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How To Become A Chartered Accountant In Nigeria

How To Become A Chartered Accountant In Nigeria

In the field of accounting, becoming an accountant is not enough, you need to go the extra mile to become a chartered accountant for you to stand out and be appealing to potential employers in the Nigerian labour market. How to become a chartered accountant in Nigeria is what this article will focus on. You will also learn the following:

  • Who an accountant is
  • What accounting entails
  • Qualities Of a good accountant
  • How to become a chartered accountant in Nigeria
  • How to get chartered account jobs

Who Is An Accountant?

A professional who carries out accounting tasks like financial statement analysis audits or account analysis is referred to as an accountant. Accountants work for accounting firms or the internal accounting divisions of big businesses. They are free to establish their own, unique practices. These professions are certified by national professional groups after completing the educational and testing standards set forth by their respective states.

What Does Accounting Entail?

Accountants are licensed financial experts that manage a variety of accounts, both public and private. These accounts may belong to either a company or a person. As a result, they may find employment with businesses of all sorts, from small to large, with governments, with other groups like non-profits, or they may establish their private practice and work with clients who hire them.

They carry out a variety of accounting tasks, which change depending on where they work. Accountants conduct account analyses, check the accuracy of financial statements, other documents, and reports, conduct routine, and annual audits, examine financial operations, prepare tax returns, offer advice on areas that could use more cost- and efficiency-saving measures, and perform risk analysis and forecasting. The kind of education a person has and the designation they hold frequently affect the tasks an accountant is assigned. 

The majority of professionals in the industry have bachelor’s degrees, and if they work for a corporation, they could need certification to advance in their positions. Different roles have different certification requirements, with some requiring extra education beyond a bachelor’s degree and passing difficult exams. Accountants can have many titles. However, Certified Internal Auditor (CIA), Certified Management Accountant (CMA), and Certified Public Accountant are the three most popular accounting designations (CPA). Both Certified Management Accountants and Certified Internal Auditors can practice without obtaining a license.

Qualities Of A Good Accountant

Accountants with excellent financial knowledge and management abilities are in high demand. Although a strong understanding of mathematics is required to accomplish the duties of the role, communication and management skills are also essential because many Accountants supervise a team of account officers or collaborate with other bookkeeping experts.

How To Become A Chartered Accountant In Nigeria

Many people are reading this post because they are interested in knowing what it takes to become a chartered accountant in Nigeria. However, we need to briefly understand what ICAN is all about. The Institute for Chartered Accountants of Nigeria is referred to as “ICAN.” ICAN is one of the two professional organizations that oversee accountancy practice in Nigeria. ICAN was founded in 1965 thanks to Act of Parliament No. 15. 

Ever Since then, the organization has grown stronger and now represents more than 46,000 Chartered Accountants, making it the largest professional accounting organization in Africa. Additionally, the International Federation of Accountants was founded by the Institute of Chartered Accountants of Nigeria (IFAC). For the worldwide regulation of accounting practice, IFAC is alone in charge.

ICAN Requirements

First, you must meet up with some statutory requirements to become a chartered accountant in Nigeria.

The following are some of the prerequisites for ICAN:

  • A degree from a Nigerian university that has earned accreditation, or an HND from a reputable polytechnic in Nigeria.
  • Five credits or more in your O-Level results
  • 2 most recent passport pictures
  • Your academic transcripts and your NYSC discharge certificate, in addition to other certified photocopies of your credentials

Pathways To ICAN

Importantly, one of the two accessible courses must be followed to become a chartered accountant in Nigeria. The ATS Route is for people who haven’t yet enrolled in any postsecondary institutions. You can apply for ICAN via the ATS method with your O Level results after one or two sittings.

The Career Pathway: This path has two dimensions:

With your BSC or HND results, you can apply for ICAN as an accounting graduate. 

ICAN- The Skills Level Stage 2 is where you should begin.

 Graduates who did not major in accounting as a first degree are also eligible to apply for ICAN. But you’ll have to start at the very beginning.

ICAN Stages:

The professional body has three stages which are: 

  • The Foundation level
  •  Skills level
  •  Professional Levels 

Foundation Level:  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

Skill Level: 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

Professional Level:  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 to get chartered account jobs

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