UgoIf you live in Nigeria, you might have heard about the professional body for accountants in the country. For many, gaining the ICAN certification isn’t just a gateway to fresh career opportunities, it also comes with some prestige in the finance industry
If you are curious about what the ICAN exams are all about then this article would provide answers.
Meaning of ICAN
What does ICAN mean? The acronym ICAN stands for Institute of Chartered Accountants of Nigeria. It is the association that regulates and qualifies chartered accounts in the country.
ICAN was created through an act of parliament and based most of its practices on the British Chartered Accountancy Institutes.
Who can write the ICAN exams?
In Nigeria, every graduate can write the ICAN exams. It doesn’t matter what course you studied at the university.
However, if you are hoping to qualify as an associate chartered accountant, you must not have a qualification lower than a University degree or its equivalent.
Cost of ICAN exams
This is a table showing the latest cost breakdown for ICAN exams.
| Amount (N) | ||||||
| Levels | 1 Paper | 2 Papers | 3 Papers | 4 Papers | 5 Papers | 6 papers |
| Foundation | 25,300 | 32,300 | 39,300 | 46,200 | – | |
| Skills | 35,700 | 46,900 | 58,200 | 69,400 | 80,700 | 91,900 |
| Professional | 38,800 | 51,400 | 64,100 | 76,700 | 89,400 | |
What to expect during the ICAN exams
From my research, the ICAN exams are not as difficult as most people think. You just need to start your preparation early on and focus on understanding the core principles of accounting.
If you can do this, then you are likely to bag your certification.
Exam Preparation tips
To ensure your success in the ICAN exams, you have to prepare thoroughly. There are no two ways about that. Having observed several young aspiring chartered accountants, there are a few preparation tips that lead to success.
Start early
Don’t expect to memorize a few concepts the night before your exam and earn a pass. You need to demonstrate a deep understanding of the concepts when answering questions.
Study Consistently
Understanding core accounting principles would need a well-paced study schedule. Avoid crash programs that would force you to cram concepts you would otherwise have taken the time to understand better.
Practice good habits like maintaining a specific time for studies. You can register at a nearby library to avoid distractions.
Take advantage of tutorial centers
ICAN Tutors are often experienced accountants who have gained their certifications. They can provide helpful tips, clarify concepts, and provide support with areas in the syllabus where you might be weak.
Use practice questions
Answering exam questions correctly takes skill and to acquire such skill requires practice.
Using past questions is more likely to enable you to gain such skills than any other method of studying. However, you should ensure that you practice enough questions to cover all parts of the very broad syllabus.
How to register for ICAN exams
There are two ways to take the ICAN exams. You can either register as an ATSWA student or as a professional student.
To register as an ATSWA student, you would have to:
- Pay a fee of N7000,
- generate a student PIN and serial number,
- fill out a form,
- sign and submit the printed registration form
- submit your credentials.
You can start your registration as an ATSWA student by visiting here.
To register as a professional student, you would have to;
- Fill out a form, have your referees sign and submit it
- Pay a fee of about N100,000
- Submit your credentials and documents.
You can find the form here
How to check your ICAN results
You can check your ICAN results by visiting the website. You would need to enter your student registration number, exam diet, and exam registration e-voucher pin.
Visit here to check your ICAN exam results.
Renewal of ICAN certification
ICAN members are required to pay an annual membership. They are also required to participate in continuing professional development activities to enable them to stay on top of trends and changes in the industry.
Licenses are to be renewed every three years. To renew your license, you would have to apply to the institute following their guidelines and submit a copy of the expired license.
Benefits of ICAN certifications
There are several benefits to gaining the ICAN certification which include;
- Better job prospects.
- Ability to participate in continuous professional development.
- It qualifies you to be an auditor.
- Membership benefits such as insurance, research grants, and educational trust fund.
Conclusion
ICAN provides exceptional career opportunities for Nigerian accountants. To succeed in the ICAN exams you would need to make adequate preparations, and understand the costs and registration process for the exams.
Frequently Asked Questions
Let us go over some frequently asked questions you might have about ICAN and the qualifying exam.
How many years does it take to finish ICAN?
If you are taking the ICAN exam through the ATSWA route it would take you a minimum of 15 months if you applied with an O-level certificate, and 6 to 12 months if you applied with a higher certificate that is not a degree.
It can take up to 12 months for an accounting graduate.
What is the 5-year rule for ICAN?
The five-year rule means that all candidates at the professional level of the examination must pass the exams at the professional level within five years from the time they obtained their first credit.
This implies that all candidates must pass the exams at the professional level within five years or forfeit whatever credits they have achieved.
This rule took effect in May 2017.
How many subjects are written in ICAN?
ICAN has 16 subjects broken down into three levels. Each level has at least 4 subjects
How much is a chartered accountant paid in Nigeria?
The salary of a chartered accountant varies greatly in Nigeria but as an entry-level accountant, you can expect to earn around N145,000 per month on average.
Can I switch from ICAN to ACCA?
Yes, you can switch from ICAN to ACCA. You would be granted exemptions by ACCA based on how far you have gone with your ICAN qualification. To discover the exemption specific to you, visit the exemptions calculator here.
Which is better, ICAN or ACCA?
If you want to work with multinational organizations or you hope to work outside the country someday ACCA is the better option. You should also note that having your ICAN qualification would help you get your ACCA qualification faster if you decide to work abroad later on.
Where can I work with an ICAN certificate?
As a chartered accountant, you are qualified to work with any company in Nigeria that needs the services of an accountant. However, each company has its specific requirements that you also need to meet.
Can an O level apply for ICAN?
Yes, an O-level holder can take the ICAN exam. You would have to take the exam through the ATSWA route.
How many times is ICAN written in a year?
Twice in a year. The date of the examination is usually set at the discretion of ICAN
Ugo
26 comments
Pls I have a question now if I studied accounting in my undergraduate level how many time it would took to finish ICAN
It depends on two things. 1. If your institution enjoys accreditation of ICAN and has agreement. You would then only have to start from the professional level which I talked about in the article. But without accreditation and agreement you would have to start from skills level. Either way you would be spared the foundations exam. 2. The second part now depends on your ability to pass the exam where you are starting from. It possible to pass in less than a year if you have such ability.
Goodluck.
I love your responses, it means i can pass ICAN in less than a year..
Well, not likely but impossible is nothing
Sir, my questions are as follows:
•I heard of the ATS 1, ATS 2 and ATS 3.
Are these all parts of the foundational level?
• please make me understand when it’s said that the exam is twice in a year, does that mean, when I pass a level I’ll go to the next in that same year?
• I’m currently studying Business Administration and I’m in my first year, by October I’ll be in my second year, I plan to register for ICAN next year, what time will registeration commence next year?
• I hear a lot of people say ICAN exams are really tough, of course it’s not impossible to pass but what exactly makes it hard?
Okay
First Question- They are not a part of ICAN’s ACA qualification but if you don’t have an accounting degree or a strong foundation in accounting, starting with ATS would help you get your foot in the door so it is advisable to start there otherwise you may find yourself unable to even comprehend the questions at ICAN. However, if you get ATS you get exemptions from ICAN that would allow you skip some papers and earn your qualification faster.
Second Question- Just the way WAEC is held once a year but students take whatever papers they are duly registered for. The same with ICAN. It is held twice a year. You take whatever papers you have to take depending on how far you have gone.
Third Question- The date is usually announced close to that time just like with JAMB and WAEC but it is usually around May/June and November. Since you are a B.Admin student you would have to do ATS which is usually around September. Registration starts march
Fourth Question- The ATS is not difficult so no worries there but ICAN is neither easy nor hard the way JAMB is neither easy nor hard. All you need is good preparation and sometimes good tutors. I wouldn’t assure anyone of success with little preparation for the exams. If you want to take ICAN as a student, time management is very important. Ultimately getting it is very rewarding. Goodluck
Please someone with HND in Accountancy from Delta State Polytechnic Otefe Oghara, with no accounting job experience which route path does she needs to follow precisely to get his ICAN Certificate?
Also help me to understand the cost of the ICAN exam as displayed in the table above because I don’t understand what you mean by the levels: Paper 1 to 6 and foundation to Professional.
Also help me with a centre around Abeokuta Ogun State or Ikeja Lagos State.
Thanks for your prompt response
I’m currently studying banking and finance and I’m in my last year,by October I will be done and I’m planning to register for ICAN how do I go for it sir
I graduated from UNIPORT and currently serving and want to register for ICAN. Am I supposed to start from skill or professional and what is cost breakdown for registration
If you only have a first degree that is not in accounting, you may have to start from ATSWA
Sir please,I have a degree in Economics Education and I want to register for ICAN,Please which level do I start from?
You would have to go through ATSWA.
Sir, What of Banking and finance?
Good day.
What of someone who is studying Economics or History and international studies, where would you advise the person to start from?
Please sir, I’m a graduate of Accounting from NSUK and my school is ICAN accredited, I want to start the registration for ICAN by November, my question is will I be exempted from the foundation level? And how much is the exemption fee. Thank you sir
Greetings.
We have a forum now. Create an account and ask your questions at https://forum.learnskills.ng/
Thank you.
Ugo
Please sir/ma
How many stages is the ats exam ? secondly,can one be employed as an accountant with atswa certificate.
Sir. am hnd holder form accountacy please if I want to go for ICAN which stage am my going to start for
So after ATS1.2.3, you’ll have to take foundation before professional right?
I’m an economics student and want to write ican.
Sir pls when u talk about ats 1.2.3, is it that I will write the exams three time before professionals .
Because I have been asking around all I get is the exams is written 6 times before professionals I’m confused 🤔
Good day Sir/ma,
The question I want to ask goes thus if a graduate of Agriculture Economics has interest in starting ICAN which level will the individual start from ATS level or Can it be possible to start from the foundation level
Can i take less than 4 papers at a stage?
What level would ANAN certified person start?
Good day sir,
I’m a Ist class graduate of Accounting.My alma mater is accredited by ICAN. What level should i start from,the costs, any recommendation of tutors??
Anticipating your reply.
Hello sir,
My question is this, someone who took science class in secondary school and eventually has a degree in medical but now wants to venture into chartered accountancy. Do i need to sit for WAEC again to take the art courses and then register the ICAN with the o’level result or can I use my previous WAEC result of my science class.
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