This guide contains a list of frequently asked questions (FAQs) on ICAN. This will serve as a guide and help you register for the ICAN without hitches and even pass the exam.
The professional qualification of the Institute of Chartered Accountants of Nigeria (ICAN) which ultimately leads to the admission of qualified persons as Associate Chartered Accountants (ACA), comprises qualifying examinations of sixteen technical subjects integrating business and professional ethics and work experience requirements. Keep reading to find out all you need to know about the Institute of Chartered Accountants of Nigeria exam.
FAQs On ICAN
What Is ICAN?
ICAN is the acronym for the Institute of Chartered Accountants of Nigeria. It is a professional accountancy body in Nigeria that was established in 1965. Additionally, it is one of the two professional accountancy associations with the regulatory authority in Nigeria.
What Is The Nature Of ICAN?
ICAN Nigeria offers two types of exams. The first type is professional exams and the second type is the Accounting Technician Scheme (ATS).
What To Expect In ICAN Exams
Basically, the ICAN Professional Level Examination covers questions from the following subjects:
- Corporate Reporting
- Advanced Audit and Assurance
- Strategic Financial Management
- Advanced Taxation
- Case Study
It is crucial that you note that the average pass mark for each subject is 50%. Hence, there is a need for adequate preparation.
How many stages is the ICAN exam?
There are 16 subjects with content that are both numerical and written, split into three stages; Foundation Level, Skills Level, and Professional Level
How much is ICAN Exam?
ICAN professional exam registration fee is ₦7,000 while registering for the ATSWA costs ₦6,000.
How Do I Apply For ICAN Exam
There are three ways to register for the ICAN exam.
- You can register as a professional student
- As an Accounting Technicians Scheme West Africa (or ATSWA) student
- Or as a member
How can I register for the ICAN exam as a professional student?
To register for the ICAN exam as a professional student, you need to do the following:
- Visit any commercial bank in Nigeria and pay the professional examination registration fee of ₦7,000 (not including any charges) via Pay Direct. You can also pay on the ICAN website.
- After you have paid the fee, go to the ICAN website shown on your receipt and register there.
- Use the transaction reference and receipt number to complete your form online on the website.
- Submit the form after filling
- Print out the completed form and sign it
- Attach the following documents and submit the hard copies to any of our offices.
- Original copy of the pay direct receipt/transaction reference
- Certified photocopies of your credentials and educational qualifications and any of (NYSC discharged certificate, call-up letter, or students academic transcripts). The transcripts should be addressed to the Registrar/Chief Executive of the Institute.
How can I register to become an ATSWA student?
Follow the steps below to register to become an ATSWA student.
- Pay a registration fee of ₦6000 (bank charges not included) via a commercial bank in Nigeria, WEB-PAY, or Quickteller.
- After payment, use the transaction reference and receipt number to generate your PIN and SERIAL NUMBER here.
- Fill and submit the form
- Print the completed form and sign it
- Attach the below documents and submit the hard copies to any of the ICAN offices close to you;
- Original copy of the pay direct receipt/transaction reference
- Certified photocopies of your credentials any (NECO, WASCE, NABTEB, OND, NCE)
What are the requirements for ICAN registration?
Here are the three major requirements for ICAN exam registration
- A university degree or Higher National Diploma from an ICAN-approved school
- O’level results with at least five (5) credits.
- A recent passport photograph.
What documents should I attach to my ICAN exam application?
Applicant must attach the following documents to the application before submission:
- Photocopy of an exemption certificate (if applicable).
- Photocopies of passed results. (Pre-May 1998 results only)
- One recent passport photograph
- Duplicate copy of the receipt of payment/teller.
How can I get ICAN study material?
You can get ICAN study material by visiting mystudentkit.com/professional
How do I prepare for the ICAN examination?
To pass your ICAN exam in one sitting, you need to start preparations early using an ICAN study pack and past questions and answers. This will give you a better idea of what to expect in the exam and how to score high in it.
Is the ICAN exam hard?
ICAN questions are not difficult but the syllabus is wide. To pass this exam, you have to raft a study plan that covers the syllabus and follow through. You can prepare for the ICAN team with a comprehensive study pack and past questions.
How can I get the ICAN past questions?
SEE HOW TO GET ICAN Past Questions And Answers 2022 | Updated
How much do I need to pay for the ICAN transcript?
Payment of processing fee of N15, 000 (The payment can be made through pay direct at any commercial bank (deposit money banks) in Nigeria or through POS at the ICAN office).
How long does it take to finish the ICAN?
The duration for the completion of the 3-level examination is a minimum of 15 months for those with ordinary level certificates and 6 to12 months for those with higher certificates but not a degree certificate. The examination usually takes place twice a year i.e. March and September.
Is ICAN only for accounting students?
Anybody can become a chartered account as long as you meet the registration requirements and can complete the various stages and pass the series of ICAN exams.
