to have a valid email address for communication purposes.
  6. Phone Number: You need to have an active phone number.
  7. Identification: You need to provide a valid means of identification such as a National ID card, International passport, or Voter’s card.

Once you have met these requirements, you can proceed to complete the registration process on the ICAN website or by visiting the ICAN office. During the registration process, you will be required to provide your personal details, educational qualifications, and other necessary information. 

It is important to note that the registration process may vary depending on the specific policies and regulations of ICAN. Therefore, it is advisable to check the official ICAN website or contact the ICAN office for detailed and up-to-date information on how to register for ICAN ATS.
See the procedures to applying for ATSWS membership.

7. What is the Registration links for ICAN membership?

To register for professional membership, click here.

For ATS registration, click here.

8. What are the Exemptions Available to ICAN Professional Exams and ATS?

ICAN (Institute of Chartered Accountants of Nigeria) offers certain exemptions to individuals who have completed relevant academic or professional qualifications. The exemptions available for ICAN professional exams and ATS (Accounting Technicians Scheme) include:

Professional Examinations Exemptions:

  1. Holders of Bachelor’s degree or higher in Accounting or related disciplines from accredited institutions may be granted exemptions from some of the ICAN professional examinations.
  2. Holders of relevant professional qualifications such as ACCA, CIMA, CPA, and others may also be granted exemptions from some of the ICAN professional examinations.
  3. Holders of recognized Master's degrees in Accounting or related disciplines may be exempted from all the ICAN professional examinations.

For professional members, click here to see the guidelines

ATS Examinations Exemptions:

  1. Holders of OND or NCE in Accounting or related disciplines may be granted exemptions from the ICAN ATS Level 1 examination.
  2. Holders of relevant professional qualifications such as AAT (Association of Accounting Technicians) or ND in Accounting from recognized institutions may also be granted exemptions from the ICAN ATS Level 1 examination.

Click here to see updated courses, qualifications, level of exemptions, and fees applicable.

It is important to note that the exemptions available may vary depending on the specific policies and regulations of ICAN. Therefore, interested individuals are advised to check the official ICAN website or contact the ICAN office for detailed and up-to-date information on the exemptions available for ICAN professional exams and ATS.

9. As a Graduate of Accounting, What Level of ICAN Will I Start From?

As a BSc or HND holder in Accounting, you can start the Institute of Chartered Accountants of Nigeria (ICAN) program at either the Professional Level or the Skills Level, depending on the specific requirements of ICAN.

If you have a BSc or HND in Accounting that is accredited by the National Universities Commission (NUC) or the National Board for Technical Education (NBTE), and you have completed your National Youth Service Corps (NYSC), you can start at the Professional Level.

However, if you do not have an NUC or NBTE-accredited degree, or you have not completed your NYSC, you may need to start at the Skills Level.

It's important to note that ICAN has specific entry requirements, and it is advisable to check their website or contact them directly for more information on the entry requirements and registration process.

You will find ICAN Mutual Cooperation Agreement with Higher Institutions helpful to know if your school is an accredited institution.

10. Where Can I Get ICAN or ATS Study Pack or Syllabus?

Check the official page for the ATS pack directly on the ICAN website.

Do you still have another question, drop it in the comment section below.

Before then, check if it has been covered in the complete guide to registering for ATS, PE, Fellow, and Associate Membership of ICAN.

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6 comments:

  1. Thanks for the gesture. I will keep on doing the good job. Kindly subscribe to this blog for future posts.

    ReplyDelete
  2. At what level will a qualified accountant from Nigeria College of Accountancy, Jos (Association of National Accountant of Nigeria) be admitted into ICAN Programme

    ReplyDelete
    Replies
    1. I will do some findings and update this post to answer that.

      Delete
  3. I have ND in Accounting, what ATS level will I be?

    ReplyDelete
  4. I use 2O’level results while in school. Can I still use it for ICAN?
    I read accounting in school.

    ReplyDelete

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