ICAN Vs. ACCA | All You Should Know

If you’re interested in pursuing a career in accounting, you may have come across the acronyms ICAN and ACCA. These are two of the most recognized accounting professional bodies in Nigeria and across the globe. However, choosing which one to pursue can be a daunting task, especially if you’re unfamiliar with their differences and similarities.

In this blog post, we will compare and contrast ICAN and ACCA to help you understand the differences between the two professional accounting bodies to know the best fit for your career goals. Carefully read through.

What Is ICAN? (Institute of Chartered Accountants of Nigeria)

ICAN which stands for Institute of Chartered Accountants of Nigeria is the professional accounting body in Nigeria and is responsible for regulating the practice of accounting in the country. It was established in 1965 and has over 50,000 members. The organization provides rigorous training and certification programs for individuals seeking to become chartered accountants in Nigeria.

ICAN offers three levels of certification: the Accounting Technician Scheme (ATS), the Professional Examination (PE), and the Final Examination (FE). The ATS is an entry-level certification program, and is open to individuals with little or no accounting knowledge. The PE is the intermediate-level certification program, while the FE is the final certification program. To become a chartered accountant in Nigeria, you must pass all three levels of certification and complete the mandatory three years of practical experience.

Related Post: How To Register For ICAN 2023 | Requirements, Set Up Guideline

What Is ACCA? (Association of Chartered Certified Accountants)

ACCA, which stands for Association of Chartered Certified Accountants, is an international accounting professional body with over 219,000 members and 517,000 students across 179 countries. It was established in 1904 and is headquartered in London, UK. The organization offers a range of accounting and finance qualifications, including the ACCA Qualification, which is globally recognized and respected.

The ACCA Qualification consists of 13 exams divided into two levels: the Applied Knowledge Level and the Strategic Professional Level. The Applied Knowledge Level covers the fundamental principles of accounting and finance, while the Strategic Professional Level covers more advanced topics, including business strategy and leadership.

 It is the world’s first and fastest entry into the critical function of both financial and management accounting. After completing the ACCA qualification, this regulatory body offers you the Chartered Certified Accountant designation. This course not only drills you for any financial and management aspect of a business but also prepares you for work in any corner of the world and qualified and valued professionals. 

READ ALSO: 15 Best Colleges In Connecticut For International Students | 2023

ICAN Vs ACCA: What Are The Differences?

One of the main differences between ICAN and ACCA is their focus. ICAN is primarily focused on regulating the practice of accounting in Nigeria, while ACCA is an international accounting body with a global focus. Another difference is the level of certification offered. ICAN offers three levels of certification, while ACCA offers 13 exams.

Another significant difference is the syllabus and course content. The ICAN syllabus focuses more on Nigerian accounting standards, while the ACCA syllabus covers international accounting and finance principles. This means that individuals who want to work in Nigeria may benefit more from ICAN certification, while those who want to work internationally may benefit more from ACCA certification.

Here’s a tabular presentation of the differences between ICAN and ACCA:

ICAN Vs. ACCA: What Are The Similarities Between ICAN and ACCA?

Despite the differences, ICAN and ACCA share some similarities. Both organizations provide rigorous training and certification programs for individuals seeking to become professional accountants. They both also require individuals to complete practical experience to become fully certified. Furthermore, both organizations have a code of ethics that members must abide by.

Here’s a tabular presentation of the similarities between ICAN and ACCA:

How To Qualify For ICAN Membership

To become an Associate Chartered Accountant, you must first register as an ICAN Professional Student and pass all of the required examinations. Furthermore, after passing the exams, you must have at least 36 months of work experience before applying for induction as a new member.

Here’s how to register to become a member of ICAN:

1. Visit any commercial bank in Nigeria and pay the Induction fee of N100,000.
2. Get a receipt for your payment and go to the ICAN website through the link: http://www.icanonline-ngr.com/paydirect to start the registration.
3.  Fill in the required fields with your deposit slip and receipt numbers to generate your PIN and serial numbers.
4. Enter your Student Registration Number, serial number, and PIN on the registration page.
5. Fill out the form and upload a passport-sized photo of yourself then submit your application.
6. When you’re done, print the form and have your referees sign it.
7. Please attach the documents found at this link.
8. Send the completed form and proof of payment to ICAN, Plot 16, Idowu Taylor Street, Victoria Island, Lagos, or any ICAN office near you.

Check out the 15 Best Liberal Arts Colleges In The US 2023

How To Qualify For ACCA Membership

To qualify for ACCA membership, you must:

• Complete the ACCA Qualification exams. There are a total of 13 exams, but you may be able to skip some exams if you have relevant prior experience or qualifications.
• Complete the Ethics and Professional Skills module. This module is designed to help you develop the ethical and professional skills essential for accountants.
• Gain 36 months of practical experience in a relevant accountancy or finance role. A qualified ACCA member or fellow must sign off your experience.

Once you have met all the requirements, you will be invited to become an ACCA member. Membership in ACCA is a globally recognized qualification that demonstrates your skills, knowledge, and values as a professional accountant. It can open up a world of opportunities for your career, both in the UK and overseas.

Here are the steps on how to qualify for ACCA membership:

1. Check your eligibility. You can check your eligibility for ACCA membership on the ACCA website. You will need to meet the following criteria:
   • You must be at least 16 years old.
   • You must have a good command of English.
   • You must have completed two A-levels or equivalent qualifications, including one in accounting or finance.
2. Register for the ACCA Qualification. You can register for the ACCA Qualification online. The admission to membership fee is £142. This fee is payable upon successful admission to membership.
3. Start studying for the exams. The ACCA Qualification exams are divided into three levels: Fundamentals, Applied Knowledge, and Professional. You can take the exams in any order and you can re-sit exams as many times as you need to.
4. Complete the Ethics and Professional Skills module. The Ethics and Professional Skills module is compulsory for the ACCA Qualification. It is designed to help you develop the ethical and professional skills essential for accountants.
5. Gain 36 months of practical experience. Your practical experience must be in a relevant accountancy or finance role. You must be supervised by a qualified ACCA member or fellow.
6. Apply for ACCA membership. You can apply for ACCA membership once you have met all the requirements.

Once you have been accepted as an ACCA member, you will be able to use the letters ACCA after your name. You will also be able to access a range of benefits, including:

• Access to ACCA’s global network of members and professionals
• Access to ACCA’s online learning resources
• Access to ACCA’s professional development courses
• The opportunity to become a Fellow of ACCA (FCCA)

ACCA membership is a valuable qualification that can open up a world of opportunities for your career. If you are interested in a career in accountancy, I encourage you to consider pursuing ACCA membership.

Related Post: How To Apply For MTN Foundation Scholarship 2023/2024 | Ongoing

How Much Does ICAN Cost?

The cost of the Institute of Chartered Accountants of Nigeria (ICAN) qualification in Nigeria can vary depending on several factors such as registration fees, examination fees, and subscription fees. Here is a breakdown of the typical costs associated with ICAN:

1. Registration fees: To become a student member of ICAN, you need to pay a registration fee. As of my knowledge cutoff in September 2021, the registration fee for ICAN was approximately ₦7,000. However, please note that fees may have changed since then, and it is advisable to visit the official ICAN website or contact ICAN directly for the most up-to-date information.
2. Examination fees: ICAN conducts different levels of examinations, such as Foundation, Skills, and Professional. Each level has its examination fee. It’s important to note that these fees may change over time, so referring to the ICAN website or contacting ICAN for the latest fee structure is essential.
3. Subscription fees: As a member of ICAN, you are required to pay annual subscription fees. The subscription fees vary depending on your membership category. The fees for different membership categories are subject to change, so it is advisable to check the ICAN website or contact ICAN for the current subscription fees.

ICAN Examination Fees

Visit the official ICAN website for more information.

How Much Does ACCA Cost?

The cost of the Association of Chartered Certified Accountants (ACCA) qualification can vary depending on several factors, including location, registration fees, annual subscription fees, examination fees, and lots more. Here is a general breakdown of the typical costs associated with ACCA:

1. Registration fees: To register as an ACCA student, you will need to pay a one-time registration fee. The registration fee is approximately £36.
2. Re-registration fees: ACCA students who do not pay their fees on time will have their names deleted from the ACCA register and must pay a re-registration fee (plus any unpaid fees) to be reinstated as a student. ACCA re-registration fee is £89
3. Annual subscription fees: As an ACCA student, you are required to pay annual subscription fees to maintain your student status. The annual ACCA subscription fee for Nigerians is £122
4. Examination fees: ACCA conducts various examinations throughout the qualification. The examination fees can vary depending on the number of papers you choose to sit for and the exam session you select. The fees are subject to change, and they are typically published on the ACCA website. It is advisable to check the ACCA website or contact ACCA for the current examination fees.
5. Exemption fees: An exemption fee is charged for each ACCA exam you are awarded an exemption from. The ACCA exemption fee is of two categories: The Applied Knowledge exam £40 and the Applied Skill exam £58.

READ ALSO: What IELTS Score Is Required For PNP Canada In 2023? Full Details

How To Register For ICAN

If you are eligible for ICAN registration, then, you are to provide the following documents for the different exams:

For Professional students

• University degree certificate or Higher National Diploma of any Polytechnic accredited by the Council.
• Any other qualification for the time being approved by the Council.

For ATSWA students

• Five (5) credit passes in any subject including English Language and Mathematics in the West Africa School Certificate Examination, General Certificate of Education or Senior School Certificate of Education, NECO equivalent not more than two sittings, or NABTEB.
• Ordinary National Diploma from any Polytechnic recognized by the Council of the Institute.
• National Certificate in Education (NCE) from any College of Education. Continue reading how to register for ICAN

If you registered for ICAN, read our article on how to pass ICAN exam in Nigeria

How To Register For ACCA

If you want to register for ACCA, here are the following documents you need to tender:

Documents for ACCA registration

• Proof of identification such as birth certificate, passport, or driver’s license.
• Official translations of any non-English documents, stamped by a licensed translator authorized and competent to undertake translation services.
• If applying to study for any ACCA qualification, you will need to upload evidence that you meet their minimum entry requirements.
• If you are under the age of 16 (or under 18 and you live in Kenya or Malaysia) you’ll need to upload a signed parental consent form or parental consent form (Malaysia).
• If any matters listed in bye-law8 apply to you (for example if you have received a conviction or caution or been disciplined by another professional or regulatory body), please ensure you complete the Admission and Licencing Committee form. For those residing in Russia, please also complete the data consent form.

READ ALSO: Top 23 Frequently Asked Questions (FAQs) On Study Abroad | All You Should Know

Application process

To register for the ACCA (Association of Chartered Certified Accountants) qualification, you can follow these step-by-step instructions:

1. Visit the ACCA website: Go to the official website of ACCA at www.accaglobal.com.
2. Create an account: Click on the “Register” or “Sign Up” button on the ACCA website to create a new account. Fill in the required information such as your name, email address, and contact details. Create a username and password for your account.
3. Log in to your account: After creating your account, log in to the ACCA website using your credentials.
4. Start the registration process: Once you are logged in, find the option for registration or becoming an ACCA student. Click on it to start the registration process.
5. Provide personal information: Fill in your personal information, including your full name, date of birth, gender, nationality, and contact details. Ensure that all the information is accurate.
6. Choose your exam entry options: Select the examination entry options that suit your needs. ACCA offers four exam sessions in a year, and you can choose when and where you want to sit for your exams.
7. Submit educational qualifications: Provide information about your educational qualifications. You may be required to upload scanned copies of your academic certificates or transcripts as evidence.
8. Decide on exemptions: If you have any previous qualifications or relevant experience,  you may be eligible for exemptions from specific ACCA exams. Review the exemptions policy and indicate the exemptions you claim during registration.
9. Pay the registration fee: Pay the registration fee: Pay the registration fee to complete the registration process. The fee amount may vary depending on your location. You can pay online using a credit card or other available payment methods.

Here is what you should know:

• The application process takes around 10 minutes to complete.
• You can apply for exemptions during the process.
• When applying for exemptions, you must provide proof that you are eligible.
• ACCA works in partnership with national accountancy bodies in specific countries, so you may also need to register with another local organization and pay additional charges. Check the list of Joint Examination Schemes to see if this applies to you.
• If you register on or before the late entry June exam deadline in your first year, you will be billed for the yearly membership price since you will be able to sit tests in June, September, and December. Examine key dates. If you want to be an active student, you must pay your yearly subscription fee on or by January 1st of each year. Every November, ACCA will send you an invoice. You must pay even if you do not intend to take any tests that year.
• If your employer or education provider has provided you with a registration code, please enter it in the Registration Code field on stage 4 of your application. If you haven’t received a code, please leave this blank. 

Click the links below to apply.

Get Started 

Resume application

ICAN Vs ACCA, Which One Should I Choose?

Choosing between ICAN and ACCA ultimately depends on your career aspirations and goals. If you want to work in Nigeria, ICAN may be a better option for you as it is the regulatory body for accounting in the country. On the other hand, if you want to work internationally, ACCA may be a better option as it is a globally recognized professional accounting body.

FAQs On ICAN Vs ACCA

Conclusion

Both ICAN and ACCA are reputable professional accounting bodies that offer rigorous training and certification programs for individuals seeking to become professional accountants. The decision to choose one over the other depends on your career aspirations and goals. Ultimately, whichever path you choose, you will need to work hard and remain dedicated to achieving success in your accounting career.

References

• accaglobal.com
• trendingaccounting.com – 5 Reasons You Should Write ICAN Instead Of ACCA
• icanig.org

We Also Recommend

• How To Register For ICAN 2023 | Requirements, Set Up Guideline
• ICAN Past Questions And Answers 2023 | Updated
• Frequently Asked Questions (FAQs) On ICAN
• 13 Important Documents Needed To Study Abroad For Nigerians | Must Read