A lot of accounting students have often wondered what is ICAN all about and why exactly do they need to pass through ICAN professional training. It’s great you landed here, we will explore to you the basic requirements for ICAN and other side thoughts you wish to know about ICAN.
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